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Original-Research: MWB AG - from NuWays AG
29.01.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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Classification of NuWays AG to MWB AG
Company Name: MWB AG
ISIN: DE000A4032H1
Reason for the research: Update
Recommendation: HOLD
Target price: EUR 65
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Time to return to profitable growth; PT UP
Following a solid H1 25, the company should have been able to build on that
success. In detail, we expect MWB's FY25e sales to come in at some EUR 12.9m
(+31% yoy) thanks to a revival of the secondary luxury watch market. In
fact, since mid H1 of last year price indices of the company's most sold
brands (Rolex, Patek Philippe and Audemars Piguet) have been on the rise
following roughly 2.5-3 years of a gradual decline, weighing on customers
willingness to purchase those watches. With this, MWB would outperform its
FY25 sales guidance of EUR 12m.
FY25e EBITDA should have notably improved to EUR 210k following a EUR 430k loss
in FY24, which was burdened by several IPO related one-off expenses.
Following insignificant D&A, financial result and taxes, net income should
have turned positive at EUR 174k (eNuW), showing that MWB now shows profitable
operations, following previous loss-making years.
Beyond 2025, profitable growth is set to continue. For 2026 and beyond, we
expect MWB to stay on a profitable growth track with sales to rise by 12%
p.a. (EUR 16m by FY27e). This is seen to be carried by the grown customer base
(incl. return customers), a further improving average selling price as well
as planned cooperations.
More importantly, the bottom line is seen to improve disproportionately due
to the absence of one-off expenses, internal process optimization (incl.
automation), a continuously lean operational set up and a favourable
commission development. By 2027e, EBITDA looks set to reach EUR 600k (eNuW).
In sum, MWB should have well passed the operational trough of FY24,
reflected by the strong recovery in FY25, laying the foundation for
continued profitable growth during the next few years.
We reflect our updated estimates in our DCF valuation, leading to a slightly
higher PT of EUR 65 (old: EUR 63) with an unchanged HOLD recommendation. -change
of analyst-
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=6d442f0c7c453e3bf5b7d62b09687e8c
For additional information visit our website:
https://www.nuways-ag.com/research-feed
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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2267774 29.01.2026 CET/CEST
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