Märkte & Kurse

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Original-Research: Limes Schlosskliniken AG - from NuWays AG

05.02.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Limes Schlosskliniken AG

     Company Name:                Limes Schlosskliniken AG
     ISIN:                        DE000A0JDBC7

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 710
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     DE000A0JDBC7

Superb H2 leads to clear guidance beat; Chg.

Yesterday, LIMES delivered a strong set of preliminary FY25 figures, beating
both our top- and bottom-line estimates, with the latter already ahead of
the company's guidance. In detail:

FY25p sales increased 40% yoy to EUR 53.1m (eNuW: EUR 49.5m; H2 +60% yoy),
driven by strong growth across all clinics, most notably at the Paracelsus
Recovery Clinic (PRC) in Zurich. This resulted in a significant increase in
average revenue per patient day to EUR 1,014 (+30% yoy), underlining continued
pricing power and an increasingly favorable case mix. On the other hand,
total patient days grew 9.1% to 52k, reflecting the effect of the new
clinics Abtsee and Bergisches Land, which opened in July.

Profitability improved disproportionately, as FY25p EBITDA was up 78% yoy to
EUR 12.8m (eNuW: EUR 11.3m; H2 EUR 6.6m at 22% margin), corresponding to a 5pp
margin expansion to 24%. This was driven by the strong performance of the
established clinics leading to operating leverage as well as a
faster-than-anticipated ramp-up of the new sites, which were materially
below plan. EBIT more than doubled to EUR 9.2m (17% margin, +112% yoy),
highlighting the scalability of the operating model as fixed costs were
absorbed over a higher revenue base.

With this, management's FY25 outlook has been significantly exceeded, as
initially sales of EUR 50.8m and EBITDA of EUR 8.7m was targeted.

Notably, CPS almost doubled to EUR 43 (FY24: EUR 24), highlighting the cash
generating nature of the business model, that is characterized by limited
capital intensity. On this basis, the company should be able to achieve cash
conversion ratios of >75% (EBITDA basis) in a steady-state scenario.

New clinics up and running. As aforementioned, the new clinics exceeded
expectations thus far. In fact, management reports that the Abtsee clinic
for adolescents is experiencing strong demand and is already showing
profitability since January. At the same time, break-even for the Bergisches
Land clinic is set for Q2.

On that basis, management guides for a solid development at the established
sites and an increase in sales and earnings at the new clinics. While growth
at existing clinics should be to a large extent connected to pricing
effects, the new clinics are seen to close in on the group average occupancy
level over the next 24 months (eNuW), allowing for continued strong top-line
and earnings expansion (eNuW: +52% sales and 12pp EBIT margin FY25p-27e).

Overall, the preliminary results strongly reinforce our confidence in the
case, which still offers a highly attractive entry point at 5.8x FY26e
EV/EBITDA despite the +37% YTD performance.

Confirm BUY with a new PT of EUR 710 (old: EUR 600) based on DCF.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=576ec418c33e81534f2a0a7a87dab141
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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
++++++++++
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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2271766 05.02.2026 CET/CEST

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