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NÜRNBERGER Beteiligungs-AG (NBG6) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of NÜRNBERGER Beteiligungs-AG stock €58.63, price €123, that is 52.1% below the price, quality 36 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

6 models, one by oneBear €45.07 to bull €67.38 Growth analysisrevenue history, year by year Quality 36/100 in detail37 factors, each one shown Compared with its peersrank on every measure, side by side

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Financial Services DE · ISIN DE0008435967

Broad data Nov 7, 2026

NÜRNBERGER Beteiligungs-AG

NBG6 · XETRA

Very expensive, weak quality

Our calculation puts a fair price 52% below what the stock costs today.

1.6% dividend yield · Low payout

Broad data

Revenue last quarter +50% vs. a year ago.

Expensive Growth (revenue 5y +3.9 %/yr in EUR)

Thin margins · 0.9% net margin (TTM)

Fair value €58.63 · Strongly overvalued (−52.1%)

Quality 36/100

Trails peers (4/13)

Narrow moat 26/100 · thin data

⚠ Thinly traded

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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range €38.73 – €129.00 · fair‑value band €45.07 – €67.38 · the €122.50 price screens above the €58.63 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.

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Company profile

NÜRNBERGER Beteiligungs-AG operates as an insurance company in Germany.

Show moreShow less

The company offers career and pension products, including occupational disability, dread disease, accident, and basic skills insurance; term life and funeral insurance; classic and unit-linked pension insurance, and company pension scheme; and disability, professional liability, and assistance insurance.

It also provides health insurance, such as dental, seeing and hearing, international health, supplementary hospital, and private health insurance, as well alternative medicine, sickness benefit, all-round protection, and prevention and vaccinations; nursing care insurance comprising daily care allowance, care provision, and care protection letter; sports and leisure insurance that consists of musical instrument, sports boat hull, and saddle insurance; and child care and occupational disability insurance for students.

In addition, the company offers liability insurance, including private, dog, horse, hunting, homeowner's, water sports, building owner, and water damage liability insurance, as well as legal protection and traffic legal protection insurance; and car and motorcycle, home contents, homeowners, shell, housing protection letter, and internet insurance.

Further, it provides building and transport insurance covering contents, glass, commercial building, and construction; transport and traffic insurance; building services, machinery breakdown, electronics, photovoltaic, and cyber insurance; company pension scheme, income protection, and health insurance; business liability, financial loss, D&O, IT liability, and building owner liability insurance; intellectual property rights; and multi-risk insurance packages.

Additionally, the company offers asset advice and management services. NÜRNBERGER Beteiligungs-AG was founded in 1884 and is based in Nuremberg, Germany. As of May 17, 2026, NÜRNBERGER Beteiligungs-AG operates as a subsidiary of Vienna Insurance Group AG.

Stock analysis

NÜRNBERGER Beteiligungs-AG (NBG6) currently trades at €122.50, while our model-based Fair Value estimate is €58.63, 52% below the price, so the stock looks overvalued today.

Valuation

Bull case: the Multiples group reads highest at a median of €60.09 per share, and 0 of the 6 models we run sit above the €122.50 price.

Bear case: the Asset-Based group reads lowest at €45.15, and 6 of the 6 models stay below the price. Data coverage for this calculation is high.

Scenario range: €45.07 (bear) to €67.38 (bull), the price of €122.50 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 36/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

NÜRNBERGER Beteiligungs-AG reported revenue of €4.3B in FY2025 versus €5.4B in FY2021, a compound −5.9%/yr. Reported net income was €44.4M in FY2025, compounding −8.4%/yr from FY2021.

Key figures

Market cap €1.4B Small · P/E ratio 31.3 · P/S ratio 0.27 · EPS (TTM) €3.91 · Dividend yield 1.6% · Net margin 0.9% · Return on equity 5.3% · Return on assets (EBIT) 5.4% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 26 out of 100 (low confidence).

What moves the price

The share trades about 5% below its 52-week high and 5% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at −52%, NBG6 screens richer than that median.

Fair Value models

Bear €45.07 Fair Value €58.63 Bull €67.38

Price €122.50 · Downside -52.1%

Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€1.63 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.

