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

Classification of NuWays AG to FINEXITY AG

Company Name:	FINEXITY AG
ISIN:	DE000A40ET88
Reason for the research:	Initiation
Recommendation:	BUY
Target price:	EUR 64
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

Building the exchange for private markets; INITIATE with BUY

FINEXITY is one of Europe's leading infrastructure providers for tokenised capital markets. The company operates a regulated platform connecting issuers, trading partners and investors across the full transaction chain, from structuring and issuance through placement, secondary trading and settlement. With more than 250 tokenised issuances and more than 84,000 registered investors, FINEXITY already operates one of the most active marketplaces for tokenised securities in Europe.

The medium-term ambition is to evolve the current OTC marketplace into a fully regulated exchange for tokenised securities, with continuous trading, instant settlement and no reliance on traditional intermediaries.

A competitive position that is hard to replicate. No single European competitor has assembled the full stack that FINEXITY has built, most solve only one part of the problem. Four structural advantages underpin this:

• One-stop-shop. FINEXITY is the only European player covering the full chain from structuring and issuance through trading, settlement and post-issuance servicing within one platform.
• Distribution at scale. Integration with Sparkassen and Volksbanken covers approximately 70% of German banks. A media partnership with EGRO Media reaches an estimated 10m investors. The pending Effecta acquisition adds 45+ tied agents and 70k registered investors.
• Regulatory moat. FINEXITY already operates under the eWpG and is applying for a DLT-TSS license under the EU DLT Pilot Regime. The Effecta acquisition brings a BaFin WpIG securities institution license in-house, eliminating dependence on external umbrella providers and turning a structural cost into a competitive advantage.

• Proprietary technology. Seven years of in-house DLT infrastructure, not rented from third-party providers. FINEXITY has full control over cost, iteration speed and the DLT-TSS transition, with no upstream dependencies and no margin leakage to suppliers.

The financial case is approaching inflection. Group revenues are expected to grow from € 3.2m in FY25p (excl. Effecta) to € 9.7m in FY26e (27% like-for-like growth) and toward € 30.3m by FY29e, implying a CAGR of 75%. EBITDA losses narrow toward breakeven in FY28e, with the first year of meaningful profitability in FY29e at € 2.2m, in our view. Critically, the business case works on primary market revenues alone, the MTF adds material upside but breakeven does not depend on it.

Medium-term management guidance points to more than € 70m (eNuW: € 41m by FY30e) in revenue and 25–30% EBITDA margins (eNuW: ~25% long term margins), consistent with the economics of digital exchange infrastructure businesses at scale.

Near-term catalysts ahead. BaFin approval of the Effecta acquisition brings the WpIG license in-house and unlocks access to tens of thousands of currently inactive investors. The DLT-TSS license would transform FINEXITY from an OTC marketplace into a fully regulated exchange operator. We initiate coverage with a BUY rating and a € 64 PT based on DCF.

You can download the research here: finexity-ag-2026-05-06-fullnoteinitiation-en-37219
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.
++++++++++