
029's net income stood at € 0.33m, comparing to previous year's € 5.6m loss, which was the result of the successful exit from the investment in Emerald Stay (€ 0.94m other operating income) and the write-off of the investment Conscious Good the year before. As a reminder, 029 sold it's 5.2% stake in Emerald Stay. The transaction is expected to generate roughly € 1.6m gross proceeds, reflecting a realized multiple on the FY23 book value of around 2.3x and 2.7x on the invested capital.
Limestone Capital, the key holding (87% of NAV, eNuW) continues to grow its portfolio. The company is about to open a hotel on Mallorca and purchased a former Nobu location in London. With those, the number of Aethos hotels owned and managed, is set to increase to 10. Further, Limestone acquired a majority stake in LOISIUM Wine & Spa Hotels. Over the next twelve months, four new LOISIUM hotels are set to open in Italy and France backed by Limestone's commitment to invest over € 100m into the expansion of the brand. Limestone also spearheaded a € 40m Series A financing round for MYNE Homes, Europe's leading managed co-ownership provider for premium vacation homes in Germany, Austria, Italy, Spain, France, Sweden and Croatia.
TRIP Drinks (8.1% of NAV, eNuW), UK's leading brand for CBD and magnesium drinks, CBS oils, gummies and powders continues its growth trajectory. In March, TRIP was the third most popular drink choice. The company is also progressing well with its geographical expansion, especially in the USA.
hotelbird (3.3% of NAV, eNuW) is leading solution provider for a seamless digital guest journey within the hotel industry. As the company is able to finance itself, the last funding round took place in 2019. Worth highlighting, at the end of 2024, ReGuest AG went public in Austria. The hotel CRM software company generated some € 4.3m sales in FY24 and is currently valued at € 150m (market cap). While this is not an apples to apple comparison, it underpins the sector's high multiples.
Brother's Bond (1.1% of NAV, eNuW) raised $ 7.5m at the beginning of FY25. This should allow the company to further drive growth an reach sustainable profitability levels during the near-term.
As the current market cap (+197% ytd.) notably exceeds the company's fair NAV, we downgrade 029 to SELL with a new PT of € 15.8 (€ 14) based on a sum of-the-parts valuation with a 5% holding discount.
ISIN: DE000A2LQ2D0