Original-Research: SYNBIOTIC SE (von NuWays AG): Under review
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Original-Research: SYNBIOTIC SE - from NuWays AG
24.08.2026 / 09:00 CET/CEST
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Classification of NuWays AG to SYNBIOTIC SE
Company Name: SYNBIOTIC SE
ISIN: DE000A3E5A59
Reason for the research: Update
Recommendation: Under review
Target price: Under review
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Portfolio unwound; rating placed Under Review
SYNBIOTIC's investment case has changed fundamentally after a wave of
insolvencies and liquidations across the portfolio. What began with the
Bushdoctor (Austria) insolvency in December 2025 has widened sharply with
Hempro International, SOLIDMIND Group and Lean Labs Pharma, alongside the
wind-down of the hemp food and feed activities (HANF FARM ceasing
operations, Hemp Factory). The common trigger was falling CBD and hemp
demand plus regulatory uncertainty, prompting the parent to halt intra-group
funding to protect its remaining liquidity. After this clean-up, the
operating base is smaller but should also come with a notably reduced
fix-cost base (eNuW).
A far narrower core. Going forward, resources concentrate on WEECO Pharma
(medical cannabis), alongside MH medical hemp and the Croatian isolate
manufacturer Ilesol. Mind you, the latter two remain largely CBD /
hemp-extract businesses. Hence, WEECO is in practice the single genuinely
de-risked pillar, in our view.
WEECO the key asset. WEECO Pharma (eNuW: ~ 90% of our FY26e sales
estimates), a German importer and wholesale platform connecting
international medical-cannabis producers, several of them EU-GMP
manufacturers, it sits in the structurally growing, regulation-driven end of
the market rather than the CBD side that dragged the other units under. Its
pharma-oriented, GMP-track profile offers a more defensible margin and a
clearer route to scale once the end-market revitalizes (burdened by
over-supply following regulatory changes/uncertainty).
Operational base eroded, debt weighs. With most potentially revenue- and
cash-generating subsidiaries removed, the group now almost entirely relies
on WECCO. While we regard the reset as strategically sensible, i.e. cutting
structurally loss-making units lowers recurring cash consumption and sets up
a leaner, more focused group, it also raises balance-sheet, liquidity and
execution risk, and leaves the equity story dependent on WEECO. Mind you,
the German medical cannabis market, especially for value-oriented product
groups, is still challenging.
Conclusion: Given the uncertainty around the group structure, the
crystallising impairments, remaining liquidity and the path to a sustainable
model, we place our rating and price target UNDER REVIEW pending audited
accounts and clarity on funding.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=9d250c73f04389f51de2980808212a7c
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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2387160 24.08.2026 CET/CEST
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