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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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