029 Group SE Maintains "HOLD" Rating Amid Key Developments

NuWays AG's recent research update maintains a "HOLD" recommendation for 029 Group SE, with a target price of €22.00 within 12 months. In the first half of 2025, the company reported a net loss of €237k, contrasting with a net income of €697k in H1 2024 due to the absence of significant divestments. Despite this, key portfolio holdings are performing well.

Limestone Capital has expanded significantly, opening new hotel locations in Mallorca and London, and plans for further development in Italy and France. The company has also launched a new hotel brand, Crafted, aiming for growth in East Sussex. TRIP Drinks achieved over 100% sales growth, valued at €203m, showing strength in markets like the UK, France, and the US.

Hotelbird continues to see organic growth and Brother’s Bond has begun international expansion, achieving profitability. Meanwhile, Fjör, a skincare investment, introduces a unique moisturizer, though its financial impact is minimal. The analysis results in an adjusted rating due to the strong performance and valuation increases of key assets.