Original-Research: Verbio SE (von NuWays AG): BUY
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Original-Research: Verbio SE - from NuWays AG
Classification of NuWays AG to Verbio SE
Renewable fuels entering a new cycle; INITIATE WITH BUY VERBIO is one of Europe's leading integrated biorefineries, converting agricultural feedstocks and residues into biodiesel, bioethanol, biomethane, renewable chemicals and higher-value co-products. Its production network across Germany, the US, Canada and India maximises the value extracted from every tonne of biomass, while providing diversification across products, geographies, feedstocks and regulatory regimes. Following two years of depressed profitability, mainly due to distortions in the German GHG quota market, weak bioethanol economics and the US ramp-up, VERBIO has entered a structural earnings recovery. Preliminary FY25/26 EBITDA reached € 192m (+€ 178m yoy). Excluding a c.€ 20m one-off benefit from GHG quota inventory write-down reversals, underlying EBITDA recovered to c.€ 172m, driven mainly by the normalisation of German GHG quota economics (eNuW: c.2/3 of EBITDA growth), stronger European bioethanol spreads and higher US production. Importantly, the regulatory backdrop is improving as VERBIO completes its largest investment programme. Higher GHG quota prices increase the value of the existing European asset base, while rising utilisation in Nevada, the gradual conversion of South Bend towards integrated ethanol/RNG production and renewable chemicals provide additional operating leverage. The integrated bioethanol/biomethane business remains structurally the most attractive part of the portfolio, combining multiple revenue streams, favourable long-term demand fundamentals and additional upside from the monetisation of CO₂ savings. We believe VERBIO is transitioning from an investment-led to a monetisation-led phase. In addition to the ramp-up of recently completed assets, c.0.66m tonnes of accumulated 2024 GHG quotas (eNuW) represent significant latent value. At our € 400/tCO₂ assumption, these imply c.€ 227m net cash proceeds, which we expect to be monetised across FY27/28e and FY28/29e. The next two months could prove particularly important. FY25/26 results in late September should provide further detail on the earnings recovery, while the Capital Markets Day in early October should offer greater visibility on medium-term earnings potential, capital allocation and the rollout of renewable chemicals. We initiate coverage with BUY and a PT of € 41, based primarily on average normalised FCF across FY27/28e and FY28/29e. Assuming € 400/tCO₂ GHG quota prices, below current spot levels, and no exceptionally strong biofuel margin environment, our forecasts imply an adjusted FCF yield of c.10% in FY27/28e, rising further in FY28/29e, while the market still assigns limited value to regulatory normalisation, recently commissioned assets and renewable chemicals. You can download the research here: verbio-se-2026-08-31-fullnoteinitiation-en-cab0f For additional information visit our website: https://www.nuways-ag.com/research 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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2390714 31.08.2026 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 | 2025 | 2026e | ||
| Sales1 | 1.026,04 | 1.812,48 | 1.968,28 | 1.658,03 | 1.579,83 | 1.790,00 | 0,00 | |
| EBITDA1,2 | 166,32 | 503,33 | 240,32 | 121,62 | 14,24 | 192,00 | 0,00 | |
| EBITDA-Margin3 | 16,21 | 27,77 | 12,21 | 7,34 | 0,90 | 10,73 | 0,00 | |
| EBIT1,4 | 136,63 | 462,02 | 198,75 | 69,59 | -118,18 | 68,00 | 0,00 | |
| EBIT-Margin5 | 13,32 | 25,49 | 10,10 | 4,20 | -7,48 | 3,80 | 0,00 | |
| Net Profit (Loss)1 | 93,55 | 315,83 | 132,16 | 20,15 | -137,95 | 69,00 | 0,00 | |
| Net-Margin6 | 9,12 | 17,43 | 6,71 | 1,22 | -8,73 | 3,86 | 0,00 | |
| Cashflow1,7 | 117,18 | 325,03 | 26,09 | 116,78 | 13,89 | 52,00 | 0,00 | |
| Earnings per share8 | 1,47 | 4,97 | 2,08 | 0,31 | -2,16 | 1,07 | 1,19 | |
| Dividend per share8 | 0,20 | 0,20 | 0,20 | 0,20 | 0,00 | 0,00 | 0,10 | |
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: Grant Thornton
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 | ||||||
| ©boersengefluester.de | ||||||
| Verbio | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A0JL9W | DE000A0JL9W6 | SE | 1.984,26 Mio € | 16.10.2006 | Kaufen | 9F3JJ4GP+W9 |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 21,38 | 20,19 | 1,06 | 32,19 | 2,67 | 142,91 | 1,26 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,20 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 04.12.2026 | 12.11.2025 | 12.02.2026 | 13.05.2026 | 24.09.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +0,87% | +1,95% | +46,23% | +208,46% | +113,79% |
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