Original-Research: learnd SE (von NuWays AG): BUY

Classification of NuWays AG to learnd SE

Company Name: learnd SE

ISIN: LU2358378979

Reason for the research: Initiation

Recommendation: BUY

Target price: EUR 4.8

Target price on sight of: 12 months

Last rating change:

Analyst: Sarah Hellemann

Smart Buildings, Smarter Economics; INITIATE with BUY

learnd SE is a holding company focused on a buy-and-build strategy within

the niche building operations and environmental services. Previously

designed as a simple umbrella company of its operating unit, learnd SE

redefined its strategy, adjusted its ownership structure including a partial

management buyout and repaid most of its existing debt with the proceeds in

2025. Positioned to start fresh in 2026, we expect the company to gradually

transform into an incubator for companies operating in similar markets and

further portfolio additions to follow in the mid-term.

The current portfolio comprises a 49.5% stake in learnd Atlas Ltd., a UK

market leader in building management services, rapidly growing at a 16.3%

CAGR (eNuW; 2024-28e) with revenue retention of 80%. Active in building

operations and environmental services, its purpose is to enable homeowners

and property managers to monitor, control and report on their building's

settings and performance more effectively and conveniently, while saving

costs through processes supported by cutting-edge technology. The company is

currently expanding into Europe, specifically Ireland. By potentially

reducing its stake and taking on new debt financing, learnd SE would be able

to engage in further attractive investment opportunities, in our view.

Value creation of learnd SE as an effective incubator for companies stems

from its ability to recognize use cases for cutting-edge technology. It can

leverage its key expertise in operational building maintenance, rethinking

traditional business practices and knowledge in compliance for the UK and

Ireland to aid a growth company in delivering better customer outcomes.

Through its connections in these markets and by providing growth capital, it

can aid small companies in scaling at a faster pace, as proven by its

acquisition track record at learnd Atlas Ltd.

The current business environment provides favorable acquisition tailwinds

for scaling young companies like learnd Atlas. Many small business owners in

building operations or related services are nearing retirement, while an

insufficient influx of skilled successors is available to take over and grow

existing customer bases to the scale necessary to make rising

technologization economically viable. High technologization is essential as

building efficiency standards and regulations continue to tighten. Building

system complexity is also on the rise, with building operations encountering

new expectations (i. e. EV-charging or grid imbalances from renewable energy

sources). Hence, there are clear opportunities to incubate young firms in

this field.

Exciting fields for learnd SE to engage in include facilities management

(4.5x to 6.0x EBITDA transaction multiples in H1 2025) and environmental

services (6.0x to 8.0x EBITDA transaction multiples in H1 2025), which can

be significantly enhanced in value by size and technology from past small

scale local operations with limited technological use.

Positive news flow is to come from strong operational developments in learnd

Atlas and further investments of learnd SE, positively impacting learnd SE's

financial statements and fair NAV.

We initiate our coverage with a BUY and a PT of EUR 4.80, which is derived

from a sum-of-the-parts approach, valuing the individual portfolio companies

separately.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=f1ec2363ded77596aa04cc29112051a2

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

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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2293232 18.03.2026 CET/CEST

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