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

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Original-Research: NanoRepro AG - from NuWays AG

19.06.2026 / 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: Update

Recommendation: BUY

Target price: EUR 4.3

Target price on sight of: 12 months

Last rating change:

Analyst: Sarah Hellemann

Converting its CGM-distribution license into an equity stake

Yesterday, NanoRepro announced the conversion of a distribution license

covering a CGM-technology of FiberSense into a financial

asset. Our take on this development in detail:

Introducing FiberSense's and its CGM technology. FiberSense is a health care

technology company, developing continuous glucose monitoring (CGM)

technology, which collects data on a user's glucose level through sensors

and passes it on to smart phones or insulin pumps. Methods of this type have

effectively replaced traditional blood sample approaches and are already the

standard of care for type I diabetic patients in Germany.

The addressable market is highly attractive, anticipated to grow at a 15.4%

CAGR from approx. $ 15.3 bn in 2026 to $ 31.4 bn in 2031, according to

Mordor Intelligence. Importantly, FiberSense received the CE certification

for its CGM system on June 10, 2026, which materially lowered its risk

profile and validated years of product development efforts. The commercial

market entry now looks significantly closer and provides further upside

potential to FiberSense's value.

License conversion and bridge financing granted. With the CE certification

now granted and the way to market introduction paved for the product,

NanoRepro has agreed to exchange the distribution license acquired at the

price of EUR 3m in 2021 for an equity stake in FibreSense. Additionally,

NanoRepro provided a EUR 1m convertible bond to aid its stake in bringing the

product to the market. In our opinion, the commercial launch should follow

in approximately one year (eNuW).

Potential value creation. Given NanoRepro's long-standing involvement with

FibreSense since its early development phase, we believe the conversion

terms may have been negotiated on favorable conditions. While details of the

transaction valuation have not been disclosed, recent financing rounds and

transactions involving peer companies at comparable stages of development

have ranged between EUR 70m and EUR 140m. Applying these benchmarks at a mid- to

high-single-digit stake assumption (eNuW) would imply a conservative

indicative value of approx. EUR 6-10m (eNuW), compared with a total

contribution of EUR 4m, including the EUR 1m convertible loan. This suggests

potential value creation from the transaction.

Transaction rationale. We view the transaction positively, as it offers

NanoRepro the opportunity to continue to benefit from the attractive

commercial opportunities of the equity stake, while creating additional

flexibility for FibreSense to pursue distribution channels more ideally

suited to the medical product. Pending greater visibility on the final

equity stake, commercialization strategy and commercial ramp-up, with

FibreSense still at the pre-revenue stage, we leave our estimates and

valuation unchanged. Nevertheless, the transaction highlights the potential

for meaningful value creation should FibreSense achieve a valuation and

commercial profile comparable to those of its peers. Based on our estimates,

the implied value of the stake could correspond to approx. 7-25% of

NanoRepro's current market capitalization, suggesting potentially

significant embedded value.

Looking forward, we expect NanoRepro to maintain its strategic focus on

growing its multi-brand consumer health platform. This growth is seen to be

particularly driven by organic sales growth of Paedi Protect and newkee/DKW

in the short-term. Given the right opportunity and commercial progress, we

may also see further progress on NanoRepros clear and proven inorganic

growth strategy from increases in existing equity stakes (i. e. through the

majority option on hyped about science) and bolt-on acquisitions.

We maintain BUY at an unchanged PT of EUR 4.3.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=5cedab4ed977b96dfe851b8215f7e849

For additional information visit our website:

https://www.nuways-ag.com/research

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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2349510 19.06.2026 CET/CEST

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