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 AG 07.11.2025 / 09:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. 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 AG Company Name:Nynomic AGISIN: Reason for the research:UpdateRecommendation:Buyfrom:07.11.2025Target price:EUR 21.00Target price on sight of:12 monthsLast rating change: Analyst:Christian SandherrQ3 prelims: Nynomic should have passed the trough; chg. est. Nynomic published mixed Q3 preliminary results. Most importantly, order intake came in at the highest since Q1 2024 and the company’s efficiency program “NyFit2025” is beginning to positively impact earnings. Q3 sales of € 22.8m were down 6.3% yoy (9M: € 64.9m, down 9.9% yoy). As with recent quarters, this was the result of still-weak end market demand with customers delaying capex amid elevated inventories, compounded by supply chain frictions (rare earth trade restrictions, semiconductor shortages across certain industries and new U.S. tariff effects) that shifted revenue recognition into later periods. We expect those effects to be true across Nynomic’s segments. Order intake turned around. Importantly, Nynomic’s order backlog improved compared to previous quarters (€ 48.5m vs. € 43.4m at the end of H1) as order intake of € 27.9m (+44%) came in at the highest level since the beginning of last year, pointing towards Nynomic having passed the demand trough. Following two loss-making quarters, EBIT turned positive at € 0.5m (9M: € -1.5m, down € 0.4m yoy), benefitting from a slightly better top line but also first positive implications from its efficiency program compared to H1. Going forward, those effects look set to further increase qoq. FY sales guidance trimmed. In light of further project postponements, sales in Q4 are seen to come in weaker than initially expected by management. As a result, the FY25 sales guidance was reduced to € 93-96m (old: €100-105m, eCons old: € 99m). While the FY25 EBIT guidance remained unchanged, management pointed towards the lower ends as reasonable expectations, in line with market expectations (eCons old: € 1.9m). Assuming € 94m FY25 sales and € 2m EBIT, Q4 looks set to come in as a...