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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 EQS
Group.
The issuer is solely responsible for the content of this research. The
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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 months
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 remains
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 orders
materializing.

Importantly, management reaffirmed its mid-term targets of EUR200m in sales
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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analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2133672 09.05.2025 CET/CEST

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