Original-Research: Springvest Oyj (von NuWays AG): BUY

Original-Research: Springvest Oyj - from NuWays AG



03.11.2026 / 09:01 CET/CEST
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Classification of NuWays AG to Springvest Oyj



     Company Name:                Springvest Oyj
     ISIN:                        FI4000369442



     Reason for the research:     Initiation
     Recommendation:              BUY
     Target price:                EUR 15
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Julius Neittamo



Supercharging the next Finnish unicorns; INITIATE with BUY



Springvest is Finland's leading investment platform for startups and growth
companies, having raised c. EUR 400m for Finnish companies by pooling retail,
professional and institutional investors into single funding rounds.
Springvest earns c. half of its fees in stock options rather than cash, so
every round it arranges adds to a growing equity portfolio, that now
comprises stakes in 43 innovative Finnish companies.



The portfolio is maturing, with several holdings at the forefront of sectors
where Finland holds a comparative advantage: space (Kuva Space, ReOrbit),
dual-use extended reality (Varjo, which has signalled a potential listing),
quantum computing (QuantrolOx) and biotech (Desentum), amongst others.
Subdued M&A and IPO markets have limited exits in recent years, but a
recovery can deliver generous returns: in 2021, exits led by Mobidiag
generated EUR 12.2m in net proceeds, enabling a dividend of EUR 1.80 per share,
reflecting a c. 22% yield.



Springvest rides structural tailwinds in VC funding. Finland's high R&D
intensity and deep pool of engineering talent have produced a steady
pipeline of innovative companies, yielding unicorns such as Oura, ICEYE and
IQM Quantum Computers. Finnish startups raised EUR 1.9bn in 2025, nearly seven
times the 2016 level, growing at twice the rate of the European VC market.
Nevertheless, the Series A to Series B stage (rounds of EUR 5-50m) remains
structurally underfunded in Europe and Finland. Springvest targets precisely
this gap, and with no like-for-like peer in Finland and a c. 12% share of
its addressable market, it holds a strong market position, in our view.
Springvest's funding track record is impeccable; it has arranged a total of
108 rounds, all of which have reached their minimum target, closing rounds
in ~17 days, showcasing its curation capability and strong investor network
(c. 17k registered investors on the platform).



A new sharpened strategy and tailwinds to support growth. Under its updated
strategy, Springvest now targets international institutional investors for
its rounds and takes an active ownership role in selected portfolio
companies. Further, the EU Listing Act lifted the prospectus-exempt
threshold from EUR 8m to EUR 12m in April, enabling larger public rounds, while
major Finnish pension and state investors such as Varma, Solidium and Tesi
have begun allocating significantly more capital to unlisted companies.



The portfolio compounds without own capital. Book value has risen from EUR 10m
in FY18 to EUR 28.2m at H1'26, while over the same period the portfolio has
returned c. EUR 15m in net exit proceeds. We expect portfolio book value to
continue its steady growth, reaching EUR 50m by 2030e. Springvest targets a
payout of at least 80% of its net profit and exit proceeds, which has
translated into an average dividend yield of c. 9% since 2021.



As most of the economic value bypasses the P&L, classic multiples miss the
investment case. We see Springvest as a capital-light, uncontested platform
poised to become one of the biggest winners of Finland's booming venture
funding market. Our sum-of-the-parts (SOTP) values the portfolio, fee and
commission income, option fees and net cash at a combined EUR ~84m, reflecting
a 91% upside.



We initiate our coverage with a BUY rating and a EUR 15 PT based on SOTP
valuation.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=a6037a509e0fcdd33bae975080e00a6b
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
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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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2427098 03.11.2026 CET/CEST