Original-Research: Eckert & Ziegler SE (von NuWays AG): BUY
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Original-Research: Eckert & Ziegler SE - from NuWays AG
13.11.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Eckert & Ziegler SE
Company Name: Eckert & Ziegler SE
ISIN: DE0005659700
Reason for the research: Update
Recommendation: BUY
Target price: EUR 21.50
Target price on sight of: 12 months
Last rating change:
Analyst: Simon Keller
Q3 review: a stronger dose of earnings
Eckert & Ziegler's Q3 delivered a clear return to growth in adj. EBIT. Group
sales increased 6% yoy to EUR 79.6m (eCons: EUR 79.3m), with adj. EBIT rising
25% yoy to EUR 19.3m (eCons: EUR 18.8m). The margin expanded by 3.8pp to 24.2%,
supported by a favourable Medical mix and improving IP profitability. The
quarter provides a firmer operational base ahead of an expected Q4 licence
contribution.
Medical remains the main earnings driver. Q3 segment sales rose 4% yoy to EUR
40.6m, with adj. EBIT increasing 46% yoy to EUR 11.3m, implying a margin of c.
28%. This reflects a shift towards higher-margin activities. Over 9M, Lu-177
sales increased 280% yoy, CDMO grew 57% and generators added 5% (growth
expected to accelerate in Q4), cushioning continued weakness in lower-margin
plant engineering (-40%, expected to recover in Q4). These operating
improvements were achieved without licence income.
IP returned to earnings growth in Q3. Sales increased 8% yoy to EUR 39.1m,
with adj. EBIT rising 9% yoy to EUR 8.6m, following a 24% yoy decline in H1.
Medical radiation sources and project business supported the recovery
despite continued weakness in oil well logging.
FY26 guidance implies further underlying earnings growth in Q4. The
confirmed FY26 guidance of c. EUR 320m sales and EUR 80m adj. EBIT implies Q4
sales of EUR 91m (+4% yoy) and adj. EBIT of EUR 27.4m (+2% yoy). Q4 licence
income is seen to come in at EUR 3-5.6m, with the upper end reflecting the
remaining contractual amount. With this contribution below Q4 25's EUR 9.4m,
the underlying business needs to offset the decline in licence income and
deliver the implied increase in group adj. EBIT.
Therapeutic isotopes offer substantial medium-term growth potential. Lu-177
is moving beyond its initial contribution: sales are expected to rise from
c. EUR 2m in FY25 to EUR 7-8m in FY26, with c. EUR 15m realistic in FY27 (eNuW).
Alongside generator growth of c. 10% CAGR, our 2030e forecasts include EUR 25m
of sales each for Lu-177 and Ac-225. October's Ac-225 GMP certification adds
another step towards supplying the emerging clinical market. Increasing
treatment volumes and further drug launches should gradually turn today's
development activity into recurring isotope demand.
Sector consolidation strengthens the rationale for an independent supplier.
EUZ provides critical isotopes and specialist manufacturing without
competing with customers' drug pipelines. Its broad portfolio offers
exposure across developers and therapies, supported by established
production capabilities that are hard to replicate. This makes EUZ an
attractive way to participate in radiopharma's expansion (c. 15% market CAGR
expected into 2030e). At c. 8x FY26e EV/EBITDA (eNuW), the valuation still
looks modest against this opportunity and compared to recent sector M&A
multiples (>5x EV/sales; vs. EUZ at c. 2.5x).
BUY, PT EUR 21.50, based on DCF.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=f2694a522e85081ab257fba7fc4ed1b6
For additional information visit our website:
https://www.nuways-ag.com/research
Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2434220 13.11.2026 CET/CEST
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