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
Target price:	EUR 15.0
Target price on sight of:	12 months
Last rating change:
Analyst:	Sarah Hellemann

Material bottom-line improvements expected for Q2 FY25/26

Hoenle looks set to report its Q2 25/26 results (covering January - March 2026) on 13th of May. We anticipate mixed end market performance and further strengthening of the bottom line. In detail:

Q2 revenue should grow by 0.9% yoy to € 28m (eNuW). In our opinion, moderate Adhesive Systems growth from mixed sector performance and moderate to high growth from Disinfection should compensate for continued soft demand in Curing, as indicated by VDMA data.

Q2 EBITDA is anticipated 13% stronger yoy at a 0.4 pp improved EBITDA margin of 6.3%, totaling € 1.6m (eNuW), mainly driven by an improved gross profit margin from the relevant product portfolio, process improvements and continued disciplined cost management.

Adhesive Systems should show moderate growth of 4% yoy to € 9.3m sales (eNuW), based on mixed end-market trends. In our view, demand for opto-electronics should have developed favorably, due to stronger demand in EVs following soaring fuel prices, while consumer electronics demand remains muted. Cosmetics and luxury packaging is seen to continue to present interesting opportunities as the long-term driver of improving quality in packaging persists. Further end markets (i.e. photovoltaic and medical products) are seen to come in at stable to slightly declining demand, based on efforts in various countries to stabilize health care costs and a slow adoption of more flexible photovoltaic products. Ongoing portfolio optimization and process improvements should have limited positive short-term effects. EBITDA is to come in largely flat at € 0.8m (eNuW).

Curing revenue is seen down 6.4% yoy to € 8.8m (eNuW), as weak demand for plant equipment continues. We expect geopolitical uncertainty to have once again amplified increased customer hesitancy, as supported by recent VDMA data. Within customers of printing equipment, we see only selective positive signaling for strengthening in demand. While restructuring efforts have been made in FY24/25, we believe the decreasing top-line to impact the EBITDA contribution of the segment, pushing it to € -0.1m (eNuW).
Disinfection is anticipated to deliver moderate growth with +6% yoy to € 7.8m (eNuW) as a consequence of continued demand growth in end markets as well as marketing efforts taken regarding water purification solutions. Given the strong comparable base in the previous year and potential marketing-related cost effects, the EBITDA contribution of € 1.0m (eNuW) ought to come in strong but slightly below prior year’s levels (eNuW: € -0.1m yoy) at an EBITDA-margin of 13.3% (eNuW; -2.6pp yoy).

Prospects are seen to gradually improve, as the end market mix continues to develop on a slowly improving basis and short-term measures, such as process optimization and portfolio reviews support the company’s development. The field of UV disinfection for ultra-pure water is seen to gain traction on a modest basis. Hence in our view, the FY25/26 guidance of € 90.5 to 105m in sales and € 6 to 9m in EBITDA appears achievable. We expect sales of € 98.2m (eNuW) and EBITDA of € 7.1m (eNuW), implying moderate top-line growth of 4.8% yoy and bottom-line improvement of 22% yoy. Maintaining BUY at a € 15 PT, based on DCF.
 

You can download the research here: dr-honle-ag-2026-05-05-previewreview-en-339a5
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 Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse.
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