Original-Research: NanoRepro AG (von NuWays AG): BUY

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. € 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. € 12m total, valuing the acquired stake at € 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 € 0.4m (eNuW) in FY26e and € 3.1m (eNuW) in FY27e. However, building the brands ALPHABIOL and newkee comes with high promotional expenses of some € 4m (eNuW) of which the majority is seen to fall into FY27e. newkee also contributes its own workforce with current personnel expenses of € 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 € 4.4, based on DCF.

You can download the research here: nanorepro-ag-2026-10-05-update-en-930f3
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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