Original-Research: Gallmetzer HealthCare SpA (von NuWays AG): BUY

Original-Research: Gallmetzer HealthCare SpA - from NuWays AG



02.11.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to Gallmetzer HealthCare SpA



     Company Name:                Gallmetzer HealthCare SpA
     ISIN:                        IT0005657355



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 4.4
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann



Continuous trading and QP hire underpin progress; BUY



GHC recently announced two milestones, showing progress on its anesthetics
business Intermedical Pharma and its stock's accessibility to equity
investors. In detail:



GHC's shares moved to continuous trading. As announced on Friday by the
Vienna stock exchange, the stock's trading is to improve with a move from
auctioning to continuous trading procedure effective Nov 2nd. While the
reported transition represents a change in the way the shares are traded,
rather than a change in the company's underlying fundamentals, this step was
taken to improve accessibility and facilitate ongoing price discovery. It
can offer investors greater flexibility when entering or exiting positions
and allow prices to respond more promptly to new information. Sustained
improvement in liquidity will depend on trading volumes and investor
participation.



Operational progress in Intermedical Pharma. Gallmetzer HealthCare has
strengthened its pharmaceutical capabilities with the appointment of a
Qualified Person (QP) at its subsidiary Intermedical Pharma in October 26.



Relevance of the QP to Intermedical Pharma. While adding such a position is
obligatory from a regulatory perspective, it adds an important layer of
knowledge to GHC at its current developmental stage. The company is expected
to be ordering the necessary equipment for its new production facility,
which the QP will support with technical expertise. In the future the QP
will also certify the batches, monitor the production process with reports
to the authorities and monitor the hygiene and safety measures.



Production launch expected for H2 27 (eNuW). To recap, the planning phase
for structural and technical measures was completed in February 26.
Construction and refurbishment work was scheduled for completion by
mid-March 26, to be followed by requests for quotations for various
installations assumed to have been completed in September. Supported by the
recent hire, we expect the equipment to be delivered and installed within
the next 7-8 months (eNuW). Production should hence start at the end of
Q2'27 (eNuW), with first batches expected to be retained for 3-4 months
(eNuW) for compliance and quality assurance reasons. First product sales are
to be anticipated for Q4'27 (eNuW). For FY27e, sales at Intermedical Pharma
are seen to already reach EUR 1.9m, in our view.



Total cumulative market revenue potential of EUR 20.5m (eNuW) until FY30e. At
an assumed market product price of c. EUR 28.6 (eNuW) in FY27e, expected to
increase with 2% inflation a year over the projection period and the ramp-up
of the capacity to c. 600k (eNuW) boxes with up to 90% (eNuW) capacity
utilization, Intermedical Pharma is seen as a key growth driver for GHC.
With cumulative EBITDA contributions of EUR 5.7m (eNuW) until FY30 it is also
seen as a key driver of GHC's EBITDA margin outlook.
Given the progress made falling in line with expectations, we maintain our
estimates and confirm BUY at EUR 4.4, based on DCF.



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https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=1f09362d1f5c088d6000f4aefb0e8e8e
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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2426118 02.11.2026 CET/CEST