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

05.02.2026 / 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

Picks and shovels play intact, chg.

Novo Nordisk's c.17% share price drop underscores how quickly sentiment can
turn in single product healthcare stories, especially when patent cycle
concerns resurface. In contrast, EUZ is "picks and shovels" by design,
supplying regulated radioisotopes and services across a broad set of nuclear
medicine applications. The moat is built on execution and regulatory
qualification, not a single patent protected product, implying limited
binary risks.

FY25 prelims underline this quality profile. In Q4 25, sales came in at EUR
87.9m (+9% yoy, eNuW: EUR 91.3m), with reported growth held back by c. 3-4pp
fx-headwinds (eNuW). Adj. EBIT rose 41% yoy to EUR 27.2m (eNuW: EUR 23.2m),
taking the adj. EBIT margin to 31% (+7pp yoy), likely reflecting a better
mix (e.g. c.EUR 10m license sales, vs. EUR 5m last year, eNuW). With this, Q4
confirms the strengthening earnings momentum, supporting confidence into
2026e, where we expect 7% yoy sales growth (adj. for license sales: 11%
yoy), driven by a 12% yoy improvement in radiopharma (eNuW, adj. for license
sales: 20% yoy).

Additional supportive newsflow from China: Telix has filed its PSMA PET
prostate cancer imaging product Illuccix, utilising Ga-68, and the dossier
has been accepted for review. While this is not an approval yet, it is a
tangible step toward opening up a large new market. This is supportive for
EUZ's Ga-68 growth leg (eNuW: c.21% of group sales). It also fits a broader
pattern of Ga-68 utilising players progressing in China, including Novartis,
where an approval decision is pending for their product, to our knowledge.
More broadly, driven by international expansion and earlier use in the
patient pathway, we expect the Ga-68 market to roughly double by 2030e
(eNuW), and see scope for EUZ's related revenues to scale accordingly.

Separately, EUZ quantified the growth runway in therapeutic isotopes for
prostate cancer and neuroendocrine tumours at recent conferences:

* Lu-177: EUZ sees treated patients rising to c.75k by 2030e (from c.20k
in 2025e), with the Lu-177 market potential scaling to EUR >600m (from EUR
>160m in 2025) over the same period.

* Ac-225: By 2034e, EUZ sees treated patients reaching c.13k, with the
implied Ac-225 market potential of EUR >205m.

These market potential figures reinforce the therapeutic isotope upside
embedded in EUZ. From a low base (eNuW: low single digit EURm in 2025e for
Lu-177 plus Ac-225 combined, excl. license fees), EUZ should participate as
volumes industrialise, given its proven supplier positioning. We model at
least EUR 25m sales each for Lu-177 and Ac-225 by 2030e, supporting the long
term growth angle. BUY, unchanged PT of EUR 23, based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=a3eb2469e11d377cb231791fc6f544e4
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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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