Original-Research: Deutsche Beteiligungs AG (von NuWays AG): BUY

19.01.2026 / 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 39

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

Looking into FY26: High deal activity expected

Increased deal activity expected. As highlighted during the company's Q3

earnings call, the CEO reiterated expectations for elevated deal activity

over the coming twelve months, with targeted divestments of up to 20% of

NAV. In our view, the strategic focus should primarily lie on assets held

within the older DBAG VI fund, of which four investments remain. DBAG VI was

launched in 2013 and has effectively reached the end of its fund life,

implying that no further management fees are being generated. Against this

backdrop, fund investors are likely to increasingly expect realizations and

capital distributions, which should further incentivize an accelerated exit

pace.

Assuming an average valuation uplift of at least 15-20% versus NAV (eNuW),

DBAG should be able to generate meaningful income from investment activity.

Moreover, the divestment of mature assets and the resulting capital returns

would, in our view, create a solid foundation for the launch of a new fund,

both in terms of track record and investor confidence.

Raising additional funds. Looking ahead, we believe DBAG could consider

raising DBAG IX as a successor to DBAG VIII. The exact timing is likely to

depend on the group's divestment momentum, as a number of existing investors

may be inclined to roll over committed capital into a new vintage. A

successful fundraise would not only increase DBAG's financial firepower for

future investments but should also provide a structural uplift to fund

services earnings. In this context, we estimate an incremental contribution

to fund services EBITA of around EUR 2-3m p.a. reflecting a 15-20% increase

(eNuW).

Further, we also see the possibility for a second continuation fund. Mind

you, the group's current continuation fund (single-asset fund to hold an

asset beyond the original fund life, while giving LPs a liquidity option),

which was launched in 2024 with a volume of EUR 130m is fully invested,

holding the portfolio company Solvares.

Continued high shareholder returns. DBAG also appears well positioned to

maintain its shareholder-friendly capital allocation policy. We expect the

company to continue paying a base dividend (eNuW: EUR 1.00 per share, a yield

of c. 4%). In addition, DBAG is currently executing a EUR 20m share buyback

program. With roughly six weeks remaining, we estimate that some EUR 6m could

still be outstanding at the end. Given the shares' persistent and still

significant discount to NAV, we would view the launch of a subsequent

buyback program as sensible from a capital allocation perspective.

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:

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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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