Original-Research: Readcrest Capital AG (von NuWays AG): BUY

Original-Research: Readcrest Capital AG - from NuWays AG



18.08.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Readcrest Capital AG



     Company Name:                Readcrest Capital AG
     ISIN:                        DE000A0LE3J1



     Reason for the research:     Initiation
     Recommendation:              BUY
     Target price:                EUR 2.8
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald



Cash from care, upside from concrete; Initiate with BUY



Hamburg-based Readcrest Capital combines a steady UK domiciliary care
provider with German real estate project development. The pairing looks odd
at first sight, but rewards a closer look: stable, public-sector-backed cash
flows on one side, the optionality of a distressed development pipeline on
the other. Capital is the link. The Apr '26 disposal of the UK care home
business for an initial £ 44m repaid £ 30m of debt and left £ 14m for
domiciliary bolt-ons and the German projects - so the care pillar funds the
development pillar without recourse to the equity market.



TV Healthcare (91.1%) is one of the UK's largest domiciliary care providers
via its subsidiary GHSC, delivering ~90k care hours per week (FY25) through
c. 3,500 employees, 90% of them carers. The service portfolio spans
standardised home visits to full-time care, complemented by reablement
packages (hospital discharge). GHSC runs a multi-brand platform across 58 UK
locations. FY25 sales came in at EUR 128m with EUR 12.5m EBITDA. The top line is
recurring, based on multi-year commissioning contracts with local
authorities that continuously feed new clients into the network.



Thanks to strong CQC ratings and its position as lead provider in most of
its largest markets, GHSC is in pole position to regain mandates once
contracts mature. The logic behind this: as lead provider, the company holds
an installed base of clients, rotas and branch infrastructure built around
one council's requirements. On top of that sits a second lever. In a market
of thousands of sub-scale operators, six bolt-ons have been signed since
November 2025, adding some £ 4.3m of post-synergy EBITDA (eNuW), and the
pipeline of willing sellers is not shrinking.



The catalyst sits in the German real estate business. RC Stadtentwicklung
(100%) acquired majority stakes in four project companies from insolvent
AOC, with a fifth project (Fürstenwalde, 50%) added separately to the
residential-heavy pipeline in 2026. Total GDV is seen at EUR 658m (eNuW), EUR
474m attributable, against EUR 514m of costs, realised project by project
until FY31e. The margin comes from land taken out of insolvency at roughly EUR
300 per sqm with permits attached, plus a creditor workout that has produced
EUR 16m of signed waivers and a receivable purchase removing a further EUR 19.6m
of liabilities for EUR 825k. Risks remain: (a) two projects still need
permits/rezoning, (b) the creditor workout is only part way done, with a
further tranche in advanced negotiation, and (c) every project needs
replacement capital to take out legacy lenders before construction starts.



Two factors mitigate this. Legacy project debt is ring-fenced at
project-company level without group recourse, so a failed negotiation costs
a project, not the platform. And once presales run, MaBV instalments fund
the build as construction advances, keeping the equity ticket small on the
residential schemes and confining conventional construction debt largely to
Dresden, which sells in one piece at completion.



Added in July 2026, RC Industrie Immobilien SE (80% share) forms a third,
still early pillar targeting small and mid-sized German commercial and
logistics assets. Although there is a vetted pipeline of c. 180k sqm GFA, it
remains a shell with no assets for the time being.



We initiate coverage with BUY and a EUR 2.80 PT based on SOTP (DCF for UK
business, NPV for project). Notably, UK alone accounts for EUR 2.19 per share
after group net debt and holding discount, 50% above the current price. On
that basis, the German pipeline comes largely free.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=66cd75bbc80273a1302faca15a339906
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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2384412 18.08.2026 CET/CEST

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