Buy & Build to gain momentum

According to the release, the three targets operate independently from one another and are well-positioned in their respective niches. One is already German market leader in its end-customer segment, the second is one of the leading players in the Ad-Tech space operating a specialised SaaS platform, and the third operates a proprietary cloud e-commerce platform covering all processes for digital commerce, holding a leading position in the merchandising market. Targeted stakes range from slightly above 10% to just below 30% and are explicitly intended as a starting point, with management targeting full consolidation over time and an uncontested market leadership position in Germany.

In line with mVISE's central approach, which distinguishes it fundamentally from purely financially-driven serial acquirers, the company plans to actively contribute to software development, sales support and administrative consolidation at all three targets. Management also intends to take on leadership roles within the target companies. The combined operational contribution is expected to generate annual revenues of c. € 3.0m at a recurring EBITDA of € 1.2-1.5m for mVISE. The aggregate stake values are estimated at € 8-12m, which we view as absolutely reasonable multiples (7.4x EV/EBITDA at mid-point) for software centric companies. The total addressable revenue base across all three targets stands at c. € 40m according to management.

Despite this, we leave our estimates unchanged as we do not include any M&A contribution in our model until transactions are formally closed. Hence, successful completion would represent upside to our forecast and PT.

At 12.2x FY26e EV/EBITDA, the current valuation does not yet reflect the strategic optionality embedded in the Buy & Build platform. We hence reiterate BUY with an unchanged PT of € 10.50 based on DCF.