Original-Research: mVISE AG (von NuWays AG): Buy

    ^
Original-Research: mVISE AG - from NuWays AG

26.09.2025 / 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:                        DE0006204589

     Reason for the research:     Update
     Recommendation:              Buy
     from:                        26.09.2025
     Target price:                EUR 1.30
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald

H1'25: Strong margin improvements despite weaker top-line

  * H1 EBITDA comes in at EUR 0.5m, implying a 16.5% margin

  * Successful bond refinancing at favourable conditions

H1'25 sales came in at EUR 3.1m (eNuW: EUR 3.9m), representing a 34% yoy decline
caused by (1) the
reorganization of the business model (i.e. reducing workforce to achieve
improved utilization + active
discontinuation of low-margin projects) as well as current market weakness
leading to reduced order
volumes by clients.

Remarkably, profitability even improved on the other hand. H1'25 EBITDA came
in at EUR 0.5m
(eNuW: EUR 0.6m), implying a strong margin uplift to 16.5% (+6.6pp yoy). This
comes on the back of
the successful restructuring, which led to a leaner cost base especially
concerning personnel (-59%
yoy), improved production control, and the transition from a pure
project-driven IT service provider to
a software-focused business model with recurring revenues.

Against this backdrop, adj. FCF (excl. gains from waiver of receivables in
connection with repayment
of bank liabilities) arrived at EUR 0.4m (H1'24: EUR -0.03m), thus indicating
strong earnings quality amid a
76% cash conversion.

While management did not make any specific comments on the FY guidance, we
regard this as a
confirmation of the EUR 1.3m EBITDA target, in line with our updated
estimates. In our view, this looks
plausible considering an improved top-line development in H2 (eNuW new: EUR
3.8m) as well as further
efficiency gains.
Successful refinancing. Following the refinancing of its bank debt in Q1'25,
mVISE has now also
successfully reallocated its 22/26 convertible. Furthermore, a legally
secured option was established
to extend the bond's maturity to 2030, with an increased strike of EUR 1.85
and the coupon remaining at
an attractive 4.5% - a structure we consider highly favorable for the
company. Importantly, in this
case mVISE would have no major debt maturities in the next four years,
enabling management to
fully focus on the planned business transformation.

Capital reduction. At last week's EGM, shareholders approved the previously
announced capital
reduction via a reverse stock split (10:1 ratio). On this basis, management
intends to carry out a cash
capital increase with subscription rights, followed by a private placement,
for which new investors
already expressed interest, according to management.

Contingent upon the success of the capital measure, mVISE is an a strong
position to further
transform the business into an active investment platform, pursuing a Buy &
Build strategy. Initial
transactions will likely involve minority stakes, with the goal of combining
risk control with the
continued involvement of existing shareholders. Unlike traditional serial
acquirers, mVISE intends to
pursue a central, hands-on approach, actively supporting its portfolio
companies to accelerate
organic growth and create synergies. First acquisition discussions are
already underway, and
management expects to complete initial transactions within FY25.

Reiterate BUY with an unchanged PT of EUR 1.30 based on DCF.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=4aee2ccf6aab7529b2873681a463cb74
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 Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2204144 26.09.2025 CET/CEST

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