Original-Research: NanoRepro AG (von NuWays AG): BUY

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Original-Research: NanoRepro AG - from NuWays AG

22.04.2026 / 09:00 CET/CEST

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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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