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Original-Research: 029 Group SE - von NuWays AG
Einstufung von NuWays AG zu 029 Group SE
Unternehmen: 029 Group SE
ISIN: DE000A2LQ2D0
Anlass der Studie: Update
Empfehlung: HOLD
seit: 14.02.2024
Kursziel: 14.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr
Portfolio update // NAV carried by key holding
Topic: While Conscious Good ceased operations, 029 sold one of its
holdings, Emerald Stay for EUR 1.6m, a multiple of 2.7x on its invested
capital. The group's NAV is now mainly carried by Limestone Capital and
TRIP.
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 EUR 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 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. This was carried by the
recently strongly increasing number of vacation rentals on the platform
(FY23e: +71% yoy), in our view.
Limestone Capital (85% of NAV, eNuW) seems well on track to expand its
hotel portfolio. In fact, the company has just purchased a hotel in Madrid.
Thanks to its ongoing funding round, Limestone should be able to grow to 20
hotels, operated by its own brand aethos, until the end of 2025e, 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 EUR
35-40m in FY23 (eNuW). With this development, TRIP should by now be worth
notably more compared to its last funding round in August 2022 where it was
valued at roughly EUR 105m, eNuW.
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 EUR 14 PT (old: EUR 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
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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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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-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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