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 € 35.29, down from € 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 € 35.59. Gross portfolio value declined from € 789m to € 693m, with the swing largely explained by exits (€ 86m vs € 23m of new investments) and a negative multiple effect (€ 34m impact). Underlying operating performance of portfolio companies was actually positive at € 8m in the quarter.

EBITA from Fund Investment Services came in at € 3.1m (vs € 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 € 5-9m (eNuW: € 6.5m).

Mind you, the FY28e guidance of € 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 € 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 € 36-40 NAV/share (eNuW: € 38.5) and EBITA from Fund Investment Services of € 5-9m (€ 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 € 24.99 per share (€ 18.9m total). A € 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 (€ 152m) make for a great investment case.

BUY 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-2026-05-08-previewreview-en-2caed
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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