Original-Research: Semperit AG Holding - from NuWays AG
Classification of NuWays AG to Semperit AG Holding
Q2 with seq. margin improvements; FY guidance confirmed Q2 EBITDA of € 19.6m (11.6% margin) was down 19% yoy as margins in both segments were still below last year's figure. This was partially due to higher raw material prices and increased personnel expenses. Importantly, the company managed to significantly improve its profitability vs Q1 (EBITDA +76% yoy) largely carried by the sales rebound in SEA (margin +5pp qoq to 10.6%) but also cost saving initiatives bearing fruit. The margin of SIA was down yoy but remained on a high level of 19.1%. Operating EBITDA (excl. project costs for digitalization projects) stood at € 20.9m. H1 EBITDA of € 30.7m was down 35% yoy; op. EBITDA stood at € 32.9m. Free cash flow in H1 amounted to € 13.9m, down from € 23.6m in the prior year, as lower earnings and higher tax payments outweighed working capital improvements, particularly from inventory reductions. Net cash stood at € 49.8m at the end of June (vs. € 57.3m in December 2024), supported by a robust liquidity position of € 113m. The equity ratio of 45.5% underlines the group's solid financial footing, giving management room to maintain dividends, finance digitalization projects, and invest selectively even in a weaker macro environment. FY25 guidance confirmed. Management continues to expect operating EBITDA of € 65-85m, which excludes some € 5m in digitalization investments (eNuW: € 73.7m) thanks to a notably better H2, which is expected to benefit from seasonal demand patterns, stabilizing order intake, and continued efficiency improvements. Our take: The sequential Q2 rebound shows that Semperit's operational levers, which include cost discipline, production flexibility, and selective pricing, can restore profitability even in a somewhat subdued demand environment. While H1 confirms that end-market weakness, especially in SEA, still caps upside in 2025, the strong balance sheet and focus on margin protection support the medium-term equity story. We continue to see Semperit as an attractive cyclical recovery play with plenty of growth prospects, which should gain momentum once funds from Germany's planned € 500bn infrastructure investments get deployed. BUY with an unchanged € 18.20 PT based on DCF. You can download the research here: semperit-ag-holding-2025-08-15-previewreview-en-88354 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 ++++++++++ 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. ++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||||
2184372 15.08.2025 CET/CEST
