New Risk • May 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 45% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Large one-off items impacting financial results. Revenue is less than US$5m (€2.5m revenue, or US$2.9m). Market cap is less than US$100m (€21.8m market cap, or US$25.3m). Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €5.70, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 20x in the Specialty Retail industry in Germany. Total loss to shareholders of 57% over the past three years. Upcoming Dividend • Oct 27
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 03 November 2025. Payment date: 05 November 2025. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (2.1%). Reported Earnings • Sep 29
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €430.4k (down 45% from 2Q 2023). Net loss: €203.9k (down 161% from profit in 2Q 2023). Duyuru • Aug 21
Beowolff Capital completed the acquisition of an unknown minority stake in Artnet AG (XTRA:ART) from Weng Fine Art AG (DB:WFA) and others. Beowolff Capital agreed to acquire an unknown minority stake in Artnet AG (XTRA:ART) from Weng Fine Art AG (DB:WFA) and others on May 27, 2025. A cash consideration valued at €11.25 per share will be paid by the buyer. At the time of the offer's announcement, Beowolff Capital had secured approximately 65% of all outstanding shares through irrevocable acceptance letters and share purchase agreements.
In connection with the offer announcement, Beowolff Capital and Artnet AG have today entered into an investment and delisting agreement. In this agreement, Artnet AG and Beowolff Capital have agreed that, subject to customary conditions and caveats, the Artnet AG will (i) support the Offer, (ii) apply for the revocation of the admission of the artnet Shares to trading on the regulated market of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with effect as of the end of the additional acceptance period of the Offer (Delisting) and (iii) take all commercially reasonable steps and measures to terminate the inclusion of the artnet Shares in trading on the open market.
The offer is subject to approval by the German Federal Financial Supervisory Authority. As of June 11, 2025, the sale of the stake in artnet AG (Artnet) has now been completed and the purchase price of almost €20 million for the Artnet shares acquired has been paid to Rüdiger K. Weng and the companies under his control. As of July 8, 2025, the deal has been approved by the German Federal Financial Supervisory Authority. The management board and the supervisory board of Artnet AG recommends all shareholders of Artnet AG to accept the offer. The deal is expected to close on August 5, 2025.
As on August 5, 2025, Total of 1.531983 million artnet shares were tendered into the voluntary public takeover and delisting offer for artnet AG during the acceptance period this corresponds to approximately 26.85% of all outstanding artnet shares. Beowolff Capital Secures 97.17% of all artnet Shares and provided additional acceptance period which will end on August 22, 2025.
Weng Fine Art AG (WFA). Holger Alfes, Stephan Schulz, Philip M. Schmoll, Laurenz Wieneke, Jörg-Peter Kraack, Jan Hoffmann Linhard and Sebastian de Schmidt of Noerr Partnerschaftsgesellschaft mbB acted as legal advisor to Artnet AG. Benjamin Leyendecker of Kirkland & Ellis acted as legal advisor for Beowolff Capital. Richard Mayer-Uellner of CMS Germany act as legal advisor for Weng Fine Art AG. ParkView Partners acted as financial advisor to Beowolff Capital.
Beowolff Capital completed the acquisition of an unknown minority stake in Artnet AG (XTRA:ART) from Weng Fine Art AG (DB:WFA) and others on August 19, 2025. The squeeze-out is being implemented pursuant to Sections 327a et seq. of the German Stock Corporation Act. The Squeeze-Out under Stock Corporation Law becomes effective upon registration of the transfer resolution with the Company’s commercial register. Upon registration of the transfer resolution with the commercial register, all shares in the Company held by the Minority Shareholders will be transferred to Leonardo Art Holdings GmbH. New Risk • Jul 06
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.2x net interest cover). Revenue has declined by 40% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (€26.1m market cap, or US$30.7m). New Risk • Jul 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.2x net interest cover). Revenue has declined by 40% over the past year. Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$100m (€26.2m market cap, or US$30.9m). Duyuru • Jun 13
Beowolff Capital completed the acquisition of additional 29.99% stake in Artnet AG from Weng Fine Art AG (DB:WFA) and RÜDiger K. Weng A+A GmbH. Beowolff Capital agreed to acquire additional 29.99% stake in Artnet AG from Weng Fine Art AG (DB:WFA) and RÜDiger K. Weng A+A GmbH for almost €20 million on May 27, 2025. In this transaction, Weng Fine Art AG will get €15.2 million. WFA will use the high cash inflow primarily to reduce its bank liabilities and, as a result, will terminate its cooperation with three banks for the time being in the coming months. This will reduce the number of financing partners to three or four banks in the near future. The management plans to invest the remaining part of the income in the development of promising new business areas, among other things. The closing of the agreement is scheduled for May 30, 2025. Holger Alfes, Stephan Schulz, Philip M. Schmoll, Laurenz Wieneke, Jörg-Peter Kraack, Jan Hoffmann Linhard and Sebastian de Schmidt of Noerr Partnerschaftsgesellschaft mbB acted as legal advisor to Artnet AG. Benjamin Leyendecker of Kirkland & Ellis acted as legal advisor for Beowolff Capital. Richard Mayer-Uellner of CMS Germany act as legal advisor for Weng Fine Art AG.
