Deutsche Effecten- und Wechsel-Beteiligungsgesellschaft AG: Updated Buy Recommendation

First Berlin Equity Research has updated its research on Deutsche Effecten- und Wechsel-Beteiligungsgesellschaft AG, reiterating a Buy recommendation and adjusting the price target from EUR 1.50 to EUR 1.10. DEWB's H1 2025 results were aligned with expectations, with EBIT at €-0.2m and a net result of €-0.9m. The sale of the LAIC Token 21 increased liquid assets to €1.9m. A five-year €4m convertible bond was also placed in June 2025, extending DEWB's financing profile.

The portfolio value saw a minor decline to €28.8m, due to the LAIC Token 21 disposal. Despite challenging small-cap and fintech valuations, LAIQON and Stableton showed solid progress. DEWB aims to expand its portfolio, focusing on LAIQON as a key value driver. A reverse stock split will be implemented in H2/25, potentially reopening equity-financing options.