Original-Research: Netfonds AG (von NuWays AG): SELL

Original-Research: Netfonds AG - from NuWays AG 13.03.2026 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

Original-Research: Netfonds AG - from NuWays AG



13.03.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.



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Classification of NuWays AG to Netfonds AG



     Company Name:                Netfonds AG
     ISIN:                        DE000A1MME74



     Reason for the research:     Update
     Recommendation:              SELL
     Target price:                EUR 78.25
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Frederik Jarchow



Warburg Pincus Takeover Bid & blau direkt Alliance; chg. PT



Earlier this week Netfonds announced a landmark transaction: Warburg Pincus,
a leading global growth investor, has entered into an investment agreement
with Netfonds and has already launched a voluntary public tender offer to
acquire all outstanding Netfonds shares at EUR 78.25 per share in cash.
Simultaneously, Netfonds and blau direkt, Germany's leading insurance broker
pool, will form a strategic alliance under a joint private ownership
structure, creating a combined entity with revenues in excess of EUR 550m and
more than 600 employees.



Offer premium is compelling. The offer price of EUR 78.25 per share represents
a premium of 64.4% to the closing price on 6 March 2026 and a premium of
78.3% to the three-month volume-weighted average price (VWAP). As of the
announcement date, Warburg Pincus had already irrevocably secured
approximately ~53% of Netfonds shares, including the shareholdings of CEO
Martin Steinmeyer, CFO, CBO, and co-founder Karsten Dümmler. Management
Board and Supervisory Board support the offer unanimously and explicitly.



A natural strategic fit. While the transaction structure is new, the
cultural and strategic alignment between Netfonds and blau direkt is
well-established. Both companies had already collaborated on comparit, a
cross-industry comparison tool for independent advisers. Netfonds
contributes deep expertise in investment intermediation, regulation, and its
proprietary 360

finfire platform, while blau direkt brings two decades of leading automation experience in the insurance sector. Together, the group intends to develop state-of-the-art AI applications and position itself as the operating system of the German financial and insurance advisory market.

Continuity and independence preserved. Netfonds will operate as a complementary sister company within the group, retaining its brand, Hamburg headquarters and corporate culture. Management will participate in the combined holding and remain in their leadership roles - a clear sign of entrepreneurial conviction. The rationale for going private is equally clear: the combined platform's full growth potential, particularly in AI-driven automation and the Tjara portfolio succession infrastructure, is best unlocked away from the cost and volatility of public markets.

Delisting planned. The offer document was published on 9 March 2026, opening a six-week acceptance period ending 20 April 2026. The offer is not subject to a minimum acceptance threshold and is conditional only upon customary regulatory approvals. Netfonds will initiate termination of its market inclusion upon completion of the offer; no separate delisting offer is required. Warburg Pincus additionally reserves the right to subscribe for up to 9.9% of current share capital via a potential capital increase.

As the offer price is above our old PT of EUR 74.00 we raise it to the offer price of EUR 78.25 and recommend investors to accept it and SELL the shares.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=9cd13795bb8ea2f84170308a1c6faaed 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: [e-mail] 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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2290878 13.03.2026 CET/CEST

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