Original-Research: Limes Schlosskliniken AG (von NuWays AG): BUY

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Original-Research: Limes Schlosskliniken AG - from NuWays AG

29.04.2026 / 09:00 CET/CEST

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Classification of NuWays AG to Limes Schlosskliniken AG

Company Name: Limes Schlosskliniken AG

ISIN: DE000A0JDBC7

Reason for the research: Update

Recommendation: BUY

Target price: EUR 710

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

Dividend debut & strong Q1 reinforce growth trajectory

Today, LIMES announced that its supervisory board has approved the FY25

annual accounts, confirming the preliminary figures published in February,

and will propose a dividend of EUR 10.00 per share at the AGM in June. This

marks the group's first-ever dividend, a meaningful signal of financial

maturity and cash generation ability, in our view. The dividend is well

covered: at EUR 10.00 per share, the total payout amounts to EUR 2.9m against

FY25p FCF of EUR 4.0m, implying a payout ratio of c. 73% on an FCF basis,

despite FY25 FCF being temporarily burdened by the capex associated with the

openings of Abtsee and Bergisches Land. As these investments normalise

(eNuW: EUR 100k capex per clinic), FCF conversion is set to improve

materially, leaving ample room for continued dividend growth and

reinvestments into the clinic network. The initiation of a dividend also

broadens the potential investor base, as income-oriented shareholders can

now participate in the LIMES story.

Equally compelling, management flagged that FY26 has started stronger than

expected. Q1 total sales came in at EUR 15.5m (+38% yoy), which should have

been predominantly driven by the contributions of the new clinics. EBITDA

came in at EUR 3.9m (+32% yoy), implying a margin of 25%. The strong growth is

particularly noteworthy given that Q1 is seasonally a rather soft period,

suggesting that the ramp-up of Abtsee and Bergisches Land is progressing

well ahead of schedule, which is in-line with what management told is in

recent roadshow meetings. Annualising Q1 revenues alone points to a run rate

of c. EUR 62m, and given that Abtsse and Lindlar will continue to close the

gap to group-average KPIs, full-year sales could comfortably exceed the

company's communicated target of EUR 65.6m as well as our estimates (67.3m).

This is fully confirming our investment thesis on LIMES. First, it validates

our core assumption that when LIMES opens capacity, it fills driven by the

group's differentiated referral ecosystem, strong brand recognition among

physicians, psychotherapists and corporate health departments, and a

structural undersupply of high-quality psychiatric care that shows no sign

of abating. Second, the margin profile of 25% in Q1 underscores the

operating leverage inherent in the model as new clinics progressively absorb

their fixed cost base. Third, the maiden dividend alongside a strong

operational start to FY26 demonstrates that the business has entered a new

phase of financial maturity, transitioning from an investment cycle into a

self-funding, cash-generative platform.

At current levels, the shares trade at just 6.4x FY26e EV/EBITDA, a

significant discount for a business compounding revenues at >25% with

expanding margins, a pristine balance sheet and now a dividend.

Reiterate BUY with a PT of EUR 710 based on DCF and keep LIMES in our Alpha

List.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=d8c953b5dfc104b7c77bc1bb8e4b6bbb

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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