Limes Schlosskliniken AG

Wieder gekauft.  Also 250,00 € ist Wunschdenken....

Nö, 250 muss nicht. Gestern war mir gut genug zum Nachlegen.

Vielleicht zeit den 'Glauben' zu überdenken ; )
Habe heute jedenfalls unter 250 ein paar Stücke erhalten.

Der Newsflow is zwar recht Arm, aber die Aktie macht einfach nur Spaß!

Ich hab mir mal etwas verspätet den H1-Bericht durchgelesen und bin beeindruckt.

Bessere Auslastung (eigentlich natürlich bedenklich, da wir von Menschen mit Problemen sprechen).
Weniger Anlaufkosten, auch dann in H2 durch Kompensationszahlungen.
Öffnung von Abtsee und Lindlar ganz zum Ende von H1 (is daher noch garnicht in den Zahlen).

H2 sollte also auch sehr ordentlich werden.


www.limes-schlosskliniken.de/app/uploads/...hlosskliniken.pdf

dass in Hj1 die gesamten Anlaufkosten von Lindlar und Abtsee als Belastung in den Zahlen enthalten waren, die im Hj2 wegfallen und sich durch die beginnende Belegung sehr positiv in den Zahlen widerspiegeln werden. Ich erwarte zum Ende von Hj2 bei Abtsee eine "Vollbelegung" mit ca. 90%. Lindlar wird sicherlich nicht ganz so schnell in die "Vollbelegung", die ich mit 80% ansetze, hineinwachsen. Ich denke hier erreichen wir diese in Hj1 2026.

differentiated therapeutic concept, anchored in interdisciplinary
psychiatry, psychotherapy and psychosomatic medicine, complemented by sports
therapy, mindfulness practices and structured daily routines. This model is
implemented across all sites and overseen by a central medical leadership
and a scientific advisory board. The result is a treatment architecture
difficult to replicate in the private market and highly valued by referring
physicians, insurers and corporate health partners.

The group now operates six clinics: Mecklenburgische Schweiz (opened 2016),
Bad Brückenau (2020), the newly launched Bergisches Land and Abtsee (both
2025), as well as majority-stakes in Paracelsus Recovery in Zurich (56%) and
Clinicum Alpinum in Liechtenstein (51%). This footprint enables LIMES to
serve adult, adolescent and high-acuity international segments within a
unified quality framework.

Demand-side fundamentals remain exceptionally strong. Rising incidence of
depression, burnout, trauma and anxiety disorders, combined with long
waiting times in public psychiatric care, have created a structural
treatment gap that LIMES is uniquely positioned to address. Particularly
relevant is the pronounced increase among highly educated, professionally
active cohorts, and the youth segment, which is targeted via the new clinic
Abtsee.

With two new clinics onstream since July 2025, LIMES enters a phase where
newly added capacity meets an undersupplied and growing market. Supported by
strong referral pathways, high therapy intensity and a brand associated with
medical quality rather than commercial positioning, the group is set to
benefit from rising utilisation, operating leverage and improved cash-flow
conversion. In fact, sales are seen to compound at >20% p.a. through FY28e,
driven primarily by volume growth as new clinics ramp up.

Against this backdrop, we also expect significant margin expansion going
forward given improved fixed cost coverage and stabilising treatment
intensity. Hence, EBIT is seen to 5x to EUR 21.3m by FY28e (24.9% margin;
+13.4pp vs FY24), also resulting in a strongly sharpened return profile with
ROICs of >50%.

On the basis of structural demand, disciplined expansion and improving
profitability, LIMES represents a compelling long-term quality growth story
within premium inpatient mental health. We initiate coverage with BUY and a
EUR 600 PT based on DCF.


You can download the research here:
eqs-cockpit.com/c/fncls.ssp?u=1e8e892445c46424230967c3f2ca2694
For additional information visit our website:
www.nuways-ag.com/research-feed

Und weiter geht's. Inklusive ATH und super fairen Ask-Bid-Spreads.