Edison Analyzes Deutsche Beteiligungs Amid Challenging Market Conditions

On November 18, 2025, Edison Investment Research Limited released a report on Deutsche Beteiligungs (DBAG). In the first nine months of 2025, DBAG's NAV total return was recorded at 2.1%, hindered by a challenging market environment in Germany. Despite this, DBAG experienced a robust influx of transactional opportunities. These opportunities range from new investments to successful exits, such as the significant sale of duagon in September 2025.

Although fully invested, DBAG maintains its focus on new deal origination and share buybacks. These strategies are supported by contracted exit proceeds, with ongoing discussions for potential realizations involving over 20% of its NAV in portfolio companies.

Currently, DBAG's shares are traded at a substantial 34.8% discount to its NAV in private market investments, further supplemented by recurring earnings from its fund services business, projected at €10–15 million for FY25.