Original-Research: Deutsche Beteiligungs AG (von NuWays AG): BUY - T-Online
The issuer is solely responsible for the content of this research. The
invitation to conclude certain stock exchange transactions.
H1 NAV per share came in at EUR 33.65, down from EUR 35.29 at Q1 and EUR 36.37 at
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
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
where multiple compression was most pronounced. The NAV decline is therefore
purely a mark-to-market effect, not a sign of operational weakness. Mind
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.
delays supporting the fee line in the short term.
Fund IX remains the swing factor and got no update today. As flagged on the
for the path towards the EUR 41-48 mid-term NAV per share target. LP
yesterday's numbers, but a first closing would be the next hard catalyst.
discount to our NAV per share estimate at year-end).
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=83d3d497c38116b54eaf57f58f40fae7
LinkedIn: https://www.linkedin.com/company/nuwaysag
analysierten Unternehmen befindet sich in der vollständigen Analyse.
Financial/Corporate News and Press Releases.
https://eqs-news.com/?origin_id=78e5bf0d-9226-11f1-8534-027f3c38b923&lang=en
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