Nuernberger Beteiligungs AG Class B (NBG6) AI Stock Analysis

• Market Cap: €1.38B
• Dividend Yield: 0.12%
• Average Volume (3M): 9.43K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.16
• Revenue Growth: -1.28%
• EPS Growth: -153.13%
• Country: DE
• Employees: 4,200
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Diversified
• EPS (TTM): 4.02
• Shares Outstanding: 11,520,000
• 10 Day Avg. Volume: 25,929
• 30 Day Avg. Volume: 9,434
• PEG Ratio: 0.02
• Price to Book (P/B): 0.66
• Price to Sales (P/S): 0.10
• P/FCF Ratio: 4.71
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: €129.00 ▲(7.50% Upside)

Overall score reflects mixed financial performance driven by a 2024 swing to net losses and higher leverage, partially offset by improved cash generation. Technicals are supportive with a strong longer-term uptrend and positive momentum, while valuation is helped by a very high dividend yield but constrained by the negative P/E.

Positive Factors

Cash Generation Improvement

The improvement in cash generation indicates better operational efficiency and financial health, enhancing the company's ability to reinvest and manage debts.

Revenue Rebound

A strong revenue rebound suggests effective business strategies and market demand, supporting long-term growth and competitiveness.

Balance Sheet Resilience

A resilient balance sheet with sizable equity provides financial stability, enabling the company to withstand economic fluctuations and invest in growth opportunities.

Negative Factors

Profitability Deterioration

Deteriorating profitability undermines financial performance and could challenge the company's ability to sustain operations and fund future growth.

Increased Leverage

Increased leverage heightens financial risk and may restrict the company's flexibility in capital allocation and strategic initiatives.

Earnings Volatility

Volatile earnings can lead to uncertainty in financial planning and investor confidence, potentially affecting long-term strategic execution.

Nuernberger Beteiligungs AG Class B Business Overview & Revenue Model

Company Description

NÜRNBERGER Beteiligungs-AG operates as an insurance company in Germany. The company offers car, motorcycle, oldtimerversicherung, long-term care, protection, life, and pension insurance products; personal, pet owners, home and property owners, watersports, principal's, civil, and waters damage liability, as well as hunting insurance products; and content, homeowners, shell, house and wohnungsschutzbrief, and household glass insurance products. It also provides inshape, seeing and hearing, dental, travel, alternative medicine, around protection, hospitalization, sickness allowance, and private health insurance products; and musical instrument, horse transport, sport boat, luggage, security, valuables, and event insurance products. In addition, the company offers disability, dread disease, and accident insurance products; insurance products for kids and teens, and owners and employees; and invalidity and subsidy insurance products. Further, it provides glass, commercial building, and building services insurance products; building services breakdown, electronics, and photovoltaic insurance products; property damage and IT liability, and D & O insurance products; and intellectual property legal insurance products. Additionally, the company offers transportation, cargo, fleet, and carrier's liability, as well as car insurance products for car wholesalers and electricians; and multi-risk, exhibition, and business insurance products. It serves business customers in the pharmacy, construction, funeral home, heliwesen, wholesale, manufacturing, hotels, restaurants, agriculture, forestry, food trade, crafts, beauty, horse-holding facilities, IT service, and related trades industries, as well as operator of renewable energy plants, medium-sized enterprises, shippers, carriers, organizers, and chamber professions; and private customers. The company was founded in 1884 and is based in Nuremberg, Germany.

How the Company Makes Money

Nuernberger Beteiligungs AG generates revenue primarily through the sale of insurance policies across various segments, including life, health, and property and casualty insurance. The company earns premiums from policyholders, which constitute a major part of its income. Additionally, Nuernberger Beteiligungs AG invests the premiums collected in various financial instruments, which generates investment income and contributes to its overall earnings. The company's financial performance is further supported by its strategic partnerships, underwriting expertise, and risk management practices, which help optimize profitability and sustain its competitive position in the market.

Nuernberger Beteiligungs AG Class B Financial Statement Overview

Summary

Mixed fundamentals: revenue rebounded strongly in 2024, and operating/free cash flow turned positive, but profitability deteriorated to a net loss and results have been volatile. The balance sheet is generally resilient, though leverage stepped up materially in 2024 and ROE turned negative.

Income Statement

Revenue rebounded strongly in 2024 (+22.9% vs. 2023), but profitability deteriorated meaningfully: the company swung to a net loss in 2024 (net margin about -1.5%) after modest profitability in 2021–2023. Earnings have been volatile across the period, with inconsistencies in operating profitability metrics versus net income, which reduces confidence in earnings quality and stability.

Balance Sheet

Leverage is generally conservative for the period, with low debt relative to equity historically (roughly 1.6%–3.4% in 2019–2023), although 2024 shows a clear step-up (about 13.8%). Equity remains sizable, supporting balance-sheet resilience, but returns to shareholders weakened sharply in 2024 (negative return on equity) after positive mid-single-digit returns in prior years.

Cash Flow

Cash generation improved in 2024 with positive operating cash flow (€137.5M) and positive free cash flow (€116.5M), a notable turnaround from negative operating and free cash flow in 2022–2023. However, free cash flow declined versus 2023 (down ~25%), and cash flow has been uneven year-to-year, signaling sensitivity in underlying cash conversion.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.99B	5.36B	5.02B	4.03B	5.44B	4.35B
Gross Profit	3.93B	5.36B	4.66B	2.23B	5.69B	4.35B
EBITDA	24.09M	0.00	0.00	56.12M	89.00M	138.58M
Net Income	-8.37M	-78.52M	41.73M	69.14M	63.00M	77.37M
Balance Sheet
Total Assets	36.62B	36.65B	34.99B	33.65B	35.87B	33.62B
Cash, Cash Equivalents and Short-Term Investments	0.00	658.13M	670.08M	652.89M	755.45M	654.79M
Total Debt	114.00M	114.62M	15.27M	19.08M	24.29M	23.60M
Total Liabilities	35.73B	35.80B	34.03B	32.68B	34.93B	32.71B
Stockholders Equity	875.90M	831.31M	950.13M	948.73M	916.28M	891.26M
Cash Flow
Free Cash Flow	-69.00K	116.53M	-144.73M	-485.59M	71.53M	-108.57M
Operating Cash Flow	5.16M	137.55M	-116.82M	-448.01M	114.89M	-70.16M
Investing Cash Flow	48.75M	-245.69M	45.96M	405.42M	164.18M	195.98M
Financing Cash Flow	96.41M	58.19M	-44.37M	-43.46M	-37.55M	-43.75M

Nuernberger Beteiligungs AG Class B Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 120.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:NBG6, the sentiment is Positive. The current price of 120 is below the 20-day moving average (MA) of 120.32, below the 50-day MA of 120.30, and above the 200-day MA of 80.66, indicating a bullish trend. The MACD of 0.11 indicates Positive momentum. The RSI at 55.58 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:NBG6.

Nuernberger Beteiligungs AG Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TIMA	69 Neutral	€1.05B	21.37	19.37%	4.61%	52.25%	4.51%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
ALV	67 Neutral	€140.80B	14.52	―	3.94%	25.33%	12.54%
TLX	67 Neutral	€27.49B	11.71	19.49%	2.37%	3.70%	24.02%
NBG6	65 Neutral	€1.38B	-165.75	-0.95%	0.12%	-1.28%	-153.13%
GLJ	59 Neutral	€669.54M	10.09	5.50%	2.63%	16.74%	-22.66%
PBB	53 Neutral	€561.03M	-2.64	-7.33%	3.61%	-14.47%	-542.84%