Analysts raise target price for DBAG shares and confirm investment rating

Analysts have confirmed their investment rating for shares of Deutsche Beteiligungs AG (DBAG) with a current total of six buy recommendations following publication of DBAG’s Annual Report 2022/2023 on 30 November 2023. Apart from J.P. Morgan Cazenove’s “neutral” assessment, all ratings for DBAG shares are positive, with two analysts even raising their forecasts (Kepler Cheuvreux and Hauck Aufhäuser). Target prices range between 36.00 euros and 50.00 euros, corresponding to a mean of 43.31 euros and a delta of approximately 61 per cent, or 16.51 euros per share, based on the share price (Xetra closing price on 19 January 2024) of 26.80 euros.

Andreas Pläsier from Warburg Research GmbH wrote: “After a weaker year in 2021/22, the company has successfully returned to profitability and achieved a convincing ROE of over 15 per cent. The announced new stable dividend policy and the potential share buyback programme should have a positive impact on the share price.”

SRC analyst Stefan Scharff sees the push towards private debt (via the investment in ELF Capital Group) as “value-accretive” – not only in terms of the Company’s financial performance. This assessment predominantly reflects the fact that “the two firms’ networks complement each other and both firms work to efficiently support growth amongst key market leaders in the midcap segment. DBAG is well-positioned to increase and stabilise its income, generate income along the financing chain via MBOs alongside DBAG funds, via Long-Term Investments using its own financial resources and via financing solutions – exploiting new business opportunities on a case-by-case basis. Through the investment in ELF Capital, we expect improved opportunities for faster company growth, with somewhat steadier fee revenue.” Hauck Aufhäuser analyst Marie-Thérèse Grüber commented that “two recent developments are crucial for DBAG. Firstly, the strategic partnership with ELF Capital [...], which significantly enhances DBAG’s pool of investment tools and makes the Company a real one-stop shop for SME financing in Germany, Austria and Switzerland. Secondly, an updated dividend distribution policy with an ordinary dividend of at least 1.00 euro per share [...] and regular share buybacks: we believe this change should be in the long-term interests of investors. After all, it places stronger focus upon value creation than cash distributions.”


Bank/research house, analyst name



Target price

14 Dec 2023

Edison Research

Milosz Papst

Edison publishes neither a recommendation nor a target price for regulatory reasons.


4 Dec 2023

SRC Research GmbH

Stefan Scharff



1 Dec 2023

Kepler Cheuvreux

Sven Sauer



1 Dec 2023

Hauck Aufhäuser Investment Banking

Marie-Thérèse Grübner



30 Nov 2023

Jefferies International Limited

Tom Mills



30 Nov 2023

J.P. Morgan Cazenove

Christopher Brown



30 Nov 2023

Baader Helvea Equity Research

Gerhard Schwarz



22 Nov 2023

Warburg Research GmbH

Andreas Pläsier



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, SRC Research and Edison Research are available to download from the DBAG website.

SRC Research Update, 4 December 2023
Kepler Cheuvreux, 1 December 2023
Hauck Aufhäuser Investment Banking, 1 December 2023
Jefferies Equity Research, 30 November 2023
J.P. Morgan Cazenove, 30 November 2023
Baader Helvea Equity Research, 30 November 2023
Warburg Research, 22 November 2023