Original-Research: Deutsche Beteiligungs AG (von NuWays AG): BUY
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Original-Research: Deutsche Beteiligungs AG - from NuWays AG
Classification of NuWays AG to Deutsche Beteiligungs AG
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 € 36.37 (eNuW: € 36.00), up 1.6% yoy. Including the amount returned to shareholders (dividend and buyback), the NAV/share would have increased 7.4% to € 38.44 thanks to the duagon exit and several valuation uplifts. FY26 guidance: NAV/share of €36-40 (eNuW: € 38.49), depending on the scope of successful exits. Management also gave a mid-term (FY28) guidance, expecting a NAV/share of € 41-48 (eNuW: € 45.95), implying a 4-9.7% CAGR. FY25 EBITA from Fund Investment Services of € 14.3m came in at the upper end of the guidance (€ 10-15m), yet below last year’s € 16.2m due to an increased number of FTE. Lower anticipated AUM/AUA are seen to trigger the guided EBITA decline to € 5-9m (eNuW: € 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 € 11-17m (eNuW: € 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 € 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 € 20m buyback program until the end of July. Upon the announced extension, some € 5.8m remained. At a ~35% discount to NAV, every euro of buyback is accretive to remaining shareholders. Combined with the €1.00/share proposed dividend, DBAG runs a compelling dual-return engine into 2026. We confirm our BUY rating with an unchanged € 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: deutsche-beteiligungs-ag-2026-03-12-previewreview-en-9841c 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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2290108 12.03.2026 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | 2026e | ||
| Sales1 | 12,44 | 220,46 | -55,73 | 155,44 | 108,68 | 79,30 | 90,00 | |
| EBITDA1,2 | -13,92 | 10,58 | -93,33 | 112,81 | 60,66 | 26,17 | 37,00 | |
| EBITDA-Margin3 | -111,90 | 4,80 | 167,47 | 72,58 | 55,82 | 33,00 | 41,11 | |
| EBIT1,4 | -15,33 | 186,44 | -94,81 | 110,78 | 55,16 | 25,77 | 34,00 | |
| EBIT-Margin5 | -123,23 | 84,57 | 170,12 | 71,27 | 50,76 | 32,50 | 37,78 | |
| Net Profit (Loss)1 | -16,76 | 185,13 | -97,56 | 105,79 | 47,51 | 24,70 | 28,00 | |
| Net-Margin6 | -134,73 | 83,97 | 175,06 | 68,06 | 43,72 | 31,15 | 31,11 | |
| Cashflow1,7 | -6,70 | -7,64 | 29,54 | 9,35 | 13,05 | 35,00 | 26,00 | |
| Earnings per share8 | -1,11 | 10,76 | -5,19 | 5,63 | 2,50 | 1,38 | 1,55 | |
| Dividend per share8 | 0,80 | 1,60 | 0,80 | 1,00 | 1,25 | 1,00 | 1,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: BDO
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Deutsche Beteiligungs AG | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A1TNUT | DE000A1TNUT7 | AG | 465,42 Mio € | 19.12.1985 | Kaufen | 9F2C4M4F+P6 |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 10,31 | 11,26 | 0,92 | 9,17 | 0,75 | 13,30 | 5,87 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 1,00 | 1,25 | 1,00 | 4,04% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 02.06.2026 | 07.05.2026 | 06.08.2026 | 05.11.2026 | 10.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -1,74% | +0,13% | -1,59% | +0,20% | +0,00% |
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