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029 GROUP SE (Z29) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of 029 GROUP SE stock €23.34, price €41.00, that is 43.1% below the price, quality 59 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Financial Services DE · ISIN DE000A2LQ2D0

0G 029 GROUP SE logo Thin data Nov 10, 2026

029 GROUP SE

Z29 · XETRA
Solid, but very expensive

Our calculation puts a fair price 43% below what the stock costs today.

Highly profitable · 122.2% net margin (FY2025)
Quality 59/100
Moderate moat 49/100 · thin data
Fair value €23.34 · Strongly overvalued
Weak Growth
Negative free cash flow
Trails peers (2/8)
Thin data
Estimate⚠ Thinly traded
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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

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Price vs Fair Value

€47.60 €7.15 Fair Value €23.34 Oct 2022 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

49‑month range €7.15 – €47.60 · fair‑value band €17.51 – €29.18 · the €41.00 price screens above the €23.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

029 Group SE, an investment holding company, operates as an investment platform for real estate, hospitality, and lifestyle sectors in Germany.

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Its platform includes aethos.com, a European collection of hotels and clubs; eterniti.com/emeraldstay.com/bo-house.com, a B-Corp vacation rental operator; and myne-homes.com, a co-ownership platform enabling access to luxury vacation homes.

The company also invests in and develops land projects; invests in nursing living properties; and develops residential lands. It operates under the Limestone Capital, Periskop, HotelBird, Brother's Bond, and fjör brands.

The company was formerly known as Mendarion SE and changed its name to 029 Group SE in August 2022. The company was incorporated in 2018 and is based in Berlin, Germany.

Stock analysis

029 GROUP SE (Z29) currently trades at €41.00, while our estimate is €23.34, 43% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: €17.51 (bear) to €29.18 (bull), the price of €41.00 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 59/100 (solid quality), in the Financial Services sector.

Weak Growth: Revenue growth is weak, negative or inconsistent.

029 GROUP SE INH O.N. reported revenue of −€1.9M in FY2025 versus €0 in FY2021. Reported net income was −€2.3M in FY2025.

Key figures

Market cap €205M Micro · EPS (TTM) €−0.4700 · Return on equity −16.0% · Return on assets (EBIT) −6.7% (5-year average) · Free cash flow −€445K.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).

What moves the price

The share trades about 5% below its 52-week high and 56% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −19% fair-value upside, at −43%, Z29 screens richer than that median.

Fair Value

Bear €17.51 Fair Value €23.34 Bull €29.18
Price €41.00 · Downside -43.1%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 59/100

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

Profitability 20
How much profit the company makes from its sales and capital
Quality Growth 40
Are margins and returns getting better?
Cashflow 58
Do the profits arrive as real cash?
Financial strength 73
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 75
How calm the share price moves, does not count
Price momentum 50
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 75
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. 0/100
Revenue growth is weak, negative or inconsistent.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Z29 screens overvalued: fair value 43% below the price. Compare with Blackstone Inc →

Compare 029 GROUP SE INH O.N. with another stock

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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.Asset Management · 658 stocks

Beats the industry median on 2/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 59 · Above median
Fair Value upside −43.1% · Bottom 25%
Profitability
Return on assets −16.0% · Bottom 25%
Net margin (12 months) 122.2% · Top 25%
Operating margin (12 months) 0.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 0.0% · Below median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 16.77× · Priciest 25%

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 Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Raymond James Financial, Inc RJF $168.11 $281.42 +67% vs Z29
Apollo Global Management, Inc APO $122.74 $197.52 +61% vs Z29
Ameriprise Financial, Inc AMP $519.96 $609.56 +17% vs Z29
Exor N.V EXO €74.30 €76.42 +3% vs Z29
State Street Corporation STT $171.62 $139.37 −19% vs Z29
Ares Management Corporation ARES $139.41 $99.35 −29% vs Z29
Northern Trust Corporation NTRS $177.89 $123.42 −31% vs Z29
Brookfield Asset Management Ltd BAM $53.49 $31.26 −42% vs Z29
Blackstone Inc BX $122.53 $52.29 −57% vs Z29
KKR & Co KKR $100.85 $27.63 −73% vs Z29

