Original-Research: Deutsche Beteiligungs AG (von NuWays AG): Buy
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Original-Research: Deutsche Beteiligungs AG - from NuWays AG
07.11.2025 / 09:01 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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
from: 07.11.2025
Target price: EU 39.00
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Solid Q3 // High deal activity to unlock value; chg. est
At the end of Q3, DBAG's NAV stood at EUR 626m, down 3.6% yoy and flat qoq,
and remains at the lower end of the FY guidance of EUR 625-665m (eNuW: EUR 627m
at the end of the year). In Q3, DBAG's portfolio recorded a EUR 19m valuation
uplift (Q3, 9M: EUR 58m) largely driven by positive impacts from the duagon
exit. Unlike H1, operating performance was positive at roughly EUR 7.4m (9M: EUR
-20.5m) thanks to solid current trading performance of several portfolio
companies. Less disposals, the portfolio's net change in value stood at EUR
17.5m (9M: EUR 37.4m)
This, coupled with notably higher carried interest entitlements to the tune
of EUR 14m (largely from the successful duagon exit), net income from
investment activity decreased significantly from EUR 30.1m to EUR 4.2m (9M: EUR
18.8m, -72% yoy).
Compared to the end of last year, the NAV per share decreased only slightly
by 1.4% yoy to EUR 35.28. Yet, this is only due to the fact that DBAG returned
roughly EUR 33m to shareholders. Without those returns, NAV/share would have
increased by 3.7% to EUR 37.11.
Q3 Income from Fund Investment Services of EUR 12m (9M: EUR 36m) came in flat
yoy despite lower AUM/AUA thanks to the recognition of fees from the
Continuation Fund. Segment EBITA of EUR 4.1m was down 9% yoy in light of
slightly higher expenses. On a nine months basis, segment EBITA stood at EUR
11.2m, already above the lower end of the FY25 guidance range (EUR 10-15m). In
light of no additional significant divestments during the remainder of the
year (hence higher AUM/AUA than initially expected), DBAG should be able to
reach the higher end of its guidance (eNuW new: EUR 14.6m), in our view.
High deal activity expected. During the earnings call, the CEO stated its
target of divesting roughly 20% of the company's NAV during the next twelve
months. Assuming an average valuation uplift of at least 15-20% compared to
the NAV, the company should not only be able to generate notable income from
investment activity and potential excess cash to return to shareholders/fund
investors (eNuW). Being able to do so despite challenging market conditions
would strongly underpin its competitive quality and hence lay the grounds
for raising its next fund.
All in all, DBAG's shares remain attractively valued. For the next twelve
months, the CEO expects high deal activity with likely valuation uplifts to
the current NAV. Positive news in that regard should serve as positive share
price catalyst, in our view. The company is buying back shares (eNuW: EUR
11.5m of committed cash remaining) notably below the NAV, which has proven
to be rather conservative, while offering a base dividend of EUR 1.00 per
share base dividend per year (currently 4.2% yield).
We confirm our BUY rating with an unchanged EUR 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:
https://eqs-cockpit.com/c/fncls.ssp?u=1fe3ca8eb8eff9a03b5a59dd0f17c2c5
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 Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2225656 07.11.2025 CET/CEST
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