^ Original-Research: Semperit AG Holding – from NuWays AG
05.03.2026 / 09:00 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.
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Classification of NuWays AG to Semperit AG Holding
Company Name: Semperit AG Holding ISIN: AT0000785555
Reason for the research: Update Recommendation: BUY Target price: EUR 18.5 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr
Semperit skips 2025 dividend, positioned for FY26 growth
Yesterday, Semperit disclosed it will suspend a 2025 dividend. In our view, this reflects disciplined capital allocation. In detail:
Ahead of its annual results release on March 18th, the company confirmed that its financial performance came in slightly ahead of expectations (guidance: EUR 78m EBITDA excl. project costs; eNuW: EUR 78.7m). As expected, efficiency measures taken and stable business developments drove a noticeable improvement in H2 with an EBITDA contribution of EUR 48.03m (eNuW), following a weaker H1 EBITDA of EUR 30.7m.
We expect FY25 EBT to reach EUR 0.5m and net income to come in at EUR 0.4m (eNuW), a clear recovery from the EUR -11.2m in H1 25, but insufficient to cover the EUR 0.40 dividend expected by the market. With growth initiatives underway – including the ramp-up of expanded production capacity as soon as demand improves significantly – the dividend suspension appears prudent and highlights Semperit’s strong capital allocation discipline.
The company has made efforts to streamlined internal processes, adjusted headcount, reduced costs and strengthened margins. Improvements were not yet reflected in FY25, due to offsetting factors (i. e. project delays and additional costs related to geopolitical uncertainty). Having expanded two production sites in recent years in anticipation of the next cyclical upswing, Semperit is well positioned to benefit from improving end markets, which we expect in FY26e based on leading indicators such as building permits and PMIs. Additional stimulus from Germany’s infrastructure package could provide further support.
Looking into FY26e, we forecast sales growth of 7.2% yoy to EUR 711m, driven by gradually recovering demand, selective price increases and short-term growth initiatives. Both segments should contribute. Raw material dynamics remain mixed: natural rubber prices are easing amid rising Asian inventories, while synthetic rubber remains elevated due to geopolitical uncertainty in the Middle East. We expect these pressures to normalize, though prolonged increases would pose a risk.
We project FY26e EBITDA to rise 18% yoy to EUR 87m, with margins expanding 1.1pp to 12.2%, supported by higher fixed-cost absorption, full-year effects of EUR 10m annual cost savings and easing raw material headwinds.
Free cash flow generation looks set to improve notably in FY26e. We expect FCF yield to increase from 5.4% in FY25e (eNuW) to 6.9% in FY26e (eNuW), supported by a stronger top line and operating leverage. On this basis and assuming continued earnings normalization, we factor in a resumption of dividend payments next year.
At current levels, shares trade at 5.3x EV/EBITDA FY26e, implying limited credit for upside potential on margins given rising sales and full effects of cost measures taken. In our view, the market continues to price in cyclical depressed earnings, offering an attractive entry point ahead of top-line improvements and operational leverage in FY26e. BUY at a PT of EUR 18.5, based on DCF.
You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=b4e549835178a0f8614d586c93daf087 For additional information visit our website: https://www.nuways-ag.com/research-feed
Contact for questions: NuWays AG – Equity Research Web: http://www.nuways-ag.com Email: [email protected] LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ 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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