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

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

13.11.2026 / 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 21.50

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

Q3 review: a stronger dose of earnings

Eckert & Ziegler's Q3 delivered a clear return to growth in adj. EBIT. Group

sales increased 6% yoy to EUR 79.6m (eCons: EUR 79.3m), with adj. EBIT rising

25% yoy to EUR 19.3m (eCons: EUR 18.8m). The margin expanded by 3.8pp to 24.2%,

supported by a favourable Medical mix and improving IP profitability. The

quarter provides a firmer operational base ahead of an expected Q4 licence

contribution.

Medical remains the main earnings driver. Q3 segment sales rose 4% yoy to EUR

40.6m, with adj. EBIT increasing 46% yoy to EUR 11.3m, implying a margin of c.

28%. This reflects a shift towards higher-margin activities. Over 9M, Lu-177

sales increased 280% yoy, CDMO grew 57% and generators added 5% (growth

expected to accelerate in Q4), cushioning continued weakness in lower-margin

plant engineering (-40%, expected to recover in Q4). These operating

improvements were achieved without licence income.

IP returned to earnings growth in Q3. Sales increased 8% yoy to EUR 39.1m,

with adj. EBIT rising 9% yoy to EUR 8.6m, following a 24% yoy decline in H1.

Medical radiation sources and project business supported the recovery

despite continued weakness in oil well logging.

FY26 guidance implies further underlying earnings growth in Q4. The

confirmed FY26 guidance of c. EUR 320m sales and EUR 80m adj. EBIT implies Q4

sales of EUR 91m (+4% yoy) and adj. EBIT of EUR 27.4m (+2% yoy). Q4 licence

income is seen to come in at EUR 3-5.6m, with the upper end reflecting the

remaining contractual amount. With this contribution below Q4 25's EUR 9.4m,

the underlying business needs to offset the decline in licence income and

deliver the implied increase in group adj. EBIT.

Therapeutic isotopes offer substantial medium-term growth potential. Lu-177

is moving beyond its initial contribution: sales are expected to rise from

c. EUR 2m in FY25 to EUR 7-8m in FY26, with c. EUR 15m realistic in FY27 (eNuW).

Alongside generator growth of c. 10% CAGR, our 2030e forecasts include EUR 25m

of sales each for Lu-177 and Ac-225. October's Ac-225 GMP certification adds

another step towards supplying the emerging clinical market. Increasing

treatment volumes and further drug launches should gradually turn today's

development activity into recurring isotope demand.

Sector consolidation strengthens the rationale for an independent supplier.

EUZ provides critical isotopes and specialist manufacturing without

competing with customers' drug pipelines. Its broad portfolio offers

exposure across developers and therapies, supported by established

production capabilities that are hard to replicate. This makes EUZ an

attractive way to participate in radiopharma's expansion (c. 15% market CAGR

expected into 2030e). At c. 8x FY26e EV/EBITDA (eNuW), the valuation still

looks modest against this opportunity and compared to recent sector M&A

multiples (>5x EV/sales; vs. EUZ at c. 2.5x).

BUY, PT EUR 21.50, 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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