FINEXITY AG (von NuWays AG): BUY 06.05.2026, 09:07 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: FINEXITY AG - from NuWays AG



06.05.2026 / 09:07 CET/CEST
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Classification of NuWays AG to FINEXITY AG



     Company Name:                FINEXITY AG
     ISIN:                        DE000A40ET88



     Reason for the research:     Initiation
     Recommendation:              BUY
     Target price:                EUR 64
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr



Building the exchange for private markets; INITIATE with BUY



FINEXITY is one of Europe's leading infrastructure providers for tokenised
capital markets. The company operates a regulated platform connecting
issuers, trading partners and investors across the full transaction chain,
from structuring and issuance through placement, secondary trading and
settlement. With more than 250 tokenised issuances and more than 84,000
registered investors, FINEXITY already operates one of the most active
marketplaces for tokenised securities in Europe.



The medium-term ambition is to evolve the current OTC marketplace into a
fully regulated exchange for tokenised securities, with continuous trading,
instant settlement and no reliance on traditional intermediaries.



A competitive position that is hard to replicate. No single European
competitor has assembled the full stack that FINEXITY has built, most solve
only one part of the problem. Four structural advantages underpin this:



  * One-stop-shop. FINEXITY is the only European player covering the full
    chain from structuring and issuance through trading, settlement and
    post-issuance servicing within one platform.



  * Distribution at scale. Integration with Sparkassen and Volksbanken
    covers approximately 70% of German banks. A media partnership with EGRO
    Media reaches an estimated 10m investors. The pending Effecta
    acquisition adds 45+ tied agents and 70k registered investors.



  * Regulatory moat. FINEXITY already operates under the eWpG and is
    applying for a DLT-TSS license under the EU DLT Pilot Regime. The
    Effecta acquisition brings a BaFin WpIG securities institution license
    in-house, eliminating dependence on external umbrella providers and
    turning a structural cost into a competitive advantage.



  * Proprietary technology. Seven years of in-house DLT infrastructure, not
    rented from third-party providers. FINEXITY has full control over cost,
    iteration speed and the DLT-TSS transition, with no upstream
    dependencies and no margin leakage to suppliers.




The financial case is approaching inflection. Group revenues are expected to
grow from EUR 3.2m in FY25p (excl. Effecta) to EUR 9.7m in FY26e (27%
like-for-like growth) and toward EUR 30.3m by FY29e, implying a CAGR of 75%.
EBITDA losses narrow toward breakeven in FY28e, with the first year of
meaningful profitability in FY29e at EUR 2.2m, in our view. Critically, the
business case works on primary market revenues alone, the MTF adds material
upside but breakeven does not depend on it.



Medium-term management guidance points to more than EUR 70m (eNuW: EUR 41m by
FY30e) in revenue and 25-30% EBITDA margins (eNuW: ~25% long term margins),
consistent with the economics of digital exchange infrastructure businesses
at scale.



Near-term catalysts ahead. BaFin approval of the Effecta acquisition brings
the WpIG license in-house and unlocks access to tens of thousands of
currently inactive investors. The DLT-TSS license would transform FINEXITY
from an OTC marketplace into a fully regulated exchange operator. We
initiate coverage with a BUY rating and a EUR 64 PT based on DCF.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=7dfa2a60c1733d14b4745be03f3f50b5
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
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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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2322096 06.05.2026 CET/CEST