Original-Research: 029 Group SE (von NuWays AG): HOLD
Source: EQSEinstufung von
Unternehmen: 029 Group SE
ISIN: DE000A2LQ2D0
Anlass der Studie: Update
Empfehlung: HOLD
seit:
Kursziel: 14.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst:
Portfolio update // NAV carried by key holding
Topic: While Conscious Good ceased operations, 029 sold one of its
holdings, Emerald Stay for € 1.6m, a multiple of 2.7x on its invested
capital. The group's NAV is now mainly carried by
Conscious Good. CG was expected to launch a nootropics-based consumer product towards the end of last year. However, due to the chosen manufacturer filed for bankruptcy, the departure of the former CEO and challenging re-financing conditions, the company decided to cease operations at the beginning of February. As a result, we expect 029‘s total investment of € 4.9m to get written down.
It's 5.2% stake in Emerald Stay, which can be seen as an „AirBnB for luxury homes“, has been sold. 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. This was carried by the recently strongly increasing number of vacation rentals on the platform (FY23e: +71% yoy), in our view.
TRIP Drinks (9.5% of NAV, eNuW), UK’s leading CBD oils and drinks brand, is
further progressing with its geographic expansion. In fact, the company
should quickly be gaining traction in the US, allowing to triple sales to €
35-40m in FY23 (eNuW). With this development, TRIP should by now be worth
notably more compared to its last funding round in
The company’s remaining holdings, namely hotelbird (3.9% of NAV, eNuW), Brother’s Bond (1.6% of NAV, eNuW), fjör (0.4% of NAV, eNuW), are all showing operational developments in line with expectations. Worth highlighting, hotelbird should reach cashflow profitability in FY24e.
Thanks to the proceeds, 029 should be able to either participate in upcoming follow-on transactions or increase the number of holdings. We reiterate our HOLD rating with a new € 14 PT (old: € 15) based on a sum-of-the-parts valuation (see page 2) with a 5% holding discount.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28875.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148
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