NuWays initiates Lang & Schwarz with Buy, sets EUR 20 price target
Bitget2026/10/14 07:01- NuWays initiated coverage of Lang & Schwarz with a BUY rating, setting a 12-month target price of EUR 20.
- Thesis centers on a reset earnings base post-PFOF ban and Trade Republic routing change, not an impaired franchise.
- NuWays expects Structured Products to drive most group earnings from H2 2026, citing EUR 55 million segment trading result in FY25.
- Forecasts call for FY27 trading result growth of about 7% and adjusted net profit growth of about 33% versus the prior year.
- Valuation case cites 7.9x FY27e P/E versus peers at 10.3x, implying about 30% upside to the target price.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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