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Original-Research: Nynomic AG - from NuWays AG
11.05.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Nynomic AG
Company Name: Nynomic AG
ISIN: DE000A0MSN11
Reason for the research: Update
Recommendation: BUY
Target price: EUR 25
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Q1 prelims: Inflection point reached; PT Up
Q1 preliminary sales grew 8% yoy to EUR 22.3m, marking the first quarter with
top-line growth since Q1 2024. EBIT turned positive at EUR 0.1m versus EUR -0.9m
a year ago, supported by the improved top-line and confirming that the
NyFIT2025 efficiency program is translating into structural margin recovery.
The annualised savings of approximately EUR 5m are now visibly flowing through
the P&L, and with the group structure leaner and the cost base materially
reduced, the operative platform is well positioned to leverage revenue
growth into profitability at an accelerating rate through the year.
Order backlog/intake stand out. At the end of Q1, the order backlog stood at
EUR 55.6m, up 23% yoy, implying an order intake of EUR 32.9m (+80% yoy, +36%
qoq) with a book-to-bill ratio of 1.47x, the highest figure since 2022. A
particular driver of this were semiconductor gas analysis solutions. This
provides exceptional visibility for the remainder of the year, pointing
towards further accelerating sales as reflected by the confirmed FY26 sales
guidance of EUR 100-105m (eNuW: EUR 100m).
On the margin trajectory, the path to our FY26e EBIT margin estimate of 6.7%
looks well supported; FY guidance 6-8%. With the NyFIT savings fully
annualised, H2 revenue scaling (higher margin semi orders turning into
sales) and the structurally high gross margin of Nynomic's business
providing significant operating leverage, the bulk of profitability delivery
should be H2-weighted.
LayTec amongst structural growth drivers. The subsidiary's real-time
metrology systems for semiconductor manufacturing (deployed in MOCVD
equipment including Aixtron's) allow precise in-situ process control for GaN
and InP wafer production. In fact, Aixtron's recent Q1 release was marked by
30% order intake growth and positive remarks regarding accelerating demand.
As energy efficiency, power density and data centre interconnect
requirements drive structurally rising demand for compound semiconductors,
the need for additional production equipment should remain high. LayTec
should be well positioned to benefit from this.
Importantly, LayTey is only one of the group's growth drivers. tec5 supplies
spectrometer modules to semiconductor metrology OEMs and participates in the
pharma PAT wave (real-time inline monitoring of pharmaceutical
manufacturing), Avantes is the world's number two in fibre-optic
spectrometers with growing exposure to semiconductor and smart farming
applications, and m-u-t is pushing into semiconductor particle analytics via
a new partnership with BRAVE Analytics.
After two transition years, the combination of a recovering demand base, a
leaner cost structure, strong order intake and structural mid-term drivers
make for a compelling setup. We hence confirm our BUY rating and increase
our PT to EUR 25 (old: EUR 21) based on DCF as we raise our margin estimates
going forward.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=9309c5246fb86cc84f63b7ae8b88d4da
For additional information visit our website:
https://www.nuways-ag.com/research
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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