Anchorcore: Q2e 26: Anchoring on new name, same transformation in motion - NuWays AG Research
*Holding renamed to AnchorCore SE, formalizing transformation *H1 sales +14.5%, EBITDA +96.8% yoy at learnd UK & Ireland *BUY confirmed, fair value trimmed to € 4.6 on expectation of reduced cash base
ANNONS
AnchorCore SE (formerly learnd SE) will release its H1 26 report on September 30th. We expect a solid performance from learnd UK and Ireland while AnchorCore remains in transformation, including the holding name.
Looking ahead, further steps in a gradual transformation of AnchorCore into an incubator for companies operating in facility management and environmental services should follow. In the mid-term AnchorCore looks likely to capture potential with portfolio additions. learnd Atlas Ltd. is seen to raise margins by 1pp per year with scaling and operational improvements. Based on the sum-of the-parts approach, containing the 49.5%-stake in learnd UK and Ireland, the Net Cash base reduced by the operating costs to € 1m (eNuW) and a holding discount of 10%, we confirm BUY, but slightly lower our estimated fair value to € 4.6 (previously € 4.8).