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
Group.
The issuer is solely responsible for the content of this research. The
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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 (+7.6pp 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
++++++++++
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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2139096 16.05.2025 CET/CEST

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