HausVorteil: The house edge is real // Initiate with BUY - Nuways
Germany's only multi-product equity-release platform. 280 properties, €140m AuM. Serves 7m+ credit-excluded seniors in €380bn under-penetrated market. Scales at 20% CAGR with 96% upside to €18.4 PT.
ANNONS
On this basis, we expect sales to grow from € 3.1m in FY26e to € 6.4m by FY30e (19.9% CAGR), driven by rising origination volumes, compounding management fees and accelerating brokerage commissions. The platform's scalability is set to drive significant margin expansion, with EBIT expanding from € 0.4m (12.4% margin) in FY26e to € 2.1m (32.6% margin) by FY30e. Thanks to the capital-light setup, the return profile of HausVorteil look set to be very compelling as the platform matures with ROCE's normalising at mid-30% levels through FY30e, indicating strong value creation.
We initiate coverage with BUY and a PT of € 17.8 based on DCF.
