Märkte & Kurse

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Original-Research: NanoRepro AG - from NuWays AG

22.04.2026 / 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
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to NanoRepro AG

     Company Name:                NanoRepro AG
     ISIN:                        DE0006577109

     Reason for the research:     Initiation
     Recommendation:              BUY
     Target price:                EUR 4.3
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann

From tests to brands, revamping NanoRepro; INITIATE with BUY

No longer a mere self-test company, NanoRepro has used the pandemic windfall
from COVID tests and transformed itself into a multi-brand consumer health
platform. The company has acquired stakes in complementary businesses while
expanding its testing portfolio. Going forward, the group will generate
significant operating leverage by centralizing important functions like
procurement, product development, logistics (1 hub instead of 3), finances
and controlling. Specifically, the centralized marketing spending provides a
significant cost but also growth lever.

The anchor asset is ZuhauseTEST, Germany's broadest OTC rapid testing brand
with 16 CE-certified products spanning fertility, infections and nutritional
deficiencies, available across a large number of retailers such as Müller,
Budni and COOP. It is a resilient, cash-generative business, operating in a
market growing at a 12.4% CAGR in the OTC channel, backed since April 2025
by full IVDR certification, a meaningful regulatory moat. Building on such,
NanoRepro is increasingly focusing on growing its white label customer base
as seen with dm (Mivolis brand). The company is expected to pursue further
partnerships with retail chains for similar white label offerings.

Sitting above ZuhauseTEST is a portfolio that most investors have not yet
priced in. Paedi Protect AG (50.05% stake) is a EUR 11.7m (eNuW) revenue baby
and family skincare brand with PETA certification, dermatological approval,
and shelf space at dm, Rossmann, REWE, EDEKA and Globus. It consolidates
into the NanoRepro group accounts for the first time in FY25, more than
doubling group revenues at a stroke. Deutsche Kosmetikwerke AG (21.27%
stake) brings the newkee active skincare brand, co-founded with Manuel Neuer
and Angelique Kerber. hyped about science GmbH (33% stake) houses the Phlas
cold plasma device, launched February 2026, a Max Planck Society-derived
technology that treats acne and blemishes without chemicals, backed by
clinical data and a digital treatment platform with recurring-revenue
potential.

The investment case has three layers. First, a step-change in reported
revenues as Paedi Protect consolidates, creating a group that looks nothing
like what the current share price implies. Second, near-term catalysts, like
Paedi Protect's first summer under NanoRepro ownership and early Phlas
device sell-through data both of which de-risks the case incrementally.
Third, embedded option value in the hyped about science majority option:
NanoRepro can acquire 50.001% for EUR 5.5m before the option lapses, at a 100%
implied valuation of EUR 11m.

At a roughly EUR 20m market cap and net cash, investors are paying close to
zero for Paedi Protect's skincare revenues, nothing for the hyped about
science option, and nothing for the embedded operational synergies to be
realized across the group, in our view. We hence initiate NanoRepro with BUY
and a price target of EUR 4.3 based on DCF.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=6ae0f0f6a81c03b47af3218b9562ce23
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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2312584 22.04.2026 CET/CEST

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