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Original-Research: mVISE AG - from NuWays AG

14.04.2026 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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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

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