Original-Research: Gallmetzer HealthCare SpA (von NuWays AG): BUY

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 € 4.40 per share, based on DCF.

You can download the research here: gallmetzer-healthcare-spa-2026-09-21-fullnoteinitiation-en-61a6c
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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