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

Q2 out: Software multiple temporarily weigh on NAV

H1 NAV per share came in at € 33.65, down from € 35.29 at Q1 and € 36.37 at year-end 2025 (-5% qoq, -7% ytd), again driven entirely by lower capital markets multiples rather than a deteriorating operational performance of DBAG's portfolio companies. Software, which accounts for 28% of the portfolio, saw 33% lower peer multiples vs June 2025. Adding back the € 1.00 dividend paid in June and the buyback, NAV would have been c. € 35.16. Mind you, in July, DBAG lowered its FY26 NAV per share guidance to € 32-36 (old: € 36-40, eNuW € 34.1); hence no notable valuation step up and/or larger divestments would be needed to meet those targets.

Operationally, the portfolio delivered. DBAG confirms that its portfolio companies held up well against the macro headwinds (positive earnings development), explicitly the IT services and software holdings, precisely where multiple compression was most pronounced. The NAV decline is therefore purely a mark-to-market effect, not a sign of operational weakness. Mind you, this cuts both ways: a re-rating of the peer groups would mechanically reverse it; STOXX Europe Total Market Software & Computer Services index is up 19% since the end of H1.

EBITA from Fund Investment Services of € 6.8m in H1 (H1 2025: € 7.1m) implies c. € 3.7m in Q2 after € 3.1m in Q1, a sequential improvement despite the completed exits. Against the raised FY26 guidance of € 9-11m, H2 would need only € 2.2-4.2m, in line with our € 10.1m estimate for the full year. The step-down reflects the Fund VII fee base falling away as realisations complete; the timing of further exits remains the decisive factor, with delays supporting the fee line in the short term.

Fund IX remains the swing factor and got no update today. As flagged on the Q1 call, the launch is expected during the next six months and is the prerequisite both for the FY28e Fund Services EBITA guidance of € 11-17m and for the path towards the € 41-48 mid-term NAV per share target. LP commitments rest on a decades-long realised track record across cycles, not on interim marks in the listed vehicle, so we see limited read-across from yesterday's numbers, but a first closing would be the next hard catalyst.

In sum, yesterday's report reads as a confirmation rather than a setback: the portfolio is performing, the fee business is on track, the deal pipeline is active and the NAV development was largely driven by high volatility of the public markets.
BUY with an unchanged € 36 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-2026-08-07-previewreview-en-2dfc8
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
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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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