Märkte & Kurse

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Original-Research: LAIQON AG - from NuWays AG

16.03.2026 / 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 9.1
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller

WertAnlage distribution gains traction, chg.

2026 should mark LAIQON's transition from build-up to growth and
profitability. After several years of platform build-out and product
development, the operational base appears largely established. The focus is
now on monetising existing capabilities and translating this growth into
sustainable profitability thanks to operating leverage.

The caveat upfront: 2025 looks set to have ended below our prior
expectations, as most recent AUM information suggests that the digital
wealth segment did not ramp up as expected. Moreover, while financial
leverage increases equity sensitivity to growth, it also limits financial
flexibility and raises execution risk.

Importantly, the upswing now seems to be taking shape: firstly, EBITDA is
expected to come in positively in H2 25e at EUR 1.1m. Secondly, LAIQON's
digital wealth segment growth is starting to materialise thanks to
WertAnlage. In fact, the sub-segment LAIC is set to be on an annualised EUR
420m AUM growth run-rate already (as of January). Since starting into the
year with only roughly EUR 388m AUM (eNuW), the momentum is indicative of a
potential catch-up effect. The opportunity remains sizeable, as the targeted
600 cooperative banks might eventually all be connected to the product
distribution. So far, c. 16% are actively promoting WertAnlage or are in
onboarding/contracting. We assume further growth acceleration, rendered into
sales at a common fee structure (eNuW: 0.30% fee on AuMs for management of
WertAnlage). Total sales growth in 2026e for the segment is expected at 80%
yoy to EUR 6.8m (c. 13% of group total). The digital wealth segment outlook is
also supported by the Amundi ETF implementation expected in summer 2026. A
total AUM contribution of c. EUR 150m seems feasible in 2026e, given Amundi's
distribution reach and the typically stronger early traction of thematic AI
products (eNuW).

Guidance for 2026 implies a clear step-change, with revenues of EUR 53-58m
(eNuW: EUR 54m) and EBITDA of EUR 4.5-7.5m (eNuW: EUR 5.9m). The key driver is
operating leverage: incremental AuM should translate disproportionately into
earnings as organic fixed costs are largely in place. Moreover, integration
of the MainFirst assets continues to support group revenue visibility and
margin expansion in the asset management segment. Further, management has
highlighted the ambition to pay a first dividend for FY 2026, signalling a
transition towards a more stable earnings phase.

Key catalysts include progress on the Amundi ETF, continued scaling of
WertAnlage distribution and confirmation of sustainable EBITDA
profitability. With the platform built and multiple growth levers active,
2026 is set to be the year in which LAIQON's strategy becomes visible in the
financials, supporting a constructive investment case.

BUY, new PT EUR 9.10 (old: EUR 11.00), based on DCF. - analyst change -


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https://eqs-cockpit.com/c/fncls.ssp?u=2eec6cb6d0c2e6d87bcd3d25389b0332
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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
++++++++++
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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2291562 16.03.2026 CET/CEST

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