Original-Research: 029 Group SE - from NuWays AG 02.10.2025 / 09:00 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

Original-Research: 029 Group SE - from NuWays AG



02.10.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
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:                        02.10.2025
     Target price:                EUR 22.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr



H1 report reveals strong dev. of key holdings; up to HOLD



H1 2025 net loss came in at EUR 237k (vs. EUR 697k net income in H1 2024) due to
the absence of divestments. Mind you, in H1 2024 029 sold its stake in
Emerald Stay, which resulted on a EUR 0.94m book gain. Besides that, operating
expenses remained largely unchanged compared to previous year's figures.
Cash at the end of the first half stood at EUR 65k while liabilities slightly
increased to EUR 700k (+ EUR 100k).



More importantly, key holdings continue to develop in line with
expectations. Limestone Capital (eNuW: 86% of implied fair NAV) successfully
opened its 5-star hotel on Mallorca and the former Nobu location in London
just yesterday, increasing its locations to 10. Next to the hotel brand
Aethos, Limestone also acquired a majority stake in LOISIUM Wine & Spa
Hotels and initiated an investment program of over EUR 100m to develop four
additional properties in Italy and France. Limestone also announced the
launch of its third hotel brand, Crafted, which is seen to open its first
property in East Sussex still this year. With AUMs of over EUR 1bn, Limestone
is quickly developing into a leading European player within its niche.



TRIP Drinks (eNuW: 9% of implied fair NAV), recorded >100% sales growth as
the company is increasingly gaining traction across the UK but also new end
markets such as France and the US. Based on the reported NAV and 029's 5%
stake, the valuation of TRIP should have increase by 51% yoy to EUR 203m. As
seen with the acquisition of its US peer Poppi and other transactions in
that space, strategic buyers (PepsiCo in the case of Poppi) are willing to
pay 4-5x sales.



hotelbird, a leading solution provider for a seamless digital guest journey
within the hotel industry, continuous to grow organically while being able
to finance itself. For instance, the company is currently rolling out its
solutions across hotels of the Motel One group. Since the listing of its
peer ReGuest, the implied valuation (25-30x EV/Sales FY25e) provides
confidence in a significant valuation uplift compared to the holdings
current NAV in case of an exit or potential funding round.



Brother's Bond entered into a phase of international expansion during H1 (so
far US pure play), supported by fresh growth capital. This strategy is
already bearing fruit as the company already entered into several new
partnerships. For instance, the company's bourbon is now available across
the Gebr. Heinemann (leading duty free shop at airports and on cruise ships)
locations. Thanks to the recent strong growth, Brother's Bond also reached
profitability.



Fjör, 029's skincare investment within the premium segment is broadening its
product portfolio with the launch of a new moisturizer in June, world's
first hydrolytic body care product. At a NAV of EUR 0.5m, Fjör's impact on the
group's valuation remains limited.



We upgrade to HOLD (old: SELL) due to higher fair NAVs for Limestone Capital
(strong AUM growth) and TRIP Drinks (implied NAV following recent funding
round) with a EUR 22 PT (old: EUR 15.80).





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https://eqs-cockpit.com/c/fncls.ssp?u=6274e6bc3ac5b3e4213c9d0904f410f4
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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
++++++++++
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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2207204 02.10.2025 CET/CEST