Semperit AG Holding (von NuWays AG): BUY 15.07.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Semperit AG Holding - from NuWays AG



15.07.2026 / 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 22
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann



Stronger operating performance causes raised FY26 guidance, PT up



Yesterday, Semperit raised its full year earnings forecast as the
preliminary Q2 26 EBITDA exceeded expectations notably, backed by a strong
business performance. In detail:



Q2 operating EBITDA set to double to around EUR 40m, materially ahead of our EUR
27.3m estimate. We attribute the outperformance primarily to
stronger-than-projected pricing hikes in response to the recent raw material
inflation and lower-than-modeled material costs, reflecting a more effective
procurement mitigation than anticipated. Well-expected tailwinds - slow
demand recovery and ongoing cost savings - are seen to have provided
additional support. We forecast double-digit sales growth of 10.2% yoy to EUR
186m in revenue, supported by growth in both segments.



Implication on raw material sensitivity. Typically, Semperit could withstand
a sharp price increase in critical raw materials for 4-6 weeks without
material impact. The preliminary result published clearly implies the
absence of a major hit in Q2. This comes despite the sudden price spike in
synthetic rubber, which temporarily was up 39% from its level on 2 March
2026 (source: Trading Economics) due to the increase in oil prices caused by
the Iran war. Hence, we can infer that now that Semperit is not impacted by
temporary fluctuations for at least 12-13 weeks.



SIA should have continued to grow double-digit with +11.4% yoy to EUR 75.9m
sales (eNuW) and a further improved EBITDA margin of 29.5% (eNuW: +10.5pp
yoy), implying EUR 22.4m operating EBITDA. This comes against the backdrop of
strong pricing adjustments, continuously improved capacity utilization and
consistent cost control.



SEA looks set to have grown 9.5% yoy to EUR 110m (eNuW: +4.1pp yoy) at a
strong EBITDA margin of 14.7%. In our view, this is attributable to notable
pricing increases, consistent cost control, and improved capacity
utilization. As we expect to see a gradual demand strengthening in mining,
following accelerated permitting in the US since spring 2025, belting is
viewed to deliver improved growth. Moreover, LSR is seen to continue on its
strong growth trajectory while the Form business is anticipated with
stronger seasonality thanks to favorable weather conditions.



FY26 guidance raised. Semperit now expects to reach EUR 100m in operating
EBITDA, compared to EUR 95m previously. While higher material costs are
expected to impact Q3 26, we view the new guidance as conservative, given
the implication of H2 26 operating EBITDA of some EUR 33m. To recap, over the
past five years on average, Semperit has delivered EUR 54.7m in H2. In the
past two years it has improved from EUR 26.2m in H2 23 to EUR 48.8m in H2 25,
clearly reflecting the operational turnaround. Based on the strong Q2
prelims and cautiously assuming a material cost ratio of 47.7% (eNuW) for
Q3, compared to 42.8% in FY25 we raise our projected operating EBITDA to EUR
105m (eNuW), implying a 14.5% margin.



In our opinion, Semperit trades at undemanding valuation levels of 13.2x
Forward P/E (12 months). Reiterate BUY at a raised PT of EUR 22 (previously EUR
21.5), based on DCF.





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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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2365960 15.07.2026 CET/CEST