Deutsche Beteiligungs AG (von NuWays AG): Buy

Original-Research: Deutsche Beteiligungs AG - from NuWays AG 07.11.2025 / 09:01 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:	07.11.2025
Target price:	EU 39.00
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

Solid Q3 // High deal activity to unlock value; chg. est

At the end of Q3, DBAG’s NAV stood at € 626m, down 3.6% yoy and flat qoq, and remains at the lower end of the FY guidance of € 625-665m (eNuW: € 627m at the end of the year). In Q3, DBAG’s portfolio recorded a € 19m valuation uplift (Q3, 9M: € 58m) largely driven by positive impacts from the duagon exit. Unlike H1, operating performance was positive at roughly € 7.4m (9M: € -20.5m) thanks to solid current trading performance of several portfolio companies. Less disposals, the portfolio’s net change in value stood at € 17.5m (9M: € 37.4m)