^ Original-Research: Deutsche Beteiligungs AG - from NuWays AG

20.07.2026 / 09:00 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 Target price: EUR 36 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr

NAV guidance adjusted on peer multiples; case fully intact

Topic: DBAG adjusted its FY26 NAV guidance to reflect lower valuation multiples of listed peers, while raising the EBITA outlook for Fund Investment Services. In detail:

FY26 NAV per share is now seen at EUR 32-36 (old: EUR 36-40, eNuW old: EUR 38.5). Gross losses on measurement and disposal for H1 (Jan-Jun) are expected at some EUR -50m vs a EUR 20m gain in the prior-year period. Importantly, this is a purely valuation-driven, non-cash effect: as DBAG's portfolio is marked to market against listed comparables at each reporting date, the recent de-rating of peer multiples, presumably most visible in the software and industrial holdings, mechanically translates into a lower NAV. This says nothing about the operational health of the portfolio companies or the quality of the underlying equity stories. Notably, such multiple-driven swings work in both directions; a recovery of small/mid-cap valuations would reverse the effect.

Fund Investment Services guidance raised. FY26 EBITA in the fee-based segment is now expected at EUR 9-11m (old: EUR 5-9m, eNuW old: EUR 6.5m), as fewer divestments imply that fee-bearing assets remain under management for longer. This once again highlights the stability and visibility of the recurring management-fee stream, which nicely cushions the inherent mark-to-market volatility of the investment portfolio, a key pillar of our investment case.

Fundraising remains on track. The raising of the new fund generation should be unaffected by the announcement, as LP commitments are based on DBAG's decades-long track record of realized returns across cycles, not on interim mark-to-market movements in the listed vehicle. A successful closing would serve as the next positive catalyst as it would significantly increase the company's financial firepower.

Attractive shareholder returns provide downside comfort. DBAG only recently completed its EUR 20m buyback program (799k shares, c. 4.25% of share capital, at an avg. of EUR 25, a clear discount to NAV and hence accretive), and a new authorization from the 2026 AGM is in place. On top, the base dividend of EUR 1.00 per share implies a yield of c. 4.6% at current prices. With the shares trading at a c. 35% discount even to the midpoint of the lowered NAV guidance, a renewed buyback would be value-accretive, in our view.

In sum, we regard the adjustment as a technical reflection of current market sentiment rather than a blow to the case: portfolio operations look intact, the fee business is running ahead of plan, fundraising remains on course and shareholder returns are compelling.

BUY with a EUR 36 PT (old: EUR 39) 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=25158573e6a2dd54e0d5aa68e44130ce 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 ++++++++++ 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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2367940 20.07.2026 CET/CEST

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Quelle: dpa-Afx