Eckert & Ziegler SE (von NuWays AG): BUY 13.10.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

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



13.10.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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



Independence gains value



Recent radiopharma acquisitions underline the value of EUZ's core
capabilities: independent isotope supply and specialist manufacturing.
Strategic and financial investors are acquiring comparable isotope
businesses at multiples well above EUZ's, yet EUZ's shares trade near their
52-week low. We see this valuation disconnect as a compelling BUYing
opportunity.



Another price tag for isotope supply. EUZ trades at less than half the
multiples implied by Telix's agreed acquisition of ITM, a medical isotope
producer with its own drug pipeline. The $ 1.65bn upfront price implies c.
5.3x annualised sales and c. 16x manufacturing EBITDA (eNuW), compared with
EUZ's 2x and 6.9x FY26e, respectively (eNuW). Additional consideration of up
to $ 700m depend on approvals and sales targets for its late-stage cancer
therapy (ITM-11). BWXT's agreed majority sale of its medical isotope
activities to Nordic Capital similarly implied roughly 5-8x FY26e EV/sales
(eNuW; also see last update).



EUZ supplies drug developers without competing with them. For a drug
developer, buying essential isotopes from a supplier with competing
treatments also helps finance a commercial rival. Once ITM becomes part of
Telix, Novartis would source Lu-177 for its prostate cancer therapy Pluvicto
from a group developing competing treatments. Curium's agreed acquisition of
Lantheus would similarly enlarge its therapeutic portfolio. This broader
competitive overlap gives developers a stronger reason to qualify an
independent supplier (primary or secondary) and makes EUZ a natural partner,
in our view. It has no competing drug portfolio and combines high-purity
Lu-177 supply with expanding Ac-225 capabilities. May's agreement with Thor
Medical also adds Pb-212 supply for research and development. The commercial
opportunity should build as customers qualify additional suppliers and award
contracts. Meanwhile, the risk for EUZ to lose business due to the market
consolidation appears to be limited, to our understanding.



Manufacturing quality protects launch timelines. The FDA withheld approval
of ITM's cancer therapy ITM-11 in August and Lantheus' diagnostic imaging
kit in June. Both decisions cited problems at external manufacturing sites,
without identifying clinical safety or efficacy concerns. These setbacks
demonstrate the cost of manufacturing shortfalls for developers when a drug
is otherwise ready for approval. GE HealthCare's agreed $ 945m acquisition
of radiopharmaceutical contract manufacturer SOFIE further underlines the
strategic importance of reliable production. EUZ brings established
pharmaceutical-grade manufacturing capacity and is already gaining traction:
its contract development and manufacturing business (CDMO) nearly doubled
sales in H1, adding EUR 3.1m yoy. Manufacturing agreements with companies such
as Bicycle Therapeutics, Pentixapharm and Archeus demonstrate EUZ's role in
turning drug development into reliable clinical supply.



In sum, we see EUZ as a beneficiary of the sector's consolidation: BUY, PT EUR
21.50, based on DCF.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=1bb337f2ffae9b49586102c7e93eb0e2
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
++++++++++
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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2414528 13.10.2026 CET/CEST