Nexstim (von NuWays AG): BUY 02.09.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Nexstim - from NuWays AG



02.09.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Nexstim



     Company Name:                Nexstim
     ISIN:                        FI4000506811



     Reason for the research:     Initiation
     Recommendation:              BUY
     Target price:                EUR 12
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Julius Neittamo



Stimulating growth with surgical accuracy; INITIATE with BUY



Nexstim is a Finnish MedTech company and a global leader in navigated
transcranial magnetic stimulation (nTMS) technology. With nTMS, Nexstim
helps (i) surgeons preserve patients' motor and speech cortices and (ii)
clinicians treat neurological and psychiatric disorders. Here's how:
Nexstim's system sends gentle magnetic pulses through the skull, without any
incisions, prompting a specific part of the brain to respond. A live 3D map
tracks that response in real time, letting doctors pinpoint the targeted
spot with an accuracy no competitor can match. The company is now seen
transforming from a niche Finnish MedTech player into a truly global
platform serving neurosurgery, psychiatry and neuroscience research.



At the centre of the investment case is the navigated brain stimulation
(NBS) System 6. It allows hospitals and clinics to host pre-surgical brain
mapping, depression treatment and other applications on a single modular
platform. This creates an attractive model, where one platform unlocks
cross-selling via software updates. Nexstim markets the NBS 6 system across
three segments: Diagnostics, Therapy and Research & Neuroscience.



  * Diagnostics is one of two main commercial spearheads. Here, Nexstim
    helps neurosurgeons map essential brain functions before surgery. The
    global installed base of c. 270 systems create significant clinical
    references and follow-on opportunities. But this is just the beginning.
    A recently signed distribution partnership with Brainlab, whose c. 14.5k
    systems span c. 6.7k hospitals in 127 countries, could materially
    accelerate the global scaling of Nexstim's platforms.



  * Therapy is the second, fast-growing segment, having achieved c. 18%
    organic CAGR between 2020-25. Yet, this segment is still in its early
    innings. Here, Nexstim helps treat major depressive disorders (MDD) and
    chronic neuropathic pain patients, with c. 145 systems delivered. The
    Therapy segment is seen to hold immense potential: the addressable
    market for severe depression is large (EUR 2.3bn in US & EEA; eNuW) and
    fragmented.



  * Research & Neuroscience serves as a laboratory for Nexstim, in which
    nTMS is tested on new promising indications (i.e. Alzheimer),
    potentially paving the way for significant commercial openings.



Profitability is set to attain a strong structural margin. After 25 years of
R&D, Nexstim achieved its first profitable years in FY22 and FY25. With
gross margins oscillating between 75-80%, limited operating-cost growth and
a growing installed base, further revenue growth should unlock meaningful
operating leverage. We expect EBIT margins to expand from c. 6% in FY25 to a
structural 24% by FY33e, while sales are set to continue compounding at c.
18% CAGR between 2025-33e (eNuW).



We see Nexstim as an under-the-radar opportunity in the defensive MedTech
sector. The combination of a scalable business model, a differentiated
technology platform, Brainlab's distribution power and untapped therapeutic
opportunities, creates an attractive setup for sustained profitable growth.
We initiate with a BUY rating and a PT of EUR 12 based on DCF model.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=a33bd7f924f83b66f224cf23ade8f154
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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2392154 02.09.2026 CET/CEST