CEWE (1K) | Buy | COP exit lifts quality

Research evidence excerpt

CEWE (1K) | Buy | COP exit lifts quality

#TPchange

Release date: 13 May 2026

Company research

ESG profile BuyCEWE

Germany | General retail Beta Profile: MCap: EUR730.8M

Target Price: EUR127.00 (119.00) Change in TP: 6.7 % Bloomberg: CWC GR Reuters: CWCG.DE

Current Price: EUR98.20 Change in Sales: -10.2% 26E/-10.1% 27E Free float 56%

Up/downside: 29.3% Change in Adj EBIT: -1.5% 26E/-1.5% 27E Avg. daily volume (EURm) 2.4

YTD abs performance -5.4% Market data: 12 May 2026 Change in Adj. EPS: 71.9% 26E/-0.6% 27E

52-week high/low (EUR) 105.80/90.30

COP exit lifts quality Price performance

Why this report?

Following the announcement of CEWE's Commercial Online Printing (COP) to

Cimpress, we update our model to exclude the lower-margin activity, align

our estimates with continuing operations guidance, and reflect the estimated

proceeds and gain on the disposal. We confirm our Buy rating and raise our TP

from EUR 119 to EUR127.

Key findings

CEWE has signed an agreement to sell its COP business, which includes

SAXOPRINT Dresden, viaprinto and LASERLINE, to Cimpress. 544 employees will

be transferred, and the closing is expected in H2 2026. The price is undisclosed.

CEWE's product mix and margin improve, as COP generated c. EUR90m in sales

but only EUR1.7m EBIT in FY 2025. FY to 31/12 (EUR) 12/26E 12/27E 12/28E

The group's strategic focus sharpens as capital and management resources shift Sales 793 809 824

EBITDA adj. 144 145 152

to Photofinishing technology, efficiency, brands and selective M&A. CEWE's EBIT adj. 90 92 95

buyback and dividend policy remains intact. Net profit adj. 106 63 65

Deconstructing the forecasts Net financial debt -261 -251 -260 FCF 87 43 47

The group's sales from continuing operations are reset at c. 10% lower. Our 2026- EPS adj. and ful. dil.