Märkte & Kurse

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Original-Research: Westwing Group SE - from NuWays AG

10.02.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Westwing Group SE

     Company Name:                Westwing Group SE
     ISIN:                        DE000A2N4H07

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 23.5
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr

UK market entry around the corner

Last year, Westwing's European expansion gained significant momentum as the
company entered ten new countries, the driver behind the International
segment's 11% sales growth (Q3 '25). As per its mid-term target to achieve
roughly full European coverage, the company looks set to launch its business
in the UK shortly, in our view.

UK, a market with high potential. Based on various industry sources, we
estimate the UK Home & Living market at approximately EUR 20bn, representing
around 15% of total Home & Living spend across Westwing's existing markets
of EUR 150bn, excluding the UK. This constitutes a sizeable addressable
opportunity relative to Westwing's current scale. Beyond its large
addressable market, the UK stands out for its exceptional online
penetration. With e-commerce representing ~30% of total retail sales and
~87% of internet users shopping online, the country ranks among the top five
e-commerce markets worldwide, offering a fertile backdrop for Westwing's
digital-first model.

Although the expansion into the UK will require a differentiated approach
given product specifications, logistic complexity, and the country's non-EU
status, we view it as a compelling opportunity given the market's size
relative to other European countries. The looming UK entry will mark a
significant step in Westwing's long-term growth trajectory and could serve
as a blueprint for future overseas expansion, in our view.

Shareholder friendly capital allocation. Last week, Westwing announced the
decision to cancel existing 1.25m treasury shares. Further, management
decided to launch an additional share buyback program with a target volume
of up to EUR 8m (max. 700k shares) supported by the company's strong net cash
position (EUR 89m) and ongoing operational improvements, particularly visible
in free cash flow generation.

In sum, Westwing makes for a textbook example of a successful turnaround.
Thanks to its strategic shift, the company is able to show profitable growth
with strong cash generation against challenging end markets supporting the
ongoing re-rating of the shares (+47% YTD). In spite this, valuation still
remains attractive with shares trading at a mere 3.7x FY26e EV/adj. EBITDA.

We reiterate our BUY rating and keep WEW in our AlphaList with an unchanged
EUR 23.50 PT based on DCF.


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Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
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Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2273768 10.02.2026 CET/CEST

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