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.
29.09.2025 - 09:03:36Original-Research: 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 EUR 500m, or roughly 18x EV/op. EBIT. While concrete financials were not published, we estimate the MOIC to be around 3x. duagon was acquired by DBAG Fund VII in 2017 and has since developed into a leading platform in embedded rail electronics, benefiting from strong secular trends including digitalisation, automation, and predictive maintenance in the rail sector. DBAG supported growth through a buy-and-build strategy, integrating MEN Mikro Elektronik (2018), OEM Technology Solutions (2019), and TechOnRails (2020), broadening its product scope and international reach. Sales grew from roughly EUR 20m in 2017 to an expected EUR 175m in FY25e. The duagon disposal confirms DBAG's strong positioning in the European mid-market and its ability to realise value from IndustryTech assets despite a slow exit environment. We view the transaction as strategically and operationally positive, reinforcing DBAG's reputation as a disciplined value creator and supporting visibility on NAV development. In fact, we expect the mid-points of the NAV and NAV per share guidance (EUR 625-665m and EUR 35-38) to be well in reach. Based on our calculations, DBAG should be able to record a EUR 25-35m gain from realizing its co-investment. Hitting the upper ends of the guidance should require one additional successful exit until the end of the year, in our view. Shares remain attractively valued, supported by shareholder friendly capital allocation (dividends and share buybacks on top of ongoing investments alongside its funds). We confirm our BUY rating with an unchanged EUR 39 PT based on SOTP (DCF for Fund Services + discount to our NAV per share estimate at year-end). You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=c7427c8530056f270f0281f1c82071da For additional information visit our website: https://www.nuways-ag.com/research-feed Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ --------------------------------------------------------------------------- The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com --------------------------------------------------------------------------- 2204780 29.09.2025 CET/CEST