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Original-Research: Deutsche Beteiligungs AG - from NuWays AG

03.09.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

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.

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Classification of NuWays AG to Deutsche Beteiligungs AG

Company Name: Deutsche Beteiligungs AG

ISIN: DE000A1TNUT7

Reason for the research: Update

Recommendation: BUY

from: 03.09.2025

Target price: EUR 39.00

Target price on sight of: 12 month

Last rating change:

Analyst: Christian Sandherr

DBAG's deal machine is running well

Following the acquisition of FinMatch, DBAG has announced that Fund VIII ha

agreed to acquire MAIT GmbH in a management buyout transaction. The

management team will reinvest significantly alongside the fund, which i

consistent with DBAG's longstanding approach of partnering with founders and

operational leaders. The deal is expected to close by the end of 2025,

subject to regulatory approvals. While concrete financial terms were not

disclosed by DBAG, the prior owner 3i Group stated gross proceeds of around

£ 143m, or some EUR 165m. Assuming industry-average leverage, especially in

light of MAIT's buy and build strategy from recent years, we expect the EV

to be around EUR 220-250m, making it one of DBAG's largest investments.

Following the acquisition of MAIT, the dry powder of the DBAG Fund VIII

should have decreased to roughly 40% of the funds EUR 1.1bn volume.

MAIT is a well-established IT services provider focused on the digital

transformation needs of the Mittelstand in the DACH region. The company

integrates enterprise resource planning (ERP), product lifecycle management

(PLM), and IT infrastructure services, with a focus on industries such a

machinery, electronics, and manufacturing. Over the past several years, MAIT

has expanded both organically and through a series of strategic

acquisitions, growing to EUR 200m annual sales (vs. EUR 60m in 2018) with large

parts being of recurring nature.

This acquisition fits squarely within DBAG's strategy of acquiring

high-quality, cash-generative businesses with room for operational

improvement and attractive long-term growth prospects. MAIT adds further

exposure to the digitalization trend in Germany's SME sector, a market that

remains underpenetrated in areas like PLM and data integration. Importantly,

this deal strengthens DBAG's position in software and IT services, which now

accounts for a growing portion of its portfolio (>20%). MAIT's recurring

revenue base and strong customer retention also contribute to greater

visibility in future earnings and valuation upside. As MAIT ha

substantially grown through consolidating its markets (24 successfully

integrated acquisitions) and considering DBAG's dry powder, one should

expect further add-ons during the short- to mid-term, in our view.

At the current share price, we continue to regard DBAG as undervalued with

shareholder-friendly capital allocation. Mind you, the company has still

roughly EUR 13.5m of cash committed towards buy-backs while also offering a EUR

1.00 per share base dividend per year (currently 4.1% yield). Successful

exits and the related increase in net income from investment activity could

allow for additional special dividends and/or a continuation of the buy-back

program, in our view.

We hence 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=e6f8e5be935243db81d1bbd30471f725

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

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschlu

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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