Eckert & Ziegler SE (von NuWays AG): BUY 27.03.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

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



27.03.2026 / 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 23
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller



More to FY26 than meets the eye, chg.



The FY26 guidance points to stronger underlying momentum than the headline
suggests. While the reported 2026 sales guidance of EUR 320m implies only 3%
yoy growth, FX and lower licence revenues mask a much stronger operating
trajectory. On an underlying basis, sales are set to grow by 9% yoy (see
p.2),
with adj. EBIT expected to rise by 21% yoy.



Both segments should support underlying EBIT growth in 2026. In Medical (60%
of adj. group EBIT), momentum in high-margin isotope sales and CDMO should
continue, with Ga-68 benefiting from a broader regional footprint and
therapeutic isotope demand increasing with pipeline activity. In Isotope
Products (40% of adj. group EBIT), earnings should recover from a weak 2025
base as delayed project business normalises and demand from energy customers
improves. Excluding licence revenues, the group guidance implies a strong
65% incremental adj. EBIT margin, driven by an improving product mix.



Positive Lu-177 and Ac-225 newsflow reinforces our confidence in EUZ's
radiopharma positioning. On the Lu-177 side, Telix reported that Part 1 of
ProstACT Global met its primary objectives. This is directly relevant for
EUZ, as the company acts as European CMO for the Phase III study and
supplies the full European patient base with Lu-177. On the Ac-225 side,
Bayer reported encouraging first-in-human PAnTHa data for
225Ac-PSMA-Trillium, with no dose-limiting toxicities and 83% of patients at
the selected dose seeing their PSA, a key prostate cancer blood marker, fall
by at least 50%. For EUZ, this is a positive read-across for the broader
Ac-225 case.



While oil well logging remains a smaller earnings lever, the current oil
backdrop adds upside optionality that is not reflected in our estimates.
Baker Hughes data already showed international rig count up slightly in
February, and the recent Iran-driven supply shock has pushed crude prices
higher. If elevated oil prices persist, additional drilling activity could
follow, supporting incremental isotope demand for EUZ.



In sum, we continue to see EUZ as an attractive way to gain exposure to the
structural growth of radiopharma. The FY26 guidance confirms a stronger
underlying growth profile, with an improving product mix supporting margins.
Beyond this, Ac-225 offers meaningful medium-term upside. With EUR 115m net
cash, the balance sheet remains a source of strategic flexibility. The
shares trade at only 18x 2026e earnings (eNuW), a 45% discount to the 5-year
median.



Maintain BUY, unchanged 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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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++



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2298972 27.03.2026 CET/CEST