Original-Research: Gallmetzer HealthCare SpA (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.

margin expansion. The company is a vertically integrated dental healthcare

sustainability-focused premium oral care.

Gerhò as resilient foundation and route to market. Italy's second-largest

record is supplying a large customer base of ~55,850 customers. Its strong

underpin a resilient, cash-generative business model. A gradually rising

private-label share supports the long-term margin potential.

Intermedical Pharma to enter the local anesthetics market. As one in five

allows GHC to capture an attractive part of the value chain. With

Intermedical Pharma into a growth and margin engine for GHC.

and margin potential. The brand (70% stake) differs from peers through its

a more hygienic sustainable material. Promis is rapidly expanding its global

presence, for the most part through distribution partnerships. A notable

exception was the US market entry in April 25 through Promis USA.

line Promis Kids in FY26, creating further growth support.

We expect organic revenue to grow at a 7.7% CAGR (eNuW) through FY30e,

alongside 5.2pp of EBITDA margin expansion to 6.9% (eNuW), as the group

increasingly captures value further up the dental product value chain. In

Two complementary value-creation layers to GHC's investment case. Firstly,

pricing position, customer retention, organic growth and margins. Secondly,

customer base. Key catalysts to accelerating the earnings trajectory are

European countries through a step-up process.

We INITIATE GHC with BUY at a PT of EUR 4.40 per share, based on DCF.

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