Original-Research: Limes Schlosskliniken AG (von NuWays AG): BUY
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Original-Research: Limes Schlosskliniken AG - from NuWays AG
Classification of NuWays AG to Limes Schlosskliniken AG
Superb H2 leads to clear guidance beat; Chg. Yesterday, LIMES delivered a strong set of preliminary FY25 figures, beating both our top- and bottom-line estimates, with the latter already ahead of the company’s guidance. In detail: FY25p sales increased 40% yoy to € 53.1m (eNuW: € 49.5m; H2 +60% yoy), driven by strong growth across all clinics, most notably at the Paracelsus Recovery Clinic (PRC) in Zurich. This resulted in a significant increase in average revenue per patient day to € 1,014 (+30% yoy), underlining continued pricing power and an increasingly favorable case mix. On the other hand, total patient days grew 9.1% to 52k, reflecting the effect of the new clinics Abtsee and Bergisches Land, which opened in July. Profitability improved disproportionately, as FY25p EBITDA was up 78% yoy to € 12.8m (eNuW: € 11.3m; H2 € 6.6m at 22% margin), corresponding to a 5pp margin expansion to 24%. This was driven by the strong performance of the established clinics leading to operating leverage as well as a faster-than-anticipated ramp-up of the new sites, which were materially below plan. EBIT more than doubled to € 9.2m (17% margin, +112% yoy), highlighting the scalability of the operating model as fixed costs were absorbed over a higher revenue base. With this, management’s FY25 outlook has been significantly exceeded, as initially sales of € 50.8m and EBITDA of € 8.7m was targeted. Notably, CPS almost doubled to € 43 (FY24: € 24), highlighting the cash generating nature of the business model, that is characterized by limited capital intensity. On this basis, the company should be able to achieve cash conversion ratios of >75% (EBITDA basis) in a steady-state scenario. New clinics up and running. As aforementioned, the new clinics exceeded expectations thus far. In fact, management reports that the Abtsee clinic for adolescents is experiencing strong demand and is already showing profitability since January. At the same time, break-even for the Bergisches Land clinic is set for Q2. On that basis, management guides for a solid development at the established sites and an increase in sales and earnings at the new clinics. While growth at existing clinics should be to a large extent connected to pricing effects, the new clinics are seen to close in on the group average occupancy level over the next 24 months (eNuW), allowing for continued strong top-line and earnings expansion (eNuW: +52% sales and 12pp EBIT margin FY25p-27e). Overall, the preliminary results strongly reinforce our confidence in the case, which still offers a highly attractive entry point at 5.8x FY26e EV/EBITDA despite the +37% YTD performance. Confirm BUY with a new PT of € 710 (old: € 600) based on DCF. You can download the research here: limes-schlosskliniken-ag-2026-02-05-previewreview-en-8597c 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 Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++
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2271766 05.02.2026 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | 2026e | ||
| Sales1 | 11,02 | 23,44 | 28,81 | 37,17 | 37,45 | 53,10 | 0,00 | |
| EBITDA1,2 | 0,84 | 6,02 | 8,65 | 7,67 | 7,05 | 12,80 | 0,00 | |
| EBITDA-Margin3 | 7,62 | 25,68 | 30,02 | 20,64 | 18,83 | 24,11 | 0,00 | |
| EBIT1,4 | -0,43 | 4,53 | 6,00 | 5,03 | 4,29 | 9,20 | 0,00 | |
| EBIT-Margin5 | -3,90 | 19,33 | 20,83 | 13,53 | 11,46 | 17,33 | 0,00 | |
| Net Profit (Loss)1 | -0,69 | 4,11 | 4,86 | 3,91 | 3,23 | 6,00 | 0,00 | |
| Net-Margin6 | -6,26 | 17,53 | 16,87 | 10,52 | 8,63 | 11,30 | 0,00 | |
| Cashflow1,7 | 0,76 | 4,77 | 8,04 | 6,29 | 7,46 | 12,82 | 0,00 | |
| Earnings per share8 | -2,37 | 13,45 | 14,34 | 11,58 | 10,61 | 20,00 | 28,00 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 3,00 | 3,50 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: B-S-H Collegen
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
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| Limes Schlosskliniken | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A0JDBC | DE000A0JDBC7 | AG | 151,96 Mio € | 12.10.2018 | Kaufen | 9F28WWVR+CQ |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 15,22 | 21,56 | 0,71 | 96,90 | 6,45 | 20,36 | 2,86 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 3,00 | 0,61% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 19.06.2026 | 01.09.2025 | 11.05.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +19,14% | +33,86% | +37,85% | +78,10% | +364,76% |
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