Limes Schlosskliniken Aktie

Na dann, let's go. --------------------------------------------------------------------------- Original-Research: Limes Schlosskliniken AG - from NuWays AG 11.12.2025 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. --------------------------------------------------------------------------- Classification of NuWays AG to Limes Schlosskliniken AG Company Name: Limes Schlosskliniken AG ISIN: DE000A0JDBC7 Reason for the research: Initiation Recommendation: BUY Target price: EUR 600 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald A good investment in a good cause; INITIATE with BUY LIMES Schlosskliniken AG ("LIMES") is a premium provider of psychiatric and psychosomatic care, operating a growing network of medically led private clinics in Germany, Switzerland and Liechtenstein. The group combines evidence-based treatment, strong clinical governance and restorative environments into a model designed to meet structurally rising demand for high-quality mental-health services in the DACH region. As public-sector capacities remain constrained and prevalence rates continue to climb across all demographic groups, LIMES is positioned at the intersection of medical necessity, societal relevance and scalable economic potential. Founded in its current form in 2015, the company has developed a clearly 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: https://eqs-cockpit.com/c/fncls.ssp?u=1e8e892445c46424230967c3f2ca2694 For additional information visit our website: https://www.nuways-ag.com/research-feed

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.

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. https://www.limes-schlosskliniken.de/app/uploads/2025/09/Halbjahresbericht-2025-LIMES-Schlosskliniken.pdf

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