Original-Research

LAIQON AG (von NuWays AG): BUY 01.04.2026, 09:00 Uhr von EQS Research Jetzt kommentieren: 0

Werte zum Artikel
Name Aktuell Diff. Börse
LAIQON 4,52 EUR +0,78 % Lang & Schwarz

Original-Research: LAIQON AG - from NuWays AG

01.04.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


Classification of NuWays AG to LAIQON AG

Company Name: LAIQON AG
ISIN: DE000A12UP29
 
Reason for the research: Update
Recommendation: BUY
Target price: EUR 9.1
Target price on sight of: 12 months
Last rating change:
Analyst: Simon Keller

Prelims soft, strategic progress intact, chg.

LAIQON’s preliminary FY25 release came in below eNuW on H2 sales and EBITDA (see p.2). More importantly, however, the group continues to make progress in building a larger and more scalable platform, as reflected in the contribution from MainFirst and continued inflow momentum in Digital Wealth. Against that backdrop, the weak H2 EBITDA is less representative of the underlying earnings trajectory, given the material burden from one-off restructuring expenses.

H2 sales increased 28% yoy to € 20.7m, driven by the first-time contribution from MainFirst of c. € 5.8m (eNuW). On a FY pro-forma basis, revenues reached € 44.2m, up 43% yoy and thus broadly reflective of the c. 54% yoy AUM growth to € 10bn.

Profitability in H2 was affected by temporary burdens. EBITDA declined € 1.3m to € -2.1m, including c. € 2.5m of one-off expenses, mostly related to restructuring. The reported figure therefore appears to overstate the weakness of the underlying operating development. In our view, FY25 still reflects a transition year in which LAIQON invested into integration, platform expansion and organisational adjustments that should support the next phase of growth and scalability. Importantly, H2 25 adj. EBITDA turned positive at € 0.4m, marking the expected step-up. Including MainFirst on a pro-forma basis, FY EBITDA would have reached € 0.7m, compared with € -3.8m in 2024.

Encouragingly, momentum in client inflows appears intact. In Digital Wealth, monthly inflows have reached c. € 50m and continue to accelerate, supported by the stepwise rollout across cooperative banks. Of a relevant universe of c. 400 banks, c. 100 have already been connected. Of these, 59% are active, while 41% are still in onboarding or contracting, pointing to further significant activation and roll-out potential. This strong inflow run-rate is already reflected in white-label partnership AuMs, which have risen by 40% YTD, indicating healthy client demand and distribution traction. At the same time, this helps illustrate the building blocks of 2026e growth: of the expected € 19m sales increase, c. € 9m should come from the consolidation effect of MainFirst, c. € 3m from Digital Wealth and c. € 7m from growth in Asset Management (eNuW).

Meanwhile, the financing package should primarily be seen as a post-acquisition reset of the capital structure. At its core, the package is less about meaningful new funding and more about restructuring existing obligations: net new debt appears limited to c. € 2m (+5%), while only c. € 6.5m-10.1m of fresh equity (c. 7-11% of total) is set to come in via the cash capital increase. Another important part consists of debt/equity swaps and a reset of the maturity profile, helping to improve funding visibility and reduce near-term balance-sheet pressure. In our view, the measures should help LAIQON largely work through the financial legacy of its acquisition phase and leave the now integrated platform on a firmer footing for the next stage of monetisation.

In sum, the headline numbers were held back by temporary effects, while the more relevant strategic datapoints continue to support the investment case: a larger platform, ongoing inflows and further progress in white-label distribution.

BUY. Unchanged PT of € 9.10, based on DCF. While our revised estimates reflect the preliminary FY25 figures, they do not yet incorporate the dilutive effect of the announced capital measures, pending further detail.
 

