Märkte & Kurse

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Original-Research: Deutsche Beteiligungs AG - from NuWays AG

08.05.2026 / 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

Q1 out: Deal machine running well NAV discount remains high

Q1 NAV per share landed at EUR 35.29, down from EUR 36.37 at year-end 2025 (-3%
qoq), driven entirely by depressed capital markets multiples. Importantly,
this is already seeing first signs of recovery. Including the amount
returned to shareholders, this figure would have come in at EUR 35.59. Gross
portfolio value declined from EUR 789m to EUR 693m, with the swing largely
explained by exits (EUR 86m vs EUR 23m of new investments) and a negative
multiple effect (EUR 34m impact). Underlying operating performance of
portfolio companies was actually positive at EUR 8m in the quarter.

EBITA from Fund Investment Services came in at EUR 3.1m (vs EUR 3.8m) due to
higher personnel expenses and placement agent fees for the Solvares
Continutation Fund. As exits are expected to increase during the remainder
of the year, EBITA from Fund Investment Services is seen to further decline
accordingly, explaining the FY guidance of EUR 5-9m (eNuW: EUR 6.5m).

Mind you, the FY28e guidance of EUR 11-17m relies on the successful launch of
DBAG Fund IX. As highlighted during yesterday's earnings call, this is
expected for the end of the year. This is not just an EBITA recovery lever
but also a prerequisite for further expanding the NAV/share towards the
mid-term target of EUR 41-48.

Seven transactions in eight months, the deal machine is running well. The
quarter saw two successful disposals. Duagon closed in January, and Kraft &
Bauer, held for over seven years under DBAG Fund VII and transformed from a
niche provider into a market-leading fire protection systems company.
Management flagged further exits in coming months, particularly from DBAG
Fund VI holdings approaching end-of-life, where LP pressure for capital
distributions is likely to increase. On the investment side, DBAG Fund VIII
agreed to acquire Hipp Technology Group, a leading MedTech contract
manufacturer. Hipp deepens the portfolio's healthcare exposure to 10% (vs.
9% a year ago) and adds a platform with 30+ years of customer relationships
in orthopedics, robotic systems and dental consumables.

Guidance confirmed; shareholder returns ongoing. Management reaffirmed the
FY26 guidance of EUR 36-40 NAV/share (eNuW: EUR 38.5) and EBITA from Fund
Investment Services of EUR 5-9m (EUR 6.5m). Under the buyback program, extended
until the end of July 2026, DBAG continues to repurchase shares at a
material discount to NAV (roughly 30%). So far, DBAG has repurchased 0.75m
shares at an avg. price of EUR 24.99 per share (EUR 18.9m total). A EUR 1.00
dividend per share will be proposed at the AGM in June. The combination of
recovering multiples, an active exit pipeline and a strong available
liquidity base (EUR 152m) make for a great investment case.

BUY 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=c442fb669a4f269ff3b6706655d1de64
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
++++++++++
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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2323686 08.05.2026 CET/CEST

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