Märkte & Kurse

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Original-Research: Deutsche Beteiligungs AG - from NuWays AG

19.01.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Deutsche Beteiligungs AG

     Company Name:                Deutsche Beteiligungs AG
     ISIN:                        DE000A1TNUT7

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 39
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr

Looking into FY26: High deal activity expected

Increased deal activity expected. As highlighted during the company's Q3
earnings call, the CEO reiterated expectations for elevated deal activity
over the coming twelve months, with targeted divestments of up to 20% of
NAV. In our view, the strategic focus should primarily lie on assets held
within the older DBAG VI fund, of which four investments remain. DBAG VI was
launched in 2013 and has effectively reached the end of its fund life,
implying that no further management fees are being generated. Against this
backdrop, fund investors are likely to increasingly expect realizations and
capital distributions, which should further incentivize an accelerated exit
pace.

Assuming an average valuation uplift of at least 15-20% versus NAV (eNuW),
DBAG should be able to generate meaningful income from investment activity.
Moreover, the divestment of mature assets and the resulting capital returns
would, in our view, create a solid foundation for the launch of a new fund,
both in terms of track record and investor confidence.

Raising additional funds. Looking ahead, we believe DBAG could consider
raising DBAG IX as a successor to DBAG VIII. The exact timing is likely to
depend on the group's divestment momentum, as a number of existing investors
may be inclined to roll over committed capital into a new vintage. A
successful fundraise would not only increase DBAG's financial firepower for
future investments but should also provide a structural uplift to fund
services earnings. In this context, we estimate an incremental contribution
to fund services EBITA of around EUR 2-3m p.a. reflecting a 15-20% increase
(eNuW).

Further, we also see the possibility for a second continuation fund. Mind
you, the group's current continuation fund (single-asset fund to hold an
asset beyond the original fund life, while giving LPs a liquidity option),
which was launched in 2024 with a volume of EUR 130m is fully invested,
holding the portfolio company Solvares.

Continued high shareholder returns. DBAG also appears well positioned to
maintain its shareholder-friendly capital allocation policy. We expect the
company to continue paying a base dividend (eNuW: EUR 1.00 per share, a yield
of c. 4%). In addition, DBAG is currently executing a EUR 20m share buyback
program. With roughly six weeks remaining, we estimate that some EUR 6m could
still be outstanding at the end. Given the shares' persistent and still
significant discount to NAV, we would view the launch of a subsequent
buyback program as sensible from a capital allocation perspective.

We confirm our BUY rating with an unchanged EUR 39 PT based on SOTP (DCF for
Fund Services + discount to our NAV per share estimate at year-end).


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=95d5211f08171ad26d3c18ff7b53e612
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https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++

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2261804 19.01.2026 CET/CEST

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