Original-Research: Semperit AG Holding (von NuWays AG): BUY

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 € 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 ~ € 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 € 21.5 per share.

You can download the research here: semperit-ag-holding-2026-06-17-update-en-56cc7
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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Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse.
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