Deutsche Beteiligungs AG (von NuWays AG): BUY

Original-Research: Deutsche Beteiligungs AG - from NuWays AG 19.01.2026 / 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
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.