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Original-Research: Hoenle AG - from NuWays AG
10.12.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of NuWays AG to Hoenle AG
Company Name: Hoenle AG
ISIN: DE0005157101
Reason for the research: Update
Recommendation: BUY
from: 10.12.2025
Target price: EUR 15.00
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Niche specialist Hoenle offers a unique exposure comprising 50 years of
technological leadership in UV curing and one of the largest specialized
product portfolios divided into three business units (Adhesive Systems,
Curing, Disinfection). Its solutions, featuring customer-centric product
design, are key to operational and product excellence for its customers in
diversified end markets.
Focus on the right technology. In many cases, UV-based methods (related to
adhesives and curing) are superior to others such as heat-based or
chemically reactive curing, as their use is faster, cheaper, more
environmentally friendly, more flexible and safer for workers as well as end
users. Advantages, highly desirable in end markets such as consumer
electronics, automotive, medical, food & water purification, printing and
surface treatment/converting. Within the respective niches, Hoenle offers
the broadest set of products and solutions, making the company a "go-to"
player in the rather fragmented market.
Hoenle is market leader in UV curing devices, which can be integrated into
various manufacturing environments. For instance, within the printing
market, Hoenle's solutions are used by offset printers (e.g. from
Heidelberger Druck or König & Bauer), where high paper throughput demands
instant ink drying. Growing market share for its complementary Adhesive
Systems, highly tailored for specific use case perks, is the company's key
growth focus. Hoenle also benefits from tailwinds in its powerful
Disinfection business unit.
A high degree of innovation across its end markets coupled with the
company's "problem-solver" mentality creates new use cases. Particular
attention has been on the ultra-pure water disinfection units (e.g. semi
applications) of which first revenues were recognized in FY 2024/2025,
deepening the involvement in the automotive sensor market and an improving
geographical expansion.
Despite challenging macro environment, stemming from temporary demand
contractions, geopolitical uncertainty and changing supply chains in Asia,
Hoenle has been taking action to improve its position. It unified its brands
into one cohesive brand identity, redesigned its website, discontinued
unprofitable business lines, implemented strict cost control and and
divested former portfolio companies. This should allow the company to return
to growth (eNuW: 6.2% CAGR until 2030) while also notably improving EBITDA
(eNuW: 13.9% margin by 2030e).
For FY 2025/2026 a guidance of EUR 95m to EUR 105m (1.4-12.1% yoy growth) in
sales and EUR 6m to EUR 9m EBITDA (6.3-8.6% margin) was issued, implying
moderate improvements. In our opinion, this seems feasible as the
transformation should begin to bear fruit. The company's versatile product
portfolio is well positioned to adapt effectively to shifting end-market
dynamics, partially coinciding with geopolitical uncertainty. Supported by
its strong technical expertise, Hoenle looks set to return to growth during
the coming years. BUY with an unchanged PT of EUR 15 (eNuW).
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=59f2decb660153c811d87265b8fefdc7
For additional information visit our website:
https://www.nuways-ag.com/research-feed
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 Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2242950 10.12.2025 CET/CEST
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