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 21
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

FY25 prelims: Leaving the trough behind

Nynomic released its preliminary FY25 figures, meeting the lower ends of the updated guidance but more importantly providing a FY26 guidance signalling an inflection towards profitable growth following two difficult years.

FY25 group revenues came in at € 92.6m, down 10% yoy, reflecting the persistently weak demand environment across Nynomic's core industrial end-markets throughout much of the year. This was particularly evident for the Clean Tech segment with roughly 12% lower sales. EBIT landed at € 2.0m, implying a margin of around 2%, strongly impacted by lower sales volumes but also € 1.5m of one-off expenses related to the cost-cutting initiative NyFit2025 (less FTE and merged organisational structures).

The Q4 performance is where the real story lies. The fourth quarter delivered revenues of approximately € 27.7m, the strongest quarterly outturn of the year, and EBIT of approximately € 3.5m, implying a Q4 margin of roughly 12.6%. This was partially due to the regular seasonality but also positive implications from the reduced fixed-cost basis as NyFit2025 is genuinely beginning to flow through to the bottom line. Mind you, annualized cost savings from it should amount to ~€ 5m.

FY26 with a return to profitable growth. Management has issued a FY26 guidance expecting € 100-105m sales, implying roughly 8-13% top-line growth (eNuW: 8%) with an EBIT margin of 6-8% (eNuW: 6.7%). Sales growth should be carried by increased Pharma, MedTech and Semiconductor demand, supported by early positive indications from key customers. Management highlighted better Q1 order intake vs last year during the earnings call. Taking into account the annualised cost savings from NyFit2025, its one-off costs and expected increased sales volumes, the margin guidance looks rather conservative, in our view. This is despite partial labour and material cost increases. Importantly, the guidance underpins Nynomic’s margin prospects once growth returns.

Beyond the near-term recovery, one of Nynomic's most compelling mid-term drivers is LayTec, which produces precision measurement tools used in semiconductor manufacturing. One of its niches is Indium Phosphide (InP), a compound semiconductor that, unlike silicon, can generate and transmit light, making it essential for the high-speed optical connections inside AI datacentres. Within InP process metrology, LayTec holds a near-monopoly.

Nynomic should have passed the trough with the group returning to profitable growth in FY26e. At the same time, the company can rely on a healthy balance sheet with € 14.5m of cash at the end of FY25p. Assuming Nynomic’s ability to deliver at least the lower ends of the FY26 guidance (conservatively), the current valuation still offers upside, despite the recent ~50% jump. BUY with an unchanged € 21 PT based on DCF.

You can download the research here: nynomic-ag-2026-03-25-previewreview-en-362af
For additional information visit our website: 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
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Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse.
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