Best data coverage

Residual Income €57.78 €58.63 €61.62 76

Gordon GGM €1.22 €1.55 €1.88 69

DDM Multi-Stage €1.22 €1.62 €2.09 67

All 6 models by family

Dividend Discount

Gordon GGM €1.22 €1.55 €1.88 69

DDM Multi-Stage €1.22 €1.62 €2.09 67

Multiples

P/E Multiple €37.59 €50.12 €62.65 63

P/B Multiple €52.54 €70.05 €87.57 55

Asset-Based

NCAV (Graham) €33.69 €45.15 €67.38 54

Economic Profit

Residual Income €57.78 €58.63 €61.62 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 36/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 15

How much profit the company makes from its sales and capital

Quality Growth 32

Are margins and returns getting better?

Cashflow 8

Do the profits arrive as real cash?

Financial strength 5

Debt, balance sheet and risk of trouble

Investment 94

Does it invest with discipline instead of growing at any price?

Low Volatility 91

How calm the share price moves, does not count

Price momentum 43

Price momentum of the last 3 to 12 months, does not count

Near the 52-week high 43

Distance to the 52-week high, does not count

New shares 82

Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 34/100

The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.

−0.4%

Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.

+3.9%

Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.

−0.6%

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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.

−6.4%

Earnings growth per share plus dividend.

Earnings per share, growth per year−8.0%

Dividend (yield on the price)1.6%

Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−8.0% vs −2.6%, slowing

Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.2% → 3%

Pace: the 5-year rate starts in 2020 (pandemic)

⚠ Revenue per share shrinking 1.8%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

NBG6 screens overvalued: fair value 52% below the price. Compare with Allianz SE →

Note from the team Oct 11, 2026

AI conclusion: The efficiency program and VIG integration deliver scale for IT upgrades as the main strength, while weak cash conversion and low margins form the key weakness with limited durable advantage evidence.

Main risk: Dilution of independent German market positioning through full VIG integration would hit its local competitive stance and operational independence in the domestic insurance market.

NÜRNBERGER has posted stronger first-half results thanks to its efficiency program and turnaround in property-casualty insurance while confirming the full-year profit target. Now fully integrated into the Vienna Insurance Group, the company gains scale for IT upgrades and a shift toward prevention-focused products. Our models see the shares as overvalued. Will the efficiency drive and group synergies outweigh any dilution of its independent German market positioning?

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Insurance - Diversified · 73 stocks

Beats the industry median on 4/13 measures

Overall it trails its industry peers.

Valuation

Quality Score 36 · Bottom 25%

Fair Value upside −52.1% · Bottom 25%

Profitability

Return on equity (12 months) 5.3% · Bottom 25%

Return on assets 0.1% · Bottom 25%

Net margin (12 months) 0.9% · Bottom 25%

Operating margin (12 months) −0.6% · Bottom 25%

Growth and dividend

Revenue growth (quarter YoY) 50.0% · Top 25%

Dividend yield (12 months) 1.6% · Below median

Balance sheet

Debt / equity 0.13× · Below median

Valuation Multiplesvs Insurance - Diversified median · lower = cheaper

P/E (12 months) 31.3× · Priciest 25%

P/B 1.62× · Pricier than median

P/S (12 months) 0.27× · Cheapest 25%

EV/EBITDA 1.4× · Cheapest 25%

Strength profile in five axes (Snowflake)

This stock

Sector peers

VALUE (fair-value potential)0 · sector 11

FUTURE (revenue growth)100 · sector 38

PAST (return on equity)21 · sector 54

HEALTH (low debt)–

DIVIDEND (yield)33 · sector 73

VALUE 0: the price sits above our fair-value range.

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Insurance - Diversified stocks, each showing price versus our Fair Value estimate.

Stock	Price	Fair Value	vs Fair Value	Compare
Arch Capital Group ACGL	$107.28	$133.22	+24%	vs NBG6
American International Group AIG	$77.75	$73.25	−6%	vs NBG6
The Hartford Insurance Group HIG	$133.99	$115.03	−14%	vs NBG6
AXA SA CS	€44.68	€35.31	−21%	vs NBG6
Talanx AG TLX	€129.90	€89.76	−31%	vs NBG6
Sun Life Financial Inc SLF	$71.53	$40.29	−44%	vs NBG6
Zurich Insurance Group ZURN	CHF 630.20	CHF 320.92	−49%	vs NBG6
Allianz SE ALV	€451.10	€229.28	−49%	vs NBG6
Assicurazioni Generali S.p.A G	€43.73	€22.17	−49%	vs NBG6
Swiss Life Holding SLHN	CHF 971.20	CHF 413.28	−57%	vs NBG6

