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Original-Research: Gallmetzer HealthCare SpA - from NuWays AG
21.09.2026 / 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: Initiation
Recommendation: BUY
Target price: EUR 4.4
Target price on sight of: 12 months
Last rating change:
Analyst: Sarah Hellemann
Biting into high-margin niches; INITIATE with BUY
Gallmetzer HealthCare (GHC) offers multiple avenues for organic growth and
margin expansion. The company is a vertically integrated dental healthcare
platform combining a resilient, cash-generative distribution business with
elevated growth and margin businesses in dental anesthetics and
sustainability-focused premium oral care.
Gerhò as resilient foundation and route to market. Italy's second-largest
dental distributor and mid-sized European player with a ~40-year track
record is supplying a large customer base of ~55,850 customers. Its strong
market position, attractive commercial terms and nearly recurring revenues
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
European companies holding AIFA-approved marketing authorizations for a
specific type of generic dental local anesthetics, Intermedical Pharma
allows GHC to capture an attractive part of the value chain. With
distribution capabilities inhouse, GHC will be able to leverage an immediate
route to market, supporting a rapid commercialization and turning
Intermedical Pharma into a growth and margin engine for GHC.
Sustainability-focused premium oral care brand Promis adds further growth
and margin potential. The brand (70% stake) differs from peers through its
organic certification depth and the effectiveness of its anti-plaque gel
against streptococcus mutans while its toothbrushes rely on organic polymer
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.
Additionally, it recently extended its product portfolio by a new product
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
addition, two identifiable catalysts could accelerate the GHC's growth and
earnings trajectory.
Two complementary value-creation layers to GHC's investment case. Firstly,
GHC is seen to continuously develop and expand its private-label product
portfolio within Gerhò's distribution network, supporting its competitive
pricing position, customer retention, organic growth and margins. Secondly,
the group is pursuing international expansion to broaden its addressable
customer base. Key catalysts to accelerating the earnings trajectory are
acquisitions in the fragmented European dental distribution market and the
recognition of Intermedical Pharma's existing dossiers in additional
European countries through a step-up process.
We INITIATE GHC with BUY at a PT of EUR 4.40 per share, based on DCF.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=e75885eb61b8417641f8e48092ba6795
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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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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2401934 21.09.2026 CET/CEST
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Quelle: dpa-AFX
