NuWays AG Updates Target Price for AnchorCore SE

NuWays AG has reclassified AnchorCore SE and issued a "BUY" recommendation with a target price of EUR 4.60. This update follows AnchorCore's H1 2026 report and commercial details of its 49.5% stake in learnd UK and Ireland.

The H1 report showed that sales in learnd UK and Ireland decreased slightly by 2.9% year-on-year, totaling €33.2 million. Despite this, profitability improved, with adjusted EBITDA growing by 39.1% to €4.2 million. The EBITDA margin also increased significantly.

Operating costs for AnchorCore in H1 2026 were €2.1 million, reducing its cash base to €0.5 million. These costs included one-time expenses related to a non-recoverable input VAT write-off and elevated professional fees.

Forecasts for learnd UK and Ireland’s sales have been reduced for FY26, but the expectation for adjusted EBITDA remains at €9.4 million. This is due to anticipated growth in project-based business and internal optimizations in H2 2026.

AnchorCore's position post-MBO suggests potential for adding new equity stakes, leveraging its debt-free status after waiving the last shareholder loan.