Nynomic AG (von NuWays AG): BUY 06.11.2026, 09:01 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Nynomic AG - from NuWays AG



06.11.2026 / 09:01 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 30
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr



Q3 prelims: OI at multi-year high; top end of guidance in reach



Topic: Nynomic released preliminary 9M figures, showing accelerating
top-line growth, a further step-up in profitability and a sharply expanded
order backlog. In detail:



Growth accelerates for the third quarter in a row. 9M sales rose 16.2% yoy
to EUR 75.4m (eNuW: EUR 72.7m), implying Q3 sales of EUR 27.7m, up 21.5% yoy.
Growth has thus picked up every quarter this year (Q1: +8%, Q2: +18%, Q3:
+21%). Main drivers were the broad customer and application base in
semiconductors, gas measurement technology for energy infrastructure and
continued strong demand across the Clean Tech segment (67% of FY26e group
sales).



Turnaround now fully visible in the margin. 9M EBIT came in at EUR 4.9m (9M
25: EUR -1.5m), a 6.5% margin. Stripping out H1 (EUR 1.8m), Q3 EBIT stood at EUR
3.1m, equal to an 11.2% margin (eNuW: 8.3%). This compares to 6.7% in Q2 and
roughly breakeven in Q1. Two factors are at play: first, the fixed-cost base
was cut sustainably through last year's NyFIT programme (c. EUR 5 m annual
savings), so additional volume now drops through at high incremental
margins. Second, the large semiconductor orders typically carry
above-average margins, lifting the product mix.



Order intake outpaced sales. Backlog rose to EUR 77.3m, +59% yoy and +22% qoq
(H1 26: EUR 63.5m), implying Q3 order intake of c. EUR 41.5m (+49% yoy) and a
book-to-bill of c. 1.5x, after 1.3x in Q2. The order book has thus grown in
every quarter of 2026, reaching the highest level since Q2 2023, confirming
that the demand recovery is broad-based rather than driven by single large
tickets.



LayTec: a picks-and-shovels play on AI optics. Subsidiary LayTec supplies
in-situ metrology for MOCVD reactors, monitoring layer growth in real time
during epitaxy to lift yields in GaN and InP production. As an OEM
sub-system in Aixtron's reactors, it follows Aixtron shipments with a short
lag. Aixtron's Q3 order intake more than doubled to EUR 275m on AI-driven
demand for InP optical components, with larger laser system deliveries just
ramping up. This should support LayTec volumes well into 2027.



Upper end of guidance well within reach. Management confirmed FY26 guidance
of EUR 100-105m sales and a 6-8% EBIT margin, but now sees the upper end of
both ranges as well achievable. We share this view. Reaching the upper ends
requires Q4 sales of EUR 29.6m (+7% yoy) and EBIT of EUR 3.5m (11.8% margin),
i.e. broadly a continuation of the Q3 run rate. Mind you, Q4 is
traditionally the strongest quarter of the year, as customers pull
deliveries into year-end.



Well positioned for 2027 and beyond. Assuming demand stays strong in Q4,
Nynomic should enter 2027 with a well-filled order book, setting the stage
for another strong year but also mid-term. Besides LayTec, tec5
(spectrometer modules for semiconductor metrology OEMs) and Avantes (global
no. 2 in fibre-optic spectrometers) also give the group meaningful
semiconductor exposure, positioning it for an extended capex cycle in the
sector. Together with energy infrastructure and recovering MedTech demand,
we model a 10.5% sales CAGR (2025-28e). As the semiconductor business
carries above-average margins, the mix shift should keep lifting
profitability (eNuW: 13.2% EBIT margin by 2028e). BUY with an increased EUR 30
PT (old: EUR 28) 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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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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2429684 06.11.2026 CET/CEST