Original-Research: Semperit AG Holding (von NuWays AG): BUY
17.06.2026 - 09:00:17 | dpa.de
Original-Research: Semperit AG Holding - from NuWays AG
17.06.2026 / 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 21.5
Target price on sight of: 12 months
Last rating change:
Analyst: Sarah Hellemann
B&C increases its stake in Semperit to 63.4%
As announced yesterday, B&C's voluntary takeover offer resulted in the
acquisition of 1.0m shares, increasing its stake in Semperit from 57.3% to
63.4% of the share capital. Settlement is to be completed by June 26 at the
latest, with no extension period applicable. Our take in detail:
Outcome in line with expectations. We view the development as broadly
unsurprising. While the EUR 15.0 per share offer represented a 25% premium to
the pre-announcement price, it remained undemanding compared to our
estimation of Semperit's intrinsic value. The offer implied only roughly
5.4x EV/EBITDA on our FY26e (BV/share stands at ~ EUR 20). As a result, we did
not expect the offer to attract broad participation from long-term-focused
shareholders.
B&C expressed satisfaction with the outcome, highlighting that the offer
allowed it to increase its stake more efficiently than through regular
market purchases. We view the level of acceptance to suggest that a
meaningful portion of the shareholder base continues to see value beyond the
offer price.
Investment case remaining intact. Importantly, we do not expect the
increased ownership stake to have any material implications for Semperit's
strategy, governance framework or capital allocation. The increased stake is
not seen to alter the control situation or the strategic direction of the
business. We continue to believe that the share price does not yet reflect
further upside potential from Semperit's positioning ahead of a multi-year
operational improvement cycle. Neither the cost savings benefits nor the
revenue recovery potential are currently captured in the trailing earnings.
Hence, we reiterate our BUY recommendation and maintain our PT of EUR 21.5 per
share.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=5c670ec83275ab14cc88347b0faa20bd
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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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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2347612 17.06.2026 CET/CEST
de | boerse | 69560062 |
