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

Classification of NuWays AG to Deutsche Beteiligungs AG

Company Name:	Deutsche Beteiligungs AG
ISIN:	DE000A1TNUT7
Reason for the research:	Update
Recommendation:	Buy
from:	25.08.2025
Target price:	EUR 39.00
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

In H1 2025, DBAG’s NAV fell to € 627m, prompting a cut in the year-end forecast to € 625-665m (old: € 665-780m). The NAV per share is now expected between € 35 and € 38, lower than the earlier range of € 36 to € 43. Note, hitting the upper end would require two successful exits, challenging during times of increased operational uncertainties. Although DBAG’s portfolio recorded a € 34m valuation uplift as two portfolio companies benefitted from higher peer valuations, lower operational performances and outlooks partially offset those gains, leading to a net change in value of only € 20m. Consequently, net income of investment activity decreased notably from € 36.6m to € 14.7m.

On the acquisitions side, DBAG made a long-term investment by acquiring a minority stake in fin-match, a financing platform for small and mid-sized businesses, which could also serve as a sourcing channel for Private Debt investments going forward. Within the portfolio, congatec acquired JUMPtec, a former Kontron subsidiary, effectively doubling market share across Europe & North America.

Private Debt running well. As part of the partnership with ELF Capital, DBAG has invested € 83m across four transactions (three in H1 2025), effectively allocating funds raised through the issuance of a convertible bond in 2024 (€ 100m at 5.5% p.a.). With the current funds nearing closing (once fully invested), income from Fund Services related to ELF Funds should reach some € 2.5m (eNuW). In light of the success of ELF and the current high demand for Private Debt, we would also expect a fourth fund to be launched.

Income from Fund Services came in slightly below last year’s H1 at € 24m (H1: -1.3%; Q2: -4.9%) due to lower AUM/AUA. Segment EBITA declined by € 1.8m yoy to € 7.1m due to less income from advisory services (€ 0.3m) but also higher personnel expenses. Yet, management raised its FY25 segment EBITA guidance to € 10-15m (old: € 8-13m, eNuW: € 13m) as a result of less expected divestments and hence higher AUM.

Shareholder value focused capital allocation. At the end of Q1, management initiated a new oneyear buy-back program with an aggregated volume of € 20m, of which some € 6.5m have been deployed. Gradually buying in the market should not only support the share price but also lift NAV per share, one of the the company’s three guidance metrics. This coupled with a base dividend of at least € 1.00 per share/p.a. DBAG offers an attractive return profile, even during times with lower investment activity income.

Amid a slower transaction market and weaker operating performance in parts of DBAG’s industrial portfolio, investment income is expected to be temporarily lower, with NAV development lagging behind initial expectations. Yet, the sustainability of income from Fund Services coupled with attractive shareholder returns meanwhile provide more than sufficient grounds for a BUY rating. PT of € 39 is based on SOTP (DCF for Fund Services + discount to our NAV per share estimate at year-end).

You can download the research here: DBAG
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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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