Eckert & Ziegler SE: Solid Growth Despite Challenges

NuWays AG has issued a "Buy" recommendation for Eckert & Ziegler SE, setting a target price of EUR 21.5 for the next 12 months. The recommendation follows a robust review of the company's second-quarter performance, emphasizing the strong underlying business operations amidst adverse conditions like the February 2025 cyberattack.

In the first half of 2026, the company reported an adjusted EBIT growth of 10% year-on-year, despite a 6% drop when license income is included. Sales increased by 4%, with the medical segment showing a 35% rise in adjusted EBIT, driven by significant growth in Lu-177 sales and CDMO revenue.

The Isotope Products segment showed mixed results, with flat sales but a 24% decrease in adjusted EBIT. Despite these challenges, the overall outlook for fiscal year 2026 is positive, with projected sales growth of 5% and adjusted EBIT growth of 10%. Trading at less than 10x EV/adj. EBIT 2026e, the stock remains an attractive option.