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Original-Research: Limes Schlosskliniken AG - from NuWays AG
01.09.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Limes Schlosskliniken AG
Company Name: Limes Schlosskliniken AG
ISIN: DE000A0JDBC7
Reason for the research: Update
Recommendation: BUY
Target price: EUR 810
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
H1 confirms the case, FCF set to grow strongly; chg.
Yesterday, LIMES published its H1'25 report, showing continued top-line
expansion thanks to the new clinics as well as strong profitability despite
the ramp-up of those. In detail:
H1 sales grew 29.2% yoy to EUR 29.7m, carried by 31,552 billed patient days
(+17.5% yoy) and a 10% rise in revenue per day to EUR 942. New clinics Abtsee
and Bergisches Land contributed EUR 7.4m, and management expects the largest
incremental growth from these two sites going forward. PRC Zurich grew 25%
yoy with demand into H2 unchanged and a standing waiting list. Mind you,
Zurich is the ultra-premium offering, carrying both the highest rate per day
and the least cyclicality. Fürstenhof and Mecklenburgische Schweiz ran below
last year's occupancy, with a return to good utilisation expected by
mid-year.
EBITDA of EUR 7.0m (+12%) implies a 23.6% margin, down from 27.1%. The
dilution is almost purely ramp-up related with personnel expenses up 29% to
EUR 13.5m as headcount went from 237 to 314, and rent climbing 84% to EUR 3.5m
as six sites carried a full period of fixed costs against occupancy still
building at two of them. Marketing of EUR 2.4m (+36%) reflects launch spend
that should taper. What matters more is that Abtsee is already positive at
the pre-tax line and Bergisches Land positive on EBITDA, both within six
months of operation. Against a portfolio where earlier openings took
materially longer to break even, this is the clearest validation yet: when
LIMES opens new locations, they fill quickly. With the cost base now largely
in place for all six clinics, incremental occupancy should drop through at
high marginal margins from here.
Cash generation inflected sharply. Operating cash flow rose 73% to EUR 5.5m,
while capex fell to EUR 0.7m from EUR 4.0m, depicting a normalization after the
build-out. FCF of EUR 4.8m compares to EUR -0.7m in H1'25, implying a strong
conversion of 69% of EBITDA. This fully confirms our case, that a mature
LIMES portfolio converts a large chunk it earns into cash. The asset-light
model carries no property, maintenance capex runs at roughly EUR 100k per
clinic, and working capital needs are minimal. Every clinic that finishes
ramping therefore adds cash, not just revenue, exactly what makes the
Italian, and possible further, expansion affordable without touching the
balance sheet.
Looking at H2, a failure at the pool technology of the Mecklenburg clinic is
set to keep that site below potential until reinstallation is finalized by
YE. This aside, the setup remains strong. Fürstenhof is back to good
utilisation, Zurich enters H2 with unchanged demand and a waiting list, and
both new clinics are ready to scale. Adding to this is Boccella, which
remains on track, with final documents expected by year-end and the licence
application to follow over the winter, adding EUR 15m post ramp-up sales with
the opening expected for Summer 2027. With a proven clinic blueprint and a
structurally undersupplied market, we would not rule out further European
sites thereafter. At 5.1x FY27e EV/EBITDA, the shares still do not price in
that potential, in our view.
Reiterate BUY with an unchanged EUR 810 PT based on DCF.
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Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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analysierten Unternehmen befindet sich in der vollständigen Analyse.
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