Deutsche Beteiligungs AG (von NuWays AG): BUY 07.08.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Deutsche Beteiligungs AG - from NuWays AG



07.08.2026 / 09:00 CET/CEST
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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