Original-Research: Deutsche Beteiligungs AG (von NuWays AG): BUY

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Original-Research: Deutsche Beteiligungs AG - from NuWays AG

12.03.2026 / 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

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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