Semperit AG Holding (von NuWays AG): BUY 19.03.2026, 09:01 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Semperit AG Holding - from NuWays AG



19.03.2026 / 09:00 CET/CEST
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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 21
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr



FY25 out: Op. tide is turning, B&C offer too low; PT UP



The tide is turning at Semperit: two strong quarters confirm the recovery,
which is seen to carry on throughout FY26, as reflected by the EBITDA
guidance of EUR 95m; B&C's EUR 15 bid undervalues it.



Q4 revenue came in at EUR 179m (+5.3% yoy) in line with expectations (eNuW: EUR
179.6m), driven by sequential demand improvements following a weak Q1 and
geopolitical uncertainty in Q2 resulting in project and demand delays. Q4
EBITDA rose 30.7% yoy to EUR 27.4m (eNuW: EUR 21.7m), with a favorable
development in EBITDA margin yoy from 12.4% to 15.3%. This highlights the
positive impact of previously implemented cost measures in combination with
higher capacity utilization.



Segment performance underscores the breadth of recovery. SIA delivered Q4
EBITDA of EUR 15.1m (margin: 21.7%, +6.2pp yoy), driven by higher volume
intake per existing customer - a quality signal, not just a volume story.
SEA added EUR 16.2m in Q4 EBITDA (margin: 14.8%, +2.6pp yoy), with stronger
activity across belting, LSR and forms. Both segments beat our estimates at
the EBITDA level, with aggregate Q4 EBITDA of EUR 27.4m versus our EUR 21.7m
estimate, a c. 26% beat.



With this, FY 25 revenue stood at EUR 662.4m and op. EBITDA came in at EUR 79.5,
slightly beating the guidance of EUR 78m op. EBITDA. Of the ongoing cost
cutting program (total EUR 10m annual savings), EUR 6m were already realized in
FY25. ERP-related costs came in at EUR 4.1m, below our expectation of EUR 5m
(eNuW). Lower CAPEX and w/c partially offset the reduced net income,
allowing for EUR 37m FCF, down 19% yoy.



FY 26 guidance of EUR 95m op. EBITDA looks achievable, confirms turnaround.
The building blocks seem credible: full EUR 10m annualized cost savings
flowing through, 7.2% top-line growth (eNuW) supported by improving demand
and pricing, and a favorable order book trajectory in both segments. On raw
materials, European butadiene is up 5.6% in March and synthetic rubber
approximately 22%, driven by Middle East supply disruptions. Yet, near-term
impact is buffered by existing inventories. Semperit has historically passed
on raw material cost inflation to customers; if elevated prices persist,
this mechanism should limit margin damage. Our estimates assume raw material
cost growth does not exceed ~10% annualized.



B&C undemanding. B&C Holding Österreich GmbH, already the majority
shareholder with 57.3%, has announced a public takeover offer at EUR 15 per
share a 25% premium to the pre-announcement price. We acknowledge the
premium, but reject the notion that it reflects fair value. In our view, the
company is ahead of a multi-year operational improvement cycle with neither
the full cost savings benefit nor the revenue recovery yet reflected in
trailing earnings. At EUR 15, the offer implies roughly 5.4x EV/EBITDA on our
FY26e (BV/share stands at ~ EUR 20).



We raise our PT to EUR 21 (prev. EUR 18.5), based on DCF and reiterate BUY. The
DCF upgrade reflects higher near-term EBITDA estimates, the full
flow-through of cost savings and continued balance sheet improvement. The
operational inflection is underway with the FY26 setup being the strongest
in three years.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=1219a5ad8355e94d56c2dea6205cb6cf
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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2294130 19.03.2026 CET/CEST