Westwing Group SE (von NuWays AG): BUY 07.08.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Westwing Group SE - from NuWays AG



07.08.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Westwing Group SE



     Company Name:                Westwing Group SE
     ISIN:                        DE000A2N4H07



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 23.5
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr



Q2 with strong growth, confirming the investment case



Growth accelerated further to the strongest print in years, with GMV up 15%
yoy to EUR 127m and revenue up 14% to EUR 113m. The drivers were the ongoing
successful country expansion, especially with the recent UK launch
(International
GMV grew 22%, revenue +19% yoy EUR 54.0m), new store openings and well
performing sales events in Germany (DACH GMV grew 9%, revenue +10% yoy to EUR
59.4m) despite the generally weak consumer sentiment; customers are buying,
but increasingly timing purchases to event windows. Third-party GMV rose 23%
against 11% for the Westwing Collection, taking the WWC share to 63% (-2pp
yoy), a reflection of successfully onboarded partner design brands rather
than own-brand weakness, negatively impacting the gross margin by 0.7pp
(51.9%).



Adj. EBITDA of EUR 5.4m (4.8% margin, -1.5pp yoy) was burdened by a 2.6pp
increase of the fulfilment ratio. Roughly 1pp (some EUR 1.4m) of that was from
the migration to the new order and warehouse management system, having a
one-off character. The remainder was due to higher transportation costs from
elevated fuel prices, the changed mix effect (low-ticket items are more
expensive to ship in relation to their price) and higher DHL fulfilment to
increase customer satisfaction. Note that the migration itself is a positive
as it allows faster shipping, flexible delivery options and better warehouse
efficiency going forward.



Guidance confirmed, with revenue now indicated in the upper half. Management
reaffirmed FY26 revenue of EUR 470-495m (5-10% growth. eNuW old: EUR 475m) and
adj. EBITDA of EUR 36-48m (eNuW: EUR 42m). With H1 revenue of EUR 233m, the
implied H2 growth stands at 4-9% despite the successful UK launch and the
three Baltic launches came at end-July. Management hence pointed towards the
upper end of the revenue target (eNuW new: EUR 493m). We leave adj. EBITDA
estimates unchanged due to mentioned brand marketing investments in Q4 to
further accelerate the momentum across new markets.



Cash down qoq, but for the right reasons. Net cash fell EUR 16m qoq to EUR 68m
(+ EUR 18m yoy) and FCF was EUR -9.4m (Q2 25: EUR -4.5m), driven by a EUR 9.5m stock
option settlement plus EUR 3.5m of buybacks. Two thirds related to pre-2020
legacy programmes struck at EUR 3.1. Terminations and forced exercises should
remove c. 70% (1.4m) of legacy options by end-Q2 2027. Importantly, those
have an avg. strike price of EUR 18.4 (~ 30% above current levels). Also,
1.23m treasury shares provide a natural hedge if options move into the
money.



Investment case remains fully intact. Accelerating growth, a resilient
underlying margin and a strong balance sheet contrast with a valuation of
6.5x EV/EBITDA FY26e. We confirm BUY with an unchanged EUR 23.50 PT (DCF).



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=ecdf0f363e1692f1d27c07943d0673b8
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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2379032 07.08.2026 CET/CEST