Original-Research: Semperit AG Holding (von NuWays AG): BUY

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Original-Research: Semperit AG Holding - from NuWays AG

16.05.2025 / 09:23 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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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

from: 16.05.2025

Target price: EUR 18.20

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

Soft Q1 numbers // guidance confirmed

Topic: Semperit released soft Q1 results which were burdened by persistent

market headwinds, including weakened demand and US tariff uncertainty.

However, Semperit is seen to be well positioned to benefit from an

anticipated market recovery in H2'25e.

Q1 sales declined by 13.8% yoy to EUR 152m (eNuW: EUR 157m) due to ongoing

market challenges and project delays. Sales in SEA decreased by 19.7% yoy to

EUR 86m mainly driven by market cyclicality and projects delays in the belting

business. In contrast, SIA experienced a more moderate sales decrease of

4.7% to EUR 66m, attributed to softer overall demand.

EBITDA decreased by 52% yoy to EUR 11.1m in Q1, leading to a 7.3% margin

(-5.7pp yoy). The decline was largely attributable to lower sales volumes,

which could not be fully covered by cost-saving measures. Personnel expenses

decreased only slightly by 2% yoy due to wage inflation pressure and despite

a 7.2% yoy reduction in the average headcount. Cost of materials increased

by 1.7% yoy to EUR 76m, leading to a 50.1% cost ratio (.6pp yoy). This was

partly driven by a 25% yoy price increase in natural rubber as well as a

noticeably increase in butadiene prices, which is used in synthetic rubber

production.

Mixed order intake: A challenging macro environment and uncertainty from US

tariffs led to investment reluctance among customers. However, after a

difficult start into the year, demand improved already in March and April,

exceeding last year's figures. Order intake for hoses and profiles remained

low. While hoses recovered slightly in March, profiles is seen to remain

subdued at least in the short-term due to continued weakness in the

construction industry. Orders in the Form business were above last year,

mainly due to Mountain Applications, whereas demand in Belting was

significantly lower yoy due to project postponements. Order intake for RICO

was solid, thanks to a strong healthcare and food sector.

FY guidance reiterated: Management confirmed its EUR 65-85m operating EBITDA

guidance (eNuW: EUR 74m), as a recovery is expected for H2'25e. Thanks to

strategic investments in recent years, Semperit in our view is well

positioned to benefit from a potential market recovery, which could be

supported by the announced EUR 500bn German special infrastructure fund.

Reiterate BUY with a price target of EUR 18.20, based on DCF.

You can download the research here: http://www.more-ir.de/d/32626.pdf

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 Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2139096 16.05.2025 CET/CEST

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