Original-Research: Westwing Group SE (von NuWays AG): BUY

^

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.

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.

---------------------------------------------------------------------------

Classification of NuWays AG to Westwing Group SE

Company Name: Westwing Group SE

ISIN: DE000A2N4H07

Reason for the research: Update

Recommendation: BUY

Target price: EUR 23.5

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

UK market entry around the corner

Last year, Westwing's European expansion gained significant momentum as the

company entered ten new countries, the driver behind the International

segment's 11% sales growth (Q3 '25). As per its mid-term target to achieve

roughly full European coverage, the company looks set to launch its business

in the UK shortly, in our view.

UK, a market with high potential. Based on various industry sources, we

estimate the UK Home & Living market at approximately EUR 20bn, representing

around 15% of total Home & Living spend across Westwing's existing markets

of EUR 150bn, excluding the UK. This constitutes a sizeable addressable

opportunity relative to Westwing's current scale. Beyond its large

addressable market, the UK stands out for its exceptional online

penetration. With e-commerce representing ~30% of total retail sales and

~87% of internet users shopping online, the country ranks among the top five

e-commerce markets worldwide, offering a fertile backdrop for Westwing's

digital-first model.

Although the expansion into the UK will require a differentiated approach

given product specifications, logistic complexity, and the country's non-EU

status, we view it as a compelling opportunity given the market's size

relative to other European countries. The looming UK entry will mark a

significant step in Westwing's long-term growth trajectory and could serve

as a blueprint for future overseas expansion, in our view.

Shareholder friendly capital allocation. Last week, Westwing announced the

decision to cancel existing 1.25m treasury shares. Further, management

decided to launch an additional share buyback program with a target volume

of up to EUR 8m (max. 700k shares) supported by the company's strong net cash

position (EUR 89m) and ongoing operational improvements, particularly visible

in free cash flow generation.

In sum, Westwing makes for a textbook example of a successful turnaround.

Thanks to its strategic shift, the company is able to show profitable growth

with strong cash generation against challenging end markets supporting the

ongoing re-rating of the shares (+47% YTD). In spite this, valuation still

remains attractive with shares trading at a mere 3.7x FY26e EV/adj. EBITDA.

We reiterate our BUY rating and keep WEW in our AlphaList with an unchanged

EUR 23.50 PT based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=df7da501f10203e65e70d790dfef32b9

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

++++++++++

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.

++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

View original content:

https://eqs-news.com/?origin_id=e3ceb0a8-0651-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2273768 10.02.2026 CET/CEST

°