Eckert & Ziegler SE (von NuWays AG): BUY 19.10.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

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



19.10.2026 / 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



Q3 preview: earnings to regain momentum



Q3 should show firmer earnings momentum at EUZ. Recovering Isotope Products
profitability is set to drive Q3 earnings growth, with rising Lu-177 sales
and licence income adding momentum into year-end. Following recent share
price weakness, the stock trades at c. 7x FY26e EV/EBITDA, effectively
pricing in no growth despite EUZ's position as an independent supplier to
the expanding radiopharma market (eNuW).



Therapeutic isotope demand supports the growth outlook. Market forecasts
from Telix imply c. 23% CAGR for Lu-177 and c. 45% for Ac-225 through 2035,
reaching risk-adjusted market values of $ 2.1bn and $ 1.4bn. These market
potential figures reinforce the therapeutic isotope upside embedded in EUZ.
From a low base (eNuW: low single-digit EURm in 2025e for Lu-177 plus Ac-225
combined, excl. licence fees), EUZ stands to benefit as volumes
industrialise, given its proven supplier positioning. We model EUR 25m sales
each for Lu-177 and Ac-225 by 2030e, supporting the long-term growth angle.



Telix's planned acquisition of ITM has also put the future role of
independent isotope suppliers in focus. We do not expect every big pharma
group to take isotope production in-house. Consistent purity, GMP validation
and reliable output at scale create high barriers to entry. Some will accept
the capital and execution risk to secure supply and capture manufacturing
margins. Yet vertical integration has not stopped CATL, HENSOLDT or TSMC
from becoming leaders in their respective markets. Acquisitions can also
bring established suppliers straight into big pharma's supply chains: Lilly
acquired POINT with a ten-year EUZ Lu-177 supply agreement already in place
(eNuW).



Medical's growth drivers to remain intact in H2. Lilly is likely to drive
EUZ's near-term Lu-177 ramp-up: we expect FY26 sales of EUR 7-8m (vs. c. EUR 2m
in FY25), weighted towards H2, with c. EUR 15m realistic in FY27 (eNuW). We
see generator growth holding at c. 10% CAGR over the coming years despite
Curium's entry, as expanding use of Ga-68 diagnostics supports demand. New
order wins should also point to a recovery in plant engineering after a
weaker H1 (eNuW).



Q3 should mark a return to adjusted EBIT growth. Group sales look set to
increase 4.6% yoy to EUR 78.8m (eCons: EUR 79.3m). Adj. EBIT should outpace
sales growth, rising 18.2% yoy to EUR 18.2m (eCons: EUR 18.8m), implying a 23.1%
margin (+2.6pp yoy). Medical is projected to generate sales of c. EUR 40m (+2%
yoy) and adj. EBIT of c. EUR 11m (+43% yoy; eNuW). IP sales are expected to
reach c. EUR 39m (+7.5% yoy), with adj. EBIT recovering 23% qoq to c. EUR 8m
(+1% yoy; eNuW).



Importantly, our Q3 estimates contain no licence revenues, leaving an
additional earnings driver for Q4. We expect at least EUR 3m at close to full
margin, with up to EUR 5.6m possible and any remainder moving into 2027e
(eNuW).



BUY, PT EUR 21.50, based on DCF.



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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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bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2417640 19.10.2026 CET/CEST