Original-Research: NanoRepro AG (von NuWays AG): BUY
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Original-Research: NanoRepro AG - from NuWays AG
19.06.2026 / 09:00 CET/CEST
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Classification of NuWays AG to NanoRepro AG
Company Name: NanoRepro AG
ISIN: DE0006577109
Reason for the research: Update
Recommendation: BUY
Target price: EUR 4.3
Target price on sight of: 12 months
Last rating change:
Analyst: Sarah Hellemann
Converting its CGM-distribution license into an equity stake
Yesterday, NanoRepro announced the conversion of a distribution license
covering a CGM-technology of FiberSense into a financial
asset. Our take on this development in detail:
Introducing FiberSense's and its CGM technology. FiberSense is a health care
technology company, developing continuous glucose monitoring (CGM)
technology, which collects data on a user's glucose level through sensors
and passes it on to smart phones or insulin pumps. Methods of this type have
effectively replaced traditional blood sample approaches and are already the
standard of care for type I diabetic patients in Germany.
The addressable market is highly attractive, anticipated to grow at a 15.4%
CAGR from approx. $ 15.3 bn in 2026 to $ 31.4 bn in 2031, according to
Mordor Intelligence. Importantly, FiberSense received the CE certification
for its CGM system on June 10, 2026, which materially lowered its risk
profile and validated years of product development efforts. The commercial
market entry now looks significantly closer and provides further upside
potential to FiberSense's value.
License conversion and bridge financing granted. With the CE certification
now granted and the way to market introduction paved for the product,
NanoRepro has agreed to exchange the distribution license acquired at the
price of EUR 3m in 2021 for an equity stake in FibreSense. Additionally,
NanoRepro provided a EUR 1m convertible bond to aid its stake in bringing the
product to the market. In our opinion, the commercial launch should follow
in approximately one year (eNuW).
Potential value creation. Given NanoRepro's long-standing involvement with
FibreSense since its early development phase, we believe the conversion
terms may have been negotiated on favorable conditions. While details of the
transaction valuation have not been disclosed, recent financing rounds and
transactions involving peer companies at comparable stages of development
have ranged between EUR 70m and EUR 140m. Applying these benchmarks at a mid- to
high-single-digit stake assumption (eNuW) would imply a conservative
indicative value of approx. EUR 6-10m (eNuW), compared with a total
contribution of EUR 4m, including the EUR 1m convertible loan. This suggests
potential value creation from the transaction.
Transaction rationale. We view the transaction positively, as it offers
NanoRepro the opportunity to continue to benefit from the attractive
commercial opportunities of the equity stake, while creating additional
flexibility for FibreSense to pursue distribution channels more ideally
suited to the medical product. Pending greater visibility on the final
equity stake, commercialization strategy and commercial ramp-up, with
FibreSense still at the pre-revenue stage, we leave our estimates and
valuation unchanged. Nevertheless, the transaction highlights the potential
for meaningful value creation should FibreSense achieve a valuation and
commercial profile comparable to those of its peers. Based on our estimates,
the implied value of the stake could correspond to approx. 7-25% of
NanoRepro's current market capitalization, suggesting potentially
significant embedded value.
Looking forward, we expect NanoRepro to maintain its strategic focus on
growing its multi-brand consumer health platform. This growth is seen to be
particularly driven by organic sales growth of Paedi Protect and newkee/DKW
in the short-term. Given the right opportunity and commercial progress, we
may also see further progress on NanoRepros clear and proven inorganic
growth strategy from increases in existing equity stakes (i. e. through the
majority option on hyped about science) and bolt-on acquisitions.
We maintain BUY at an unchanged PT of EUR 4.3.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=5cedab4ed977b96dfe851b8215f7e849
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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2349510 19.06.2026 CET/CEST
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