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

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Original-Research: Deutsche Beteiligungs AG - from NuWays AG

20.07.2026 / 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 36
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr

NAV guidance adjusted on peer multiples; case fully intact

Topic: DBAG adjusted its FY26 NAV guidance to reflect lower valuation
multiples of listed peers, while raising the EBITA outlook for Fund
Investment Services. In detail:

FY26 NAV per share is now seen at EUR 32-36 (old: EUR 36-40, eNuW old: EUR 38.5).
Gross losses on measurement and disposal for H1 (Jan-Jun) are expected at
some EUR -50m vs a EUR 20m gain in the prior-year period. Importantly, this is a
purely valuation-driven, non-cash effect: as DBAG's portfolio is marked to
market against listed comparables at each reporting date, the recent
de-rating of peer multiples, presumably most visible in the software and
industrial holdings, mechanically translates into a lower NAV. This says
nothing about the operational health of the portfolio companies or the
quality of the underlying equity stories. Notably, such multiple-driven
swings work in both directions; a recovery of small/mid-cap valuations would
reverse the effect.

Fund Investment Services guidance raised. FY26 EBITA in the fee-based
segment is now expected at EUR 9-11m (old: EUR 5-9m, eNuW old: EUR 6.5m), as fewer
divestments imply that fee-bearing assets remain under management for
longer. This once again highlights the stability and visibility of the
recurring management-fee stream, which nicely cushions the inherent
mark-to-market volatility of the investment portfolio, a key pillar of our
investment case.

Fundraising remains on track. The raising of the new fund generation should
be unaffected by the announcement, as LP commitments are based on DBAG's
decades-long track record of realized returns across cycles, not on interim
mark-to-market movements in the listed vehicle. A successful closing would
serve as the next positive catalyst as it would significantly increase the
company's financial firepower.

Attractive shareholder returns provide downside comfort. DBAG only recently
completed its EUR 20m buyback program (799k shares, c. 4.25% of share capital,
at an avg. of EUR 25, a clear discount to NAV and hence accretive), and a new
authorization from the 2026 AGM is in place. On top, the base dividend of EUR
1.00 per share implies a yield of c. 4.6% at current prices. With the shares
trading at a c. 35% discount even to the midpoint of the lowered NAV
guidance, a renewed buyback would be value-accretive, in our view.

In sum, we regard the adjustment as a technical reflection of current market
sentiment rather than a blow to the case: portfolio operations look intact,
the fee business is running ahead of plan, fundraising remains on course and
shareholder returns are compelling.

BUY with a EUR 36 PT (old: EUR 39) based on SOTP (DCF for Fund Services +
discount to our NAV per share estimate at year-end).

You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=25158573e6a2dd54e0d5aa68e44130ce
For additional information visit our website:
https://www.nuways-ag.com/research

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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2367940 20.07.2026 CET/CEST

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Quelle: dpa-AFX