Aktienanleihe Classic 21,9% 2027/06: Basiswert Eckert & Ziegler

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Original-Research: Eckert & Ziegler SE - from NuWays AG

19.10.2026 / 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 Eckert & Ziegler SE

Company Name: Eckert & Ziegler SE

ISIN: DE0005659700

Reason for the research: Update

Recommendation: BUY

Target price: EUR 21.50

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

Q3 preview: earnings to regain momentum

Q3 should show firmer earnings momentum at EUZ. Recovering Isotope Products

profitability is set to drive Q3 earnings growth, with rising Lu-177 sales

and licence income adding momentum into year-end. Following recent share

price weakness, the stock trades at c. 7x FY26e EV/EBITDA, effectively

pricing in no growth despite EUZ's position as an independent supplier to

the expanding radiopharma market (eNuW).

Therapeutic isotope demand supports the growth outlook. Market forecasts

from Telix imply c. 23% CAGR for Lu-177 and c. 45% for Ac-225 through 2035,

reaching risk-adjusted market values of $ 2.1bn and $ 1.4bn. These market

potential figures reinforce the therapeutic isotope upside embedded in EUZ.

From a low base (eNuW: low single-digit EURm in 2025e for Lu-177 plus Ac-225

combined, excl. licence fees), EUZ stands to benefit as volumes

industrialise, given its proven supplier positioning. We model EUR 25m sales

each for Lu-177 and Ac-225 by 2030e, supporting the long-term growth angle.

Telix's planned acquisition of ITM has also put the future role of

independent isotope suppliers in focus. We do not expect every big pharma

group to take isotope production in-house. Consistent purity, GMP validation

and reliable output at scale create high barriers to entry. Some will accept

the capital and execution risk to secure supply and capture manufacturing

margins. Yet vertical integration has not stopped CATL, HENSOLDT or TSMC

from becoming leaders in their respective markets. Acquisitions can also

bring established suppliers straight into big pharma's supply chains: Lilly

acquired POINT with a ten-year EUZ Lu-177 supply agreement already in place

(eNuW).

Medical's growth drivers to remain intact in H2. Lilly is likely to drive

EUZ's near-term Lu-177 ramp-up: we expect FY26 sales of EUR 7-8m (vs. c. EUR 2m

in FY25), weighted towards H2, with c. EUR 15m realistic in FY27 (eNuW). We

see generator growth holding at c. 10% CAGR over the coming years despite

Curium's entry, as expanding use of Ga-68 diagnostics supports demand. New

order wins should also point to a recovery in plant engineering after a

weaker H1 (eNuW).

Q3 should mark a return to adjusted EBIT growth. Group sales look set to

increase 4.6% yoy to EUR 78.8m (eCons: EUR 79.3m). Adj. EBIT should outpace

sales growth, rising 18.2% yoy to EUR 18.2m (eCons: EUR 18.8m), implying a 23.1%

margin (+2.6pp yoy). Medical is projected to generate sales of c. EUR 40m (+2%

yoy) and adj. EBIT of c. EUR 11m (+43% yoy; eNuW). IP sales are expected to

reach c. EUR 39m (+7.5% yoy), with adj. EBIT recovering 23% qoq to c. EUR 8m

(+1% yoy; eNuW).

Importantly, our Q3 estimates contain no licence revenues, leaving an

additional earnings driver for Q4. We expect at least EUR 3m at close to full

margin, with up to EUR 5.6m possible and any remainder moving into 2027e

(eNuW).

BUY, PT EUR 21.50, 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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2417640 19.10.2026 CET/CEST

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