Eckert+Ziegler Q3 preview: earnings to regain momentum - NuWays AG Research
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Eckert+Ziegler Q3 preview: earnings to regain momentum - NuWays AG Research

Q3 should show firmer earnings momentum at EUZ. Recovering Isotope Products profitability is set to drive Q3 earnings growth, with rising Lu-177 sales and licence income adding momentum into year-end. Following recent share price weakness, the stock trades at c. 7x FY26e EV/EBITDA, effectively pricing in no growth despite EUZ's position as an independent supplier to the expanding radiopharma market (eNuW).

Importantly, our Q3 estimates contain no licence revenues, leaving an additional earnings drive for Q4. We expect at least € 3m at close to full margin, with up to € 5.6m possible and any remainder moving into 2027e (eNuW).

BUY, PT € 21.50, based on DCF.
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