Endlos Turbo Long 11,2174 open end: Basiswert Westwing Group

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Original-Research: Westwing Group SE - from NuWays AG

07.10.2026 / 09:00 CET/CEST

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Classification of NuWays AG to Westwing Group SE

Company Name: Westwing Group SE

ISIN: DE000A2N4H07

Reason for the research: Update

Recommendation: BUY

Target price: EUR 23.5

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

Conference feedback: Successfully sailing through tough markets

Following the recent share price weakness, we see roughly 100% upside at

current levels. Impressions at our conference in Paris confirm our bullish

view on the case. In detail:

Growing international presence. After entering the Baltic states (Estonia,

Latvia and Lithuania) at the end of July, the company has now also launched

in Ireland and Bulgaria, bringing its European presence to 28 countries. The

step-by-step rollout fits the asset-light, platform-based approach of

serving new markets from the existing logistics and sourcing set-up, rather

than building local infrastructure. While the incremental revenue

contribution is likely small, it clearly underpins the successful execution

of the company's strategic transformation.

UK ramp-up going well. In March, Westwing entered the UK with a local online

store and a curated assortment. Traction seems to quickly build up. To

further support the launch, the company recently announced a collaboration

with Victoria Beckham (launch on Oct 12th), building on its existing ties to

the designer. We see the partnership as a way to significantly raise brand

awareness in a market where Westwing is still largely unknown, and the UK

remains one of the more important markets to watch for the international

growth story. Mind you, we estimate the UK Home & Living market at around EUR

20bn, representing roughly 15% of Westwing's existing addressable market,

making this by far the largest single market addition in the company's

history.

Current trading. Sales are tracking in the upper half of the guidance range,

with Westwing continuing to gain market share, especially internationally,

where the company is in the midst of ramping up recent country launches. In

DACH, consumer sentiment in Germany remains challenging, largely unchanged

versus Q2, and still weighs on KPIs (e.g. lower AOVs) in the key market.

Store openings should partially offset those headwinds. At the same time,

ongoing marketing investments in the UK weigh on profitability. We expect

the FY adj. EBITDA margin to decline by 1.2pp yoy to 8.6% (eNuW), reflecting

the challenging home market as well as deliberate growth investments of c. EUR

10m, with the UK being the largest one, next to further store openings. In

our view, the mid-point of the adj. EBITDA guidance should still be within

reach.

Valuation remains highly attractive. At a mere 4.8x FY26e EV/adj. EBITDA,

valuation remains undemanding for a business with this quality and

trajectory. Westwing combines sustainable growth with good and increasing

profitability and a strong balance sheet (EUR 90m net cash at YE). The UK and

the newly entered markets add further growth options, while the successful

turnaround and management's consistent delivery of the value creation plan

underpin our conviction in the investment case. We confirm our BUY rating

with an unchanged PT of EUR 23.50, based on DCF.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=f06973402acbec3846faed8ffa12a77b

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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2411520 07.10.2026 CET/CEST

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