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Original-Research: Eckert & Ziegler SE - from NuWays AG

08.01.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to Eckert & Ziegler SE

Company Name: Eckert & Ziegler SE
ISIN: DE0005659700

Reason for the research: Initiation
Recommendation: BUY
Target price: EUR 23
Target price on sight of: 12 month
Last rating change:
Analyst: Simon Keller

Atoms to decay, profits to stay; INITIATE WITH BUY

EUZ shares have declined 28% over the past six months, despite no structural
business deterioration. The recent underperformance appears like a valuation
dislocation, not reflecting EUZ's unique positioning at the heart of one of
the most attractive growth segments in modern medicine: targeted
radiopharmaceuticals.

Targeted radiopharmaceuticals are the next phase of cancer therapy,
delivering radiation directly to tumour cells with higher precision and
fewer side effects than conventional methods.
As a result, the market for nuclear medicine is expected to grow with a 17%
CAGR into 2029e (source: MedRays). Growth is driven by expansion into
earlier treatment lines, a broadening patient population, more indications
and a global penetration.

Every radiopharmaceutical therapy ultimately depends on the reliable supply
of radioisotopes, the core of EUZ's business model. This "picks-and-shovels"
positioning delivers structural growth with balanced risks, especially as
EUZ has an isotope-agnostic offering, helping to diversify across drugs and
customers. Moreover, EUZ sits at the knowledge and quality bottleneck of the
supply chain, explaining EBIT margins in the high 20% for the
radiopharmaceutical business.

Deep competitive moat built over decades: EUZ combines early-mover
advantages, radiation-specific know-how and an integrated global footprint
that is difficult to replicate. Long-standing customer relationships,
regulatory approvals, qualified production sites and regulatory lock-in
effects create high switching costs and tangible entry barriers. These
advantages translate into consistently high ROCEs (16% on avg. 2021-27e),
even as the company continues to invest in future growth capacity.

While EUZ's radiopharma business (half of group sales) is set to grow in
line with the market, legacy radiation-based activities are expected to
remain stable. Combined with an increasingly favourable mix, this underpins
an EPS CAGR of 17% over 2024-28e (eNuW).

All comes at a compelling valuation: 66% upside to peers on PER'26e and a
42% discount to its own historic 5-year PER (median: 34x, eNuW). This upside
is underpinned by our DCF-derived PT of EUR 23.

While near-term results are unlikely to be a major catalyst, H1 26e should
see several relevant study read-outs, providing meaningful support for the
radiopharmaceutical investment case.

INITIATE with BUY, viewing EUZ as a rare high-quality, infrastructure-like
compounder, benefiting from the rapid radiopharmaceutical market growth. -
continued -

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=22a8f6fddbaff841c7b923c530599429
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
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++

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2256608 08.01.2026 CET/CEST

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