NuWays AG: mVISE AG | Rating: Buy

Classification of NuWays AG to mVISE AG

Company Name:	mVISE AG
ISIN:	DE0006204589
Reason for the research:	Update
Recommendation:	Buy
from:	26.09.2025
Target price:	EUR 1.30
Target price on sight of:	12 months
Last rating change:
Analyst:	Philipp Sennewald

H1'25: Strong margin improvements despite weaker top-line

• H1 EBITDA comes in at € 0.5m, implying a 16.5% margin
• Successful bond refinancing at favourable conditions

H1’25 sales came in at € 3.1m (eNuW: € 3.9m), representing a 34% yoy decline caused by (1) the
reorganization of the business model (i.e. reducing workforce to achieve improved utilization + active
discontinuation of low-margin projects) as well as current market weakness leading to reduced order
volumes by clients.

Remarkably, profitability even improved on the other hand. H1’25 EBITDA came in at € 0.5m
(eNuW: € 0.6m), implying a strong margin uplift to 16.5% (+6.6pp yoy). This comes on the back of
the successful restructuring, which led to a leaner cost base especially concerning personnel (-59%
yoy), improved production control, and the transition from a pure project-driven IT service provider to
a software-focused business model with recurring revenues.

Against this backdrop, adj. FCF (excl. gains from waiver of receivables in connection with repayment
of bank liabilities) arrived at € 0.4m (H1’24: € -0.03m), thus indicating strong earnings quality amid a
76% cash conversion.

While management did not make any specific comments on the FY guidance, we regard this as a
confirmation of the € 1.3m EBITDA target, in line with our updated estimates. In our view, this looks
plausible considering an improved top-line development in H2 (eNuW new: € 3.8m) as well as further
efficiency gains.
Successful refinancing. Following the refinancing of its bank debt in Q1’25, mVISE has now also
successfully reallocated its 22/26 convertible. Furthermore, a legally secured option was established
to extend the bond’s maturity to 2030, with an increased strike of € 1.85 and the coupon remaining at
an attractive 4.5% - a structure we consider highly favorable for the company. Importantly, in this
case mVISE would have no major debt maturities in the next four years, enabling management to
fully focus on the planned business transformation.

Capital reduction. At last week’s EGM, shareholders approved the previously announced capital
reduction via a reverse stock split (10:1 ratio). On this basis, management intends to carry out a cash
capital increase with subscription rights, followed by a private placement, for which new investors
already expressed interest, according to management.

Contingent upon the success of the capital measure, mVISE is an a strong position to further
transform the business into an active investment platform, pursuing a Buy & Build strategy. Initial
transactions will likely involve minority stakes, with the goal of combining risk control with the
continued involvement of existing shareholders. Unlike traditional serial acquirers, mVISE intends to
pursue a central, hands-on approach, actively supporting its portfolio companies to accelerate
organic growth and create synergies. First acquisition discussions are already underway, and
management expects to complete initial transactions within FY25.

Reiterate BUY with an unchanged PT of € 1.30 based on DCF.

 

You can download the research here: 22ff124e-5923-4307-8726-96e44f30d379-en-1758866527491
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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.

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