Original-Research: NanoRepro AG (von NuWays AG): BUY

Classification of NuWays AG to NanoRepro AG

Company Name:	NanoRepro AG
ISIN:	DE0006577109
Reason for the research:	Update
Recommendation:	BUY
Target price:	EUR 4.3
Target price on sight of:	12 months
Last rating change:
Analyst:	Sarah Hellemann

Converting its CGM-distribution license into an equity stake

Yesterday, NanoRepro announced the conversion of a distribution license covering a CGM-technology of FiberSense into a financial
asset. Our take on this development in detail:

Introducing FiberSense's and its CGM technology. FiberSense is a health care technology company, developing continuous glucose monitoring (CGM) technology, which collects data on a user's glucose level through sensors and passes it on to smart phones or insulin pumps. Methods of this type have effectively replaced traditional blood sample approaches and are already the standard of care for type I diabetic patients in Germany.

The addressable market is highly attractive, anticipated to grow at a 15.4% CAGR from approx. $ 15.3 bn in 2026 to $ 31.4 bn in 2031, according to Mordor Intelligence. Importantly, FiberSense received the CE certification for its CGM system on June 10, 2026, which materially lowered its risk profile and validated years of product development efforts. The commercial market entry now looks significantly closer and provides further upside potential to FiberSense's value.

License conversion and bridge financing granted. With the CE certification now granted and the way to market introduction paved for the product, NanoRepro has agreed to exchange the distribution license acquired at the price of € 3m in 2021 for an equity stake in FibreSense. Additionally, NanoRepro provided a € 1m convertible bond to aid its stake in bringing the product to the market. In our opinion, the commercial launch should follow in approximately one year (eNuW).

Potential value creation. Given NanoRepro's long-standing involvement with FibreSense since its early development phase, we believe the conversion terms may have been negotiated on favorable conditions. While details of the transaction valuation have not been disclosed, recent financing rounds and transactions involving peer companies at comparable stages of development have ranged between € 70m and € 140m. Applying these benchmarks at a mid- to high-single-digit stake assumption (eNuW) would imply a conservative indicative value of approx. € 6-10m (eNuW), compared with a total contribution of € 4m, including the € 1m convertible loan. This suggests potential value creation from the transaction.

Transaction rationale. We view the transaction positively, as it offers NanoRepro the opportunity to continue to benefit from the attractive commercial opportunities of the equity stake, while creating additional flexibility for FibreSense to pursue distribution channels more ideally suited to the medical product. Pending greater visibility on the final equity stake, commercialization strategy and commercial ramp-up, with FibreSense still at the pre-revenue stage, we leave our estimates and valuation unchanged. Nevertheless, the transaction highlights the potential for meaningful value creation should FibreSense achieve a valuation and commercial profile comparable to those of its peers. Based on our estimates, the implied value of the stake could correspond to approx. 7-25% of NanoRepro's current market capitalization, suggesting potentially significant embedded value.

Looking forward, we expect NanoRepro to maintain its strategic focus on growing its multi-brand consumer health platform. This growth is seen to be particularly driven by organic sales growth of Paedi Protect and newkee/DKW in the short-term. Given the right opportunity and commercial progress, we may also see further progress on NanoRepros clear and proven inorganic growth strategy from increases in existing equity stakes (i. e. through the majority option on hyped about science) and bolt-on acquisitions.
We maintain BUY at an unchanged PT of € 4.3.

You can download the research here: nanorepro-ag-2026-06-19-update-en-05e33
For additional information visit our website: https://www.nuways-ag.com/research

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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Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse.
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