Original-Research: mVISE AG - from NuWays AG
Classification of NuWays AG to mVISE AG
Buy & Build to gain momentum Yesterday, management announced it has entered into concrete negotiations to acquire minority stakes in three independent, software-centric companies. The announcement marks a pivotal step in mVISE's transformation from a restructured software developer into an operative Buy & Build platform, precisely the catalyst we have been flagging as the key near-term value driver in our latest updated. According to the release, the three targets operate independently from one another and are well-positioned in their respective niches. One is already German market leader in its end-customer segment, the second is one of the leading players in the Ad-Tech space operating a specialised SaaS platform, and the third operates a proprietary cloud e-commerce platform covering all processes for digital commerce, holding a leading position in the merchandising market. Targeted stakes range from slightly above 10% to just below 30% and are explicitly intended as a starting point, with management targeting full consolidation over time and an uncontested market leadership position in Germany. In line with mVISE's central approach, which distinguishes it fundamentally from purely financially-driven serial acquirers, the company plans to actively contribute to software development, sales support and administrative consolidation at all three targets. Management also intends to take on leadership roles within the target companies. The combined operational contribution is expected to generate annual revenues of c. € 3.0m at a recurring EBITDA of € 1.2-1.5m for mVISE. The aggregate stake values are estimated at € 8-12m, which we view as absolutely reasonable multiples (7.4x EV/EBITDA at mid-point) for software centric companies. The total addressable revenue base across all three targets stands at c. € 40m according to management. Despite this, we leave our estimates unchanged as we do not include any M&A contribution in our model until transactions are formally closed. Hence, successful completion would represent upside to our forecast and PT. At 12.2x FY26e EV/EBITDA, the current valuation does not yet reflect the strategic optionality embedded in the Buy & Build platform. We hence reiterate BUY with an unchanged PT of € 10.50 based on DCF. You can download the research here: mvise-ag-2026-04-14-update-en-0c0c1 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 ++++++++++ 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. ++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||
2307666 14.04.2026 CET/CEST
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