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

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 23

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

Q1 preview: Medical to continue growth trajectory

EUZ Q1 26 results are due on May 12. We expect sales of EUR 72.5m (+6% yoy)

and adj. EBIT of EUR 16.0m (-1% yoy), implying a 22.1% margin (-1.7 pp yoy).

This should mark a solid start to FY 26, with radiopharma continuing to

drive the business.

The Medical segment (55% of sales) should again be the key contributor. Q1

26 segment sales look set to grow 13% yoy to EUR 39.0m (eNuW). The prior-year

comp is mixed: Q1 25 was affected by the cyber attack, which in our view

reduced GalliaPharm sales by c. EUR 4m versus the normal run-rate, while the

quarter also included EUR 5m of Ac-225 licence revenues. These two effects

should broadly offset each other, leaving GalliaPharm's international

expansion, including into Japan, as the main driver of yoy growth in Q1 26.

This remains central to the equity story, as Ga-68 is still the most

immediate and tangible growth driver within EUZ's radiopharma business.

The IP segment (45% of sales) is not yet expected to contribute much to

growth. Q1 26 sales are seen to decline 1% yoy to EUR 33.5m (eNuW). Recent oil

price strength linked to the Iran conflict has not yet been reflected in

indicators suggesting better demand for EUZ's IP products, with rig count

data still not pointing to a sustained recovery (source: Baker Hughes). The

investment case does not hinge on an IP recovery in Q1. The relevant growth

and margin driver remains radiopharma. In addition, management has already

pointed to several IP projects that should support the segment later in the

year.

The timing of licence income remains relevant for the 2026 earnings phasing.

We do not expect licence income in Q1 26, while the remaining Telix-related

licence revenues of EUR 5.6m should arrive later in 2026e, depending on

milestone timing (likely by Q4 at the latest). These would come with a 98%

incremental EBIT margin (eNuW).

On our Q1 assumptions, EUZ would need 1.5% sales growth and 4.1% adj. EBIT

growth across the remaining three quarters to meet its FY 26 guidance.

However, the 4.1% headline understates the true operating momentum, as it is

measured against a prior-year base that benefited from high-margin licence

income. On an underlying basis, excluding licence effects, the implied adj.

EBIT growth picks up to c. 12% yoy. This looks achievable, given the

supportive radiopharma backdrop. The nuclear medicine market is projected to

grow at c. 15% p.a. into 2030e (source: MedRays), and peer BWXT's guidance

for high-teens medical growth in 2026 points in the same direction.

EUZ remains a rare picks-and-shovels radiopharma asset, with limited

product-specific binary risk and additional upside from Lu-177 and Ac-225

beyond the core Ga-68 growth leg.

Reiterate BUY, PT EUR 23, based on DCF.

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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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