Original-Research: HausVorteil AG (von NuWays AG): BUY
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Original-Research: HausVorteil AG - from NuWays AG
Classification of NuWays AG to HausVorteil AG
The house edge is real // Initiate with BUY Founded in 2021, HausVorteil AG is a licensed real estate broker, loan intermediary and equity-release platform focused on residential property owners in the DACH region. Operating primarily as a real estate broker and platform operator, the company connects liquidity-constrained homeowners with institutional investors via BodoBroker, its proprietary B2B digital marketplace. Through BodoBroker, investors gain access to qualified, off-market equity-release transactions like partial sale with usufruct, full sale with leaseback, full sale with right of residence and leasehold. The company monetises through origination fees, recurring portfolio management fees and exit fees on own-book acquisitions, and through referral commissions and placement fees on transactions brokered via BodoBroker to external investors. Since its foundation, HausVorteil has built a portfolio of more than 280 residential units with c. € 140m in AuM through its own SPVs, while the BodoBroker platform enables capital-light commission income across the full product spectrum. HausVorteil is the only provider in the German equity-release market offering all three core product structures, partial sale, full sale with right of residence and leasehold models, under a single platform, whereas virtually every competitor addresses only a subset of the market. The company monetises at three distinct stages of the partial-sale lifecycle: Origination fee, recurring management fee and exit fee, creating a compounding income profile over a typical ten-year holding period (eNuW). Beyond partial sales of own assets, HausVorteil brokers additional equity-release structures to partner investors for commission, generating fee income without deploying balance sheet capital. The addressable opportunity is substantial and structurally under-penetrated. Germany has c. 7m homeowners aged 65+, holding residential property worth some € 380bn. Access to conventional mortgage refinancing for this demographic has been systematically restricted under the EU Mortgage Credit Directive. Yet the market processed only c. 4,000-4,300 partial-sale transactions in 2023, representing roughly € 885m in volume, against an eligible universe set to grow mechanically as the 67+ population expands by c. 18% by 2035. Favourable competitive environment. Several providers exited the market in recent years, most recently following the withdrawal of a major Volksbanken Raiffeisen financing institution in Sep. 2025. Meanwhile, the Landgericht Hamburg issued the first-ever German court ruling on the partial-sale model in Apr. 2026, affirming contract validity and rejecting consumer-credit characterisation. With the competitive landscape consolidated and the legal framework validated, HausVorteil enters the next phase from a strengthened position supported by a network of c. 400 B2B distribution partners (financial advisors, mortgage brokers and cooperative bank affiliates) that provides broad market access at contingent cost, supports operating leverage, and makes HausVorteil a structurally stickier referral destination than any single-product competitor. 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. You can download the research here: hausvorteil-ag-2026-07-03-fullnoteinitiation-en-d8d3b 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 ++++++++++ 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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2359360 03.07.2026 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026e | ||
| Sales1 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 1,67 | 3,85 | |
| EBITDA1,2 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,75 | |
| EBITDA-Margin3 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 19,48 | |
| EBIT1,4 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,70 | |
| EBIT-Margin5 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 18,18 | |
| Net Profit (Loss)1 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | -4,07 | 0,65 | |
| Net-Margin6 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | -243,71 | 16,88 | |
| Cashflow1,7 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
| Earnings per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | -2,03 | -0,30 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| HausVorteil | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A31C22 | DE000A31C222 | AG | 12,44 Mio € | 26.11.2025 | 9F5FGXVP+2H | |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| -26,96 | 0,00 | 0,00 | -8,27 | 11,11 | 0,00 | 7,45 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 04.08.2026 | 30.09.2026 | 24.06.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -24,14% | +0,00% | -69,15% | +0,00% | -75,20% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
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