Emerald Horizon AG (von NuWays AG): BUY 11.11.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Emerald Horizon AG - from NuWays AG



11.11.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Emerald Horizon AG



     Company Name:                Emerald Horizon AG
     ISIN:                        AT0000A3UZE1



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 1,300
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Jorge Gonzalez



EUR 135m equity plan could pave the way for institutional funding



Emerald Horizon plans to raise c. EUR 135m through up to five capital
increases by Q3 2028, compared with our previous estimate of EUR 72m through
YE 2028. The initial subscription price of c. EUR 1,013 represents an 11.9%
discount to Monday's closing price (EUR 1,150). Importantly, CEO and majority
shareholder Florian Wagner (52.9% stake) offers investors subscribing at
least EUR 5m an additional 36 shares per 100 subscribed, transferred from his
personal holdings after a 36-month holding period. Available for binding
commitments before the initial EUR 45m subscription threshold is reached, this
implies an effective entry price of c. EUR 745 per share, a 35.2% discount to
Monday's close, without additional dilution. Note that Mr Wagner has already
pledged EUR 20m in equity contributions over 2026-2028. Proceeds will support
ADES development with VDL Groep and the equity component of DUALstore
deployments.



A more clearly defined equity financing plan could improve Emerald's
prospects for EIB financing. In our view, the announced programme could
strengthen Emerald's positioning to secure financing from the European
Investment Bank (EIB). In September, the EIB committed up to EUR 40m to
Finnish nuclear developer Steady Energy, its first SMR financing, through an
InvestEU-backed long-term convertible loan supporting research, testing and
licensing of its LDR-50 reactor. Although technologically different from
Emerald's subcritical thorium concept, the transaction illustrates the EIB's
willingness to support early-stage nuclear development. Comparable financing
could offer attractive long-term conditions but potentially require a
substantial upfront equity contribution. Importantly, EIB participation
would also represent a significant endorsement, helping de-risk ADES and
reducing the need for a rapid commercial ramp-up of DUALstore (BESS + TESS)
to materially lower the group's risk profile.



Institutional funding could help bridge substantial development
requirements. Our previous EUR 72m equity assumption covered the first two
ADES Test Loops and the equity component of initial storage deployments.
However, gross funding requirements reach c. EUR 225m through 2030, before
potential grants, including storage deployments, ADES Test Loops and
demonstrators. Emerald has previously identified potential Slovak investment
incentives of EUR 75-100m, a EUR 100m bank debt facility under discussion and
potential EU funding programmes. Against this backdrop, the announced equity
financing plan could facilitate complementary institutional funding and
improve visibility over the development roadmap. Nevertheless, the Steady
Energy precedent does not establish Emerald's eligibility for comparable EIB
support.



Limited valuation impact, potentially meaningful financing catalyst.
Incorporating the announced EUR 135m equity financing programme has a
negligible impact on our DCF-based PT. Successful execution could
nevertheless strengthen Emerald's financial position and improve visibility
over its development roadmap. Potential EIB participation would represent a
meaningful financing and credibility catalyst, although execution, financing
and regulatory risks remain material. BUY, PT EUR 1,300 unchanged.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=496f1d845ad06b82094e6ef7795f0132
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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2432310 11.11.2026 CET/CEST