On Tuesday, NanoRepro announced it acquired the remaining 67% of hyped about science GmbH, in which it previously held 33% as an equity stake. In detail:
ALPHABIOL under a clearer structural umbrella. Going forward, the ALPHABIOL brand will sit in the now fully owned hyped about science GmbH, which is to be renamed ALPHABIOL GmbH. This gives NanoRepro a dedicated legal vehicle in which to develop its nutritional elixirs brand independently of the group's other activities and to position it as a distinct pillar of the business, on FY25 revenues of € 0.5m (eNuW) and an 8.6% CAGR through FY30 (eNuW).
Transaction rationale. ALPHABIOL had been migrated out of NanoRepro into the hyped about science ecosystem in Q1 26 in order to be combined with a second luxury-oriented product (Phlas). The current step reverses that logic and separates the two brands again, allowing each to be run under a cleaner, independent strategy.
NanoRepro acquired the remaining equity stake in hyped about science GmbH, which includes € 1.0m of capital held within the company, which includes the ALPHABIOL brand and products (eNuW: € 2.5m total value). For this, NanoRepro paid € 25k and transferred the Phlas brand and associated product to terraplasma GmbH (previous co-owner of hyped about science). Importantly, the terms imply no write-down of asset value at NanoRepro.
Three consolidated pillars. NanoRepro will hence rest on three clearly defined pillars: rapid testing kits, PAEDIPROTECT and ALPHABIOL. These are complemented by the c. 44% stake in DKW (newkee) and an assumed mid- to high-single-digit stake in FibreSense (eNuW; figure not published). Reflecting the consolidation of hyped about science GmbH from FY26e, we now expect group sales of € 19m (up 18.7% yoy) and EBITDA of € -0.3m, a notably improvement compared to € -1.7m in FY25e (eNuW).
Beyond the portfolio work, we expect management to keep its focus on scaling the multi-brand consumer health platform while extracting internal efficiencies, notably the finance and back-office harmonization planned from Q4 26 under incoming CFO Mike Eckel and the centralization of logistics in Kirchhain. In our view, this supports the expected lift in the EBITDA margin from -11% in FY25 (eNuW) to 5% in FY27e (eNuW).
Maintaining BUY at a PT of € 4.40, based on DCF.
ISIN: DE0006577109