You can download the research here: laiqon-ag-2026-04-01-longupdate-en-073e6
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
++++++++++
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.
++++++++++


The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
View original content: EQS News


2301958  01.04.2026 CET/CEST

Kommentare (0) ... diskutiere mit.
Werbung

Handeln Sie Aktien bei SMARTBROKER+ für 0 Euro!* Profitieren Sie von kostenloser Depotführung, Zugriff auf 29 deutsche und internationale Börsenplätze und unschlagbar günstigen Konditionen – alles in einer innovativen, brandneuen App. Jetzt zu SMARTBROKER+ wechseln und durchstarten!

*Ab 500 EUR Ordervolumen über gettex. Zzgl. marktüblicher Spreads und Zuwendungen.

k.A. k.A. k.A. k.A.
k.A. k.A. k.A. k.A.
k.A. k.A. k.A. k.A.
News-Kommentare
Thema
1 Trump: USA erwägen Truppenreduzierung in Deutschland Hauptdiskussion
2 Ölpreis zieht an - Trump droht dem Iran erneut Hauptdiskussion
3 Zahl der Geburten in Deutschland auf niedrigstem Stand der Nachkriegszeit Hauptdiskussion
4 KI-Nutzung in Deutschland nimmt rasant zu Hauptdiskussion
5 Klingbeil plant härtere Gangart gegen Steuerbetrüger Hauptdiskussion
Alle Diskussionen
Schreib den ersten Kommentar!

Dis­clai­mer: Die hier an­ge­bo­te­nen Bei­trä­ge die­nen aus­schließ­lich der In­for­ma­t­ion und stel­len kei­ne Kauf- bzw. Ver­kaufs­em­pfeh­lung­en dar. Sie sind we­der ex­pli­zit noch im­pli­zit als Zu­sich­er­ung ei­ner be­stim­mt­en Kurs­ent­wick­lung der ge­nan­nt­en Fi­nanz­in­stru­men­te oder als Handl­ungs­auf­for­der­ung zu ver­steh­en. Der Er­werb von Wert­pa­pier­en birgt Ri­si­ken, die zum To­tal­ver­lust des ein­ge­setz­ten Ka­pi­tals füh­ren kön­nen. Die In­for­ma­tion­en er­setz­en kei­ne, auf die in­di­vi­du­el­len Be­dür­fnis­se aus­ge­rich­te­te, fach­kun­di­ge An­la­ge­be­ra­tung. Ei­ne Haf­tung oder Ga­ran­tie für die Ak­tu­ali­tät, Rich­tig­keit, An­ge­mes­sen­heit und Vol­lständ­ig­keit der zur Ver­fü­gung ge­stel­lt­en In­for­ma­tion­en so­wie für Ver­mö­gens­schä­den wird we­der aus­drück­lich noch stil­lschwei­gend über­nom­men. Die Mar­kets In­side Me­dia GmbH hat auf die ver­öf­fent­lich­ten In­hal­te kei­ner­lei Ein­fluss und vor Ver­öf­fent­lich­ung der Bei­trä­ge kei­ne Ken­nt­nis über In­halt und Ge­gen­stand die­ser. Die Ver­öf­fent­lich­ung der na­ment­lich ge­kenn­zeich­net­en Bei­trä­ge er­folgt ei­gen­ver­ant­wort­lich durch Au­tor­en wie z.B. Gast­kom­men­ta­tor­en, Nach­richt­en­ag­en­tur­en, Un­ter­neh­men. In­fol­ge­des­sen kön­nen die In­hal­te der Bei­trä­ge auch nicht von An­la­ge­in­te­res­sen der Mar­kets In­side Me­dia GmbH und/oder sei­nen Mit­ar­bei­tern oder Or­ga­nen be­stim­mt sein. Die Gast­kom­men­ta­tor­en, Nach­rich­ten­ag­en­tur­en, Un­ter­neh­men ge­hör­en nicht der Re­dak­tion der Mar­kets In­side Me­dia GmbH an. Ihre Mei­nung­en spie­geln nicht not­wen­di­ger­wei­se die Mei­nung­en und Auf­fas­sung­en der Mar­kets In­side Me­dia GmbH und de­ren Mit­ar­bei­ter wie­der. Aus­führ­lich­er Dis­clai­mer