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Original-Research: Nynomic AG - from NuWays AG

09.05.2025 / 09:01 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

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Classification of NuWays AG to Nynomic AG

Company Name: Nynomic AG

ISIN: DE000A0MSN11

Reason for the research: Update

Recommendation: BUY

from: 09.05.2025

Target price: EUR 34.50

Target price on sight of: 12 month

Last rating change:

Analyst: Christian Sandherr

Muted start into the year; gradual improvements expected

Topic: Nynomic published a muted start into FY25, largely the result of the

ongoing uncertainty within its key end markets. Yet, management remain

confident to be able to record gradual improvements throughout the year.

Preliminary sales in Q1 declined by 10% yoy to EUR 20.6m due to unchanged

wait-and-see attitude of customers and situation-related investment

postponements, particularly in the semiconductor industry. As a result of

the weak operating leverage, preliminary Q1 EBIT turned negative at EUR -0.9m

(vs EUR 1.6m in Q1 2024).

Order backlog down yoy due to fundamentally changed order behaviour. In

particular, larger OEM customers have adjusted their ordering patterns in

response to increased market uncertainty and reduced predictability. Instead

of placing long-term blanket orders for 12 or 24 months, they are

increasingly opting for shorter-term orders, such as on a quarterly basis.

The EUR 45m order backlog at the end of Q1 (-24% yoy) is hence no major reason

for concern, in our view.

FY25 guidance remains unchanged. Management continues to expect EUR 105-110m

sales (eNuW: EUR 108m) and EUR 8.5-10m EBIT (eNuW: EUR 9.1m) for the full year,

carried by sequential improvements throughout the year, a well filled

product pipeline, recent product launches, improving demand from core

markets such as semiconductors, med-tech and pharma but also delayed order

materializing.

Importantly, management reaffirmed its mid-term targets of EUR200m in sale

and a 16-19% EBIT margin within 3-5 years, driven by organic growth and

strategic acquisitions. This dual strategy positions Nynomic to capitalize

on rising industry demand and enter a promising growth phase.

While the Q1 results reflect a challenging start into 2025, we take comfort

from the solid order backlog and management's confidence in catching up over

the year. Structural measures should support margin expansion beyond 2025.

While the short-term visibility remains limited due to volatile customer

ordering patterns, the long-term prospects remain unchanged, which is not

reflected in the depressed valuation. We hence confirm our BUY rating with

an unchanged EUR 34.5 PT based on DCF.

You can download the research here: http://www.more-ir.de/d/32524.pdf

For additional information visit our website:

https://www.nuways-ag.com/research-feed

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 Abschlu

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2133672 09.05.2025 CET/CEST

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