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Original-Research: 029 Group SE - from NuWays AG
27.01.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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
Target price: EUR 25
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Successful TRIP exit + reshaped equity story; PT UP
029 Group sold its 5% stake in TRIP Drinks (at this point, 2nd largest
holding) to existing investors for roughly EUR 4.9m, representing a realized
multiple of 3.3x on invested capital. While this was some EUR 1.8m below the
stake's book value, it was opportunistic as it allowed 029 to not only exit
the position but more importantly reinvest the proceeds into Periskop
Partners AG, ultimately reshaping the group's investment approach/equity
story.
Periskop Partners, new cornerstone investment. Periskop Partnersis an
independent investment and asset management platform focused on structurally
driven real estate strategies across Europe. The firm develops and manages
specialized investment verticals along the entire real estate value chain,
with a particular focus on land development, senior living, and logistics
and light industrial assets. Assets under management stand at over EUR 2bn.
Here, 029 purchased a 5% stake with a call option to increase its stake to
10% at a similar valuation.
Reshaped 029 Group. Periskop Partners and Limestone Capital form the new
core of 029, accounting for roughly 97% of the fair NAV (eNuW). With this,
029 sharpened its positioning as global investment platform at the
intersection of real estate, hospitality and lifestyle. Going forward, we
would expect 029 to either invest into increasing the Periskop stake (due to
favourable conditions) or purchase stakes in similar business models. Mind
you, 029 still owns stakes in hotelbird (4.8%), Brother's Bond (1.6%) and
fjör (11.3%), with a cumulative fair NAV of a mere EUR 4m (eNuW). Taking into
account the relatively low fair NAV share, we would not rule out additional
divestments during the near future.
Limestone continues to develop strongly. The Swiss real estate private
equity firm with some EUR 1bn assets under management has broadened its set up
(next to direct real estate investments) with brands such as aethos
(hospitality brand), Eterniti (vacation rental operator), MYNE (luxury
vacation rental co-ownership platform) and Loisium (hospitality brand
focused on wine retreats). Last year, Limestone successfully opened its
5-star hotel on Mallorca and the former Nobu location in London just
yesterday, increasing its locations to ten.
Valuation update. We adjust our sum of-the-parts valuation, reflecting the
divestment of TRIP Drinks and the reallocation of funds towards the stake in
Periskop Partners (incl. 5% option) and arrive at a new EUR 25 PT (old: EUR 22)
with an unchanged HOLD recommendation.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=d4e1ca9615def527338076dadd7283f5
For additional information visit our website:
https://www.nuways-ag.com/research-feed
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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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2266306 27.01.2026 CET/CEST
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