Deutsche Beteiligungs AG Receives "BUY" Recommendation Amid Market Adjustments

NuWays AG has issued an update on Deutsche Beteiligungs AG (DBAG), maintaining a "BUY" recommendation despite adjusted guidance. The company's new 12-month target is set at EUR 36, slightly down from the previous EUR 39. This change reflects a revision in DBAG's FY26 NAV guidance due to the decline in valuation multiples among peers, particularly in the software and industrial sectors. Such fluctuations are largely valuation-driven, not affecting the operational health of portfolio companies.

In positive news, the EBITA forecast for DBAG's Fund Investment Services has increased to €9-11 million, emphasizing the stability of the fee-based segment amidst market volatility. Fundraising efforts remain unaffected by these interim valuation changes, continuing to build on DBAG's strong historical performance.

Furthermore, DBAG has recently completed a €20 million buyback program, boosting shareholder returns with a projected yield of 4.6%. The company's strong financial position and strategic moves continue to support its investment appeal as confirmed by NuWays AG's reiterated "BUY" recommendation.