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 € 1.9m, in our view.

Total cumulative market revenue potential of € 20.5m (eNuW) until FY30e. At an assumed market product price of c. € 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 € 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 € 4.4, based on DCF.

You can download the research here: gallmetzer-healthcare-spa-2026-11-02-update-en-394d8
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
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