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Original-Research: Westwing Group SE - from NuWays AG
26.02.2026 / 09:00 CET/CEST
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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
Entering UK, unlocking significant growth potential
Westwing announced its anticipated entry into the United Kingdom, its 23rd
European market and the last major strategic white spot on the company's
map. The launch is comprehensive from day one, covering the full Westwing
Collection alongside a curated mix of international and local UK partner
brands including Kartell, Georg Jensen, Le Creuset, Louis Poulsen and
Trudon. Westwing is also bringing its full service suite to the UK from the
outset: the Westwing Design Service, the B2B offering and the Delivery &
Assembly Service. The move is a direct execution of Phase 3 of Westwing's
three-step value-creation plan: Scaling with Operating Leverage.
The UK entry is the direct confirmation of what we flagged as imminent in
our latest update two weeks ago, happening faster than anticipated. The
strategic rationale is compelling. We estimate the UK Home & Living market
at around EUR 20bn, representing roughly 15% of Westwing's existing
addressable market, making this by far the largest single market addition in
the company's history. Structurally, the UK is also one of the most
attractive e-commerce markets globally, with approximately 87% of internet
users shopping online, a backdrop more favourable than most of the 22
markets Westwing already serves.
The expansion model remains asset-light and low-risk, with no fixed
infrastructure commitments, marketing investment gated by return thresholds
and a brand British consumers are likely already familiar with, given
Westwing's position as the world's largest inspirational home and living
social media account. Launching with the full service stack from day one
signals conviction rather than a test-and-learn approach, which bodes well
for early customer economics.
The UK entry is one of the single most significant country launches in
Westwing's history and a tangible validation of the Phase 3 thesis. Looking
ahead, we see a clear path for Westwing to deliver double-digit revenue
growth in FY26e (eNuW: 10.3%), underpinned by the UK contribution, recent
market entries and the continued premiumisation of the assortment. On
profitability, the structural margin improvement story remains intact: adj.
EBITDA of EUR 43m in FY25 was already well ahead of original expectations,
with management targeting 10%+ adj. EBITDA margins in the medium term. Cash
generation adds further conviction, with EUR 25m of net cash flow in FY25 and
a net cash position of EUR 94m at year-end, providing a significant buffer and
optionality.
At a mere 3.7x FY26e EV/adj. EBITDA, the shares remain undemanding for a
business of this quality and trajectory. After all, Westwing makes for a
textbook example of a successful turnaround. We confirm our BUY rating (also
still part of 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=bbbd4542d7a9966f78872a86188fcda8
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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2281894 26.02.2026 CET/CEST
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Quelle: dpa-AFX
