Original-Research: 029 Group SE (von NuWays AG): SELL
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Original-Research: 029 Group SE - from NuWays AG
Classification of NuWays AG to 029 Group SE
FY24 out: Portfolio progressing as planned 029’s net income stood at € 0.33m, comparing to previous year’s € 5.6m loss, which was the result of the successful exit from the investment in Emerald Stay (€ 0.94m other operating income) and the writeoff of the investment Conscious Good the year before. As a reminder, 029 sold it's 5.2% stake in Emerald Stay. The transaction is expected to generate roughly € 1.6m gross proceeds, reflecting a realized multiple on the FY23 book value of around 2.3x and 2.7x on the invested capital. Limestone Capital, the key holding (87% of NAV, eNuW) continues to grow its portfolio. The company is about to open a hotel on Mallorca and purchased a former Nobu location in London. With those, the number of Aethos hotels owned and managed, is set to increase to 10. Further, Limestone acquired a majority stake in LOISIUM Wine & Spa Hotels. Over the next twelve months, four new LOISIUM hotels are set to open in Italy and France backed by Limestone's commitment to invest over € 100m into the expansion of the brand. Limestone also spearheaded a € 40m Series A financing round for MYNE Homes, Europe's leading managed co-ownership provider for premium vacation homes in Germany, Austria, Italy, Spain, France, Sweden and Croatia. TRIP Drinks (8.1% of NAV, eNuW), UK’s leading brand for CBD and magnesium drinks, CBS oils, gummies and powders continues its growth trajectory. In March, TRIP was the third most popular drink choice. The company is also progressing well with its geographical expansion, especially in the USA. hotelbird (3.3% of NAV, eNuW) is leading solution provider for a seamless digital guest journey within the hotel industry. As the company is able to finance itself, the last funding round took place in 2019. Worth highlighting, at the end of 2024, ReGuest AG went public in Austria. The hotel CRM software company generated some € 4.3m sales in FY24 and is currently valued at € 150m (market cap). While this is not an apples to apple comparison, it underpins the sector's high multiples. Brother's Bond (1.1% of NAV, eNuW) raised $ 7.5m at the beginning of FY25. This should allow the company to further drive growth an reach sustainable profitability levels during the near-term. As the current market cap (+197% ytd.) notably exceeds the company’s fair NAV, we downgrade 029 to SELL with a new PT of € 15.8 (€ 14) based on a sum of-the-parts valuation with a 5% holding discount. You can download the research here: http://www.more-ir.de/d/32394.pdf For additional information visit our website: https://www.nuways-ag.com/research-feed 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 ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++
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2127264 30.04.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 0,00 | 0,01 | 0,00 | 0,00 | 0,05 | 0,90 | 0,00 | |
| EBITDA1,2 | 0,00 | 0,00 | -0,02 | -0,66 | -5,59 | 0,53 | 0,00 | |
| EBITDA-Margin3 | 0,00 | 0,00 | 0,00 | 0,00 | -11.180,00 | 58,89 | 0,00 | |
| EBIT1,4 | 0,00 | 0,00 | -0,02 | -0,66 | -5,59 | 0,35 | 0,00 | |
| EBIT-Margin5 | 0,00 | 0,00 | 0,00 | 0,00 | -11.180,00 | 38,89 | 0,00 | |
| Net Profit (Loss)1 | 0,00 | 0,00 | -0,02 | -0,66 | -5,62 | 0,33 | 0,00 | |
| Net-Margin6 | 0,00 | 0,00 | 0,00 | 0,00 | -11.240,00 | 36,67 | 0,00 | |
| Cashflow1,7 | 0,00 | 0,01 | -0,02 | -0,39 | -0,54 | -0,66 | 0,00 | |
| Earnings per share8 | 0,00 | 0,00 | 0,00 | -0,13 | -1,12 | 0,07 | -0,08 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Forvis Mazars
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| 029 Group | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A2LQ2D | DE000A2LQ2D0 | SE | 166,00 Mio € | 10.08.2022 | Halten | 9F4MG83M+Q3 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| -368,89 | 0,00 | 0,00 | -976,47 | 10,54 | -250,38 | 183,83 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 06.06.2025 | 26.09.2025 | 25.04.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +2,73% | -11,43% | +115,58% | +115,58% | +453,33% |
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