Nynomic AG (von NuWays AG): BUY 20.08.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Nynomic AG - from NuWays AG



20.08.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Nynomic AG



     Company Name:                Nynomic AG
     ISIN:                        DE000A0MSN11



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 28
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr



Q2 prelims: Nynomic has entered its next phase of growth; PT UP



Q2 sales grew 18.1% yoy to EUR 25.4m, marking the second strong quarter this
year. H1 sales of EUR 47.7m were up 13.3% yoy. This was carried by the demand
recovery across the group's core end markets (Q1 order intake was up 80%
yoy) with semiconductor solutions likely being a particularly strong driver
behind this (next to MedTech and gas analysis solutions), in our view. Mind
you, Nynomic does strongly benefit from current capacity investments into
building out and evolving AI-related production infrastructures. For
instance, LayTec's real-time metrology systems for semiconductor
manufacturing, deployed in MOCVD equipment including Aixtron's, allow
precise in-situ process control for GaN and InP wafer production (Aixtron
recently announced particularly strong order intake for such).



Order backlog/intake remained on a high level. At the end of H1, the group's
order backlog stood at EUR 63.5m, up 46% yoy, implying a Q2 order intake of EUR
33.3m (+69% yoy, +1.3% qoq) with a book-to-bill ratio of 1.31x (H1 b-t-b of
1.39x).



Q2 EBIT of EUR 1.7m (+ EUR 2.8m yoy) is a clear reflection of the positive
implications from last year's NyFIT cost savings initiative (EUR 5m annualized
savings) but also the result of the increased top-line. H1 EBIT of EUR 1.8m
was up EUR 3.8m yoy.



Lower ends of FY26 guidance seem increasingly conservative. Management
confirmed its FY targets of EUR 100-105m sales and EBIT Margin of 6-8%. In
light of the strong H1, increased H2 visibility through a well-filled order
book and continued demand in recent weeks, we regard the upper ends as
reachable; lower ends imply H2 sales growth of 3.7% and a margin of 8%
(largely flat yoy). We have hence raised our sales and margin estimates for
this but also the subsequent years.



Attractive mid-term prospects. Next to LayTec, the group's subsidiaries tec5
(e.g. spectrometer modules to semiconductor metrology OEMs) and Avantes
(world's number two in fibre-optic spectrometers) have a pronounced exposure
to the semiconductor industry, through which Nynomic looks well positioned
to benefit from a prolonged capex cycle. Coupled with revived MedTech
demand, group sales should grow at a 9.8% CAGR (2025-28e). Importantly,
semiconductor sales carry above-average margins, hence we model faster
margin growth going forward (12.5% EBIT margin by 2028e vs 10.8% before).



Conclusion. Backed by strongly recovering demand, especially from
higher-margin end markets, and a notably leaner cost structure, Nynomic
looks set to enter its next phase of profitable growth (following two
transition years). We confirm our BUY rating with an increased PT of EUR 28
(old: EUR 25) based on DCF.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=984442a85a67450bde9c13694d457cde
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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2386024 20.08.2026 CET/CEST