Deutsche Beteiligungs AG (von NuWays AG): BUY

Original-Research: Deutsche Beteiligungs AG - from NuWays AG 29.09.2025 / 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:	29.09.2025
Target price:	EUR 39.00
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

Successful exit despite challenging markets

DBAG announced the disposal of its investment in duagon, a provider of embedded hardware and software solutions for safety-critical rail applications. The stake held by DBAG Fund VII and DBAG (co-investment) was sold to Knorr-Bremse AG, the global market leader in braking systems and rail technology. Completion is subject to regulatory approval. The Enterprise Value of duagon excluding potential performance based earn-outs stands at € 500m, or roughly 18x EV/op. EBIT. While concrete financials were not published, we estimate the MOIC to be around 3x.