Nuernberger Beteiligungs AG Class B (NBG6) AI Stock Analysis

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Nuernberger Beteiligungs AG Class B

(XETRA:NBG6)

Select Model

Rating:57Neutral

Price Target:EUR 129.00▲(5.31% Upside)

Action:reiterated

Date:08/06/26

The score is driven primarily by moderate financial performance: a solid, low-leverage balance sheet offsets uneven profitability and especially volatile cash flow. Technicals are mildly supportive with price above major moving averages and neutral-to-positive momentum, but valuation is a headwind due to the high P/E and only modest dividend yield.

Positive Factors

Manageable leverage and resilient equity baseLow leverage gives the insurance group financial flexibility and helps it absorb the earnings volatility that can arise from underwriting and investment conditions. A sizable, stable equity base also supports regulatory resilience and reduces dependence on debt financing over the next several quarters.

Negative Factors

Volatile cash generationRepeated periods of negative operating cash flow and the 2025 shift to negative free cash flow weaken confidence in consistent cash conversion. Uneven cash generation can constrain dividends, investment, and capital flexibility, making the company more reliant on its balance-sheet strength during weaker periods.

Nuernberger Beteiligungs AG Class B (NBG6) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 1.41B
Dividend Yield: 1.63%
Average Volume (3M): 99
Price to Earnings (P/E): 31.3
Beta (1Y): 0.06
Revenue Growth: -0.95%
EPS Growth: ―
Country: Germany
Employees: 4,200
Sector: Financial
Sector Strength: 68
Industry: Insurance - Diversified

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 business...

How the Company Makes Money

Nuernberger Beteiligungs AG makes money primarily through the operating earnings and cash flows generated by its insurance subsidiaries within the NÜRNBERGER group. Key revenue streams typically include: (1) Insurance premiums: Policyholders pay recu...

Nuernberger Beteiligungs AG Class B Financial Statement Overview

Summary

Balance sheet strength (Score 72) and manageable leverage support resilience, but operating results and cash generation are inconsistent. Income statement performance is mixed (Score 54) with volatile profitability, and cash flow is the key weakness (Score 38) due to negative/uneven operating cash flow and free cash flow turning negative in 2025.

Income Statement

54Neutral

Balance Sheet

72Positive

Cash Flow

38Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.24B	4.26B	5.36B	5.02B	4.03B	5.44B
Gross Profit	1.60B	1.65B	5.36B	4.66B	2.23B	5.69B
EBITDA	179.23M	129.87M	0	65.89M	56.12M	89.00M
Net Income	45.02M	44.39M	-78.52M	41.73M	69.14M	63.00M
Balance Sheet
Total Assets	38.72B	37.48B	36.65B	34.99B	33.65B	35.87B
Cash, Cash Equivalents and Short-Term Investments	512.46M	547.83M	658.13M	670.08M	652.89M	755.45M
Total Debt	109.27M	110.45M	114.62M	15.27M	19.08M	24.29M
Total Liabilities	37.80B	36.59B	35.80B	34.03B	32.68B	34.93B
Stockholders Equity	895.13M	872.05M	831.31M	950.13M	948.73M	916.28M
Cash Flow
Free Cash Flow	200.02M	-1.23M	116.53M	-144.73M	-485.59M	71.53M
Operating Cash Flow	201.78M	978.00K	137.55M	-116.82M	-448.01M	114.89M
Investing Cash Flow	-230.01M	65.24M	-245.69M	45.96M	405.42M	164.18M
Financing Cash Flow	-29.40M	-6.07M	58.19M	-44.37M	-43.46M	-37.55M

Nuernberger Beteiligungs AG Class B Technical Analysis

Technical Analysis SentimentNegative

Last Price122.50

Price Trends

50DMA123.95Negative

100DMA123.18Negative

200DMA120.90Positive

Market Momentum

MACD-0.43Positive

RSI40.84Neutral

STOCH63.33Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:NBG6, the sentiment is Negative. The current price of 122.50 is below the 20-day moving average (MA) of 123.33, below the 50-day MA of 123.95, and above the 200-day MA of 120.90, indicating a neutral trend. The MACD of -0.43 indicates Positive momentum. The RSI at 40.84 is Neutral, neither overbought nor oversold. The STOCH value of 63.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:NBG6.

Nuernberger Beteiligungs AG Class B Peers Comparison

Overall Rating

UnderperformOutperform

Sector (68)

Financial Indicators

DE:NBG6 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DE:ALV	85Outperform	EUR 166.13B	14.36	18.75%	3.90%	20.64%	16.94%
DE:TLX	84Outperform	EUR 33.14B	12.71	25.67%	2.80%	2.06%	15.31%
DE:DWS	70Outperform	EUR 12.98B	16.95	13.58%	4.62%	24.12%	34.62%
Sector *	68Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
DE:NBG6	57Neutral	EUR 1.41B	31.33	5.09%	1.63%	-0.95%	―

* Financial Sector Average

Performance Comparison

DE:NBG6 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:NBG6	Nuernberger Beteiligungs AG Class B	122.50	4.01	3.38%
DE:ALV	Allianz SE (UK)	438.70	101.23	30.00%
DE:TLX	Talanx AG	128.40	26.34	25.81%
DE:DWS	DWS Group	64.90	11.91	22.48%
DE:QB7	Quirin Privatbank AG	3.02	-0.35	-10.36%

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.

Date of analysis: Aug 06, 2026

Nuernberger Beteiligungs AG Class B AI Stock Analysis

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