Original-Research: Hoenle AG (von NuWays AG): BUY

Classification of NuWays AG to Hoenle AG

Company Name:	Hoenle AG
ISIN:	DE0005157101
Reason for the research:	Update
Recommendation:	BUY
from:	10.12.2025
Target price:	EUR 15.00
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

Niche specialist Hoenle offers a unique exposure comprising 50 years of technological leadership in UV curing and one of the largest specialized product portfolios divided into three business units (Adhesive Systems, Curing, Disinfection). Its solutions, featuring customer-centric product design, are key to operational and product excellence for its customers in diversified end markets.

Focus on the right technology. In many cases, UV-based methods (related to adhesives and curing) are superior to others such as heat-based or chemically reactive curing, as their use is faster, cheaper, more environmentally friendly, more flexible and safer for workers as well as end users. Advantages, highly desirable in end markets such as consumer electronics, automotive, medical, food & water purification, printing and surface treatment/converting. Within the respective niches, Hoenle offers the broadest set of products and solutions, making the company a “go-to” player in the rather fragmented market.

Hoenle is market leader in UV curing devices, which can be integrated into various manufacturing environments. For instance, within the printing market, Hoenle’s solutions are used by offset printers (e.g. from Heidelberger Druck or König & Bauer), where high paper throughput demands instant ink drying. Growing market share for its complementary Adhesive Systems, highly tailored for specific use case perks, is the company’s key growth focus. Hoenle also benefits from tailwinds in its powerful Disinfection business unit.

A high degree of innovation across its end markets coupled with the company’s “problem-solver” mentality creates new use cases. Particular attention has been on the ultra-pure water disinfection units (e.g. semi applications) of which first revenues were recognized in FY 2024/2025, deepening the involvement in the automotive sensor market and an improving geographical expansion.

Despite challenging macro environment, stemming from temporary demand contractions, geopolitical uncertainty and changing supply chains in Asia, Hoenle has been taking action to improve its position. It unified its brands into one cohesive brand identity, redesigned its website, discontinued unprofitable business lines, implemented strict cost control and and divested former portfolio companies. This should allow the company to return to growth (eNuW: 6.2% CAGR until 2030) while also notably improving EBITDA (eNuW: 13.9% margin by 2030e).

For FY 2025/2026 a guidance of € 95m to € 105m (1.4-12.1% yoy growth) in sales and € 6m to € 9m EBITDA (6.3-8.6% margin) was issued, implying moderate improvements. In our opinion, this seems feasible as the transformation should begin to bear fruit. The company’s versatile product portfolio is well positioned to adapt effectively to shifting end-market dynamics, partially coinciding with geopolitical uncertainty. Supported by its strong technical expertise, Hoenle looks set to return to growth during the coming years. BUY with an unchanged PT of € 15 (eNuW).
 

You can download the research here: drhonleag20251210multipageren26f9d
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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