Optionsschein Classic Long 18,3333 2026/12: Basiswert Eckert & Ziegler

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

13.05.2026 / 09:00 CET/CEST

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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 23

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

Q1 released: Medical powers ahead

The takeaway from Eckert & Ziegler's Q1 results is positive: Medical

delivered strong underlying growth without licence revenues, while Isotope

Products offers a recovery lever for the rest of the year. At group level,

fx-adj. sales rose 11% yoy to EUR 72.9m, while reported sales rose 7% yoy.

Adj. EBIT came in roughly flat yoy at EUR 16m, with the margin declining 1.8pp

yoy to 21.9% (details on p.2).

Medical was the clear positive driver and looks well ahead of the required

FY run-rate. Segment sales rose 21% yoy to EUR 41.5m, driven by pharmaceutical

radioisotopes, especially generators and CDMO. Adj. EBIT increased 31% yoy

to EUR 14m, supported by positive mix effects. This is particularly relevant

against the FY26 segment guidance, which implies a 4% yoy decline in Medical

adj. EBIT to EUR 49m, mainly due to lower expected Ac-225 licence income. Q1

already delivered 28% of the FY adj. EBIT target despite no licence

revenues, vs EUR 5m in Q1'25. Further EUR 5.6m in licence revenues are expected

during the remainder of the year. The quarter thus underpins Medical as the

core value driver of the group, with higher structural growth and margin

potential than IP. The Ga-68 generator business remains the most tangible

near-term growth driver, with 2025 sales of c. EUR 65m expected to roughly

double by 2030e (eNuW).

Isotope Products, the drag in Q1. Segment sales declined 7% yoy (fx-adj.:

-2% yoy) to EUR 31.5m and adj. EBIT almost halved to EUR 2.9m. The weakness

appears to reflect pull-forward effects into Q4 as well as still sluggish

demand in oil well logging equipment, which weighed on the industrial

product portfolio. Importantly, after a soft January and February, March

regained momentum, supporting the FY26 segment targets, according to the

company. EUZ still expects IP adj. EBIT to rise to EUR 33m in FY26 (+17%)

implying an increase of c. 32% yoy during Q2-4.

Beyond Q1 results and Ga-68 momentum, Lu-177 is likely to become the next

visible growth driver. EUZ expects global sales of Lu-177-based therapies in

the two currently approved indications, prostate cancer and neuroendocrine

tumors, to grow at a 31% CAGR (2025-30) to EUR 600m, with treatment volumes

rising more than 4x. We estimate EUZ's own Lu-177 sales at c. EUR 2m in 2025,

rising to c. EUR 7m in 2026, with Q1 26 already showing a c. EUR 0.7m yoy

improvement. Demand could accelerate further if Lantheus launches PNT2003,

its generic version of Novartis' Lutathera, after the 30-month regulatory

block expires in June 2026. A launch would likely activate EUZ's Lu-177

supply agreement with POINT/Lilly, worth up to EUR 100m (eNuW). On the supply

side, EUZ is investing EUR 10m into a Lu-177 production line near Boston,

scheduled to start operations in 2027.

Further catalysts remain embedded in the balance sheet and isotope

monetisation. With EUR 124m in cash, only EUR 12m in loan liabilities and a 56%

equity ratio, EUZ has the flexibility to pursue selective isotope-related

bolt-ons without stretching the balance sheet. In parallel, further licence

deals could offer a direct way to monetise its strong position in key

radiopharma isotopes and add high-margin upside to an otherwise largely

volume-driven outlook. BUY with a EUR 23 PT, based on DCF.

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2326658 13.05.2026 CET/CEST

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