Original-Research: 029 Group SE (von NuWays AG): SELL - T-Online

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invitation to conclude certain stock exchange transactions.

029 Group published its H1 report. Both core holdings made visible operating

progress. At holding level, the net loss of EUR 0.23m (H1 25: EUR 0.24m)

reflects stable running costs and, as usual, no sales. The outlook of 0% to

Limestone: new funds lift the fee base. In H1, the Swiss real estate private

equity platform (35.7% stake) launched two further vehicles, the Topaz Fund

and the Ruby Fund, and closed another acquisition within Amethyst Fund III.

line with plan and reflect the ongoing build-out of the platform. The

hospitality brands, including Aethos and LOISIUM, performed very well. H2

first deal is scheduled to close in Q3. 029 also expects continued strong

Periskop: key fund extended, earnings base broadened. In a still demanding

secures its fee stream. The development business reached several marketing

and planning milestones, including two land sales in Brandenburg and Berlin.

strategic partnership to attract international investors. With fundraising

growth, while 029 expects transaction activity to pick up further in H2.

Venture stakes play a minor role. fjör grew revenue significantly on a lower

kept its focus on brand building. With a combined reported NAV of EUR 1.6m,

the three holdings are not decisive for the case.

Reported NAV remains dominated by Limestone. 029 reports a NAV of EUR 33.7m

for Limestone and EUR 4.0m for its 5% Periskop stake. Including the venture

holdings, this adds up to EUR 39.3m or EUR 7.86 per share. Our fair NAV of EUR 25

per share (eNuW) is already well above that.

Downgrade is a valuation call, not an operational one. At c. EUR 41, the share

has gained more than 25% ytd and trades c. 64% above our fair NAV per share,

implying c. 40% downside to our PT. Operations at both platforms are

developing as expected and our estimates are unchanged. Still, the share

price more than reflects this progress, in our view. We downgrade to SELL

(old: HOLD) with an unchanged PT of EUR 25, based on our NAV (SOTP).

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