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029 GROUP SE INH O.N.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "029 GROUP SE INH O.N. Fair Value". https://www.fairvalue-calculator.com/stock/Z29

Frequently asked questions

Is 029 GROUP SE (Z29) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is €23.34 versus a price of €41.00, about 43% lower (overvalued).
What is the fair value of Z29?
Our estimate for 029 GROUP SE is €23.34 (as of Nov 10, 2026), built from audited fundamentals. The current price: €41.00.
What is the quality score of Z29?
029 GROUP SE has a Quality Score of 59/100. 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 029 GROUP SE (Z29)?
Our calculated price target is the estimate of €23.34 (as of Nov 10, 2026). Cautious scenario €17.51, optimistic scenario €29.18. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the 029 GROUP SE INH O.N. stock forecast for 2026?
Our estimate puts fair value at €23.34, about 43% lower versus a price of €41.00 (overvalued). Cautious scenario €17.51, optimistic scenario €29.18. The calculation is refreshed regularly with new filings.
What is the intrinsic value of 029 GROUP SE (Z29)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For 029 GROUP SE it is €23.34 per share (as of Nov 10, 2026), against a price of €41.00.
Is 029 GROUP SE INH O.N. stock overvalued or undervalued in 2026?
As of Nov 10, 2026, Z29 trades above its calculated fair value: price €41.00, fair value €23.34, a gap of about −43% (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 Z29?
No. The price is what the market pays today (€41.00); the fair value is what the company's own numbers justify (€23.34). For 029 GROUP SE the two are €17.66 per share apart. That gap is exactly why we show both numbers side by side.
How much is 029 GROUP SE INH O.N. worth?
The market values 029 GROUP SE at about €205M (market capitalisation, as of Nov 10, 2026). Per share that is €41.00; our models calculate a fair value of €23.34 per share.
What do the bullish and bearish scenarios say about Z29?
Our models span a range for 029 GROUP SE: cautious scenario €17.51, base €23.34, optimistic €29.18 per share (as of Nov 10, 2026, price €41.00). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of 029 GROUP SE (Z29)?
Balance-sheet figures for 029 GROUP SE (as of Nov 10, 2026): return on equity −16.0%. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is Z29 from its 52-week high?
029 GROUP SE trades at €41.00, about 5% below its 52-week high of €43.20 and 56% above the low of €26.20 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of €23.34 is for.
Which stocks are comparable to 029 GROUP SE INH O.N.?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Asset Management Ltd, Apollo Global Management, Inc, 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 029 GROUP SE INH O.N. stock attractive at the current price?
The data as of Nov 10, 2026: price €41.00, calculated fair value €23.34 (−43%), Quality Score 59/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. 029 GROUP SE 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 029 GROUP SE (Z29)?
The closing price on Nov 10, 2026 was €41.00. Our estimate is €23.34, about 43% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with 029 GROUP SE INH O.N. right now?
The price sits above even our optimistic bull case (€29.18). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. 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 029 GROUP SE

How large is the market capitalisation of 029 GROUP SE (Z29)?
The market capitalisation of 029 GROUP SE is €205M. 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 are the earnings per share of 029 GROUP SE (Z29)?
Earnings per share at 029 GROUP SE are €−0.4700. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of 029 GROUP SE (Z29)?
The return on equity (ROE) of 029 GROUP SE is −16.0% (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 029 GROUP SE (Z29)?
On an EBIT basis the return on assets of 029 GROUP SE is −6.7% (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.
How much free cash flow does 029 GROUP SE (Z29) generate?
The free cash flow of 029 GROUP SE is −€445K (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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