NanoRepro AG (von NuWays AG): BUY 23.04.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: NanoRepro AG - from NuWays AG



23.04.2026 / 09:00 CET/CEST
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Classification of NuWays AG to NanoRepro AG



     Company Name:                NanoRepro AG
     ISIN:                        DE0006577109



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 4.3
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann



NanoRepro raises its equity stake in Deutsche Kosmetikwerke



Yesterday, NanoRepro announced an increase in its direct equity stake in DKW
alongside its FY25p revenue figures. In detail:



A step on the way to building a strong multi-brand platform. NanoRepro
raised its direct equity stake from 11.01% to 22.7% of voting rights.
Indirectly, it holds 21.03% of DKW voting rights via its majority stake in
the Paedi Protect AG. With the increase of the stake NanoRepro overall now
holds 43.72% in DKW. In our opinion, this is a favorable development. It
strengthens ties to the brand for active skin care designed for athletes and
outdoor enthusiasts, which is projected to grow at a CAGR of 12.2% (eNuW)
until FY28e. At a future date, which has not yet been determined, the stake
could increase to a majority share, allowing for even closer collaboration.



Alongside this announcement NanoRepro also published preliminary revenue
figures for FY25:



Rapid testing kits and premium nutritional elixirs came in at EUR 4.3m (eNuW:
EUR 4.7m), down 3.1% yoy and below expectations. Premium nutritional elixirs
made up EUR 0.5m (eNuW: EUR 0.5m), down 23% yoy as anticipated ahead of their
rebranding to Phlas and transition to hyped about science. Rapid testing
kits are seen to have proven resilient to temporary demand softness in
Germany and Austria, developing flat-ish yoy to EUR 3.8m (eNuW: EUR 4.3m).



Skin care products for infants, children and adults under PAEDIPROTECT
delivered EUR 11.7m in revenue (eNuW: EUR 11.7m). Thanks to its strong brand
positioning and household recognized name, revenue was up 1.7% yoy, despite
the weakness of general retail sales in H2'25. The Paedi Protect AG will be
consolidated for the first time in the annual report of FY25.



Non-consolidated revenue streams from equity stakes: DKW/newkee's athletic
skin care product sales rose by 37% yoy to EUR 2.6m (eNuW: EUR 2.5m). This
clearly showcases the high appeal of the authentic founding story behind the
brand with Angelique Kerber and Manuel Neuer, the advantages of the product
formulas being developed specifically with sports activity related
dermatologic challenges in mind, its clear, modern and genderneutral brand
design and comparable competitive pricing. According to NanoRepro hyped
about science also delivered first revenues, providing a positive signal.
Since the company is in an early stage of its development and exact numbers
were not released, we expect them to have been negligible.



Total consolidated preliminary revenue of EUR 16m beat the FY25 guidance of EUR
13-15m. We view this to be a solid base for future developments. The
strategic focus has been sharpened and further growth initiatives have been
prepared. Looking to FY26e, we continue to expect sales at EUR 17.6m (eNuW)
and EBITDA at EUR -0.1m (eNuW) ahead of new guidance figures anticipated in
June 2026, but view the increased stake in DKW/newkee as a step in the right
direction. Maintaining BUY at a PT of EUR 4.3.




You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=290dffcdeb37255d38aa7be17af13728
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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2313522 23.04.2026 CET/CEST