Eckert & Ziegler SE (von NuWays AG): BUY 23.07.2026, 09:01 Uhr von dpa-AFX Jetzt kommentieren: 0

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



23.07.2026 / 09:01 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



Strong Ga-68 outlook attracts competition; chg. est. & PT



The prostate theranostics market is expanding fast. Novartis reported
Pluvicto Q2 2026 sales up c. 43% yoy. Stronger therapy volumes relate to
more Ga-68 PSMA PET diagnostics, often utilizing EUZ's Ga-68 generator. EUZ
is benefitting from the demand, currently accounting for an estimated 60-80%
of the Ga-68 generator market with its product GalliaPharm (c. 20% of group
revenues).



The opportunity has not gone unnoticed. Curium, a global radiopharma player,
received an EU-wide marketing authorisation for GalenVita in early 2026, its
own Ga-68 generator, and we expect commercial entry in H2 2026. Curium
gained access to the generator production through its acquisition of
Istanbul-based Monrol in 2025, a deal primarily made to expand Lu-177
capacity for Curium's own therapy pipeline in prostate cancer and NETs.
GalenVita is produced at Monrol's base in Istanbul, and Curium has said it
intends to roll it out globally.



Despite the new competition, we still expect EUZ to grow its Ga-68 franchise,
even as its market share is likely to decline. As the incumbent, EUZ
benefits from existing supply agreements, a track record of proven
deliveries and scale, which should help it defend its position even if the
products are otherwise broadly comparable. The market has so far been a
duopoly, with EUZ the clear leader. Curium holds the EU approval, but given
the operational complexity of scaling output, we see its production ramping
only gradually. Over the mid-term we expect it to capture c. 30% of the
market (eNuW) with pricing remaining rational. With the market roughly
doubling by 2030 (eNuW, c. 15% CAGR), market growth looks set to more than
offsets the share EUZ cedes. From a c. EUR 60-65m Ga-68 base in 2025 (eNuW),
we therefore see EUZ's Ga-68 sales to grow at c. 10% CAGR to reach c. EUR 100m
by 2030.



Potential Lu-177 upside in H2 for EUZ. Lantheus' PNT2003, a radioequivalent
to Lutathera, may be nearing launch after the 30-month regulatory stay
expired in June and a court invalidated Novartis' asserted Lutathera
patents. While discussions around a potential acquisition of Lantheus by
Curium add some uncertainty regarding the launch and the eventual supply
setup, a commercial launch could provide a meaningful boost to EUZ's Lu-177
volumes through its more than EUR 100m supply agreement with POINT (now Eli
Lilly), the expected manufacturer of PNT2003.



Q2 preview: margin resilience despite revenue normalisation. Q2 sales are
seen to decline c. 4% yoy to EUR 77m (eCons: EUR 76.6m), with diverging trends
across the two segments. Medical revenues should soften against a demanding
comparison base, as Q2 2025 benefited from catch-up deliveries following the
cyberattack-related disruptions in Q1 2025. By contrast, Isotope Products is
expected to recover from a subdued start to the year. Group adj. EBIT is
seen declining by c. 3% yoy to EUR 17.9m (eCons: EUR 18.5m), still implying a
0.3pp yoy margin improvement to 23.3%.



To conclude, EUZ offers picks-and-shovels exposure to the structural growth
of radiopharma, supported by its established Ga-68 franchise, emerging
Lu-177 contribution and growing exposure to Ac-225 and Pb-212. While
near-term sentiment may be subdued due to softer Q2 growth and uncertainty
around new competition, the current valuation looks increasingly appealing.
At c. 8x 2026e EV/EBITDA (eNuW), compared with a three-year average of c.
12.5x, we regard the risk/reward as attractive and reiterate BUY with a new
PT of EUR 21.50 (old: EUR 23.00), based on DCF, with the reduction mainly
reflecting more conservative Ga-68 growth assumptions.




You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=e81c8a16d8581632cd7cfa21e92d5625
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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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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2370336 23.07.2026 CET/CEST