Westwing Group SE (von NuWays AG): BUY 06.11.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Westwing Group SE - from NuWays AG



06.11.2026 / 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 23.50
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr



Q3 release further underpins the investment case



Topic: Westwing delivered its fifth consecutive quarter of growth, despite a
soft consumer backdrop and higher freight costs. The figures show a company
steadily turning into an international premium home & living brand, and
doing so profitably. In detail:



Q3 topline driven by international. Revenues rose 13% to EUR 111m (eNuW: EUR
108m), helped by the shipment of backlog from the Q2 system migration. After
a flat July, when the heatwave kept customers away, momentum built through
August and September. International remained the clear growth engine (+22%
yoy), while DACH returned to growth after a weak July (+5% yoy).
Importantly, DACH was carried by both, online and offline growth. Active
customers rose 13% to 1.32m and orders 9%. AOV eased 2% to EUR 247 as
price-sensitive customers concentrate purchases around sales events and have
a tendency to buy lower-ticket items.



Margin held despite the freight shock. Adj. EBITDA grew 7% to EUR 6.5m (5.8%
margin, -0.3pp yoy, eNuW: 6.2% margin). Fuel-driven container and outbound
logistics costs, migration effects, mix effects (lower WEW sales share) and
the UK logistics ramp-up cut the contribution margin by 4.3pp. Yet c. 4pp of
leverage on marketing and G&A offset almost all of it. Price adjustments,
higher shipping fees and logistics efficiencies were implemented in Q3 and
already lifted margins visibly in October.



Footprint and brand advanced in parallel. Five launches in Q3 (Baltics,
Ireland, Bulgaria) take Westwing to 28 countries, covering almost all of
Europe. The UK, entered in March, is the largest market addition. In
October, Victoria Beckham debuted her first homeware collection with
Westwing, backed by a brand campaign in Germany and the UK, a strong signal
of the brand's standing in the design world. The Westwing Collection
accounted for 64% of GMV (-2pp yoy), as partner design brands grew faster
(+13% vs +4%).



Guidance confirmed, revenue in the upper half. FY26 targets of EUR 470-495m
revenue and EUR 36-48m adj. EBITDA stand. After 9M revenue of EUR 345m, the
upper half implies Q4 sales of EUR 138-150m (eNuW: EUR 148m, +4% yoy). Our adj.
EBITDA estimate of EUR 42m requires c. EUR 20.5m in Q4 (Q4 25: EUR 22.6m), leaving
room for the brand campaign (implied 2.1pp margin decline).



Self-funded expansion. Q3 FCF of EUR -0.7m (Q3 25: EUR 10.4m) mainly reflects
inventory timing. Net cash stood at EUR 63m (+EUR 5m yoy) with NWC still
negative. We expect c. EUR 90m by year-end after the seasonally strong Q4.
This funds both growth and the new buyback (up to EUR 10m, started Oct 12).
Next on the agenda are warehouse consolidation in Poland, AI-driven
productivity, B2B and partner channels, i.e. levers to lift margins beyond
FY26.



Quality at a discount. Westwing combines pan-European reach, a recognised
premium brand, double-digit growth and a cash-rich balance sheet, yet trades
at only 4.8x FY26e EV/adj. EBITDA. The young markets and the UK add further
upside, and management's delivery on the value creation plan supports our
conviction. We confirm BUY with an unchanged EUR 23.50 PT (DCF).



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https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=017bff0dc71e80b2c936504486eb7a21
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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2429692 06.11.2026 CET/CEST