Eckert & Ziegler SE

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

27.03.2026 / 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

More to FY26 than meets the eye, chg.

The FY26 guidance points to stronger underlying momentum than the headline

suggests. While the reported 2026 sales guidance of EUR 320m implies only 3%

yoy growth, FX and lower licence revenues mask a much stronger operating

trajectory. On an underlying basis, sales are set to grow by 9% yoy (see

p.2),

with adj. EBIT expected to rise by 21% yoy.

Both segments should support underlying EBIT growth in 2026. In Medical (60%

of adj. group EBIT), momentum in high-margin isotope sales and CDMO should

continue, with Ga-68 benefiting from a broader regional footprint and

therapeutic isotope demand increasing with pipeline activity. In Isotope

Products (40% of adj. group EBIT), earnings should recover from a weak 2025

base as delayed project business normalises and demand from energy customers

improves. Excluding licence revenues, the group guidance implies a strong

65% incremental adj. EBIT margin, driven by an improving product mix.

Positive Lu-177 and Ac-225 newsflow reinforces our confidence in EUZ's

radiopharma positioning. On the Lu-177 side, Telix reported that Part 1 of

ProstACT Global met its primary objectives. This is directly relevant for

EUZ, as the company acts as European CMO for the Phase III study and

supplies the full European patient base with Lu-177. On the Ac-225 side,

Bayer reported encouraging first-in-human PAnTHa data for

225Ac-PSMA-Trillium, with no dose-limiting toxicities and 83% of patients at

the selected dose seeing their PSA, a key prostate cancer blood marker, fall

by at least 50%. For EUZ, this is a positive read-across for the broader

Ac-225 case.

While oil well logging remains a smaller earnings lever, the current oil

backdrop adds upside optionality that is not reflected in our estimates.

Baker Hughes data already showed international rig count up slightly in

February, and the recent Iran-driven supply shock has pushed crude prices

higher. If elevated oil prices persist, additional drilling activity could

follow, supporting incremental isotope demand for EUZ.

In sum, we continue to see EUZ as an attractive way to gain exposure to the

structural growth of radiopharma. The FY26 guidance confirms a stronger

underlying growth profile, with an improving product mix supporting margins.

Beyond this, Ac-225 offers meaningful medium-term upside. With EUR 115m net

cash, the balance sheet remains a source of strategic flexibility. The

shares trade at only 18x 2026e earnings (eNuW), a 45% discount to the 5-year

median.

Maintain BUY, unchanged PT EUR 23, based on DCF.

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bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befindet sich in der vollständigen Analyse.

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2298972 27.03.2026 CET/CEST

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