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 25
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

Q1 prelims: Inflection point reached; PT Up

Q1 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 remarks regarding accelerating demand. As energy efficiency, power density and data centre interconnect requirements drive structurally rising demand for compound semiconductors, the need for additional production equipment should remain high. LayTec should be well positioned to benefit from this.

Importantly, LayTey is only one of the group’s growth drivers. tec5 supplies spectrometer modules to semiconductor metrology OEMs and participates in the pharma PAT wave (real-time inline monitoring of pharmaceutical manufacturing), Avantes is the world's number two in fibre-optic spectrometers with growing exposure to semiconductor and smart farming applications, and m-u-t is pushing into semiconductor particle analytics via a new partnership with BRAVE Analytics.

After two transition years, the combination of a recovering demand base, a leaner cost structure, strong order intake and structural mid-term drivers make for a compelling setup. We hence confirm our BUY rating and increase our PT to € 25 (old: € 21) based on DCF as we raise our margin estimates going forward.
 

You can download the research here: nynomic-ag-2026-05-11-previewreview-en-a2e3f
For additional information visit our website: https://www.nuways-ag.com/research

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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