Original-Research: NanoRepro AG (von NuWays AG): BUY
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Original-Research: NanoRepro AG - from NuWays AG
07.09.2026 / 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 4.4
Target price on sight of: 12 months
Last rating change:
Analyst: Sarah Hellemann
New revenue guidance reinforces growth trajectory; chg. est.
Ahead of its AGM today, NanoRepro published group revenue guidance for the
short-, medium- and long-term on Friday, providing greater visibility on the
expected growth trajectory of its multi-brand health platform. In detail:
FY26 guidance confirms double-digit growth. Management guided for ~ EUR 18m in
revenue, slightly below our projection of EUR 19m (eNuW), but still confirming
solid double-digit growth of ~ 12.5% yoy. Growth is expected to be largely
organic, as the current inorganic contribution from ALPHABIOL should remain
modest at ~ EUR 0.2m (eNuW) in FY26e.
FY28 guidance slightly beats our expectations. Management expects ~ EUR 28m in
revenue in FY28, slightly above our estimate of EUR 27.1m (eNuW). Based on
FY25 sales of EUR 16m, this implies a strong ~ 20.5% CAGR (FY25e-FY28e),
compared to 19.2% CAGR embedded in estimates. Importantly, the guidance
confirms the strong medium-term growth trajectory of the current product
portfolio despite the slightly softer-than-expected growth anticipated for
FY26.
FY30 guidance suggests additional M&A optionality. The long-term revenue
target of EUR 40m exceeds our current estimate of EUR 35.5m (eNuW) by EUR 4.5m.
While management has not provided a split between organic and inorganic
growth, we expect the majority of the targeted increase to be organically
driven. But given NanoRepro's track record of adding new brands to its
platform and management's repeatedly highlighted acquisition ambitions, we
expect this to include ~ EUR 2-3m (eNuW) of revenue from future M&A.
Notably, at its AGM NanoRepro is seeking shareholder approval for an
additional EUR 1.9m in authorized capital, which would bring total authorized
capital to EUR 7.1m, equivalent to 50% of its current share capital.
Importantly, the authorization explicitly allows shares to be issued as
consideration for acquisitions, providing additional flexibility to pursue
opportunistic M&A. Hence, we view the EUR 40m target as combining a stronger
organic growth trajectory with additional M&A optionality.
Adjusting our forecast to reflect the stronger mid- to long-term growth
outlook. Taking into account the slightly softer near-term growth implied by
the company's FY26 guidance, but stronger mid- to long-term growth
trajectory, we adjust our revenue forecasts accordingly. We lower our FY26e
revenue estimate to EUR 18.1m (eNuW; previously EUR 19m) while raising our
forecasts to EUR 28m (eNuW; previously EUR 27.1m) in FY28e and EUR 37m (eNuW;
previously EUR 35.5m) in FY30e.
New guidance reinforces positive expectations for the current portfolio.
Despite slightly softer growth in FY26, the new guidance provides greater
visibility on NanoRepro's medium- to long-term growth trajectory, with the EUR
40m FY30 target implying a strong ~ 20% sales CAGR from FY25. Our revised
estimates remain somewhat more conservative, as they currently reflect
organic growth only, implying a ~ 18% CAGR to EUR 37m in FY30e, while
potential future acquisitions provide additional upside. Overall, we view
the new guidance as supportive of NanoRepro's investments case. We reiterate
BUY at an unchanged PT of EUR 4.40, based on DCF.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=d568cf2288b0e53b7c3ac519f5520a17
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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2394650 07.09.2026 CET/CEST
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