Business
Original-Research: Nynomic AG (von NuWays AG): BUY
Original-Research: Nynomic AG (von NuWays AG): BUY
About this update from Nynomic Ag
Original-Research: Nynomic AG - from NuWays AG11.05.2026 / 09:00 CET/CESTDissemination of a Research, transmitted by - a service of .The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.Classification of NuWays AG to Nynomic AGCompany Name:Nynomic AGISIN:DE000A0MSN11 Reason for the research:UpdateRecommendation:BUYTarget price:EUR 25Target price on sight of:12 monthsLast rating change: Analyst:Christian SandherrQ1 prelims: Inflection point reached; PT UpQ1 preliminary sales grew 8% yoy to € 22.3m, marking the first quarter with top-line growth since Q1 2024. EBIT turned positive at € 0.1m versus € -0.9m a year ago, supported by the improved top-line and confirming that the NyFIT2025 efficiency program is translating into structural margin recovery. The annualised savings of approximately € 5m are now visibly flowing through the P&L, and with the group structure leaner and the cost base materially reduced, the operative platform is well positioned to leverage revenue growth into profitability at an accelerating rate through the year.Order backlog/intake stand out. At the end of Q1, the order backlog stood at € 55.6m, up 23% yoy, implying an order intake of € 32.9m (+80% yoy, +36% qoq) with a book-to-bill ratio of 1.47x, the highest figure since 2022. A particular driver of this were semiconductor gas analysis solutions. This provides exceptional visibility for the remainder of the year, pointing towards further accelerating sales as reflected by the confirmed FY26 sales guidance of € 100-105m (eNuW: € 100m). On the margin trajectory, the path to our FY26e EBIT margin estimate of 6.7% looks well supported; FY guidance 6-8%. With the NyFIT savings fully annualised, H2 revenue scaling (higher margin semi orders turning into sales) and the structurally high gross margin of Nynomic's business providing significant operating leverage, the bulk of profitability delivery should be H2-weighted.LayTec amongst structural growth drivers. The subsidiary'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. In fact, Aixtron’s recent Q1 release was marked by 30% order intake growth and positive remark...