Märkte & Kurse

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Original-Research: Deutsche Beteiligungs AG - from NuWays AG

12.03.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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

Solid FY25 results, all eyes on deal flow; chg. est.

DBAG released solid FY25 figures, meeting the midpoint of its NAV/share
guidance but the higher end of EBITA Fund Investment Services guidance. Deal
flow in the short- to mid-term is likely to remain high thanks to increased
interest in "old school" industries.

NAV/share came in at EUR 36.37 (eNuW: EUR 36.00), up 1.6% yoy. Including the
amount returned to shareholders (dividend and buyback), the NAV/share would
have increased 7.4% to EUR 38.44 thanks to the duagon exit and several
valuation uplifts. FY26 guidance: NAV/share of EUR36-40 (eNuW: EUR 38.49),
depending on the scope of successful exits. Management also gave a mid-term
(FY28) guidance, expecting a NAV/share of EUR 41-48 (eNuW: EUR 45.95), implying
a 4-9.7% CAGR.

FY25 EBITA from Fund Investment Services of EUR 14.3m came in at the upper end
of the guidance (EUR 10-15m), yet below last year's EUR 16.2m due to an
increased number of FTE. Lower anticipated AUM/AUA are seen to trigger the
guided EBITA decline to EUR 5-9m (eNuW: EUR 6.5m) as per the mechanics of
private equity, the segment only recovers meaningfully once a new fund is
launched. For FY28e, management hence expects EBITA of EUR 11-17m (eNuW: EUR
13.2m), likely contingent on the expected launch of DBAG Fund IX, a key
catalyst.

Exit pipeline maturing. Management flagged several portfolio companies at a
'high degree of maturity.' The most likely candidates are older DBAG Fund VI
holdings, the fund dates to 2013 and has effectively reached
end-of-fund-life, creating LP pressure for capital distributions. In fact,
DBAG announced the sale of Kraft & Bauer, a fire protection systems maker
for machine tools held via DBAG Fund VII since 2018, to Syngroh Capital,
marking DBAG's fifth transaction in six months. While concrete deal terms
were not published, we expect the IRR within the company's return
expectations, again underpinning the inherent robustness of the reported
NAV.

The right portfolio as investor interest shifts. 30-40% of DBAG's portfolio
comprises industrial technology, infrastructure, energy and environment,
sectors that spent a decade in the shadow of high-growth software. That's
changing: AI-driven uncertainty is pushing investors back toward
cash-generative, asset-backed industrials, while Germany's EUR 500bn
infrastructure fund adds a structural demand tailwind to precisely these
sectors.

For DBAG, the timing is favourable. These holdings sit in older funds
approaching end-of-life, meaning exit processes are imminent in order to
facilitate the expected fundraising for a new fund. Recovering buyer
appetite means carrying values can actually be realised, removing the key
bear case that legacy book values were aspirational rather than achievable.

Buyback extended. At the end of February, DBAG extended its initial EUR 20m
buyback program until the end of July. Upon the announced extension, some EUR
5.8m remained. At a ~35% discount to NAV, every euro of buyback is accretive
to remaining shareholders. Combined with the EUR1.00/share proposed dividend,
DBAG runs a compelling dual-return engine into 2026.

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=1d8451fb45bbf48f6e5331b12773efae
For additional information visit our website:
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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2290108 12.03.2026 CET/CEST

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