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

Original-Research: LAIQON AG - from NuWays AG



12.08.2026 / 09:00 CET/CEST
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Classification of NuWays AG to LAIQON AG



     Company Name:                LAIQON AG
     ISIN:                        DE000A12UP29



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 8.50
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller



Q2 review: EBITDA turns positive



LAIQON turned EBITDA positive in Q2 for the first time in years and Digital
Wealth is scaling fast enough to significantly move group AUMs. Both AuM and
sales grew sequentially without acquisition support, highlighting an
increasing growth pace. In detail:



AuM increased 13% qoq to EUR 11bn. While Digital Wealth is only c. 12% of
group AuM, it contributed c. 45% of H1 net AUM growth. In fact, LAIC's white
label funds more than doubled vs. beginning of the year and July gross
inflows stood at EUR 106m, which should be seen as a monthly inflow run-rate
going forward. The EUR 12bn year-end target needs another EUR 0.7bn in five
months (August 7: AUMs at EUR 11.3bn), which appears to be broadly achievable
with Digital Wealth contributions alone.



Q2 sales rose 23% qoq to EUR 12.8m. Digital Wealth had the highest growth rate
at +114% qoq to EUR 1.4m thanks to ongoing net inflows. At the same time,
Asset Management added EUR 1.3m qoq to EUR 8.57m, while Wealth Management
declined EUR 0.2m qoq to EUR 1.8m. Alongside cash inflows, the strong equity
market developments should have helped as well.



Q2 EBITDA arrived at EUR 1.1m, implying a EUR 2.4m qoq improvement, with higher
one-off items (EUR 1m higher qoq restructuring expenses; EUR 0.7m qoq M&A
gains). The Q2 EBITDA margin stood at 8.4%, up c. 22pp qoq, partially driven
by a lower personnel cost base.



FY guidance confirmed. Reaching the lower end requires EUR 29.8m of H2 sales
after EUR 23.2m in H1, which appears to be no walk in the park albeit doable
(eNuW). Similarly, the Q2 EBITDA step-up suggests the operating leverage and
cost control are in place to reach the lower-end of the EBITDA guidance as
well (EUR 4.5m). The AI ETF with Amundi is scheduled to launch on August 18
and should add to Digital Wealth inflows, while WertAnlage now covers over
100 co-operative banks, c. 25% of the target universe.



On financing, a EUR 10.7m debt-to-equity swap at EUR 6.25 per share is reflected
in c. 7% more shares outstanding, explaining our EPS estimate adjustment and
the new PT. Still, as part of a larger financing overhaul, total debt
unlikely to decline this year. Net debt is to be reported with the detailed
H1 report on August 28, which is said to also cover a strategy update on the
mid-term growth ambition.



In sum, Q2 shows LAIQON more than covering its operating cost base for the
first time in a while. Digital Wealth is developing into a meaningful group
growth engine, with strong organic inflows increasingly driving AuM and
recurring sales across a scalable platform. Combined with the leaner
personnel cost base, further distribution via Amundi and the expanding
WertAnlage network should translate continued AuM growth into rising
profitability.



BUY, PT EUR 8.50 (old: 8.80), based on DCF.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=8e5b7ea69c07cc61156d022fc753cdd4
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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