Semperit AG Holding (von NuWays AG): BUY 08.10.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Semperit AG Holding - from NuWays AG



08.10.2026 / 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



Conference feedback: Defending margins, investing in future



We hosted Semperit at our Paris conference. The company re-confirmed M&A
ambitions until end of FY27e (eNuW) while emphasizing its positioning ahead
of cyclical upcycle. In detail:



  * Margin defence in focus for H2 26e. The high operating EBITDA margin of
    18.7% reported in H1 26 is not viewed sustainable with higher material
    costs seen to impact the P&L from Q3 (eNuW). Defending the margins in H2
    depends also on the outcome of price and volume negotiations with
    clients. While falling raw material prices until July were seen as
    headwind, the second surge of material prices from July onwards provides
    support for these negotiations. A material part of the remaining EUR 31m
    to the full year guidance of operating EBITDA of c. EUR 100m should be
    realized in Q3 26 (eNuW). Semperit remains conservative on Q4, awaiting
    further visibility on raw material price developments and taking into
    account macro- and geopolitical uncertainty.



  * Investing in future growth. In the past years, Semperit has taken
    significant steps to prepare for a cyclical upswing. This includes the
    four cost savings programs since 2023, but also gradual capacity
    expansion projects for hoses in Odry and for LSR in Thalheim. At
    present, some EUR 50m (eNuW) investments in Odry remain to be realized
    over the next 4-5 years (eNuW). The exact speed of investments in this
    plant expansion depends on demand visibly strengthening. In H1 26,
    Semperit has spent only EUR 14.5m of its annual EUR 40-45m CAPEX budget,
    mainly on maintenance CAPEX. This leaves potential for further
    investments in Odry in H2 26.



  * M&A optionality. As flagged in the H1 26 presentation and now confirmed
    again by the company, Semperit is also looking to add inorganic growth.
    We expect to see at least one transaction by the end of FY27e. From past
    deal behavior, i. e. the acquisition of RICO, this could include one
    sizeable transaction that fits Semperit's elastomer solutions-theme,
    implies double-digit million revenue contributions and allows the
    company to leverage further synergies to support its high margins. As
    M&A is not reflected in our model, this would imply upside to our
    current estimates.



Current trading. H1 trading came in stronger than expected, driven by
positive pricing adjustments in response to raw material price volatility
linked to the Iran war, as well as higher volumes on the back of increased
demand. As a result, Semperit has already generated EUR 69m in operating
EBITDA, i.e. 69% of its full-year guidance of EUR 100m. We do not, however,
expect H2 to match this strength, as the focus shifts towards defending
margins in upcoming price negotiations. Here, Semperit appears well
positioned, given its established reputation for quality and reliability in
products that are often critical to customers' operations. Beyond this, the
company is set to continue stabilizing and strengthening its Belting
business, while pursuing further growth opportunities in its other
businesses.



Overall, the strong H1 provides a solid foundation for the remainder of the
year. To reach guidance, Semperit needs to deliver a further EUR 31m in
operating EBITDA in H2, a material part of which we expect to come through
in Q3. The implied Q4 requirement therefore looks conservative to us. Hence,
we confirm BUY with a EUR 22 PT, 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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2412210 08.10.2026 CET/CEST