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

Classification of NuWays AG to HausVorteil AG

Company Name:	HausVorteil AG
ISIN:	DE000A31C222
Reason for the research:	Update
Recommendation:	BUY
Target price:	EUR 12.50
Target price on sight of:	12 months
Last rating change:
Analyst:	Philipp Sennewald

Demand intact, funding remains the bottleneck; chg.

HausVorteil's H1 report fell short of our expectations as the tight financing environment weighed on both acquisition and brokerage volumes. In detail:

H1 sales of € 0.8m were significantly below eNuW of € 1.5m, which was in our view mainly caused by the continued weak environment in the partial-sale business. Importantly, this was not a demand issue, as interest from homeowners remains intact and decisions on fundamentally attractive properties were delayed rather than cancelled. We hence expect, that the majority of H1 sales came from ground-lease brokerage, but also partially from exits out of the existing portfolio. Going forward, we also expect a higher contribution from the full-sale business, as financing should be much easier to find compared to the, in Germany, still rather unconventional partial-sale concept.

Costs under control, as H1 EBITDA came in at € -0.2m. Personnel expenses of € 0.5m and other OPEX of € 0.5m are both well below the half-year run rate of FY25 (€ 1.2m and € 4.1m for the full year). Purchased services fell to € 0.0m (FY25: € 0.4m), reflecting the lower transaction activity.

Bank financing remains the limiting factor. Lenders remain reluctant to finance partial-sale acquisitions until the legal framework is settled. The OLG Hamburg ruling was a step in the right direction as the court rejected a consumer-credit classification and upheld key fee clauses. Yet, the consumer-protection side has appealed and banks are unlikely to move before it is. The company's own funding route has also stalled. The 3.8% GenerationsKapital bond, open for subscription until 02/27, has placed slowly in light of risen Bund yields. We see no near-term restart of partial-sale acquisitions and remove both new externally funded own-book partial sales and bond proceeds from our model.

Levers beyond the partial sale. First, full-sale should gain traction at HV going forward. In contrast to partial-sale, the investor acquires the entire property, while the seller retains a usufruct right for 5-10 years before an exit. With only small equity requirements (eNuW: c. 10%), the product is capital-light for HV and attractive for investors. Second, portfolio exits free up headroom on existing credit lines, which can be recycled into new acquisitions. However, this lever should not be seen as a main driver, as the scope is limited by the size of the existing portfolio and the timing of exits.

H2 set to be softer. According to management, H2 volumes will largely depend on the timing and terms of new financing commitments. Given the continued restrictive lending environment, which also affects investors in brokered transactions, we take a cautious stance and expect H2 sales below H1. We hence cut FY26e sales to € 1.3m and EBITDA to € -0.3m and model a gradual, brokerage-led recovery thereafter.

Overall, H1 shows that the constraint is funding, not demand. Demographics, restricted mortgage access for seniors and a thinned-out competitive field are unchanged. Monetisation, however, depends on new financing partners. With visibility still limited, the investment case therefore requires patience. We reiterate BUY with a new PT of € 12.50 (old: € 17.80) based on DCF.

You can download the research here: hausvorteil-ag-2026-10-09-previewreview-en-5f708
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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