NuWays AG Updates Recommendation on 029 Group SE to 'SELL'

In a recent update, NuWays AG has issued a 'SELL' recommendation for 029 Group SE, setting a target price of €15.80, indicating a downgrade based on the current market valuation exceeding fair NAV. The recommendation follows the financial year 2024 performance, where 029 Group realized a net income of €0.33m, largely due to exiting its stake in Emerald Stay, generating €1.6m in gross proceeds.

Limestone Capital, the company's key holding, is expanding with new hotels in Mallorca and London and plans to open four LOISIUM Wine & Spa Hotels in Italy and France. It also led a €40m Series A financing for MYNE Homes.

TRIP Drinks and hotelbird continue to expand, with TRIP making progress in the USA. Meanwhile, Brother's Bond secured $7.5m funding to drive growth.