Märkte & Kurse

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Original-Research: DN Deutsche Nachhaltigkeit AG - from GBC AG

29.07.2025 / 11:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of GBC AG to DN Deutsche Nachhaltigkeit AG

     Company Name:                DN Deutsche Nachhaltigkeit AG
     ISIN:                        DE000A3DW408

     Reason for the research:     Research study (Anno)
     Recommendation:              BUY
     Target price:                6,42 EUR
     Target price on sight of:    31.12.2025
     Last rating change:
     Analyst:                     Cosmin Filker, Marcel Goldmann

Realignment of business model towards impact investing

In the past financial year, DN Deutsche Nachhaltigkeit AG (DN AG) realigned
its business model. The company's current focus is described by the term
'impact investing'. This means that, in future, investments will be made in
companies that, in addition to generating returns, also have a positive
social or environmental impact. DN Deutsche Nachhaltigkeit AG has identified
AI, mobility, the circular economy, nutrition, health and energy as
potential future sectors.

The new corporate strategy is also reflected in a fundamental change to the
investment portfolio. Until the 2024 financial year, publity AG, which
operates in the real estate investment sector, was the company's main
investment. As part of the new strategy, it was sold to Olek Capital GmbH.
The portfolio currently comprises First Move! AG, More Impact AG and
EasyMotionSkin Tec AG, representing three significant investments.

The listed investment More Impact AG is a high-tech medical hub that has
developed inhaler technology. This technology enables smokers to benefit
from gradual nicotine withdrawal. Another technology is the needle-free
syringe 'Speedinject', which can help patients with needle phobia or chronic
injection requirements. Although the shares in First Move! AG have already
been transferred to DN AG, the registration of the capital increase through
contribution in kind is still pending. First Move! AG has patented automated
car park technology that significantly optimises the use of parking spaces.
Finally, the third significant investment, EasyMotionSkin Tec AG,
manufactures high-tech suits with integrated EMS devices for the fitness and
health industry.

Operating performance in the 2024 financial year was dominated by the
implementation of the new strategy. On the one hand, the company reported
total income of EUR204.45 million (previous year: EUR76.41 million), which
resulted in particular from a revaluation of the investment in More Impact
AG. However, this was offset by significantly higher other operating
expenses, which are likely to be connected to the sale of publity below
their carrying amount. The after-tax result of EUR20.19 million (previous
year: EUR19.36 million), which mainly stems from valuation gains, was on a par
with the previous year.

We determined the fair value of Deutsche Nachhaltigkeit AG using a NAV
approach. The net asset value (NAV) represents the economic equity capital
resulting from the market values of the assets less liabilities. The shares
in affiliated companies, which are attributable exclusively to More Impact
AG, represent by far the largest asset item of the company at EUR280.93
million. After adding other assets (investment in EasyMotion, own bonds) and
deducting interest-bearing liabilities and overheads, we have determined a
fair enterprise value of EUR282.62 million. This corresponds to EUR6.42 per
share. Based on the current share price of EUR5.10, we assign a 'BUY' rating.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=909df66361dee60374cd23332b33ecb9

Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de

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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR
Beim oben analysierten Unternehmen ist folgender möglicher
Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher
Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung

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Completion (german): 28.07.2025 (11:47 am)
First disclosure (german): 28.07.2025 (2:30 pm)
Completion (engl): 29.07.2025 (09:45 am)
First disclosure (engl): 29.07.2025 (11:00 am)

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2176030 29.07.2025 CET/CEST

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