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Original-Research: Limes Schlosskliniken AG - from NuWays AG
11.12.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
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Classification of NuWays AG to Limes Schlosskliniken AG
Company Name: Limes Schlosskliniken AG
ISIN: DE000A0JDBC7
Reason for the research: Initiation
Recommendation: BUY
Target price: EUR 600
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
A good investment in a good cause; INITIATE with BUY
LIMES Schlosskliniken AG ("LIMES") is a premium provider of psychiatric and
psychosomatic care, operating a growing network of medically led private
clinics in Germany, Switzerland and Liechtenstein. The group combines
evidence-based treatment, strong clinical governance and restorative
environments into a model designed to meet structurally rising demand for
high-quality mental-health services in the DACH region. As public-sector
capacities remain constrained and prevalence rates continue to climb across
all demographic groups, LIMES is positioned at the intersection of medical
necessity, societal relevance and scalable economic potential.
Founded in its current form in 2015, the company has developed a clearly
differentiated therapeutic concept, anchored in interdisciplinary
psychiatry, psychotherapy and psychosomatic medicine, complemented by sports
therapy, mindfulness practices and structured daily routines. This model is
implemented across all sites and overseen by a central medical leadership
and a scientific advisory board. The result is a treatment architecture
difficult to replicate in the private market and highly valued by referring
physicians, insurers and corporate health partners.
The group now operates six clinics: Mecklenburgische Schweiz (opened 2016),
Bad Brückenau (2020), the newly launched Bergisches Land and Abtsee (both
2025), as well as majority-stakes in Paracelsus Recovery in Zurich (56%) and
Clinicum Alpinum in Liechtenstein (51%). This footprint enables LIMES to
serve adult, adolescent and high-acuity international segments within a
unified quality framework.
Demand-side fundamentals remain exceptionally strong. Rising incidence of
depression, burnout, trauma and anxiety disorders, combined with long
waiting times in public psychiatric care, have created a structural
treatment gap that LIMES is uniquely positioned to address. Particularly
relevant is the pronounced increase among highly educated, professionally
active cohorts, and the youth segment, which is targeted via the new clinic
Abtsee.
With two new clinics onstream since July 2025, LIMES enters a phase where
newly added capacity meets an undersupplied and growing market. Supported by
strong referral pathways, high therapy intensity and a brand associated with
medical quality rather than commercial positioning, the group is set to
benefit from rising utilisation, operating leverage and improved cash-flow
conversion. In fact, sales are seen to compound at >20% p.a. through FY28e,
driven primarily by volume growth as new clinics ramp up.
Against this backdrop, we also expect significant margin expansion going
forward given improved fixed cost coverage and stabilising treatment
intensity. Hence, EBIT is seen to 5x to EUR 21.3m by FY28e (24.9% margin;
+13.4pp vs FY24), also resulting in a strongly sharpened return profile with
ROICs of >50%.
On the basis of structural demand, disciplined expansion and improving
profitability, LIMES represents a compelling long-term quality growth story
within premium inpatient mental health. We initiate coverage with BUY and a
EUR 600 PT based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=1e8e892445c46424230967c3f2ca2694
For additional information visit our website:
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 Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
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2243722 11.12.2025 CET/CEST
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Quelle: dpa-AFX
