Original-Research: 029 Group SE (von NuWays AG): HOLD

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Original-Research: 029 Group SE - from NuWays AG

27.01.2026 / 09:00 CET/CEST

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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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