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Deutsche Beteiligungs
(XETRA:DBAN)
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Rating:54Neutral
Price Target:
€21.50
▲(0.94% Upside)
Action:Reiterated
Date:08/10/26
The score is driven primarily by pressured and volatile profitability (TTM operating loss and net loss) despite a manageable balance sheet and positive free cash flow. Technicals add downside risk given a clear downtrend (below major moving averages and negative MACD). Valuation is partly supported by a ~4.7% dividend yield, but the negative P/E reflects the underlying earnings weakness.
Positive Factors
Dual revenue model
DBAN operates a structural dual-income model: balance-sheet private equity returns plus recurring management fees and carried interest from sponsored funds. This mix provides a recurring fee base that cushions cashflow variability from lumpy investment realizations and supports long-term earnings when AUM is stable or growing.
Negative Factors
Volatile profitability
The company’s profitability profile has been uneven: a recent TTM swing to operating loss and net loss despite revenue gains signals unstable earnings power. For an asset manager, this undermines predictability of fee-bearing economics and complicates forecasting for distributions, compensation and capital allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
Dual revenue model
DBAN operates a structural dual-income model: balance-sheet private equity returns plus recurring management fees and carried interest from sponsored funds. This mix provides a recurring fee base that cushions cashflow variability from lumpy investment realizations and supports long-term earnings when AUM is stable or growing.
Read all positive factors
Deutsche Beteiligungs (DBAN) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€394.90M
Dividend Yield4.76%
Average Volume (3M)17.57K
Price to Earnings (P/E)―
Beta (1Y)0.70
Revenue Growth5.19%
EPS Growth-161.11%
CountryDE
Employees122
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)-1.02
Shares Outstanding18,804,993
10 Day Avg. Volume10,242
30 Day Avg. Volume17,568
Financial Highlights & Ratios
PEG Ratio-0.39
Price to Book (P/B)0.62
Price to Sales (P/S)12.14
P/FCF Ratio-21.47
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€32.03Price Target Upside50.39% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.78
Revenue Forecast (FY)€46.35M
Deutsche Beteiligungs Business Overview & Revenue Model
Company Description
Deutsche Beteiligungs AG (DBAG) is a distinguished private equity firm, employing both direct investment and fund-of-funds strategies. Through its direct investments, DBAG specializes in providing various forms of capital—including expansion, grow...
How the Company Makes Money
DBAN generates earnings from two primary sources: (1) investment income from its own balance-sheet private equity holdings and (2) recurring and performance-based income from managing private equity funds. On the investment side, DBAN invests its ...
Deutsche Beteiligungs Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
66
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 107.28M | 32.84M | 114.07M | 160.76M | -52.56M | 224.62M |
| Gross Profit | 96.09M | -49.19M | 107.77M | 157.44M | -53.69M | 223.13M |
| EBITDA | -26.07M | -26.34M | 55.46M | 110.62M | -94.44M | 186.94M |
| Net Income | -17.54M | 24.70M | 47.51M | 105.78M | -97.56M | 185.13M |
Balance Sheet | ||||||
| Total Assets | 823.18M | 922.97M | 913.69M | 708.27M | 646.41M | 734.95M |
| Cash, Cash Equivalents and Short-Term Investments | 55.28M | 40.75M | 23.97M | 20.02M | 19.16M | 37.74M |
| Total Debt | 219.64M | 230.09M | 139.00M | 13.14M | 42.45M | 4.10M |
| Total Liabilities | 242.90M | 283.31M | 225.33M | 38.89M | 66.95M | 36.19M |
| Stockholders Equity | 580.22M | 639.67M | 688.36M | 669.38M | 579.46M | 698.76M |
Cash Flow | ||||||
| Free Cash Flow | 10.03M | -18.56M | 12.33M | 8.60M | 28.66M | -7.73M |
| Operating Cash Flow | 10.42M | -17.82M | 13.04M | 9.35M | 29.54M | -7.64M |
| Investing Cash Flow | -13.50M | -3.71M | -104.45M | 48.67M | -57.67M | -47.00M |
| Financing Cash Flow | 11.42M | 12.89M | 95.35M | -57.16M | 9.56M | 74.00M |
Deutsche Beteiligungs Technical Analysis
Negative
21.30
Price Trends
21.68
Negative
22.89
Negative
23.42
Negative
Market Momentum
-0.18
Negative
41.83
Neutral
50.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:DBAN, the sentiment is Negative. The current price of 21.3 is above the 20-day moving average (MA) of 21.17, below the 50-day MA of 21.68, and below the 200-day MA of 23.42, indicating a bearish trend. The MACD of -0.18 indicates Negative momentum. The RSI at 41.83 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:DBAN.
Deutsche Beteiligungs Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €188.93M | 8.81 | 15.86% | 5.25% | 0.49% | 38.41% | |
67 Neutral | €74.25M | 3.17 | 22.19% | 3.94% | -34.04% | 77.23% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | €394.90M | -20.59 | -2.85% | 4.69% | 5.19% | -161.11% | |
54 Neutral | €658.38M | 4.80 | -28.22% | 7.39% | 17.43% | -637.30% |
* General Sector Average
DE:DBAN
Deutsche Beteiligungs
21.00
-3.28
-13.51%
DE:MPCK
MPC Munchmeyer Petersen Capital AG
5.46
0.59
12.11%
DE:B7E
Blue Cap AG
16.60
-2.17
-11.55%
DE:MUX
Mutares SE & Co. KGaA
25.55
-0.61
-2.35%
DE:B8A
BAVARIA Industries Group AG
105.00
26.00
32.91%
DE:SVE
Shareholder Value Beteiligungen AG
75.00
-15.00
-16.67%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.