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

Original-Research: Semperit AG Holding - from NuWays AG

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06.05.2025 / 09:00 CET/CEST

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Classification of NuWays AG to Semperit AG Holding

Company Name: Semperit AG Holding

ISIN: AT0000785555

Reason for the research: Initiation

Recommendation: BUY

from: 06.05.2025

Target price: EUR 18.20

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

Overlooked niche player, Initiating coverage with BUY

Semperit is a specialized niche player for rubber products in various

industrial applications. Its most important products among others are hoses,

liquid silicone rubber products and tools, seals, escalator handrails, and

conveyor belts, where Semperit holds strong positions in Europe and other

regions.

The business can be subdivided into the two segments Semperit Industrial

Applications (SIA) and Semperit Engineered Applications (SEA). Both segments

follow different strategies.

SIA is a commoditized business where Semperit aims for a high degree of

standardization and competitive quality based on cost leadership. As

Semperit is the third largest producer of hydraulic hoses globally and the

second largest in Europe, the company can substantially benefit from

economies of scale.

SEA on the other hand is characterized by a high level of customization and

innovation. Semperit can excel thanks to its extensive know-how in rubber

processing based on over 200 years of experience in the rubber market. Over

the years, the company has developed hundreds of different mixtures of

rubber, which are hard to copy for its competitors. Further, years of

successful partnerships with its customers and a consistent high product

quality created a positive brand perception.

Semperit's business is cyclical and currently at the bottom of the cycle

after three years of slowdown. Nevertheless, the company has not been idle

but invested massively in expanding its capacities to come back even

stronger in the next upswing. In addition, Semperit acquired the highly

profitable and fast-growing RICO group in 2023 (14% sales CAGR 2010-2022), a

specialist in the liquid silicone sector. Although FY25e could still be

challenging, we expect a medium-term sales CAGR of 3.7% (FY24-FY27e) and an

EBITDA CAGR of 4.5% (FY24-FY27e), supported by the announced EUR 500bn

infrastructure program in Germany.

Semperit has not only demonstrated resilience in the crisis through

disciplined cost management but is also ideally equipped for the upswing

thanks to strategic investments. Looking at the current valuation of 6x

trailing EV/EBITDA, the potential reward clearly outweighs the risks.

We initiate coverage with a BUY recommendation and PT of EUR 18.2, based on

DCF.

You can download the research here: http://www.more-ir.de/d/32470.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: [email protected]

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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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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2130580 06.05.2025 CET/CEST

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Quelle: dpa-AFX