{"id":786162,"date":"2026-02-10T08:52:13","date_gmt":"2026-02-10T08:52:13","guid":{"rendered":"https:\/\/www.europesays.com\/de\/786162\/"},"modified":"2026-02-10T08:52:13","modified_gmt":"2026-02-10T08:52:13","slug":"original-research-westwing-group-se-from-nuways-ag-10-02-2026-0900-cet-cest-dissemination-of-a","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/de\/786162\/","title":{"rendered":"Original-Research: Westwing Group SE – from NuWays AG 10.02.2026 \/ 09:00 CET\/CEST Dissemination of a"},"content":{"rendered":"


\n\t
\n\t\tOriginal-Research<\/a>, Westwing<\/a>\t\t
\n\t\t10.02.2026 – 09:00:31
\n\t <\/p>\n

Original-Research: Westwing Group SE – from NuWays AG 10.02.2026 \/ 09:00 CET\/CEST Dissemination of a Research, transmitted by EQS News – a service of EQS Group.<\/p>\n


\n
\n\t
\n\t
\n\t\t\t\t\t\t\t\t\t <\/p>\n

Original-Research: Westwing Group SE – from NuWays AG<\/p>\n

10.02.2026 \/ 09:00 CET\/CEST
\nDissemination of a Research, transmitted by EQS News – a service of EQS
\nGroup.
\nThe issuer is solely responsible for the content of this research. The
\nresult of this research does not constitute investment advice or an
\ninvitation to conclude certain stock exchange transactions.<\/p>\n

—————————————————————————<\/p>\n

Classification of NuWays AG to Westwing Group SE<\/p>\n

Company Name: Westwing Group SE
\n ISIN: DE000A2N4H07<\/p>\n

Reason for the research: Update
\n Recommendation: BUY
\n Target price: EUR 23.5
\n Target price on sight of: 12 months
\n Last rating change:
\n Analyst: Christian Sandherr<\/p>\n

UK market entry around the corner<\/p>\n

Last year, Westwing’s European expansion gained significant momentum as the
\ncompany entered ten new countries, the driver behind the International
\nsegment’s 11% sales growth (Q3 ’25). As per its mid-term target to achieve
\nroughly full European coverage, the company looks set to launch its business
\nin the UK shortly, in our view.<\/p>\n

UK, a market with high potential. Based on various industry sources, we
\nestimate the UK Home & Living market at approximately EUR 20bn, representing
\naround 15% of total Home & Living spend across Westwing’s existing markets
\nof EUR 150bn, excluding the UK. This constitutes a sizeable addressable
\nopportunity relative to Westwing’s current scale. Beyond its large
\naddressable market, the UK stands out for its exceptional online
\npenetration. With e-commerce representing ~30% of total retail sales and
\n~87% of internet users shopping online, the country ranks among the top five
\ne-commerce markets worldwide, offering a fertile backdrop for Westwing’s
\ndigital-first model.<\/p>\n

Although the expansion into the UK will require a differentiated approach
\ngiven product specifications, logistic complexity, and the country’s non-EU
\nstatus, we view it as a compelling opportunity given the market’s size
\nrelative to other European countries. The looming UK entry will mark a
\nsignificant step in Westwing’s long-term growth trajectory and could serve
\nas a blueprint for future overseas expansion, in our view.<\/p>\n

Shareholder friendly capital allocation. Last week, Westwing announced the
\ndecision to cancel existing 1.25m treasury shares. Further, management
\ndecided to launch an additional share buyback program with a target volume
\nof up to EUR 8m (max. 700k shares) supported by the company’s strong net cash
\nposition (EUR 89m) and ongoing operational improvements, particularly visible
\nin free cash flow generation.<\/p>\n

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

We reiterate our BUY rating and keep WEW in our AlphaList with an unchanged
\nEUR 23.50 PT based on DCF.<\/p>\n

You can download the research here:
\nhttps:\/\/eqs-cockpit.com\/c\/fncls.ssp?u=df7da501f10203e65e70d790dfef32b9
\nFor additional information visit our website:
\nhttps:\/\/www.nuways-ag.com\/research-feed<\/p>\n

Contact for questions:
\nNuWays AG – Equity Research
\nWeb: www.nuways-ag.com
\nEmail: research@nuways-ag.com
\nLinkedIn: https:\/\/www.linkedin.com\/company\/nuwaysag
\nAdresse: Mittelweg 16-17, 20148 Hamburg, Germany
\n++++++++++
\nDiese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
\nbestimmter B\u00f6rsengesch\u00e4fte.
\nOffenlegung m\u00f6glicher Interessenskonflikte nach \u00a7 85 WpHG beim oben
\nanalysierten Unternehmen befinden sich in der vollst\u00e4ndigen Analyse.
\n++++++++++<\/p>\n

—————————————————————————<\/p>\n

The EQS Distribution Services include Regulatory Announcements,
\nFinancial\/Corporate News and Press Releases.
\nView original content:
\nhttps:\/\/eqs-news.com\/?origin_id=e3ceb0a8-0651-11f1-8534-027f3c38b923&lang=en<\/p>\n

—————————————————————————<\/p>\n

2273768 10.02.2026 CET\/CEST<\/p>\n

\t
\n
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