NanoRepro AG (von NuWays AG): BUY 05.10.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: NanoRepro AG - from NuWays AG



05.10.2026 / 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 4.40
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann



NanoRepro gains majority in Deutsche Kosmetikwerke



On Wednesday, NanoRepro announced that it has gained the majority in
Deutsche Kosmetikwerke (DKW) with its skincare brand newkee, to be
consolidated from October '26 onwards. In detail:



Bringing active skincare brand newkee into the fold. NanoRepro's omnichannel
distribution model is seen to open up revenue and cost synergy potential as
well as additional market access for newkee. And newkee allows NanoRepro
access to customer groups its other brands currently do not reach.



Transaction. NanoRepro swapped 263,000 treasury shares from a previous
buyback worth c. EUR 0.45m at current market prices for a 6.52% stake of DKW
held by Angelique Kerber and one additional previous shareholder. DKW was
valued at c. EUR 12m total, valuing the acquired stake at EUR 0.8m (eNuW). This
implies a transaction discount of c. 43.8% and which in our view is due to
DKW not yet seen as profitable.



Integrating the platform is key to adding value. DKW is seen to add revenue
of EUR 0.4m (eNuW) in FY26e and EUR 3.1m (eNuW) in FY27e. However, building the
brands ALPHABIOL and newkee comes with high promotional expenses of some EUR
4m (eNuW) of which the majority is seen to fall into FY27e. newkee also
contributes its own workforce with current personnel expenses of EUR 0.7m
(eNuW). In our view, this should delay the point of break-even for EBITDA to
FY28e (eNuW; previously FY27e), despite ongoing internal optimization
efforts such as the finance and back office harmonization planned for Q4
26e.



Scaling to pay off in the mid- and long-term. With the integration of
distribution and market access (e. g. in brick-and-mortar retail) planned
for FY27 and the heavy brand marketing behind it, EBITDA should turn clearly
positive in FY28e and accelerate thereafter. Confirming BUY at a PT of EUR 4.4,
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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2409940 05.10.2026 CET/CEST