Original-Research: Nynomic AG (von NuWays AG): BUY

Classification of NuWays AG to Nynomic AG

Company Name:	Nynomic AG
ISIN:	DE000A0MSN11
Reason for the research:	Update
Recommendation:	BUY
Target price:	EUR 28
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

Q2 prelims: Nynomic has entered its next phase of growth; PT UP
Q2 sales grew 18.1% yoy to € 25.4m, marking the second strong quarter this year. H1 sales of € 47.7m were up 13.3% yoy. This was carried by the demand recovery across the group's core end markets (Q1 order intake was up 80% yoy) with semiconductor solutions likely being a particularly strong driver behind this (next to MedTech and gas analysis solutions), in our view. Mind you, Nynomic does strongly benefit from current capacity investments into building out and evolving AI-related production infrastructures. For instance, LayTec's real-time metrology systems for semiconductor manufacturing, deployed in MOCVD equipment including Aixtron's, allow precise in-situ process control for GaN and InP wafer production (Aixtron recently announced particularly strong order intake for such).
Order backlog/intake remained on a high level. At the end of H1, the group's order backlog stood at € 63.5m, up 46% yoy, implying a Q2 order intake of € 33.3m (+69% yoy, +1.3% qoq) with a book-to-bill ratio of 1.31x (H1 b-t-b of 1.39x).
Q2 EBIT of € 1.7m (+ € 2.8m yoy) is a clear reflection of the positive implications from last year's NyFIT cost savings initiative (€ 5m annualized savings) but also the result of the increased top-line. H1 EBIT of € 1.8m was up € 3.8m yoy.
Lower ends of FY26 guidance seem increasingly conservative. Management confirmed its FY targets of € 100-105m sales and EBIT Margin of 6-8%. In light of the strong H1, increased H2 visibility through a well-filled order book and continued demand in recent weeks, we regard the upper ends as reachable; lower ends imply H2 sales growth of 3.7% and a margin of 8% (largely flat yoy). We have hence raised our sales and margin estimates for this but also the subsequent years.
Attractive mid-term prospects. Next to LayTec, the group's subsidiaries tec5 (e.g. spectrometer modules to semiconductor metrology OEMs) and Avantes (world's number two in fibre-optic spectrometers) have a pronounced exposure to the semiconductor industry, through which Nynomic looks well positioned to benefit from a prolonged capex cycle. Coupled with revived MedTech demand, group sales should grow at a 9.8% CAGR (2025-28e). Importantly, semiconductor sales carry above-average margins, hence we model faster margin growth going forward (12.5% EBIT margin by 2028e vs 10.8% before).
Conclusion. Backed by strongly recovering demand, especially from higher-margin end markets, and a notably leaner cost structure, Nynomic looks set to enter its next phase of profitable growth (following two transition years). We confirm our BUY rating with an increased PT of € 28 (old: € 25) based on DCF.
You can download the research here: nynomic-ag-2026-08-20-previewreview-en-a885b
For additional information visit our website: https://www.nuways-ag.com/research
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 Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse.
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