08.10.2024 029 Group SE  DE000A2LQ2D0

Original-Research: 029 Group SE (von NuWays AG): Hold


 

Original-Research: 029 Group SE - from NuWays AG

08.10.2024 / 09:06 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


Classification of NuWays AG to 029 Group SE

Company Name: 029 Group SE
ISIN: DE000A2LQ2D0
 
Reason for the research: Update
Recommendation: Hold
from: 08.10.2024
Target price: EUR 14.00
Last rating change:
Analyst: Christian Sandherr

H1 figures: Emerald Stay divestment with positive P&L impact

Topic: 029 published H1 2024 figures which were marked by the positive contributions from the successful divestment of Emerald Stay, but also the further positive developments of the group’s key holding, Limestone Capital.

In H1, the group’s net income stood at € 0.7m, comparing to previous year’s € 0.4m loss. Besides lower other operating expenses (from € 0.32m to € 0.18m), this was carried by a € 0.94m other operating income related to the divestment of Emerald Stay in February. 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 group's key holding (84.2% of NAV, eNuW), continues to grow its portfolio. In May, the company opened Aethos Sardina, a 57-room 5 star hotel. With this, seven hotels are operational with the 8th (Madrid) likely to become operational during Q3 2025.

What’s more, Limestone 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. With its technology-driven platform, MYNE allows individuals to pool resources and invest in premium vacation homes, making ownership much easier and more affordable.

Changes in management board. On July 1st, 2024, Leon Sander succeeded Lorin Van Nuland, who has decided to step down as CEO in consultation with the Administrative Board, as new Managing Director. Leon Sander has actively supported 029 Group SE since its foundation and has already been a member of the Administrative Board.

Current portfolio overview. Besides Limestone, the group’s portfolio also comprises TRIP Drinks (10.1% of NAV, eNuW), UK’s leading CBD oils and drinks brand, which is progressing with its geographic expansion, hotelbird (3.9% of NAV, eNuW), Brother’s Bond (1.5% of NAV, eNuW) and fjör (0.3% of NAV, eNuW), which are all showing operational developments in line with expectations.

029 Group remains a HOLD with an unchanged € 14 PT based on a sum-of- he-parts valuation with a 5% holding discount.

You can download the research here: http://www.more-ir.de/d/30997.pdf
For additional information visit our website: www.nuways-ag.com/research

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: [email protected]
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2003687  08.10.2024 CET/CEST

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023
Umsatzerlöse1 0,00 0,00 0,00 0,01 0,00 0,00 0,05
EBITDA1,2 0,00 0,00 0,00 0,00 -0,02 -0,66 -5,59
EBITDA-Marge3 0,00 0,00 0,00 0,00 0,00 0,00
EBIT1,4 0,00 0,00 0,00 0,00 -0,02 -0,66 -5,59
EBIT-Marge5 0,00 0,00 0,00 0,00 0,00 0,00 -11.180,00
Jahresüberschuss1 0,00 0,00 0,00 0,00 -0,02 -0,66 -5,62
Netto-Marge6 0,00 0,00 0,00 0,00 0,00 0,00 -11.240,00
Cashflow1,7 0,00 0,00 0,00 0,01 -0,02 -0,39 -0,54
Ergebnis je Aktie8 0,00 0,00 0,00 0,00 0,00 -0,13 -1,12
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Forvis Mazars

INVESTOR-INFORMATIONEN
©boersengefluester.de
029 Group
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A2LQ2D 15,800 79,00
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
0,00 36,78 0,00 -34,57
KBV KCV KUV EV/EBITDA
5,05 - 1.717,39 -14,14
Dividende '22 in € Dividende '23 in € Div.-Rendite '23
in %
Hauptversammlung
0,00 0,00 0,00 10.06.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
27.09.2024 24.04.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
4,90% 5,51% 0,00% 0,00%
    
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu 029 Group SE  ISIN: DE000A2LQ2D0 können Sie bei EQS abrufen


Beteiligungen , A2LQ2D , Z29 , XETR:Z29