NanoRepro: From tests to brands, revamping NanoRepro; INITIATE with BUY -  NuWays AG Research
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NanoRepro: From tests to brands, revamping NanoRepro; INITIATE with BUY - NuWays AG Research

No longer a mere self-test company, NanoRepro has used the pandemic windfall from COVID tests and transformed itself into a multi-brand consumer health platform. The company has acquired stakes in complementary businesses while expanding its testing portfolio. Going forward, the group will generate significant operating leverage by centralizing important functions like procurement, product development, logistics (1 hub instead of 3), finances and controlling. Specifically, the centralized marketing spending provides a significant cost but also growth lever.


At a roughly € 20m market cap and net cash, investors are paying close to zero for Paedi Protect’s skincare revenues, nothing for the hyped about science option, and nothing for the embedded operational synergies to be realized across the group, in our view. We hence initiate NanoRepro with BUY and a price target of € 4.3 based on DCF.
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