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Original-Research: Semperit AG Holding - from NuWays AG
05.02.2026 / 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
Target price: EUR 18.5
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
FY25 guidance likely met // FY26 returning to growth
With annual results 2025 to be published by Semperit on 18th of March, here
is what to expect for Q4 2025 and full year figures:
Q4 revenue looks set to come in at EUR 179.6m, +5.7% yoy (eNuW), benefitting
from sequential improvements following the particularly weak Q1, due to
challenging market conditions and project delays; FY revenue -2% yoy to EUR
663m (eNuW). Q4 EBITDA of EUR 21.7m (eNuW), implies a largely flat margin; FY
EBITDA of EUR 73.7m. With this, the company should meet its FY guidance of EUR
78m op. EBITDA (excl. ERP-related one-off expenses of approx. EUR 5m (eNuW)).
Semperit's two segments are seen to paint two different pictures in Q4:
* SIA is expected to contribute EUR 72.3m (eNuW) revenue (+1% yoy) and EUR
12.8m EBITDA (+29% yoy), implying a 17.7% margin. The return of demand
for hoses (following destocking earlier this year) should have largely
compensated for a weak profiles business (no installation at cold
temperatures). FY SIA revenue -6.8% yoy.
* SEA is seen to add EUR 107.8m (eNuW) revenue (+10% yoy) thanks to stronger
belting, LSR and forms business. The EBITDA margin of 11% (eNuW) looks
set to be slightly down 1.8pp yoy as the company should incur output
ramp up expenses as a reaction in increasing demand.
Despite less working capital releases and the weaker operational
performance, FCF should remain positive as the company benefits from lower
CAPEX (EUR 42m vs. EUR 65m in FY24) due to postponements of non-essential
projects and production capacity investments.
While cost-control/reduction was a key focus area in FY25 (EUR 6-7m of planned
EUR 10m savings were already realized), FY26 should be marked by a return to
profitable growth.
A return to growth. FY26e group sales are seen to rise by 7.2% yoy to EUR 711m,
looking set to benefit from gradually improving end market demand, partial
price increases and additional growth optimizing initiatives in the
short-term. Importantly, both segments are seen to contribute to growth.
EBITDA to rise disproportionally by 18% yoy to EUR 87m (margin +1.1pp yoy to
12.2%) on the back of an improving fix-cost coverage, the full effect of
last-years cost saving initiatives (EUR 10m total savings p.a.) and likely
lower raw material headwinds (e.g. synthetic rubber).
Semperit's prospects are bright, as its strong technological edge, high
product quality and reliability continue to ensure its leading position in
the internal rubber and plastics industry. In recent years, the company has
reviewed processes and headcounts, reduced costs, now increasingly reflected
by higher margins but also laid grounds for future growth by expanding its
production sites to get ahead of the next cyclical upswing. The latter
should benefit from the fact that construction industries of several end
markets have likely passed the trough (based on building permits and PMI).
The still outstanding infrastructure package could turn into an additional
notable tailwind.
Maintaining BUY at EUR 18.5 based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=0fca2c76d4ddb80368cd3ac4ae5ce46e
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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2271772 05.02.2026 CET/CEST
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