NÜRNBERGER Beteiligungs-AG (NBG6) Fair Value & Analysis

Financial Services · DE · Market cap €1.4B

Below-average quality, and screening another 60% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (€62.65). The favourable scenario is already priced in.
• Weak quality (42/100) 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.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range €38.73 – €127.00 · fair‑value band €37.59 – €62.65 · the €125.00 price screens above the €50.12 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

Full chart & analysis →

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Analysis

NÜRNBERGER Beteiligungs-AG (NBG6) currently trades at €125.00, while our model-based Fair Value estimate is €50.12, implying the stock looks roughly 59.9% overvalued today. The Quality Score stands at 42/100 (below-average quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, NÜRNBERGER Beteiligungs-AG generated revenue of €4.3B at a net margin of 1.0%. Revenue grew 19.6% year over year. It earns a return on equity of 5.4%. The balance sheet holds a net cash position of €437M. Fundamentals as of Jul 16, 2026

Our scenario range runs from €37.59 (bear case) to €62.65 (bull case); at €125.00, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 160% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at -60%, NBG6 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Economic Profit (€52.97) versus Dividend Discount (€1.35). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

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

Full company description

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

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

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.

NBG6 screens 60% overvalued. Compare with Berkshire Hathaway Inc →

Peer Group

Insurance - Diversified · 84 stocks

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.

Valuation Multiples vs Insurance - Diversified median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

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

Insider activity: 45/100

Values & ESG

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.