Original-Research: Eckert & Ziegler SE (von NuWays AG): BUY

08.01.2026 / 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: Initiation

Recommendation: BUY

Target price: EUR 23

Target price on sight of: 12 month

Last rating change:

Analyst: Simon Keller

Atoms to decay, profits to stay; INITIATE WITH BUY

EUZ shares have declined 28% over the past six months, despite no structural

business deterioration. The recent underperformance appears like a valuation

dislocation, not reflecting EUZ's unique positioning at the heart of one of

the most attractive growth segments in modern medicine: targeted

radiopharmaceuticals.

Targeted radiopharmaceuticals are the next phase of cancer therapy,

delivering radiation directly to tumour cells with higher precision and

fewer side effects than conventional methods.

As a result, the market for nuclear medicine is expected to grow with a 17%

CAGR into 2029e (source: MedRays). Growth is driven by expansion into

earlier treatment lines, a broadening patient population, more indications

and a global penetration.

Every radiopharmaceutical therapy ultimately depends on the reliable supply

of radioisotopes, the core of EUZ's business model. This "picks-and-shovels"

positioning delivers structural growth with balanced risks, especially as

EUZ has an isotope-agnostic offering, helping to diversify across drugs and

customers. Moreover, EUZ sits at the knowledge and quality bottleneck of the

supply chain, explaining EBIT margins in the high 20% for the

radiopharmaceutical business.

Deep competitive moat built over decades: EUZ combines early-mover

advantages, radiation-specific know-how and an integrated global footprint

that is difficult to replicate. Long-standing customer relationships,

regulatory approvals, qualified production sites and regulatory lock-in

effects create high switching costs and tangible entry barriers. These

advantages translate into consistently high ROCEs (16% on avg. 2021-27e),

even as the company continues to invest in future growth capacity.

While EUZ's radiopharma business (half of group sales) is set to grow in

line with the market, legacy radiation-based activities are expected to

remain stable. Combined with an increasingly favourable mix, this underpins

an EPS CAGR of 17% over 2024-28e (eNuW).

All comes at a compelling valuation: 66% upside to peers on PER'26e and a

42% discount to its own historic 5-year PER (median: 34x, eNuW). This upside

is underpinned by our DCF-derived PT of EUR 23.

While near-term results are unlikely to be a major catalyst, H1 26e should

see several relevant study read-outs, providing meaningful support for the

radiopharmaceutical investment case.

INITIATE with BUY, viewing EUZ as a rare high-quality, infrastructure-like

compounder, benefiting from the rapid radiopharmaceutical market growth. -

continued -

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=22a8f6fddbaff841c7b923c530599429

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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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