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

Original-Research: mVISE AG - from NuWays AG



14.04.2026 / 09:00 CET/CEST
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Classification of NuWays AG to mVISE AG



     Company Name:                mVISE AG
     ISIN:                        DE000A0KE043



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 10.5
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald



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. EUR
3.0m at a recurring EBITDA of EUR 1.2-1.5m for mVISE. The aggregate stake
values are estimated at EUR 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. EUR 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 EUR 10.50 based on DCF.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=ed8f3ce2b152ce5253a8baabe4c1f113
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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2307666 14.04.2026 CET/CEST