Original-Research: Semperit AG Holding (von NuWays AG): BUY
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Original-Research: Semperit AG Holding - from NuWays AG
13.11.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Semperit AG Holding
Company Name: Semperit AG Holding
ISIN: AT0000785555
Reason for the research: Update
Recommendation: BUY
Target price: EUR 23
Target price on sight of: 12 months
Last rating change:
Analyst: Sarah Hellemann
Q3 26: Margins successfully defended, Q4e weaker; chg. est.
Yesterday, Semperit published its Q3 results. These showed slower margin
normalization, than previously expected at the expense of growth. In detail:
Q3 revenue increased by 4.3% yoy to EUR 170m (eNuW: EUR 176m). Continued strong
growth in SEA more than offset a slight decline in SIA revenue, where demand
remained slightly decreased following substantial product price increases
earlier in the year.
Q3 operating EBITDA margin at 17.1%, up 3.1pp. The operating EBITDA rose by
27.8% yoy to EUR 29m, supported by moderate top-line growth, elevated other
operating income (EUR 3.4m insurance-related one-off) and a reduction in other
operating expenses, reflecting cost discipline.
SIA's strong margins defended. Despite a slight sales decrease of 1.5% yoy
to EUR 66.5m (eNuW: EUR 71.3m), the segment's margin was up 6.3pp at 26.2% (down
only 1.9pp qoq). We attribute this mainly to operational efficiency gains
and strong customer negotiation outcomes. EBITDA stood at EUR 17.4m (eNuW: EUR
15.7m), up 29.3% yoy.
Solid SEA performance in Q3. SEA showed strong revenue growth of 8.5% yoy to
EUR 104m, broadly in line with expectations (eNuW: EUR 105m), with a 1.7pp yoy
EBITDA margin gain to 13.9%. In our view, this reflects a stronger
performance across businesses (Form, Belting and LSR), supported by recent
internal optimization.
Free Cash Flow improved. Q3 FCF stood at EUR 10.6m (YTD EUR 41m), up EUR 2.2m yoy.
This was carried by reduced financing expenses and a stronger operating CF.
The 9M cash balance amounted to EUR 107.2m, providing the company with ample
leeway for M&A opportunities.
Top-line guidance adjusted, bottom-line unchanged. Semperit reduced its FY26
revenue guidance from 'high-single digit growth' to c. 5% revenue growth,
implying EUR 696m in revenue. The operating EBITDA guidance of c. EUR 115m was
confirmed. This implies a weak Q4 with mid-single digit sales decline and an
operational EBITDA margin of c. 10% (vs 18.6% during 9M). We attribute this
to a combination of pricing and volume pressure, accompanied by raw material
headwinds. We hence adjust our estimates accordingly.
Slow start into FY27e expected. Although spot price uncertainty remains, we
anticipate a further decline of raw material prices to lead to pricing
pressure and subsequently margin normalization throughout H1'27. From H2
onwards, the company looks set to return to profitable growth.
Semperit continues to offer attractive upside potential of c. 32% to our PT,
trading at reasonable 13.3x P/E (FY26e). With a streamlined cost structure
in place, Semperit is seen as ideally positioned to benefit from cyclical
demand strengthening. At the same time, its strategic M&A ambitions are seen
as a further catalyst. In our view, the company is well positioned to expand
its product offering while leveraging its elastomer expertise.
Maintaining BUY at a reduced PT of EUR 23.0 (previously EUR 23.5), based on DCF.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=76256c139836639026e269e94fb39af7
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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2434230 13.11.2026 CET/CEST
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