Mountain Alliance AG presents an unusual challenge for financial analysis. At first glance, the company can appear difficult to assess using conventional income-statement metrics: in 2025, Mountain Alliance reported only EUR 0.2 million in sales and a net loss of EUR 0.5 million. Yet these figures do not describe the economic substance of an investment company whose principal assets are equity stakes in other businesses. Montega’s latest research report therefore focuses much more strongly on the value and development of the portfolio, the company’s strategic repositioning and the potential for future exits.

This is precisely where spatial visualization can add another dimension to financial analysis. Data2Space can transform the information contained in a company’s business graph, ownership structure and portfolio into an interactive three-dimensional environment. Instead of reading the individual investments as a sequence of names and percentages, an analyst can explore Mountain Alliance as a system of interconnected companies, investments, strategic themes, shareholders and potential value drivers.

Montega’s investment case

In its comment dated September 14, 2026, Montega rates Mountain Alliance “Buy” and assigns a price target of EUR 4.50, compared with a share price of EUR 2.76. Montega therefore calculates a potential upside of 63%. The research highlights the continued expansion of Mountain Alliance’s Defence-Tech portfolio as an important element of the investment thesis.

A central development is Mountain Alliance’s reported investment in the British Evolved Aerospace Ltd. Montega interprets this transaction as a continuation of the strategic expansion into Defence Technology that became increasingly visible in 2025 and 2026. Together with Destinus and MindGuard, Evolved Aerospace gives Mountain Alliance three named Defence-Tech investments, while further transactions are reportedly being prepared.

Montega also points to media reports concerning a possible pre-IPO financing round and potential stock-market listing of Destinus. The analyst argues that a valuation significantly above Mountain Alliance’s original investment level could reveal value that is not yet reflected in the reported NAV. At the same time, Montega explicitly notes that a specific IPO date and final valuation have not been established and that the precise effect on NAV cannot currently be quantified.

The resulting investment thesis is therefore not simply a story about current earnings. It is a story about assets, ownership interests, strategic repositioning and possible future realization values.

Why the NAV discount matters

One of the most important numbers in the Montega report is the relationship between Mountain Alliance’s share price and its reported net asset value. At EUR 2.76 per share, the stock trades at approximately a 48% discount to the reported NAV per share of EUR 5.33 as of December 31, 2025. Montega considers this discount difficult to justify in view of the expanding Defence-Tech portfolio and the potential for increasing values of individual holdings.

This is a particularly good example of where visualization can improve understanding.

On a conventional screen, an investor might see:

The advantage is not that the 3D model replaces Montega’s calculations. Rather, it can make the structure behind the calculations visible.

From a portfolio list to an investment landscape

Montega describes Mountain Alliance as a publicly traded investment company focused on small and medium-sized companies with digital business models, primarily in the DACH region. The portfolio comprises 14 corporate investments and is divided into Technology, Digital Business Services, Digital Retail, Meta-Platforms & Media, and increasingly Defence & Security. Typical investments range from EUR 0.5 million to EUR 1.0 million.

This portfolio can be represented in Data2Space as a three-dimensional landscape.

Mountain Alliance can occupy the centre of the visualization. From this central node, branches lead to the individual portfolio companies. A second layer can classify the holdings according to their strategic segments. A third layer can represent ownership percentages, investment dates, valuation information or other relevant financial attributes.

The result is a spatial Business Graph in which the analyst can move from the parent company into the portfolio and then into individual holdings.

This becomes particularly valuable when different analytical questions are asked. An investor may want to examine the Defence-Tech cluster. Another may want to identify companies with potential exit relevance. A third may be interested in the relationship between individual investments and Mountain Alliance’s overall NAV. Instead of reconstructing these relationships mentally from several pages of research, the analyst can explore them directly in the spatial model.

Understanding the strategic transformation

Montega’s historical overview shows that Mountain Alliance has undergone several strategic transformations. The company was founded as Blitzstart Holding AG in 2010, subsequently became Ecommerce Alliance AG, integrated Mountain Internet AG in 2017, changed its name to Mountain Alliance AG in 2018 and increasingly shifted its portfolio toward Defence & Security in 2025 and 2026.

A spatial visualization can turn this chronology into a dynamic corporate history.

Instead of presenting the history as a list of dates, Data2Space can show how the investment landscape changes over time. Companies can appear, disappear, move between strategic categories or change their importance within the overall structure. Historical ownership structures can be compared with the current portfolio, while potential future structures can be modeled separately.

This distinction between past, present and possible future is particularly important for an investment company. The investor is not merely evaluating what Mountain Alliance is today. The investment thesis depends on what the portfolio may become.

