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Westwing Group SE (von NuWays AG): BUY 07.08.2026, 09:00 Uhr von EQS Research Jetzt kommentieren: 0

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Westwing 14,05 EUR ±0,00 % Lang & Schwarz

Original-Research: Westwing Group SE - from NuWays AG

07.08.2026 / 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 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 € 127m and revenue up 14% to € 113m. The drivers were the ongoing successful country expansion, especially with the recent UK launch (International GMV grew 22%, revenue +19% yoy € 54.0m), new store openings and well performing sales events in Germany (DACH GMV grew 9%, revenue +10% yoy to € 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 € 5.4m (4.8% margin, -1.5pp yoy) was burdened by a 2.6pp increase of the fulfilment ratio. Roughly 1pp (some € 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 € 470-495m (5-10% growth. eNuW old: € 475m) and adj. EBITDA of € 36-48m (eNuW: € 42m). With H1 revenue of € 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: € 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 € 16m qoq to € 68m (+ € 18m yoy) and FCF was € -9.4m (Q2 25: € -4.5m), driven by a € 9.5m stock option settlement plus € 3.5m of buybacks. Two thirds related to pre-2020 legacy programmes struck at € 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 € 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 € 23.50 PT (DCF).

You can download the research here: westwing-group-se-2026-08-07-previewreview-en-69758
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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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

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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