HausVorteil AG (von NuWays AG): BUY 09.10.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: HausVorteil AG - from NuWays AG



09.10.2026 / 09:00 CET/CEST
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Classification of NuWays AG to HausVorteil AG



     Company Name:                HausVorteil AG
     ISIN:                        DE000A31C222



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 12.50
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald



Demand intact, funding remains the bottleneck; chg.



HausVorteil's H1 report fell short of our expectations as the tight
financing environment weighed on both acquisition and brokerage volumes. In
detail:



H1 sales of EUR 0.8m were significantly below eNuW of EUR 1.5m, which was in our
view mainly caused by the continued weak environment in the partial-sale
business. Importantly, this was not a demand issue, as interest from
homeowners remains intact and decisions on fundamentally attractive
properties were delayed rather than cancelled. We hence expect, that the
majority of H1 sales came from ground-lease brokerage, but also partially
from exits out of the existing portfolio. Going forward, we also expect a
higher contribution from the full-sale business, as financing should be much
easier to find compared to the, in Germany, still rather unconventional
partial-sale concept.



Costs under control, as H1 EBITDA came in at EUR -0.2m. Personnel expenses of
EUR 0.5m and other OPEX of EUR 0.5m are both well below the half-year run rate
of FY25 (EUR 1.2m and EUR 4.1m for the full year). Purchased services fell to EUR
0.0m (FY25: EUR 0.4m), reflecting the lower transaction activity.



Bank financing remains the limiting factor. Lenders remain reluctant to
finance partial-sale acquisitions until the legal framework is settled. The
OLG Hamburg ruling was a step in the right direction as the court rejected a
consumer-credit classification and upheld key fee clauses. Yet, the
consumer-protection side has appealed and banks are unlikely to move before
it is. The company's own funding route has also stalled. The 3.8%
GenerationsKapital bond, open for subscription until 02/27, has placed
slowly in light of risen Bund yields. We see no near-term restart of
partial-sale acquisitions and remove both new externally funded own-book
partial sales and bond proceeds from our model.



Levers beyond the partial sale. First, full-sale should gain traction at HV
going forward. In contrast to partial-sale, the investor acquires the entire
property, while the seller retains a usufruct right for 5-10 years before an
exit. With only small equity requirements (eNuW: c. 10%), the product is
capital-light for HV and attractive for investors. Second, portfolio exits
free up headroom on existing credit lines, which can be recycled into new
acquisitions. However, this lever should not be seen as a main driver, as
the scope is limited by the size of the existing portfolio and the timing of
exits.



H2 set to be softer. According to management, H2 volumes will largely depend
on the timing and terms of new financing commitments. Given the continued
restrictive lending environment, which also affects investors in brokered
transactions, we take a cautious stance and expect H2 sales below H1. We
hence cut FY26e sales to EUR 1.3m and EBITDA to EUR -0.3m and model a gradual,
brokerage-led recovery thereafter.



Overall, H1 shows that the constraint is funding, not demand. Demographics,
restricted mortgage access for seniors and a thinned-out competitive field
are unchanged. Monetisation, however, depends on new financing partners.
With visibility still limited, the investment case therefore requires
patience. We reiterate BUY with a new PT of EUR 12.50 (old: EUR 17.80) based on
DCF.



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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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2413028 09.10.2026 CET/CEST