Deutsche Beteiligungs AG (von NuWays AG): BUY 06.11.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Deutsche Beteiligungs AG - from NuWays AG



06.11.2026 / 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



Q3 out: Multiples turn, exits keep coming



Q3 NAV per share came in at EUR 33.84, up 0.6% qoq (Q2: EUR 33.65; YE25: EUR
36.37) and comfortably inside the FY26 guidance corridor of EUR 32-36 (eNuW: EUR
34.1). Adding back the EUR 1.48 per share distributed via dividend and buyback
this year, NAV per share would be EUR 35.32; group NAV stood at EUR 584m. After
two quarters in the red, Q3 net income turned positive at EUR 3.7m (9M: EUR
-30.3m), though still burdened by provisions for carried interest, a
by-product of value creation in the funds.



Every exit backs the NAV. In 9M, DBAG realised c. EUR 100m of its c. EUR 700m
portfolio (c. 14%), and all sold above their carrying values. The latest
example, the Green Datahub data centre sale after quarter-end, achieved
1.35x. Importantly, management showed confidence that the portfolio company
could be sold at least at book value and sees 1-2 further exits in advanced
talks for Q4/early Q1, which could lift FY26 realisations to EUR 150-180m
despite a difficult M&A market. That would equal 21-26% of the portfolio,
ahead of the c. 20% within twelve months the CEO targeted a year ago. The
Fund VI tail is shrinking too: after Silbitz (sold to VTC in August) and
Polytech, only Telio remains, with an exit likely in sight.



Multiples turn, operations stay strong. Q3 contributed a gross valuation and
disposal result of EUR 17.4m, offsetting about a third of the H1 hit (9M: EUR
-31.6m), as listed software peers, the benchmark for 28% of the portfolio,
recovered. The group's IT services and software holdings, e.g. congatec,
delivered strong earnings growth, making an exit in the near term likely
(eNuW). On the investment side, the minority in thermal-imaging specialist
Vected adds a defence/dual-use asset to the long-term investment strategy,
while portfolio companies kept consolidating their niches with 13 add-ons
during the first nine months.



Fee business and private debt on track. Fund Services EBITA came in at EUR
3.3m in Q3, lifting 9M to EUR 10.1m (9M 25: EUR 11.2m), already inside the
reiterated EUR 9-11m corridor and in line with our FY estimate. The private
debt arm (ELF Capital) adds stability: all loans are performing at an
aggregate interest rate of c. 10%.



Fund IX on course for mid-2027. Management expects the first close of the
new fund generation around mid-2027. The very good performance of Funds VII
and VIII gives DBAG a strong track record to market, and every exit adds to
the cash it will commit alongside the new fund. Fund IX is the key lever for
the EUR 11-17m FY28e EBITA guidance and the EUR 41-48 mid-term NAV per share
target.



In sum, the realisations of this year turn the NAV into hard evidence:
assets are being sold at or above book, more exits are lined up and the fee
line sits safely within guidance. With the share at EUR 19.36, i.e. a 44%
discount to Q3 NAV, the market still prices in markdowns that DBAG's exits
should continue to disprove. The company's base dividend of EUR 1.00 per share
currently implies a yield of 5.1%, underpinning the attractive valuation.
With a fresh AGM authorisation in place, renewed buybacks at this discount
would be highly accretive. BUY with an unchanged EUR 36 PT based on SOTP (DCF
for Fund Services + discount to our NAV per share estimate at year-end).



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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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2429696 06.11.2026 CET/CEST