DT.BETEILIG.AG NA O.N.

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Original-Research: Deutsche Beteiligungs AG - from NuWays AG

29.09.2025 / 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

from: 29.09.2025

Target price: EUR 39.00

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

Successful exit despite challenging markets

DBAG announced the disposal of its investment in duagon, a provider of

embedded hardware and software solutions for safety-critical rail

applications. The stake held by DBAG Fund VII and DBAG (co-investment) was

sold to Knorr-Bremse AG, the global market leader in braking systems and

rail technology. Completion is subject to regulatory approval. The

Enterprise Value of duagon excluding potential performance based earn-outs

stands at EUR 500m, or roughly 18x EV/op. EBIT. While concrete financials were

not published, we estimate the MOIC to be around 3x.

duagon was acquired by DBAG Fund VII in 2017 and has since developed into a

leading platform in embedded rail electronics, benefiting from strong

secular trends including digitalisation, automation, and predictive

maintenance in the rail sector. DBAG supported growth through a

buy-and-build strategy, integrating MEN Mikro Elektronik (2018), OEM

Technology Solutions (2019), and TechOnRails (2020), broadening its product

scope and international reach. Sales grew from roughly EUR 20m in 2017 to an

expected EUR 175m in FY25e.

The duagon disposal confirms DBAG's strong positioning in the European

mid-market and its ability to realise value from IndustryTech assets despite

a slow exit environment. We view the transaction as strategically and

operationally positive, reinforcing DBAG's reputation as a disciplined value

creator and supporting visibility on NAV development. In fact, we expect the

mid-points of the NAV and NAV per share guidance (EUR 625-665m and EUR 35-38) to

be well in reach. Based on our calculations, DBAG should be able to record a

EUR 25-35m gain from realizing its co-investment. Hitting the upper ends of

the guidance should require one additional successful exit until the end of

the year, in our view.

Shares remain attractively valued, supported by shareholder friendly capital

allocation (dividends and share buybacks on top of ongoing investments

alongside its funds). 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=c7427c8530056f270f0281f1c82071da

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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2204780 29.09.2025 CET/CEST

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