Deutsche Beteiligungs AG/€DBAN

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About Deutsche Beteiligungs AG

Deutsche Beteiligungs AG (DBAG) is a German private equity firm specializing in investments in mid-sized companies across various sectors, including industrial manufacturing, IT services, software, healthcare, and broadband telecommunications. Founded in 1965 and headquartered in Frankfurt am Main, DBAG manages or advises assets totaling approximately €2.9 billion as of 2025. The firm focuses on management buyouts and growth financing, primarily targeting companies in Germany, Austria, Switzerland, and, since 2020, Italy. DBAG's strategic positioning emphasizes investments in IndustryTech enterprises—businesses facilitating automation, robotics, and digitalization—aligning with evolving market trends.
Ticker
€DBAN
Sector
Finance
Primary listing
XETRA
Employees
122
Headquarters
Frankfurt am Main, Germany
Website
www.dbag.com

DBAN Metrics

BasicAdvanced
€362M
-
-€1.00
-
€1.00
4.76%

Bulls say / Bears say

The weak NAV was driven mainly by market multiples rather than poor portfolio operations. DBAG said its companies, including its IT and software holdings, made positive earnings contributions in the first half, suggesting a re-rating could recover part of the lost value. (Deutsche Beteiligungs AG, NuWays AG)
DBAG is still converting its investment pipeline into transactions: it agreed or completed seven deals in the first half, including three acquisitions and four disposals, and committed €90.5 million to new investments. Recent exits also provide capital to recycle into further mid-market opportunities. (Deutsche Beteiligungs AG, Deutsche Beteiligungs AG)
The fund-services business is performing better than previously expected: DBAG raised its 2026 EBITA guidance to €9–11 million from €5–9 million, and first-half EBITA was €6.8 million. New investments in healthcare, energy-transition infrastructure and AI-driven cybersecurity could add exposure to structural growth markets. (Deutsche Beteiligungs AG, Deutsche Beteiligungs AG)
DBAG cut its 2026 NAV-per-share forecast to €32–36 from €36–40 after warning that first-half gross valuation and disposal results would be about minus €50 million. Net income was minus €34 million in the first half, showing how quickly weaker marks can hit reported results. (Deutsche Beteiligungs AG, Deutsche Beteiligungs AG)
DBAG’s NAV remains highly exposed to listed peer-group multiples, particularly in IT services and software. The company says geopolitical tension, tariffs and the disruptive effect of AI on some software business models have pushed those multiples lower, creating further downside risk even if portfolio earnings hold up. (Deutsche Beteiligungs AG, Deutsche Beteiligungs AG)
The fund-services earnings base could weaken as older funds realise investments: analyst research says the Fund VII fee base is falling away as exits complete, while the next fund launch is needed to support longer-term growth targets. That makes the timing of disposals and Fund IX fundraising important earnings risks. (NuWays AG)
Data summarised monthly by Lightyear AI. Last updated on 16 Sept 2026.

Funds containing DBAN

AllEURGBP
Funds
Fund name
Fund size
€DBAN weighting
Vanguard ESG Global All Cap€V3AA
€1.1B0.00%
Vanguard ESG Global All Cap£V3AB
£905M0.00%
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Market data provided by CBOE Europe and Deutsche Börse.