Anzeige
+++Kupfer-Junior startet Bohrung: Ramp Metals stieg von 0,15 auf 1,80 CAD – zieht dieser Nachbar jetzt nach? Ramp Metals stieg von 0,15 auf 1,80 CAD – zieht dieser Nachbar jetzt nach?+++
Original-Research

Deutsche Beteiligungs AG (von NuWays AG): Buy 25.08.2025, 09:00 Uhr von EQS Research Jetzt kommentieren: 0

Werte zum Artikel
Name Aktuell Diff. Börse
Dt. Beteiligungs AG 25,58 EUR ±0,00 % Lang & Schwarz

Original-Research: Deutsche Beteiligungs AG - from NuWays AG

25.08.2025 / 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.


Classification of NuWays AG to Deutsche Beteiligungs AG

Company Name: Deutsche Beteiligungs AG
ISIN: DE000A1TNUT7
 
Reason for the research: Update
Recommendation: Buy
from: 25.08.2025
Target price: EUR 39.00
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr

In H1 2025, DBAG’s NAV fell to € 627m, prompting a cut in the year-end forecast to € 625-665m (old: € 665-780m). The NAV per share is now expected between € 35 and € 38, lower than the earlier range of € 36 to € 43. Note, hitting the upper end would require two successful exits, challenging during times of increased operational uncertainties. Although DBAG’s portfolio recorded a € 34m valuation uplift as two portfolio companies benefitted from higher peer valuations, lower operational performances and outlooks partially offset those gains, leading to a net change in value of only € 20m. Consequently, net income of investment activity decreased notably from € 36.6m to € 14.7m.

On the acquisitions side, DBAG made a long-term investment by acquiring a minority stake in fin-match, a financing platform for small and mid-sized businesses, which could also serve as a sourcing channel for Private Debt investments going forward. Within the portfolio, congatec acquired JUMPtec, a former Kontron subsidiary, effectively doubling market share across Europe & North America.

Private Debt running well. As part of the partnership with ELF Capital, DBAG has invested € 83m across four transactions (three in H1 2025), effectively allocating funds raised through the issuance of a convertible bond in 2024 (€ 100m at 5.5% p.a.). With the current funds nearing closing (once fully invested), income from Fund Services related to ELF Funds should reach some € 2.5m (eNuW). In light of the success of ELF and the current high demand for Private Debt, we would also expect a fourth fund to be launched.

Income from Fund Services came in slightly below last year’s H1 at € 24m (H1: -1.3%; Q2: -4.9%) due to lower AUM/AUA. Segment EBITA declined by € 1.8m yoy to € 7.1m due to less income from advisory services (€ 0.3m) but also higher personnel expenses. Yet, management raised its FY25 segment EBITA guidance to € 10-15m (old: € 8-13m, eNuW: € 13m) as a result of less expected divestments and hence higher AUM.

Shareholder value focused capital allocation. At the end of Q1, management initiated a new oneyear buy-back program with an aggregated volume of € 20m, of which some € 6.5m have been deployed. Gradually buying in the market should not only support the share price but also lift NAV per share, one of the the company’s three guidance metrics. This coupled with a base dividend of at least € 1.00 per share/p.a. DBAG offers an attractive return profile, even during times with lower investment activity income.

Amid a slower transaction market and weaker operating performance in parts of DBAG’s industrial portfolio, investment income is expected to be temporarily lower, with NAV development lagging behind initial expectations. Yet, the sustainability of income from Fund Services coupled with attractive shareholder returns meanwhile provide more than sufficient grounds for a BUY rating. PT of € 39 is based on SOTP (DCF for Fund Services + discount to our NAV per share estimate at year-end).

You can download the research here: DBAG
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.
++++++++++


The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


2187842  25.08.2025 CET/CEST

Kommentare (0) ... diskutiere mit.
Werbung

Handeln Sie Aktien bei SMARTBROKER+ für 0 Euro!* Profitieren Sie von kostenloser Depotführung, Zugriff auf 29 deutsche und internationale Börsenplätze und unschlagbar günstigen Konditionen – alles in einer innovativen, brandneuen App. Jetzt zu SMARTBROKER+ wechseln und durchstarten!

*Ab 500 EUR Ordervolumen über gettex. Zzgl. marktüblicher Spreads und Zuwendungen.

k.A. k.A. k.A. k.A.
k.A. k.A. k.A. k.A.
k.A. k.A. k.A. k.A.
Schreib den ersten Kommentar!

Dis­clai­mer: Die hier an­ge­bo­te­nen Bei­trä­ge die­nen aus­schließ­lich der In­for­ma­t­ion und stel­len kei­ne Kauf- bzw. Ver­kaufs­em­pfeh­lung­en dar. Sie sind we­der ex­pli­zit noch im­pli­zit als Zu­sich­er­ung ei­ner be­stim­mt­en Kurs­ent­wick­lung der ge­nan­nt­en Fi­nanz­in­stru­men­te oder als Handl­ungs­auf­for­der­ung zu ver­steh­en. Der Er­werb von Wert­pa­pier­en birgt Ri­si­ken, die zum To­tal­ver­lust des ein­ge­setz­ten Ka­pi­tals füh­ren kön­nen. Die In­for­ma­tion­en er­setz­en kei­ne, auf die in­di­vi­du­el­len Be­dür­fnis­se aus­ge­rich­te­te, fach­kun­di­ge An­la­ge­be­ra­tung. Ei­ne Haf­tung oder Ga­ran­tie für die Ak­tu­ali­tät, Rich­tig­keit, An­ge­mes­sen­heit und Vol­lständ­ig­keit der zur Ver­fü­gung ge­stel­lt­en In­for­ma­tion­en so­wie für Ver­mö­gens­schä­den wird we­der aus­drück­lich noch stil­lschwei­gend über­nom­men. Die Mar­kets In­side Me­dia GmbH hat auf die ver­öf­fent­lich­ten In­hal­te kei­ner­lei Ein­fluss und vor Ver­öf­fent­lich­ung der Bei­trä­ge kei­ne Ken­nt­nis über In­halt und Ge­gen­stand die­ser. Die Ver­öf­fent­lich­ung der na­ment­lich ge­kenn­zeich­net­en Bei­trä­ge er­folgt ei­gen­ver­ant­wort­lich durch Au­tor­en wie z.B. Gast­kom­men­ta­tor­en, Nach­richt­en­ag­en­tur­en, Un­ter­neh­men. In­fol­ge­des­sen kön­nen die In­hal­te der Bei­trä­ge auch nicht von An­la­ge­in­te­res­sen der Mar­kets In­side Me­dia GmbH und/oder sei­nen Mit­ar­bei­tern oder Or­ga­nen be­stim­mt sein. Die Gast­kom­men­ta­tor­en, Nach­rich­ten­ag­en­tur­en, Un­ter­neh­men ge­hör­en nicht der Re­dak­tion der Mar­kets In­side Me­dia GmbH an. Ihre Mei­nung­en spie­geln nicht not­wen­di­ger­wei­se die Mei­nung­en und Auf­fas­sung­en der Mar­kets In­side Me­dia GmbH und de­ren Mit­ar­bei­ter wie­der. Aus­führ­lich­er Dis­clai­mer