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

Classification of NuWays AG to Nynomic AG

Company Name:	Nynomic AG
ISIN:	DE000A0MSN11
Reason for the research:	Update
Recommendation:	BUY
Target price:	EUR 30
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

Q3 prelims: OI at multi-year high; top end of guidance in reach

Topic: Nynomic released preliminary 9M figures, showing accelerating top-line growth, a further step-up in profitability and a sharply expanded order backlog. In detail:

Growth accelerates for the third quarter in a row. 9M sales rose 16.2% yoy to € 75.4m (eNuW: € 72.7m), implying Q3 sales of € 27.7m, up 21.5% yoy. Growth has thus picked up every quarter this year (Q1: +8%, Q2: +18%, Q3: +21%). Main drivers were the broad customer and application base in semiconductors, gas measurement technology for energy infrastructure and continued strong demand across the Clean Tech segment (67% of FY26e group sales).

Turnaround now fully visible in the margin. 9M EBIT came in at € 4.9m (9M 25: € -1.5m), a 6.5% margin. Stripping out H1 (€ 1.8m), Q3 EBIT stood at € 3.1m, equal to an 11.2% margin (eNuW: 8.3%). This compares to 6.7% in Q2 and roughly breakeven in Q1. Two factors are at play: first, the fixed-cost base was cut sustainably through last year’s NyFIT programme (c. € 5 m annual savings), so additional volume now drops through at high incremental margins. Second, the large semiconductor orders typically carry above-average margins, lifting the product mix.

Order intake outpaced sales. Backlog rose to € 77.3m, +59% yoy and +22% qoq (H1 26: € 63.5m), implying Q3 order intake of c. € 41.5m (+49% yoy) and a book-to-bill of c. 1.5x, after 1.3x in Q2. The order book has thus grown in every quarter of 2026, reaching the highest level since Q2 2023, confirming that the demand recovery is broad-based rather than driven by single large tickets.

LayTec: a picks-and-shovels play on AI optics. Subsidiary LayTec supplies in-situ metrology for MOCVD reactors, monitoring layer growth in real time during epitaxy to lift yields in GaN and InP production. As an OEM sub-system in Aixtron’s reactors, it follows Aixtron shipments with a short lag. Aixtron’s Q3 order intake more than doubled to € 275m on AI-driven demand for InP optical components, with larger laser system deliveries just ramping up. This should support LayTec volumes well into 2027.

Upper end of guidance well within reach. Management confirmed FY26 guidance of € 100-105m sales and a 6-8% EBIT margin, but now sees the upper end of both ranges as well achievable. We share this view. Reaching the upper ends requires Q4 sales of € 29.6m (+7% yoy) and EBIT of € 3.5m (11.8% margin), i.e. broadly a continuation of the Q3 run rate. Mind you, Q4 is traditionally the strongest quarter of the year, as customers pull deliveries into year-end.

Well positioned for 2027 and beyond. Assuming demand stays strong in Q4, Nynomic should enter 2027 with a well-filled order book, setting the stage for another strong year but also mid-term. Besides LayTec, tec5 (spectrometer modules for semiconductor metrology OEMs) and Avantes (global no. 2 in fibre-optic spectrometers) also give the group meaningful semiconductor exposure, positioning it for an extended capex cycle in the sector. Together with energy infrastructure and recovering MedTech demand, we model a 10.5% sales CAGR (2025-28e). As the semiconductor business carries above-average margins, the mix shift should keep lifting profitability (eNuW: 13.2% EBIT margin by 2028e). BUY with an increased € 30 PT (old: € 28) based on DCF.

You can download the research here: nynomic-ag-2026-11-06-previewreview-en-3346f
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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