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

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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.

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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 EUR 0.7m, comparing to previous year's

EUR 0.4m loss. Besides lower other operating expenses (from EUR 0.32m to EUR

0.18m), this was carried by a EUR 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 EUR

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 EUR 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 EUR 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: research@nuways-ag.com

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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2003687 08.10.2024 CET/CEST

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