We have established a position at New Work.

The company is majority-owned by Burda Media.

New Work is probably best known for XING, and kununu has also been acquired in recent years. As LinkedIn is now the benchmark for job networks, XING has been repositioned primarily as a job board. New Work is thus increasingly developing into a digital holding of various tools to solve the problem of the lack of skilled workers for companies.

In our view, this is a promising market for the future, although economic developments will of course also play a major role in the short to medium term. For this reason, the previous growth story has come to an end for the time being. In the long term, we believe that New Work should continue to grow profitably with this focus.

What is exciting for us is that New Work is already profitable, pays regular dividends and is very attractively valued in terms of both P/B and KCV.