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 € 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 € 550m and more than 600 employees.

Offer premium is compelling. The offer price of € 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 € 74.00 we raise it to the offer price of € 78.25 and recommend investors to accept it and SELL the shares.

You can download the research here: netfonds-ag-2026-03-13-update-en-f955f
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
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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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