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Original-Research: Semperit AG Holding - from NuWays AG
17.11.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to Semperit AG Holding
Company Name: Semperit AG Holding
ISIN: AT0000785555
Reason for the research: Update
Recommendation: Buy
from: 17.11.2025
Target price: EUR 18.50
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Semperit delivered solid Q3 results. Here are the key takeaways:
Q3 sales came in at EUR 163m, up slightly by 1.1% yoy (eNuW: EUR 170m), impacted
by a solid development in SIA with revenues of EUR 67.5m, up 6.8% yoy (eNuW: EUR
67.7m) and weaker than expected SEA revenues to EUR 95.4m (eNuW: 102m), down
2.3% yoy. SIA sales stabilized after a weaker H1, due to ongoing sales
excellence initiatives and completed destocking of customer inventories. SEA
sales came in short, due to a mixed performance across product types. Forms
sales slightly rose and LSR remained stable, while belting sales showed
renewed softness following a weak Q1 and an improved Q2.
Q3 EBITDA stood at EUR 21.3m, up 28% yoy and largely in line with expectations
(eNuW: EUR 20.8m). For SIA, fixed cost reductions and a slight margin increase
were expected (eNuW: 19.5% EBITDA margin, EUR 13.2m EBITDA), but results came
in slightly ahead with a 19.9% EBITDA margin and EUR 13.4m EBITDA. In case of
SEA, margin improvements (better product mix and tight cost control)
exceeded expectations (12.2% vs. eNuW 11.1%), which largely compensated the
impact of the top line softness (EBITDA of EUR 11.6m vs. eNuW EUR 11.4m).
Importantly, Q3 net income returned to positive territories (+ EUR 5.3m to EUR
2.8m).
Order intake increased slightly for both segments yoy. For SIA, muted demand
in hoses (with OEMs) and profiles largely continued, yet direct sales of
hoses showed a positive trend as destocking of customers seems to be over.
Importantly, building permit approvals show early signs of a beginning
recovery. For SEA, form demand improved for Mountain Applications,
Industrial and Handrails Europe, while demand in Transport was stable, due
to project delays and prioritization of defense spending over
infrastructure.
Free cash flow in Q3 came in at EUR 8.4m, significantly higher than last year
(Q3'24 EUR -1.2m), benefited by higher operating cash flows, lower financing
costs and lower capex (parts of maintenance capex pushed into Q1'26). With
the solid cash position of EUR 86.6m, management has access to sufficient
liquidity to maintain dividends, invest in technological improvements, and
participate in selective M&A activity, even in a weaker macro environment.
FY25 guidance was narrowed to pre-project cost EBITDA of EUR 78m (previously EUR
65-85m) with project costs projected at EUR 5m. This is well aligned with our
expectations of EUR 78.7m, taking into account visibly lower fixed costs,
enhanced margins and stronger customer demand for hydraulic hoses following
the end of destocking.
Our take: Semperit appears well-positioned, mitigating end-market softness
through broad market and application diversification as well as strong
product quality. The ongoing cost-saving measures as well as first signs of
improving end market demand position the company a the end of sustainably
improving margins and cash flows. Additional potential macroeconomic
tailwinds such as the planed infrastructure spending in Germany should
support growth and hence a re-rating. BUY with a raised PT of EUR 18.5
(previously EUR 18.2) based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=c0ec1aaad9485593df6138a53dcbbd0d
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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2230558 17.11.2025 CET/CEST
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