Original-Research: Readcrest Capital AG (von NuWays AG): BUY

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Original-Research: Readcrest Capital AG - from NuWays AG

18.08.2026 / 09:00 CET/CEST

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Classification of NuWays AG to Readcrest Capital AG

Company Name: Readcrest Capital AG

ISIN: DE000A0LE3J1

Reason for the research: Initiation

Recommendation: BUY

Target price: EUR 2.8

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

Cash from care, upside from concrete; Initiate with BUY

Hamburg-based Readcrest Capital combines a steady UK domiciliary care

provider with German real estate project development. The pairing looks odd

at first sight, but rewards a closer look: stable, public-sector-backed cash

flows on one side, the optionality of a distressed development pipeline on

the other. Capital is the link. The Apr '26 disposal of the UK care home

business for an initial £ 44m repaid £ 30m of debt and left £ 14m for

domiciliary bolt-ons and the German projects - so the care pillar funds the

development pillar without recourse to the equity market.

TV Healthcare (91.1%) is one of the UK's largest domiciliary care providers

via its subsidiary GHSC, delivering ~90k care hours per week (FY25) through

c. 3,500 employees, 90% of them carers. The service portfolio spans

standardised home visits to full-time care, complemented by reablement

packages (hospital discharge). GHSC runs a multi-brand platform across 58 UK

locations. FY25 sales came in at EUR 128m with EUR 12.5m EBITDA. The top line is

recurring, based on multi-year commissioning contracts with local

authorities that continuously feed new clients into the network.

Thanks to strong CQC ratings and its position as lead provider in most of

its largest markets, GHSC is in pole position to regain mandates once

contracts mature. The logic behind this: as lead provider, the company holds

an installed base of clients, rotas and branch infrastructure built around

one council's requirements. On top of that sits a second lever. In a market

of thousands of sub-scale operators, six bolt-ons have been signed since

November 2025, adding some £ 4.3m of post-synergy EBITDA (eNuW), and the

pipeline of willing sellers is not shrinking.

The catalyst sits in the German real estate business. RC Stadtentwicklung

(100%) acquired majority stakes in four project companies from insolvent

AOC, with a fifth project (Fürstenwalde, 50%) added separately to the

residential-heavy pipeline in 2026. Total GDV is seen at EUR 658m (eNuW), EUR

474m attributable, against EUR 514m of costs, realised project by project

until FY31e. The margin comes from land taken out of insolvency at roughly EUR

300 per sqm with permits attached, plus a creditor workout that has produced

EUR 16m of signed waivers and a receivable purchase removing a further EUR 19.6m

of liabilities for EUR 825k. Risks remain: (a) two projects still need

permits/rezoning, (b) the creditor workout is only part way done, with a

further tranche in advanced negotiation, and (c) every project needs

replacement capital to take out legacy lenders before construction starts.

Two factors mitigate this. Legacy project debt is ring-fenced at

project-company level without group recourse, so a failed negotiation costs

a project, not the platform. And once presales run, MaBV instalments fund

the build as construction advances, keeping the equity ticket small on the

residential schemes and confining conventional construction debt largely to

Dresden, which sells in one piece at completion.

Added in July 2026, RC Industrie Immobilien SE (80% share) forms a third,

still early pillar targeting small and mid-sized German commercial and

logistics assets. Although there is a vetted pipeline of c. 180k sqm GFA, it

remains a shell with no assets for the time being.

We initiate coverage with BUY and a EUR 2.80 PT based on SOTP (DCF for UK

business, NPV for project). Notably, UK alone accounts for EUR 2.19 per share

after group net debt and holding discount, 50% above the current price. On

that basis, the German pipeline comes largely free.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=66cd75bbc80273a1302faca15a339906

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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2384412 18.08.2026 CET/CEST

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