LAIQON AG (von NuWays AG): BUY 31.08.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: LAIQON AG - from NuWays AG



31.08.2026 / 09:00 CET/CEST
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Classification of NuWays AG to LAIQON AG



     Company Name:                LAIQON AG
     ISIN:                        DE000A12UP29



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 8.5
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller



H1 review: profitable Q2 marks earnings inflection



Final H1 results show that LAIQON's enlarged platform has reached a clear
earnings inflection. Positive Q2 EBITDA demonstrates that the higher AuM
base is now translating into operating earnings, with Asset Management
providing the profit base and Digital Wealth representing the
fastest-growing component.



Sequential momentum provides the clearest evidence of the earnings step-up.
Supported by the MainFirst consolidation, H1 sales rose 63% yoy to EUR 23.2m.
EBITDA improved to EUR -0.3m. In Q2, sales increased 23% qoq to EUR 12.8m and
EBITDA swung to EUR 1.1m from EUR -1.4m in Q1, corresponding to a Q2 margin of
8.4%. Excluding the EUR 1m restructuring charge and the EUR 0.7m M&A gain, Q2
EBITDA amounted to c. EUR 1.4m, implying an adjusted margin of c. 11%.



Asset Management combines a reliable earnings base with meaningful
performance fee potential going forward. Segment AuM increased c. 10% since
year-end to EUR 8.2bn at H1, while the segment generated EUR 3.4m of EBITDA at a
c. 22% margin. The current market performance trajectory should enable
year-end performance fees. Based on our understanding, a visible opportunity
is the WHC Super-I share class, which manages EUR 239m and whose latest NAV
stood c. 11% above its March 2025 launch value. The class carries a 20%
performance fee above a 4% hurdle, subject to the relevant high-water mark,
and its first fee period ends in December 2026.



Digital Wealth's white-label ramp-up has reached group-relevant scale.
Segment AuM nearly doubled since year-end to EUR 1.5bn by August 25, driven
primarily by LAIC's white-label business, which reached EUR 600m at H1. July
gross inflows exceeded EUR 100m, consistent with the expected Q3 monthly
run-rate. WertAnlage currently covers more than 100 cooperative banks,
equivalent to c. 25% of the relevant market, leaving ample room for further
penetration. The recently launched AI ETF with Amundi adds another scalable
product to the segment. The higher AuM base is already translating into
sales, which more than doubled qoq to EUR 1.4m in Q2.



The FY26 guidance requires further sequential improvements, yet looks
achievable (eNuW). The confirmed ranges of EUR 53-58m sales and EUR 4.5-7.5m
EBITDA require H2 sales of at least EUR 29.8m and EBITDA of EUR 4.8m. We view
the lower end as achievable, supported by the higher AuM base, the leaner
run-rate cost base and the outlined high-margin performance fee
opportunities. The expected H2 earnings improvement also supports a
manageable near-term funding bridge. At H1, EUR 10.5m of cash stood against c.
EUR 17.2m of current borrowings and purchase price liabilities, excluding
leases. A further EUR 1.5m of bond proceeds was received in July and LAIQON
targets placing the remaining EUR 2.6m of the 2026/31 bond by September 29. On
a simplified basis, this leaves a residual c. EUR 2.6m to be covered by
operating cash generation.



In sum, LAIQON has entered profitable quarterly territory with a reliable
Asset Management core, accelerating Digital Wealth and an improving
financial profile. The current AuM trajectory and the visible operating
leverage support our expectation that LAIQON will meet its FY26 guidance.
Further platform scaling should translate into continued earnings growth
beyond 2026. Estimate changes mainly reflect higher-than-expected PPA
amortisation related to the MainFirst acquisition, which weighs on reported
EBIT without affecting EBITDA or cash flow. EBITDA therefore remains the
more meaningful measure of LAIQON's current operating performance, in our
view.



BUY, PT EUR 8.50, based on DCF.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=e6146bd99c7c9ac6ddefb561cd066b89
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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2390710 31.08.2026 CET/CEST