^ 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 Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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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 ++++++++++ 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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Quelle: dpa-Afx