Original-Research: Hoenle AG (von NuWays AG): BUY

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Original-Research: Hoenle AG - from NuWays AG

05.05.2026 / 09:00 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 15.0

Target price on sight of: 12 months

Last rating change:

Analyst: Sarah Hellemann

Material bottom-line improvements expected for Q2 FY25/26

Hoenle looks set to report its Q2 25/26 results (covering January - March

2026) on 13th of May. We anticipate mixed end market performance and further

strengthening of the bottom line. In detail:

Q2 revenue should grow by 0.9% yoy to EUR 28m (eNuW). In our opinion, moderate

Adhesive Systems growth from mixed sector performance and moderate to high

growth from Disinfection should compensate for continued soft demand in

Curing, as indicated by VDMA data.

Q2 EBITDA is anticipated 13% stronger yoy at a 0.4 pp improved EBITDA margin

of 6.3%, totaling EUR 1.6m (eNuW), mainly driven by an improved gross profit

margin from the relevant product portfolio, process improvements and

continued disciplined cost management.

Adhesive Systems should show moderate growth of 4% yoy to EUR 9.3m sales

(eNuW), based on mixed end-market trends. In our view, demand for

opto-electronics should have developed favorably, due to stronger demand in

EVs following soaring fuel prices, while consumer electronics demand remains

muted. Cosmetics and luxury packaging is seen to continue to present

interesting opportunities as the long-term driver of improving quality in

packaging persists. Further end markets (i.e. photovoltaic and medical

products) are seen to come in at stable to slightly declining demand, based

on efforts in various countries to stabilize health care costs and a slow

adoption of more flexible photovoltaic products. Ongoing portfolio

optimization and process improvements should have limited positive

short-term effects. EBITDA is to come in largely flat at EUR 0.8m (eNuW).

Curing revenue is seen down 6.4% yoy to EUR 8.8m (eNuW), as weak demand for

plant equipment continues. We expect geopolitical uncertainty to have once

again amplified increased customer hesitancy, as supported by recent VDMA

data. Within customers of printing equipment, we see only selective positive

signaling for strengthening in demand. While restructuring efforts have been

made in FY24/25, we believe the decreasing top-line to impact the EBITDA

contribution of the segment, pushing it to EUR -0.1m (eNuW).

Disinfection is anticipated to deliver moderate growth with +6% yoy to EUR

7.8m (eNuW) as a consequence of continued demand growth in end markets as

well as marketing efforts taken regarding water purification solutions.

Given the strong comparable base in the previous year and potential

marketing-related cost effects, the EBITDA contribution of EUR 1.0m (eNuW)

ought to come in strong but slightly below prior year's levels (eNuW: EUR

-0.1m yoy) at an EBITDA-margin of 13.3% (eNuW; -2.6pp yoy).

Prospects are seen to gradually improve, as the end market mix continues to

develop on a slowly improving basis and short-term measures, such as process

optimization and portfolio reviews support the company's development. The

field of UV disinfection for ultra-pure water is seen to gain traction on a

modest basis. Hence in our view, the FY25/26 guidance of EUR 90.5 to 105m in

sales and EUR 6 to 9m in EBITDA appears achievable. We expect sales of EUR 98.2m

(eNuW) and EBITDA of EUR 7.1m (eNuW), implying moderate top-line growth of

4.8% yoy and bottom-line improvement of 22% yoy. Maintaining BUY at a EUR 15

PT, based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=4622b542a3582400103fd2af2fc5ff91

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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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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2321050 05.05.2026 CET/CEST

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