on Deutsche Beteiligungs AG (ETR:DBA)
Deutsche Beteiligungs AG's Portfolio Performance Amid Market Volatility
In its latest update, NuWays AG recommends a 'BUY' rating for Deutsche Beteiligungs AG, maintaining a target price of EUR 36 over a 12-month period. The report notes a temporary dip in the Net Asset Value (NAV) per share, from €35.29 in Q1 to €33.65 in H1, primarily due to lower capital market multiples rather than the operational performance of DBAG's portfolio companies.
Despite the software sector's peer multiples dropping by 33% since June 2025, DBAG highlighted the resilience of its portfolio against macroeconomic challenges. The NAV decline is a mark-to-market effect, which might reverse with an industry re-rating, as evidenced by STOXX Europe Total Market Software & Computer Services index's 19% rise since H1.
Operational results show a sequential improvement, with EBITA from Fund Investment Services rising to €3.7m in Q2. The report confirms ongoing performance in the fee business and a robust deal pipeline.
R. E.
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