Original-Research: 029 Group SE (von NuWays AG): Halten
Source: EQSClassification of
Company
ISIN: DE000A2LQ2D0
Reason for the research: Update
Recommendation: Halten
from:
Target price:
Target price on sight of: 12 Monaten
Last rating change:
Analyst:
FY23 as expected // key holding with favourable developments
Topic: 029 published FY23 figures. As 029 holds only minority stakes and
reports under German HGB (no mark-to-market valuation), it was a non-event.
Yet, its key assets continue to perform well. As 029 had no divestments
during FY23 (Emerald Stay was sold in
Yet, this does not include one-off expenses related to potential investments/divestments. While cash at hand stood at only € 10k at the end of the year, the € 1.6m inflow from the Emerald divestment should provide 029 with sufficient liquidity.
The group’s key assets,
First divestment completed. As a reminder, in February, 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. This was carried by the recently strongly increasing number of vacation rentals on the platform (FY23e: +71% yoy), in our view. The € 0.9m book gain should positively impact 029’s FY24 H1 figures due at the end of September.
We confirm our HOLD rating with an unchanged € 14 PT based on based on a sum-of-the-parts valuation (see page 2) with a 5% holding discount.
You can download the research here:
http://www.more-ir.de/d/29845.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
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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