Ori­gi­nal-Re­se­arch: DN Deut­sche Nach­hal­tig­keit AG (by GBC AG): BUY

Clas­si­fi­ca­ti­on of GBC AG to DN Deut­sche Nach­hal­tig­keit AG

Rea­lignment of busi­ness mo­del towards im­pact in­ves­t­ing

In the past fi­nan­cial year, DN Deut­sche Nach­hal­tig­keit AG (DN AG) rea­li­gned its busi­ness mo­del. The com­pany’s cur­rent fo­cus is de­scri­bed by the term ‚im­pact in­ves­t­ing‘. This me­ans that, in fu­ture, in­vest­ments will be made in com­pa­nies that, in ad­di­ti­on to ge­ne­ra­ting re­turns, also have a po­si­ti­ve so­cial or en­vi­ron­men­tal im­pact. DN Deut­sche Nach­hal­tig­keit AG has iden­ti­fied AI, mo­bi­li­ty, the cir­cu­lar eco­no­my, nut­ri­ti­on, he­alth and en­er­gy as po­ten­ti­al fu­ture sec­tors.

The new cor­po­ra­te stra­tegy is also re­flec­ted in a fun­da­men­tal ch­an­ge to the in­vest­ment port­fo­lio. Un­til the 2024 fi­nan­cial year, pu­bli­ty AG, which ope­ra­tes in the real es­tate in­vest­ment sec­tor, was the com­pany’s main in­vest­ment. As part of the new stra­tegy, it was sold to Olek Ca­pi­tal GmbH. The port­fo­lio curr­ent­ly com­pri­ses First Move! AG, More Im­pact AG and Ea­sy­M­o­ti­onS­kin Tec AG, re­pre­sen­ting th­ree si­gni­fi­cant in­vest­ments.

The lis­ted in­vest­ment More Im­pact AG is a high-tech me­di­cal hub that has de­ve­lo­ped inha­ler tech­no­lo­gy. This tech­no­lo­gy en­ables smo­kers to be­ne­fit from gra­du­al ni­co­ti­ne wi­th­dra­wal. An­o­ther tech­no­lo­gy is the need­le-free sy­rin­ge ‚Speed­in­ject‘, which can help pa­ti­ents with need­le pho­bia or chro­nic in­jec­tion re­qui­re­ments. Alt­hough the shares in First Move! AG have al­re­a­dy been trans­fer­red to DN AG, the re­gis­tra­ti­on of the ca­pi­tal in­crease th­rough con­tri­bu­ti­on in kind is still pen­ding. First Move! AG has pa­ten­ted au­to­ma­ted car park tech­no­lo­gy that si­gni­fi­cant­ly op­ti­mi­ses the use of par­king spaces. Fi­nal­ly, the third si­gni­fi­cant in­vest­ment, Ea­sy­M­o­ti­onS­kin Tec AG, ma­nu­fac­tures high-tech suits with in­te­gra­ted EMS de­vices for the fit­ness and he­alth in­dus­try.

Ope­ra­ting per­for­mance in the 2024 fi­nan­cial year was do­mi­na­ted by the im­ple­men­ta­ti­on of the new stra­tegy. On the one hand, the com­pa­ny re­por­ted to­tal in­co­me of €204.45 mil­li­on (pre­vious year: €76.41 mil­li­on), which re­sul­ted in par­ti­cu­lar from a reva­lua­ti­on of the in­vest­ment in More Im­pact AG. Ho­we­ver, this was off­set by si­gni­fi­cant­ly hig­her other ope­ra­ting ex­pen­ses, which are li­kely to be con­nec­ted to the sale of pu­bli­ty be­low their car­ry­ing amount. The af­ter-tax re­sult of €20.19 mil­li­on (pre­vious year: €19.36 mil­li­on), which main­ly stems from va­lua­ti­on gains, was on a par with the pre­vious year.

We de­ter­mi­ned the fair va­lue of Deut­sche Nach­hal­tig­keit AG using a NAV ap­proach. The net as­set va­lue (NAV) re­pres­ents the eco­no­mic equi­ty ca­pi­tal re­sul­ting from the mar­ket va­lues of the as­sets less lia­bi­li­ties. The shares in af­fi­lia­ted com­pa­nies, which are at­tri­bu­ta­ble ex­clu­si­ve­ly to More Im­pact AG, re­pre­sent by far the lar­gest as­set item of the com­pa­ny at €280.93 mil­li­on. Af­ter ad­ding other as­sets (in­vest­ment in Ea­sy­M­o­ti­on, own bonds) and de­duc­ting in­te­rest-bea­ring lia­bi­li­ties and over­heads, we have de­ter­mi­ned a fair en­ter­pri­se va­lue of €282.62 mil­li­on. This cor­re­sponds to €6.42 per share. Ba­sed on the cur­rent share pri­ce of €5.10, we as­sign a ‚BUY‘ ra­ting.

You can down­load the re­se­arch here: 20250729_DN_Anno_engl

Cont­act for ques­ti­ons:
GBC AG
Hal­der­stra­ße 27
86150 Augs­burg
⁰⁸²¹⁄₂₄₁₁₃₃ 0
research@​gbc-​ag.​de

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Of­fen­le­gung mög­li­cher In­ter­es­sens­kon­flik­te nach § 85 WpHG und Art. 20 MAR
Beim oben ana­ly­sier­ten Un­ter­neh­men ist fol­gen­der mög­li­cher
In­ter­es­sen­kon­flikt ge­ge­ben: (5a,11); Ei­nen Ka­ta­log mög­li­cher
In­ter­es­sen­kon­flik­te fin­den Sie un­ter: http://​www​.gbc​-ag​.de/​d​e​/​O​f​f​e​n​l​e​g​ung

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Com­ple­ti­on (ger­man): 28.07.2025 (11:47 am)
First dis­clo­sure (ger­man): 28.07.2025 (2:30 pm)
Com­ple­ti­on (engl): 29.07.2025 (09:45 am)
First dis­clo­sure (engl): 29.07.2025 (11:00 am)