Analysts' comments on the strategic partnership with ELF Capital Group

“Value-enhancing”, “scalable”, “new growth opportunities”, and a complementary business model – this is how analysts perceive Deutsche Beteiligungs AG’s (DBAG) newly-established strategic partnership with ELF Capital Group (ELF Capital).

DBAG announced the partnership with ELF Capital in September 2023. Through this cooperation, the private equity house is expanding its range of flexible financing solutions for mid-market companies to include private debt. To this end, DBAG will acquire a majority stake in ELF Capital, which includes ELF Capital Advisory GmbH, based in Frankfurt/Main. The partnership will create a unique financing offering with a specific focus on SMEs. DBAG organised a dedicated presentation for analysts to mark the occasion. Most analysts perceive the push towards private debt as value-enhancing because “[...] the two firms’ networks complement each other. Both firms work with key market leaders in the midcap segment to efficiently support their growth", said Stefan Scharff of SRC Research.

ELF Capital Advisory GmbH advises funds that provide flexible private debt financings for established, market-leading medium-sized enterprises with a geographical focus on the Germany, Austria and Switzerland (“DACH”) region, the Benelux countries and Scandinavia. The partnership with DBAG offers both companies the potential to generate rapid and sustainable growth, and to realise synergies. Stefan Scharff adds: “Through the investment in ELF Capital Group, we expect improved opportunities for faster company growth, with somewhat steadier fee revenue. Following good nine-month figures and our upgrade of 10 August, we are now once again raising our target price, from 42 to 44 euros. We affirm our positive view with a ‘buy’ rating.”

Marie-Thérèse Grübner of Hauck & Aufhäuser also highlights the potential synergies, since “the debt funds can be marketed to DBAG's fund investors alongside the private equity funds [...].” Hence, she has also issued a ‘buy’ recommendation for DBAG shares, confirming the target price of 48 euros. This had already been raised from 44.40 to 48 euros in August 2023, following publication of the quarterly statement as at 30 June 2023. For Gerhard Schwarz of Baader Helvea Equity Research, it is above all the joint focus on SMEs that “[...] opens up new growth opportunities. Both partners contribute complementary and strong networks to this venture. They share a focus on medium-sized enterprises.”


Bank/research house

Analyst name


Target price

20 Sep 2023

Baader Helvea Equity Research

Gerhard Schwarz



19 Sep 2023

Hauck Aufhäuser Investment Banking

Marie-Thérèse Grübner



19 Sep 2023

SRC Research GmbH

Stefan Scharff



Research reports are principally addressed to investment professionals and are therefore not available to the public. For legal reasons, only the reports from Warburg Research, Edison Research and SRC Research are available to download from our website, where the table of analyst recommendations and target prices is constantly updated.

Baader Helvea Equity Research Company Flash, 20 September 2023
SRC Equity Research, 19 September 2023
Hauck Aufhäuser Investment Banking, 19 September 2023