Seeing the Defence-Tech strategy

The Defence & Security segment is now described by Montega as the new core area. The report highlights Destinus, MindGuard and the newly identified British investment, while describing the sector as an area with significant potential for value enhancement.

Data2Space can make this strategic concentration immediately visible.

A portfolio visualization could, for example, allow Defence-Tech companies to form one spatial cluster while Technology, Digital Business Services, Digital Retail and Meta-Platforms & Media occupy other areas. The relative position, size or visual attributes of individual nodes could represent selected analytical variables.

The analyst can then literally move into the Defence-Tech part of the portfolio and examine the companies individually. A company such as Destinus can become a gateway to further information about its business, investment history, ownership, reported developments and potential valuation scenarios.

This is especially useful for investment companies because the value of the parent company is derived from a collection of underlying assets rather than from one operating business.

Connecting Montega’s numbers with the underlying structure

The financial statements in the report demonstrate why a conventional income-statement analysis can be misleading. Mountain Alliance’s financial assets amounted to EUR 32.5 million at the end of 2025, representing approximately 94.9% of total assets. Shareholders’ equity was EUR 30.0 million.

The visualization can therefore place the balance sheet in its proper structural context.

Instead of simply displaying “financial assets: EUR 32.5 million,” the analyst can connect this figure to the portfolio that produces the economic substance of those assets. The balance-sheet number becomes a doorway into the underlying investment structure.

This is one of the key advantages of Data2Space: financial figures can be connected spatially to the entities and relationships to which those figures refer.

Making the valuation logic easier to explore

Montega explains that its fundamental valuation methodology can include discounted cash-flow models, peer-group comparisons, historical multiples and, where applicable, sum-of-the-parts valuation. For an investment company such as Mountain Alliance, the sum-of-the-parts approach is particularly intuitive because enterprise value can be derived from the value of individual assets, with net debt deducted to arrive at equity value.

Data2Space can provide a natural environment for this type of analysis.

Each relevant portfolio company can become an individual component of the valuation model. The analyst can examine how different assumptions concerning individual holdings influence the aggregate value of Mountain Alliance. Alternative scenarios can be created without destroying the original structure.

For example, one scenario could represent currently reported NAV. Another could incorporate a higher valuation for a portfolio company following a successful financing round. A third could model a potential exit. The purpose is not to predict the future visually, but to make the dependencies between assumptions and aggregate value easier to understand.

The human analyst remains essential

Montega itself emphasizes that forecasts, estimates, price targets and scenarios depend on assumptions that may prove incorrect. Unexpected economic, regulatory or company-specific developments can lead to materially different outcomes.

Data2Space should therefore not be understood as an automated replacement for financial research.

Its value lies in providing a different interface for examining the evidence.

A Montega report contains numerous relationships that must otherwise be reconstructed mentally: Mountain Alliance owns stakes in companies; those companies belong to different strategic segments; some investments may have exit potential; individual valuations influence NAV; NAV relates to the market capitalization; and strategic developments can change the perceived value of the portfolio.

A spatial Business Graph can bring these relationships together in one environment.

The analyst can still read the original research, inspect financial statements and challenge assumptions. But instead of navigating exclusively through pages, tables and browser windows, the analyst can use space as an additional analytical dimension.

From research report to interactive investment model

This illustrates a broader opportunity for Data2Space.

A research report such as Montega’s is already a sophisticated analytical product. Data2Space can become the spatial layer through which such research is explored. The report provides the analysis, assumptions, figures and conclusions; the Business Graph provides the underlying relational structure; and the immersive environment allows the analyst to navigate between them.

For Mountain Alliance, this could mean creating a virtual investment room in which the company is represented at the centre, the 14 portfolio investments surround it, strategic segments form recognizable clusters, ownership relationships are visible, and valuation information can be attached directly to the relevant companies.

The analyst could then move from the overall Mountain Alliance picture into the Defence-Tech portfolio, from there into Destinus or Evolved Aerospace, and from an individual investment back to the question that ultimately matters to shareholders: how could changes in the value of the underlying portfolio affect Mountain Alliance itself?

That is the essential benefit of Data2Space. It does not merely make financial information three-dimensional. It makes the relationships between financial information three-dimensional.

For complex investment companies, this can provide a powerful complement to conventional equity research. Montega’s analysis identifies the potential catalysts, the NAV discount, the strategic repositioning and the possible hidden reserves. Data2Space can make the structure connecting these elements visible, navigable and interactive.

The result is not a replacement for research such as Montega’s. It is a new way of understanding it.

The article is based specifically on the uploaded Montega research dated September 14, 2026; the report also identifies itself as issuer-sponsored research and notes relevant conflicts of interest and limitations, so those aspects should remain visible whenever the article is used in an investment-related context.