Märkte & Kurse

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Original-Research: Hoenle AG - from NuWays AG

29.07.2026 / 09:15 CET/CEST
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Classification of NuWays AG to Hoenle AG

     Company Name:                Hoenle AG
     ISIN:                        DE0005157101

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 14
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann

Q3e: Continued restructuring expected

hoenle looks set to publish its Q3 FY25/26 results August 18th. Here is what
to expect:

A flat-ish topline from mixed segment performance coming in at EUR 22.6m
(eNuW: -0.1% yoy). We expect the segments Disinfection and Adhesives to show
continued growth largely mitigating a challenging environment and persisting
headwinds at Curing. At the same time, gross profit margin improvements and
restructuring efforts are seen to contribute a bottom-line strengthening of
24.5% yoy to EUR 0.7m (eNuW) in EBITDA, leading to an implied EBITDA-margin of
3.2%, up by 0.6pp yoy.

Disinfection positioned as key growth driver should contribute a 7.9% yoy
improvement to EUR 6.6m (eNuW) revenue, due to a strengthening demand in water
purification solutions. The persistent top-line improvement is seen to
support a slight margin expansion by 0.2pp to 11% (eNuW); absolute EBITDA
+9% to EUR 0.7m (eNuW).

Adhesives should grow 6.8% yoy to EUR 8.4m sales (eNuW), in particular driven
by optoelectronics, where demand for components developed strongly during
the quarter and a solid demand for medical devices, especially in North
America, supporting suppliers of medical-grade adhesives and bonding
solutions. EBITDA is seen to improve by 15% to EUR 0.6m (eNuW), as a result of
successful portfolio optimization and internal process improvements.

Curing to remain under pressure. Given a continued challenging environment
in mechanical engineering with a reduced growth outlook for FY26 (source:
VDMA) and continued negative one-off effects from key client Manroland
having entered insolvency in early March, we anticipate revenue to come in
at EUR 7.6m (eNuW), down 12.1% yoy. Given the anticipated top-line
development, a negative bottom-line contribution looks set to remain despite
positive effects from restructuring measures taken in FY25. Yet, EBITDA is
to come in at EUR -0.5m (eNuW), improved from EUR -2.2m in Q3 24/25. Mind you,
the weak performance of Curing is largely the driver behind the company's
recent FY guidance cut (now: EUR 92-95m sales and EUR 5-6m EBITDA).

Continued internal optimization efforts expected. In light of the
particularly challenging situation at Curing (key end market is still
printing), we would expect the company to further right-size its respective
cost structure.

Reiterating BUY at EUR 14, based on DCF.


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Web: www.nuways-ag.com
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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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2373170 29.07.2026 CET/CEST

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