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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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