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Original-Research: mVISE AG - from NuWays AG
10.02.2026 / 09:00 CET/CEST
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Classification of NuWays AG to mVISE AG
Company Name: mVISE AG
ISIN: DE000A0KE043
Reason for the research: Update
Recommendation: BUY
Target price: EUR 10.5
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
Strong profitability but sales below est.; Chg.
Yesterday, mVISE reported solid FY25 prelims, showing that its multi-year
transformation is delivering tangible results despite a persistently weak
macro environment. While sales declined as planned, profitability continued
to improve, underlining the quality of the new mix. In detail:
On the top-line, FY25p sales declined to EUR 5.5m (eNuW: EUR 6.9m), implying a
41.1% yoy decrease. That development was even more pronounced in H2, which
showed a 48.5% decline to EUR 2.4m. This reflects the company's deliberate
exit from volatile, skill-based IT services and its strategic repositioning
towards software-centric development models. Importantly, the quality of
revenues improved, as recurring sales now account for c. 70% of total sales,
highlighting the successful shift towards more stable and scalable revenues.
Capacity utilization remained high at above 85% throughout the year,
confirming that the revenue decline was strategic rather than demand-driven
and that operational resources were deployed efficiently.
Positively, profitability continued to improve despite the lower sales base.
FY25p EBITDA increased c. 15% yoy (FY24 reported figure inflated by
discontinued elastic.io) to EUR 1.3m (eNuW: EUR 1.3m), implying a 23.7% margin.
For H2, we even saw a 33.3% margin as EBITDA arrived at EUR 0.8m. Recurring
EBITDA contributed c. 65% (+23pp yoy), further enhancing earnings visibility
and resilience.
For FY26, management put out a new guidance of EUR 1.5m EBITDA, which we see
as achievable given the completed restructuring, high utilization levels,
and the scalable operating setup in place (eNuW new: EUR 1.6m).
Beyond that, FY25 also laid the operational groundwork for the next growth
phase of mVISE. With software development now centralized, management
designed a scalable blueprint for future acquisitions in its aim to pursue a
buy-and-build structure. As outlined before, mVISE is on track to create a
platform for software-centric companies via minority stakes and active
operational involvement. Mind you, we do not consider any future M&A in our
model. Hence, any deal announcement could provide upside to our current
forecast and price target.
Despite the strong share price performance with +81% YTD, we continue to see
upside in light of 11.3x FY26e EV/EBITDA for a software company with strong
recurring revenues. This is backed by our new DCF-based PT of EUR 10.50 (old:
EUR 12.80) - BUY.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=6382a842a004e65f761d90fc421ccb5e
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 Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2273770 10.02.2026 CET/CEST
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