Eckert & Ziegler SE (AO) | Buy | Q1 breakdown: mixed picture, but a very strong Medical performance

研报英文原文证据摘录

Eckert & Ziegler SE (AO) | Buy | Q1 breakdown: mixed picture, but a very strong Medical performance

Eckert & Ziegler SE Buy | Target Price: EUR20.30

Company description Management

Eckert & Ziegler is an international manufacturer of isotope technology Dr Harald Hasselmann, Chairman of the Executive Board

components for medical, scientific, and industrial applications. The company is Dr. Gunnar Mann, Executive Board member

split into two business segments 1) the Isotope Products segment (a provider of Julian Schröder, Member of the Group Executive Committee

bulk isotopes and a wide range of sealed radiation sources for industrial

measurement) and 2) the Medical segment (high-quality products and Key shareholders

comprehensive services in the fields of nuclear medicine, radiation therapy, and Free float 67.35%

molecular imaging). Eckert Wagniskapital 31.16% Treasury shares 1.49%

Investment case Valuation methodology

Eckert & Ziegler, a leading supplier of radioisotopes for medical We value Eckert & Ziegler using an SOP yielding EUR20.2 per

and industrial use, is well positioned to benefit from the share.

increased demand for radioisotopes and the expansion of the Our valuation is based on an SOP of the two segments at EUR4.4

nuclear medicine market. and EUR14.9 per share for the isotope and medical segments,

With the spin-out of Pentixapharm, the company will now fully respectively (8.8% WACC).

focus on isotope production and is well positioned to capitalise Risks to our rating

on the growing demand for radiopharmaceuticals. Lower than expected commercial ramp-up.

The new investment plan will enhance Eckert & Ziegler's Market disruption from new competitors eroding EZAG's market

manufacturing capabilities and broaden its share.