Original-Research: AnchorCore SE (von NuWays AG): BUY
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Original-Research: AnchorCore SE - from NuWays AG
25.09.2026 / 09:00 CET/CEST
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Classification of NuWays AG to AnchorCore SE
Company Name: AnchorCore SE
ISIN: LU2358378979
Reason for the research: Update
Recommendation: BUY
Target price: EUR 4.6
Target price on sight of: 12 months
Last rating change:
Analyst: Sarah Hellemann
Q2e 26: Anchoring on new name, same transformation in motion
AnchorCore SE (formerly learnd SE) will release its H1 26 report on
September 30th. We expect a solid performance from learnd UK and Ireland
while AnchorCore remains in transformation, including the holding name.
Anchoring the transformation with a new holding name. On July 7th, the
holding announced its renaming into AnchorCore SE, while its 49.5% stake in
learnd UK and Ireland Group (legally learnd Atlas Ltd.) retained its name.
We view this as a clear signal formalizing the strategic shift following the
sizeable MBO of 50.5% of learnd UK and Ireland Group to the founders.
The rebranding accomplishes two things: It allows AnchorCore SE to
differentiate itself from the learnd operating brand and it emphasizes the
strategic flexibility for future acquisitions of equity stakes with
potential to leverage its key expertise to act as an incubator to young
firms.
For its 49.5% equity stake in learnd UK and Ireland we anticipate the
following development:
H1 sales of learnd UK and Ireland are seen to grow by 14.5% yoy to EUR 34m. To
recap, approximately 80% of revenues are recurring, providing a stable
commercial base largely independent of short-term economic developments.
Furthermore, the company is actively expanding its market share in UK and
Ireland, from which we expect strong additional gains. While the current
construction environment proved challenging in H1 with yoy falling
construction output in UK in every month (source: Trading Economics), we
expect project-based growth to come in only moderately stronger. For Q2 26,
this implies sales of EUR 17.2m (eNuW).
H1 adj. EBITDA of learnd UK and Ireland is seen to accelerate significantly
by 96.8% to EUR 5.1m, at a margin of 15%. Mind you, in Q1 26 adj. EBITDA
already came in at EUR 2.9m at a strong margin of 17.3%. Following this strong
margin mix at the start of the year, we assume the margin to come in at a
normalized and healthy 12.8% in Q2, implying an adj. EBITDA contribution of
EUR 2.2m (eNuW).
For AnchorCore we expect no cash inflows from its stake just yet, while
operating cost of EUR 1.8m (eNuW) in H1 look set to reduce the cash base. This
reflects a large part of its administrative cost base typically incurred
early in the year.
Looking ahead, further steps in a gradual transformation of AnchorCore into
an incubator for companies operating in facility management and
environmental services should follow. In the mid-term AnchorCore looks
likely to capture potential with portfolio additions. learnd Atlas Ltd. is
seen to raise margins by 1pp per year with scaling and operational
improvements. Based on the sum-of-the-parts approach, containing the
49.5%-stake in learnd UK and Ireland, the Net Cash base reduced by the
operating costs to EUR 1m (eNuW) and a holding discount of 10%, we confirm
BUY, but slightly lower our estimated fair value to EUR 4.6 (previously EUR
4.8).
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=48733b6a5021231477c4e7da58355e85
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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2405274 25.09.2026 CET/CEST
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