Westwing Group: Conference feedback: Successfully sailing through tough markets - NuWays AG Research
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Westwing Group: Conference feedback: Successfully sailing through tough markets - NuWays AG Research

*Expanded to 28 European countries with Ireland and Bulgaria launches after Baltic entry
*UK ramp-up on track, Victoria Beckham collaboration launching Oct 12 to lift brand
awareness
*Attractive valuation with shares trading at a mere 5.3x EV/adj. EBITDA

Following the recent share price weakness, we see roughly 100% upside at current levels. Impressions at our conference in Paris confirm our bullish view on the case. In detail: Growing international presence. After entering the Baltic states (Estonia, Latvia and Lithuania) at the end of July, the company has now also launched in Ireland and Bulgaria, bringing its European presence to 28 countries. The step-by-step rollout fits the asset-light, platform-based approach of serving new markets from the existing logistics and sourcing set-up, rather than building local infrastructure. While the incremental revenue contribution is likely small, it clearly underpins the successful execution of the company's strategic transformation.
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