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NÜRNBERGER Beteiligungs-AG: fair value per Fair Value Calculator

<a href="https://www.fairvalue-calculator.com/stock/NBG6?utm_source=embed&amp;utm_medium=badge" target="_blank" rel="nofollow noopener"><img src="https://www.fairvalue-calculator.com/embed/NBG6.XETRA.svg" width="360" height="84" alt="NÜRNBERGER Beteiligungs-AG: fair value per Fair Value Calculator" style="border:0;max-width:100%" loading="lazy"></a>

Cite: Fair Value Calculator (2026). "NÜRNBERGER Beteiligungs-AG Fair Value". https://www.fairvalue-calculator.com/stock/NBG6

Frequently asked questions

Is NÜRNBERGER Beteiligungs-AG (NBG6) overvalued or undervalued?

As of Nov 7, 2026, our model estimates a fair value of €58.63 versus a price of €122.50, about 52% lower (overvalued).

What is the fair value of NBG6?

Our model-based fair value for NÜRNBERGER Beteiligungs-AG is €58.63 (as of Nov 7, 2026), built from audited fundamentals. The current price: €122.50.

What is the quality score of NBG6?

NÜRNBERGER Beteiligungs-AG has a Quality Score of 36/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.

What is the price target for NÜRNBERGER Beteiligungs-AG (NBG6)?

Our model-based price target is the fair value of €58.63 (as of Nov 7, 2026) from 6 valuation models. Cautious scenario €45.07, optimistic scenario €67.38. It is a calculation from audited fundamentals, not an analyst target.

What is the NÜRNBERGER Beteiligungs-AG stock forecast for 2026?

Our models put fair value at €58.63, about 52% lower versus a price of €122.50 (overvalued). Cautious scenario €45.07, optimistic scenario €67.38. The calculation is refreshed regularly with new filings.

What is the revenue of NÜRNBERGER Beteiligungs-AG (NBG6)?

NÜRNBERGER Beteiligungs-AG reported trailing-twelve-month revenue of about €5.2B (latest available figure, as of Nov 7, 2026).

Does NÜRNBERGER Beteiligungs-AG pay a dividend?

NÜRNBERGER Beteiligungs-AG currently shows a dividend yield of 1.63% relative to its recent price (as of Nov 7, 2026).

How much is the dividend of NÜRNBERGER Beteiligungs-AG (NBG6) and when is the ex-dividend date?

NÜRNBERGER Beteiligungs-AG pays a dividend of €2.00 per share a year, a dividend yield of 1.6%. The last ex-dividend date was Jun 3, 2026. A dividend has been paid every year since at least 1999. The payout ratio is 51.2% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.

What is the intrinsic value of NÜRNBERGER Beteiligungs-AG (NBG6)?

Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NÜRNBERGER Beteiligungs-AG it is €58.63 per share (as of Nov 7, 2026), against a price of €122.50. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).

Is NÜRNBERGER Beteiligungs-AG stock overvalued or undervalued in 2026?

As of Nov 7, 2026, NBG6 trades above its calculated fair value: price €122.50, fair value €58.63, a gap of about −52% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.

Is fair value the same as the market price of NBG6?

No. The price is what the market pays today (€122.50); the fair value is what the company's own numbers justify (€58.63). For NÜRNBERGER Beteiligungs-AG the two are €63.87 per share apart. That gap is exactly why we show both numbers side by side.

How much is NÜRNBERGER Beteiligungs-AG worth?

The market values NÜRNBERGER Beteiligungs-AG at about €1.4B (market capitalisation, as of Nov 7, 2026). Per share that is €122.50; our models calculate a fair value of €58.63 per share.

What do the bullish and bearish scenarios say about NBG6?

Our models span a range for NÜRNBERGER Beteiligungs-AG: cautious scenario €45.07, base €58.63, optimistic €67.38 per share (as of Nov 7, 2026, price €122.50). The range comes from different growth and margin assumptions, not from analyst opinions.

What is the P/E ratio of NBG6?

