First Berlin Issues 'Buy' Rating for DEWB with Adjusted Price Target

First Berlin Equity Research has released an update on Deutsche Effecten- und Wechsel-Beteiligungsgesellschaft AG (DEWB), maintaining a "Buy" rating while lowering the price target from €1.80 to €1.50. Analyst Christian Orquera cited market conditions as a key factor affecting valuation exit transactions. DEWB reported €0.4 million in operating income from exits in the first half of 2024, matching expectations.

DEWB's management remained cautious about completing major exits before 2024's end due to volatile capital markets. Despite this, operational expenses declined to €0.4 million, reflecting disciplined spending. Most companies in DEWB’s portfolio showed healthy operations.

However, despite positive business outlooks, listed holdings, including LAIQON, Naga Group, and Aifinyo, underperformed in share prices. First Berlin reiterated DEWB's current undervaluation and maintained a "Buy" recommendation with a revised target of €1.50.