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Nuernberger Beteiligungs AG Class B
(XETRA:NBG6)
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Rating:67Neutral
Price Target:
€135.00
▲(12.50% Upside)
Action:Reiterated
Date:04/26/26
The score is driven primarily by moderate financial performance (strong balance sheet but volatile earnings and cash flow) and supported by very attractive valuation (low P/E and high dividend yield). Technicals are positive but somewhat overextended, tempering the overall rating.
Positive Factors
Strong balance sheet / low leverage
Low leverage and sizeable equity give the group durable financial flexibility to absorb underwriting losses, fund reserves and support operations during cash shortfalls. This reduces default risk and preserves capacity for reinsurance, investment and strategic initiatives over the medium term.
Negative Factors
Volatile cash generation; negative FCF in 2025
Irregular operating cash flow and a negative free cash flow year reduce internal funding for claims, dividends and reinvestment. This raises reliance on balance-sheet buffers and may constrain capital deployment, increasing vulnerability to prolonged adverse underwriting or market cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet / low leverage
Low leverage and sizeable equity give the group durable financial flexibility to absorb underwriting losses, fund reserves and support operations during cash shortfalls. This reduces default risk and preserves capacity for reinsurance, investment and strategic initiatives over the medium term.
Read all positive factors
Nuernberger Beteiligungs AG Class B (NBG6) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.40B
Dividend Yield0.12%
Average Volume (3M)9.43K
Price to Earnings (P/E)31.5
Beta (1Y)0.10
Revenue Growth-2.67%
EPS GrowthN/A
CountryDE
Employees4,200
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)3.86
Shares Outstanding11,520,000
10 Day Avg. Volume25,929
30 Day Avg. Volume9,434
Financial Highlights & Ratios
PEG Ratio-0.20
Price to Book (P/B)1.59
Price to Sales (P/S)0.33
P/FCF Ratio-1.13K
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4.26
Revenue Forecast (FY)€2.88B
Nuernberger Beteiligungs AG Class B Business Overview & Revenue Model
Company Description
NÜRNBERGER Beteiligungs-AG, a German insurance firm established in Nuremberg in 1884, provides a comprehensive array of insurance products and services across Germany. The company serves both individual private clients and a diverse range of busin...
How the Company Makes Money
The company makes money mainly through its insurance and financial services subsidiaries. Key revenue and earnings drivers include: (1) Insurance premiums: customers pay recurring and one-time premiums for life, health, and property & casualty ins...
Nuernberger Beteiligungs AG Class B Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
72
Positive
Cash Flow
38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.26B | 5.36B | 5.02B | 4.03B | 5.44B |
| Gross Profit | 1.65B | 5.36B | 4.66B | 2.23B | 5.69B |
| EBITDA | 129.39M | 27.44M | 65.89M | 56.12M | 89.00M |
| Net Income | 44.39M | -78.52M | 41.73M | 69.14M | 63.00M |
Balance Sheet | |||||
| Total Assets | 37.48B | 36.65B | 34.99B | 33.65B | 35.87B |
| Cash, Cash Equivalents and Short-Term Investments | 547.83M | 658.13M | 670.08M | 652.89M | 755.45M |
| Total Debt | 110.45M | 114.62M | 15.27M | 19.08M | 24.29M |
| Total Liabilities | 36.59B | 35.80B | 34.03B | 32.68B | 34.93B |
| Stockholders Equity | 872.05M | 831.31M | 950.13M | 948.73M | 916.28M |
Cash Flow | |||||
| Free Cash Flow | -1.23M | 116.53M | -144.73M | -485.59M | 71.53M |
| Operating Cash Flow | 978.00K | 137.55M | -116.82M | -448.01M | 114.89M |
| Investing Cash Flow | 65.24M | -245.69M | 45.96M | 405.42M | 164.18M |
| Financing Cash Flow | -6.07M | 58.19M | -44.37M | -43.46M | -37.55M |
Nuernberger Beteiligungs AG Class B Technical Analysis
Positive
120.00
Price Trends
119.45
Positive
118.94
Positive
113.48
Positive
Market Momentum
0.69
Negative
53.66
Neutral
46.03
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 120.25, above the 50-day MA of 119.45, and above the 200-day MA of 113.48, indicating a bullish trend. The MACD of 0.69 indicates Negative momentum. The RSI at 53.66 is Neutral, neither overbought nor oversold. The STOCH value of 46.03 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
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €28.73B | 10.84 | 27.86% | 2.37% | 3.40% | 31.91% | |
71 Outperform | €156.82B | 13.32 | 19.58% | 3.94% | ― | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | €1.40B | 31.48 | 5.08% | 0.12% | -2.67% | ― | |
67 Neutral | €13.34B | 19.68 | 10.11% | 3.91% | 21.42% | 42.84% |
* Financial Sector Average
DE:NBG6
Nuernberger Beteiligungs AG Class B
121.50
70.76
139.46%
DE:ALV
Allianz
414.10
88.58
27.21%
DE:TLX
Talanx AG
111.30
7.21
6.93%
DE:DWS
DWS Group GmbH & Co KGaA
66.70
20.24
43.56%
DE:QB7
Quirin Privatbank AG
3.34
-0.22
-6.21%
DE:DFV
DFV Deutsche Familienversicherung AG
7.10
1.46
25.84%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.