NÜRNBERGER Beteiligungs-AG trades at a price-to-earnings ratio of 31.3 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €58.63 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 12.4. Other multiples: P/B 1.6, P/S 0.3, EV/EBITDA 1.4.

How solid is the balance sheet of NÜRNBERGER Beteiligungs-AG (NBG6)?

Balance-sheet figures for NÜRNBERGER Beteiligungs-AG (as of Nov 7, 2026): return on equity 5.3%, debt of 0.13 per unit of equity. They feed the Quality Score of 36/100, which measures business quality independently of the share price.

How far is NBG6 from its 52-week high?

NÜRNBERGER Beteiligungs-AG trades at €122.50, about 5% below its 52-week high of €129.00 and 5% above the low of €116.50 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €58.63 is for.

Which stocks are comparable to NÜRNBERGER Beteiligungs-AG?

From the same area (Financial Services) we also value Allianz SE, Zurich Insurance Group, AXA SA, Assicurazioni Generali S.p.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.

Is NÜRNBERGER Beteiligungs-AG stock attractive at the current price?

The data as of Nov 7, 2026: price €122.50, calculated fair value €58.63 (−52%), Quality Score 36/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.

How is the fair value of NBG6 calculated?

We run NÜRNBERGER Beteiligungs-AG through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of €58.63 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.

Is it still worth investing in stocks now?

The global stock market currently sits 13.0% above its aggregate fair value. NÜRNBERGER Beteiligungs-AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.

What is the share price of NÜRNBERGER Beteiligungs-AG (NBG6)?

The closing price on Nov 6, 2026 was €122.50. Our model-based fair value is €58.63, about 52% lower (overvalued). We carry closing prices from our data provider, not a live tick.

What should I pay attention to with NÜRNBERGER Beteiligungs-AG right now?

The price sits above even our optimistic bull case (€67.38). The favourable scenario is already priced in. Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of NÜRNBERGER Beteiligungs-AG

How large is the market capitalisation of NÜRNBERGER Beteiligungs-AG (NBG6)?

The market capitalisation of NÜRNBERGER Beteiligungs-AG is €1.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.

What is the P/S ratio of NÜRNBERGER Beteiligungs-AG (NBG6)?

The price-to-sales ratio of NÜRNBERGER Beteiligungs-AG is 0.27 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.

What are the earnings per share of NÜRNBERGER Beteiligungs-AG (NBG6)?

Earnings per share at NÜRNBERGER Beteiligungs-AG are €3.91 (price ÷ EPS = P/E 31.3). Earnings per share over the last twelve months: total profit spread across every single share.

What is the dividend yield of NÜRNBERGER Beteiligungs-AG (NBG6)?

The dividend yield of NÜRNBERGER Beteiligungs-AG is 1.6% (payout 51.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.

What is the net margin of NÜRNBERGER Beteiligungs-AG (NBG6)?

The net margin of NÜRNBERGER Beteiligungs-AG is 0.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.

What is the return on equity of NÜRNBERGER Beteiligungs-AG (NBG6)?

The return on equity (ROE) of NÜRNBERGER Beteiligungs-AG is 5.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.

What is the EBIT return on assets of NÜRNBERGER Beteiligungs-AG (NBG6)?

On an EBIT basis the return on assets of NÜRNBERGER Beteiligungs-AG is 5.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.

What is the operating margin of NÜRNBERGER Beteiligungs-AG (NBG6)?

The operating margin of NÜRNBERGER Beteiligungs-AG is −0.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.

How fast is revenue growing at NÜRNBERGER Beteiligungs-AG (NBG6)?

Revenue at NÜRNBERGER Beteiligungs-AG is growing +50.0% versus a year earlier (3y avg +1.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.

How fast are earnings growing at NÜRNBERGER Beteiligungs-AG (NBG6)?

Earnings per share at NÜRNBERGER Beteiligungs-AG are growing −62.8% versus a year earlier. How much earnings per share grew versus a year earlier.

How much free cash flow does NÜRNBERGER Beteiligungs-AG (NBG6) generate?

The free cash flow of NÜRNBERGER Beteiligungs-AG is −€1.2M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.

How much net cash does NÜRNBERGER Beteiligungs-AG (NBG6) hold?

NÜRNBERGER Beteiligungs-AG holds more cash than debt, €437M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.

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