DT.BETEILIG.AG NA O.N.

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Original-Research: Deutsche Beteiligungs AG - from NuWays AG

07.08.2026 / 09:00 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

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 EUR 33.65, down from EUR 35.29 at Q1 and EUR 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 EUR 1.00

dividend paid in June and the buyback, NAV would have been c. EUR 35.16. Mind

you, in July, DBAG lowered its FY26 NAV per share guidance to EUR 32-36 (old:

EUR 36-40, eNuW EUR 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 EUR 6.8m in H1 (H1 2025: EUR 7.1m)

implies c. EUR 3.7m in Q2 after EUR 3.1m in Q1, a sequential improvement despite

the completed exits. Against the raised FY26 guidance of EUR 9-11m, H2 would

need only EUR 2.2-4.2m, in line with our EUR 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 EUR 11-17m and

for the path towards the EUR 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 EUR 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:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=83d3d497c38116b54eaf57f58f40fae7

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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2379030 07.08.2026 CET/CEST

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