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

Original-Research: Eckert & Ziegler SE - from NuWays AG

14.08.2026 / 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 21.5

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

Q2 review: underlying business solid, valuation attractive

Eckert & Ziegler reported H1 results: adj. EBIT grew 10% yoy ex license,

with the margin up 1.2pp to 22.3%, while reported adj. EBIT fell 6% yoy to EUR

33.3m against a base carrying EUR 5m of license income at close to full

margin. Sales rose 4% yoy ex license to EUR 149.3m. Quarterly figures are less

comparable, as Q2 25 absorbed most generator shipments displaced by the

February 2025 cyberattack.

Medical grew ex license adj. EBIT by 35% yoy to EUR 24.9m in H1, on ex license

sales up 7% yoy to EUR 80.9m. The ex license margin of 30.8% expanded by 6.4pp

yoy, against a prior-year half in which high-margin generator shipments were

suspended for a part of Q1. Lu-177 sales more than tripled yoy, CDMO revenue

nearly doubled yoy and the generator business kept growing, absorbing a

weaker development in plant engineering.

H1 Isotope Products sales came in flat yoy at EUR 68.5m while adj. EBIT fell

24% yoy to EUR 9.4m, at a margin of 13.7% (-4.3pp yoy). Volume recovered

within H1, from -7% yoy in Q1 to +7% yoy in Q2 on medical radiation sources

and project business, without the mix following: demand stayed skewed toward

lower-margin products.

FY26 guidance of c. EUR 320m sales and c. EUR 80m adj. EBIT confirmed, implying

H2 sales growth of 5% yoy and adj. EBIT growth of 10% yoy. Adjusted for

license income the underlying implied outlook is +7% on sales and +25% on

adj. EBIT. With the mix set to recover in the IP segment this looks

feasible, in our view.

Meanwhile, the stock trades at less than 10x EV/adj. EBIT 2026e (eNuW) and

at an adj. FCFY of c. 7.5%, hence basically priced without growth despite a

solid position in radiopharma, one of the fastest growing verticals in

healthcare.

Supportive cross-read on valuation: US-based BWXT has agreed to sell a

majority of its Medical radioisotope business to the PE Nordic Capital.

Similar to Eckert & Ziegler, this segment is a picks and shovels provider to

the drug innovators and big pharma, being active in isotope production,

precursor supply and radiopharmaceutical manufacturing. The transaction is

valuing the business at roughly 5-8x EV/Sales in 2026 (eNuW), reflecting a

significant premium over Eckert & Ziegler's c. 2.4x. Applying even the low

end of that range to Eckert & Ziegler's Medical segment alone (EUR 168m sales

2026e, eNuW) implies EUR >0.8bn, i.e. more than the group's entire current

enterprise value and essentially leaving Isotope Products unvalued.

BUY, PT EUR 21.50, based on DCF.

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