Beowolff Capital completed the acquisition of additional 29.99% stake in Artnet AG from Weng Fine Art AG (DB:WFA) and RÜDiger K. Weng A+A GmbH on June 11, 2025. New Risk • May 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 9.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.2x net interest cover). Earnings have declined by 62% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Market cap is less than US$100m (€23.7m market cap, or US$26.9m). Duyuru • May 27
Beowolff Capital agreed to acquire an unknown minority stake in Artnet AG (XTRA:ART) from Weng Fine Art AG (DB:WFA) and others in a tender offer transaction. Beowolff Capital agreed to acquire an unknown minority stake in Artnet AG (XTRA:ART) from Weng Fine Art AG (DB:WFA) and others in a tender offer transaction on May 27, 2025. A cash consideration valued at €11.25 per share will be paid by the buyer.
In connection with the offer announcement, the Company and the Bidder have today entered into an investment and delisting agreement. In this agreement, the Company and the Bidder have agreed that, subject to customary conditions and caveats, the Company will (i) support the Offer, (ii) apply for the revocation of the admission of the artnet Shares to trading on the regulated market of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with effect as of the end of the additional acceptance period of the Offer (Delisting) and (iii) take all commercially reasonable steps and measures to terminate the inclusion of the artnet Shares in trading on the open market. ParkView Partners acted as financial advisor to Beowolff Capital.
Transaction is expected to complete on May 30, 2025. Holger Alfes, Stephan Schulz, Philip M. Schmoll, Laurenz Wieneke, Jörg-Peter Kraack, Jan Hoffmann Linhard and Sebastian de Schmidt of Noerr Partnerschaftsgesellschaft mbB acted as legal advisor to Artnet AG. New Risk • Mar 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.2x net interest cover). Earnings have declined by 62% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (€22.2m market cap, or US$23.4m). Upcoming Dividend • Dec 12
Upcoming dividend of €0.05 per share Eligible shareholders must have bought the stock before 19 December 2024. Payment date: 27 December 2024. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (3.1%). Duyuru • Nov 11
Weng Fine Art AG, Annual General Meeting, Dec 18, 2024 Weng Fine Art AG, Annual General Meeting, Dec 18, 2024, at 10:00 W. Europe Standard Time. Reported Earnings • Oct 03
Full year 2023 earnings released Full year 2023 results: Revenue: €5.94m (down 30% from FY 2022). Net loss: €107.8k (down 154% from profit in FY 2022). New Risk • Jul 31
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2023. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported June 2023 fiscal period end). Revenue has declined by 23% over the past year. Minor Risks High level of debt (75% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.5% net profit margin). Market cap is less than US$100m (€20.4m market cap, or US$22.0m). New Risk • Jun 30
New major risk - Revenue and earnings growth Revenue has declined by 23% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Revenue has declined by 23% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (2.5% net profit margin). Market cap is less than US$100m (€19.8m market cap, or US$21.2m). Duyuru • Jun 14
Weng Fine Art AG (DB:WFA) acquired additional unknown minority stake in Artnet AG (XTRA:ART). Weng Fine Art AG (DB:WFA) acquired additional unknown minority stake in Artnet AG (XTRA:ART) on June 13, 2024. Rüdiger K. Weng, founder and majority shareholder of WFA, currently holds a direct and indirect stake of almost 30% in Artnet, making him the company's largest shareholder.Weng Fine Art AG (DB:WFA) completed the acquisition of additional unknown minority stake in Artnet AG (XTRA:ART) on June 13, 2024. New Risk • Jun 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (7.8% average weekly change). Profit margins are more than 30% lower than last year (2.5% net profit margin). Market cap is less than US$100m (€20.6m market cap, or US$22.2m). Duyuru • Mar 15
An unknown investor from London signed a non-binding letter of intent to acquire an unknown minority stake in Artnet AG (XTRA : ART) from Weng Fine Art AG and Rüdiger K. Weng A+A GmbH. An unknown investor from London signed a non-binding letter of intent to acquire an unknown minority stake in Artnet AG (XTRA : ART) from Weng Fine Art AG and Rüdiger K. Weng A+A GmbH on March 14, 2024. The transaction include a sale of all shares in artnet AG held by Weng Fine Art AG and Rüdiger K. Weng A+A GmbH. WFA and A+A have granted the investor exclusivity for a limited period of time. It is currently uncertain whether the transaction will ultimately go through. This depends primarily on whether the investor also reaches an agreement with other Artnet shareholders in order to obtain a majority stake in the company. Buy Or Sell Opportunity • Feb 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to €5.80. The fair value is estimated to be €7.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. New Risk • Feb 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (2.5% net profit margin). Market cap is less than US$100m (€30.7m market cap, or US$33.1m).