Original-Research: SMAG Mobile Antenna Masts AG (von NuWays AG): BUY - T-Online

The issuer is solely responsible for the content of this research. The

invitation to conclude certain stock exchange transactions.

Q2 output growth accelerated. Total output rose 31% yoy to EUR 10.3m (eNuW: EUR

9.5m), following 11% yoy growth in Q1. Sales increased 4% yoy to EUR 6.2m; the

customer acceptance in H2. Importantly, SMAG obtained its first industrial

customer approval on a TaWAN system at the end of June. These milestones

show the production ramp progressing well overall, in our view.

Adj. EBIT amounted to EUR 0.2m (Q2 25: EUR 1.1m), corresponding to a 1.9%

margin. Earnings reflect investment in staff, with headcount up 47% yoy, and

production capacity ahead of higher delivery volumes. Continued work on

lower-margin legacy projects also weighed on profitability. Project mix is

legacy work gradually winds down. Favourable H2 seasonality should lift

generate operating leverage. Together, these effects look set to support a

Order conversion from frame-to-fixed is gaining pace. Yesterday, SMAG signed

to fixed backlog. The contract covers deliveries with revenue recognition

production ramp. Fixed backlog had already risen c. 30% from EUR 140m at YE25

eastern flank. A further EUR 6m service order signed this week adds evidence

of demand from the installed base. Total backlog remained at c. EUR 1.4bn at

Further order catalysts lie ahead. The company already pointed to a possible

year. Moreover, we expect the optional TaWAN volumes to be called-off later

SMAG reiterated its FY26 guidance of EUR 55-60m total output and a 19-21% adj.

EBIT margin. Achieving it requires a pronounced H2 ramp, consistent with the

project-driven timing of deliveries and customer acceptances. TaWAN, the

base are set to drive that step-up. Beyond 2026, the planned expansion of

the Salzgitter facility should create room for materially higher volumes.

visibility on future growth. At c. 12x 2027e earnings (eNuW), the shares

offer an attractive risk/reward. BUY, PT EUR 47, based on DCF.

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=dae30174da6dd02cd6c493242481d3ee

LinkedIn: https://www.linkedin.com/company/nuwaysag

analysierten Unternehmen befindet sich in der vollständigen Analyse.

Financial/Corporate News and Press Releases.

https://eqs-news.com/?origin_id=ce622a74-bd5d-11f1-9d22-0a083a71a9ab&lang=en

Die Ströer Digital Publishing GmbH übernimmt keine Gewähr für die Richtigkeit, Genauigkeit und Vollständigkeit der Angaben. Verzögerung der Kursdaten: Deutsche Börse 15 Min., Nasdaq und NYSE 20 Min.