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Original-Research: Limes Schlosskliniken AG - from NuWays AG

29.04.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Limes Schlosskliniken AG

     Company Name:                Limes Schlosskliniken AG
     ISIN:                        DE000A0JDBC7

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 710
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald

Dividend debut & strong Q1 reinforce growth trajectory

Today, LIMES announced that its supervisory board has approved the FY25
annual accounts, confirming the preliminary figures published in February,
and will propose a dividend of EUR 10.00 per share at the AGM in June. This
marks the group's first-ever dividend, a meaningful signal of financial
maturity and cash generation ability, in our view. The dividend is well
covered: at EUR 10.00 per share, the total payout amounts to EUR 2.9m against
FY25p FCF of EUR 4.0m, implying a payout ratio of c. 73% on an FCF basis,
despite FY25 FCF being temporarily burdened by the capex associated with the
openings of Abtsee and Bergisches Land. As these investments normalise
(eNuW: EUR 100k capex per clinic), FCF conversion is set to improve
materially, leaving ample room for continued dividend growth and
reinvestments into the clinic network. The initiation of a dividend also
broadens the potential investor base, as income-oriented shareholders can
now participate in the LIMES story.

Equally compelling, management flagged that FY26 has started stronger than
expected. Q1 total sales came in at EUR 15.5m (+38% yoy), which should have
been predominantly driven by the contributions of the new clinics. EBITDA
came in at EUR 3.9m (+32% yoy), implying a margin of 25%. The strong growth is
particularly noteworthy given that Q1 is seasonally a rather soft period,
suggesting that the ramp-up of Abtsee and Bergisches Land is progressing
well ahead of schedule, which is in-line with what management told is in
recent roadshow meetings. Annualising Q1 revenues alone points to a run rate
of c. EUR 62m, and given that Abtsse and Lindlar will continue to close the
gap to group-average KPIs, full-year sales could comfortably exceed the
company's communicated target of EUR 65.6m as well as our estimates (67.3m).

This is fully confirming our investment thesis on LIMES. First, it validates
our core assumption that when LIMES opens capacity, it fills driven by the
group's differentiated referral ecosystem, strong brand recognition among
physicians, psychotherapists and corporate health departments, and a
structural undersupply of high-quality psychiatric care that shows no sign
of abating. Second, the margin profile of 25% in Q1 underscores the
operating leverage inherent in the model as new clinics progressively absorb
their fixed cost base. Third, the maiden dividend alongside a strong
operational start to FY26 demonstrates that the business has entered a new
phase of financial maturity, transitioning from an investment cycle into a
self-funding, cash-generative platform.

At current levels, the shares trade at just 6.4x FY26e EV/EBITDA, a
significant discount for a business compounding revenues at >25% with
expanding margins, a pristine balance sheet and now a dividend.

Reiterate BUY with a PT of EUR 710 based on DCF and keep LIMES in our Alpha
List.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=d8c953b5dfc104b7c77bc1bb8e4b6bbb
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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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