DT.BETEILIG.AG NA O.N.

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Original-Research: Deutsche Beteiligungs AG - from NuWays AG

08.05.2026 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

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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 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 EUR 35.29, down from EUR 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 EUR 35.59. Gross

portfolio value declined from EUR 789m to EUR 693m, with the swing largely

explained by exits (EUR 86m vs EUR 23m of new investments) and a negative

multiple effect (EUR 34m impact). Underlying operating performance of

portfolio companies was actually positive at EUR 8m in the quarter.

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

Mind you, the FY28e guidance of EUR 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 EUR 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 EUR 36-40 NAV/share (eNuW: EUR 38.5) and EBITA from Fund

Investment Services of EUR 5-9m (EUR 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 EUR 24.99 per share (EUR 18.9m total). A EUR 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 (EUR 152m) make for a great investment case.

BUY 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=c442fb669a4f269ff3b6706655d1de64

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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2323686 08.05.2026 CET/CEST

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