Original-Research: FINEXITY AG (von NuWays AG): BUY

Original-Research: FINEXITY AG - from NuWays AG



03.11.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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Classification of NuWays AG to FINEXITY AG



     Company Name:                FINEXITY AG
     ISIN:                        DE000A40ET88



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 16
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr



CMD: Four brands, one ledger - the roadmap becomes measurable



At its first Capital Markets Day in Frankfurt, FINEXITY presented a new
organisational set-up and, for the first time, financial targets per
business unit. Together with the Q3 figures, the event provides a clear
framework to track the build-out towards the regulated DLT trading and
settlement system (DLT-TSS) targeted for 2028. In detail:



Value chain now mapped onto four brands. The group now operates under four
brands. Each covers one step of the chain from issuer to investor, and each
has its own 2026e forecast and mid-term target (3-5 years):



  * nolivius - the issuance engine. nolivius structures and issues tokenised
    bonds, equity and funds; every mandate is to end up listed on Nundara.
    For 2026e, management expects revenue of EUR 2.1-2.3m (c. 80% advisory and
    structuring) and EBITDA of EUR -0.3m to EUR -0.1m, with positive EBITDA
    already in H2. The mid-term target is >EUR 10m revenue at a 35-40% EBITDA
    margin. Roughly half of that is to come from recurring issuer and asset
    management fees and Nundara software. Transformation mandates for banks
    and asset managers double as a sales channel for the infrastructure.



  * Nundara - the infrastructure core. Nundara covers tokenisation,
    register, trading and settlement. Today it runs a DLT-OTC bulletin board
    with 300+ tokenised bonds. From 2028, it is to operate a regulated
    DLT-TSS in the EEA plus a second venue in the UAE. 2026e revenue is
    guided at EUR 0.3-0.5m, with EBITDA of EUR -2.2m to EUR -2.0m. The mid-term
    target is >EUR 25m revenue at a 50-55% margin, excluding any white-label
    income. Listing fees are to rise from c. EUR 0.1m to >EUR 20m, or c. 80% of
    mid-term revenue. With a c. 85% gross margin and a stable cost base of
    c. EUR 1.1-1.3m per half-year, operating leverage should be substantial
    once volumes come through.



  * Effecta - the revenue base, levered on margin. Effecta is the liability
    umbrella for 45+ tied agents, with c. EUR 100m p.a. primary-market volume;
    the acquisition of 90.1% is still pending BaFin ownership control. 2026e
    revenue is expected at EUR 6.5-7.0m with EBITDA of EUR 0.1-0.2m, as most
    commissions are passed on to the agents (gross margin c. 10%). The
    mid-term target is >EUR 25m at an 8-10% margin. The lever is margin rather
    than volume: once Effecta operates the distribution infrastructure on
    Nundara technology, a larger share of commissions is to stay in-house,
    lifting the gross margin to c. 20%.



  * VolksInvest - capital-light distribution. The retail app launched in May
    2026 and currently brokers tokenised bonds. It is to become the group's
    online broker and single investor brand, bundling all investors incl.
    FINEXITY Invest and Crowdli. Investors are acquired via the EGRO
    newspaper group (c. 70 weeklies, up to 10m readers), which is paid via
    revenue share. As a result, the marketing ratio is planned to fall from
    30-65% of revenue to below 3%. For 2026e, management expects EUR 0.1-0.2m
    revenue and EBITDA of EUR -1.1m to EUR -1.0m; the mid-term target is >EUR 10m
    at a 15-20% margin.



Nundara carries the value, Effecta the revenue. Today, Effecta generates c.
70% of group revenue and Nundara a mere c. 4%. On the mid-term targets, the
earnings picture shifts decisively: at midpoint margins, Nundara would
contribute c. EUR 13m, or roughly 60%, of an implied group EBITDA of c. EUR 21m.
Combined, the four brand targets match the >EUR 70m guided for the group, and
the implied margin of c. 30% sits at the upper end of the 25-30% range. -
continued -



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=ccf7b47c07732f321db2ce68ebcd90ed
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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2427120 03.11.2026 CET/CEST