NuWays rates Eckert & Ziegler stock BUY after Q3 recovery

Eckert & Ziegler's third-quarter recovery has strengthened the investment case for NuWays. In research published on Friday, November 13, 2026, analyst Simon Keller rated the stock BUY and set a 12-month target price of EUR 21.50. The analysis was distributed through EQS News.

NuWays highlighted third-quarter sales of EUR 79.6 million, up 6 percent from the prior-year quarter. Adjusted EBIT rose 25 percent to EUR 19.3 million, exceeding the analyst estimate of EUR 18.8 million, while the adjusted margin expanded by 3.8 percentage points to 24.2 percent. The figures point to a stronger operating base ahead of the final quarter, although the assessment also depends on expected license revenue.

Medical segment drives operating recovery

The Medical segment remained the main earnings driver in the quarter. Segment sales increased 4 percent year on year to EUR 40.6 million, while adjusted EBIT advanced 46 percent to EUR 11.3 million. NuWays linked the improvement to a more favorable business mix, including growth in lutetium-177 and contract development and manufacturing activities.

The analyst also pointed to a sharp increase in lutetium-177 sales during the first nine months. Generator growth continued, while weaker plant engineering activity remained a drag. NuWays expects the generator business to accelerate in the fourth quarter and sees therapeutic isotopes as a medium-term growth opportunity.

Isotope Products returns to growth

Isotope Products provided a second positive signal in the quarter after a weaker first half. Segment sales rose 8 percent year on year to EUR 39.1 million, and adjusted EBIT increased 9 percent to EUR 8.6 million. Medical radiation sources and project business supported the improvement, while oil well logging remained weak.

For the first nine months, the group reported sales of EUR 229.0 million and adjusted EBIT of EUR 52.6 million. NuWays noted that the prior-year period included EUR 5.0 million of license revenue. Excluding that effect, the research calculated sales growth of 4 percent and adjusted EBIT growth of 14 percent, giving the underlying operating trend more weight than the reported figures alone.

Guidance leaves fourth quarter test

Eckert & Ziegler kept its 2026 forecast at sales of around EUR 320 million and adjusted EBIT of around EUR 80 million. NuWays calculates that the target implies fourth-quarter sales of EUR 91 million and adjusted EBIT of EUR 27.4 million. The research expects fourth-quarter license income of EUR 3 million to EUR 5.6 million, below the EUR 9.4 million recorded in the fourth quarter of 2025. That makes the underlying business performance important for meeting the full-year earnings target.

Eckert & Ziegler stock traded at 15.30 euros on Lang & Schwarz at 10:37 CET on Friday, November 13, 2026, 5.52 percent above the Xetra close of Thursday, November 12. The comparison places the current indication below NuWays' target price, but the target reflects a 12-month research horizon rather than a short-term trading forecast.

Radiopharmaceutical demand and the expected fourth-quarter license contribution remain the next operating tests. The next scheduled annual financial report is due on March 24, 2027, according to the company calendar. The broader German market backdrop can be followed through current DAX market coverage.

Further developments are collected on the Eckert & Ziegler stock news and analysis page.