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Original-Research: learnd SE - from NuWays AG
18.03.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of NuWays AG to learnd SE
Company Name: learnd SE
ISIN: LU2358378979
Reason for the research: Initiation
Recommendation: BUY
Target price: EUR 4.8
Target price on sight of: 12 months
Last rating change:
Analyst: Sarah Hellemann
Smart Buildings, Smarter Economics; INITIATE with BUY
learnd SE is a holding company focused on a buy-and-build strategy within
the niche building operations and environmental services. Previously
designed as a simple umbrella company of its operating unit, learnd SE
redefined its strategy, adjusted its ownership structure including a partial
management buyout and repaid most of its existing debt with the proceeds in
2025. Positioned to start fresh in 2026, we expect the company to gradually
transform into an incubator for companies operating in similar markets and
further portfolio additions to follow in the mid-term.
The current portfolio comprises a 49.5% stake in learnd Atlas Ltd., a UK
market leader in building management services, rapidly growing at a 16.3%
CAGR (eNuW; 2024-28e) with revenue retention of 80%. Active in building
operations and environmental services, its purpose is to enable homeowners
and property managers to monitor, control and report on their building's
settings and performance more effectively and conveniently, while saving
costs through processes supported by cutting-edge technology. The company is
currently expanding into Europe, specifically Ireland. By potentially
reducing its stake and taking on new debt financing, learnd SE would be able
to engage in further attractive investment opportunities, in our view.
Value creation of learnd SE as an effective incubator for companies stems
from its ability to recognize use cases for cutting-edge technology. It can
leverage its key expertise in operational building maintenance, rethinking
traditional business practices and knowledge in compliance for the UK and
Ireland to aid a growth company in delivering better customer outcomes.
Through its connections in these markets and by providing growth capital, it
can aid small companies in scaling at a faster pace, as proven by its
acquisition track record at learnd Atlas Ltd.
The current business environment provides favorable acquisition tailwinds
for scaling young companies like learnd Atlas. Many small business owners in
building operations or related services are nearing retirement, while an
insufficient influx of skilled successors is available to take over and grow
existing customer bases to the scale necessary to make rising
technologization economically viable. High technologization is essential as
building efficiency standards and regulations continue to tighten. Building
system complexity is also on the rise, with building operations encountering
new expectations (i. e. EV-charging or grid imbalances from renewable energy
sources). Hence, there are clear opportunities to incubate young firms in
this field.
Exciting fields for learnd SE to engage in include facilities management
(4.5x to 6.0x EBITDA transaction multiples in H1 2025) and environmental
services (6.0x to 8.0x EBITDA transaction multiples in H1 2025), which can
be significantly enhanced in value by size and technology from past small
scale local operations with limited technological use.
Positive news flow is to come from strong operational developments in learnd
Atlas and further investments of learnd SE, positively impacting learnd SE's
financial statements and fair NAV.
We initiate our coverage with a BUY and a PT of EUR 4.80, which is derived
from a sum-of-the-parts approach, valuing the individual portfolio companies
separately.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=f1ec2363ded77596aa04cc29112051a2
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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