Clas­si­fi­ca­ti­on of GBC AG to DN Deut­sche Nach­hal­tig­keit AG

Stra­te­gic rea­lignment towards im­pact in­ves­t­ing with a strong in­vest­ment port­fo­lio and at­trac­ti­ve NAV po­ten­ti­al

DN Deut­sche Nach­hal­tig­keit AG (form­er­ly NEON Equi­ty AG) rea­li­gned its busi­ness mo­del in the past fi­nan­cial year. The com­pany’s fo­cus is curr­ent­ly de­scri­bed as ‘im­pact in­ves­t­ing’. This me­ans that in fu­ture, it will pri­ma­ri­ly in­vest in com­pa­nies that are ac­ti­ve in fu­ture-ori­en­ted in­dus­tries. DN AG’s in­vest­ment port­fo­lio curr­ent­ly com­pri­ses th­ree ma­jor in­vest­ments: Eco­Mo­ti­on Hol­ding AG (form­er­ly First Move! AG) and More Im­pact AG (More Im­pact for short), in which an in­vest­ment was made in the 2023 fi­nan­cial year. At the same time, the­se two in­vest­ments, as well as the mi­no­ri­ty in­vest­ments in Glo­bal He­alth Care AG (form­er­ly Ea­sy­M­o­ti­onS­kin Tec AG), SW Safe The Wa­ter Hol­ding AG and Sus­ma­ta Hol­ding AG, re­pre­sent the com­pany’s new in­vest­ment ap­proach fo­cu­sed on sus­tainable busi­ness mo­dels.

At €13.24 mil­li­on, to­tal in­co­me for the first six months of 2025 was si­gni­fi­cant­ly hig­her than the pre­vious ye­ar’s le­vel (€4.99 mil­li­on). As the in­vest­ments are not con­so­li­da­ted at DN AG but are re­co­g­nis­ed in the fi­nan­cial re­sult, to­tal in­co­me main­ly com­pri­ses pro­ceeds from the tran­sac­tion of se­cu­ri­ties and in­vest­ment in­co­me (di­vi­dends, in­te­rest).

Ho­we­ver, the sharp rise in to­tal in­co­me was off­set by a si­gni­fi­cant in­crease in other ope­ra­ting ex­pen­ses, which led to a no­ti­ceable in­crease in ope­ra­ting cos­ts to €-4.39 mil­li­on (pre­vious year: €1.26 mil­li­on). The­se are pri­ma­ri­ly re­la­ted to cos­ts for con­sul­ting ser­vices, ex­ter­nal work and com­mis­si­ons. In ad­di­ti­on, the fi­nan­cial re­sult was si­gni­fi­cant­ly be­low the pre­vious ye­ar’s fi­gu­re at €-5.23 mil­li­on (pre­vious year: €1.92 mil­li­on). While the pre­vious year was po­si­tively in­fluen­ced by in­co­me from se­cu­ri­ties, DN AG had to wri­te down se­cu­ri­ties held by an in­vest­ment in the first six months of 2025. This was ne­ces­sa­ry due to the per­sis­t­ent­ly low pri­ce le­vel. In­te­rest ex­pen­ses also rose in con­nec­tion with the hig­her out­stan­ding bond vo­lu­me. All in all, the com­pa­ny pos­ted a net pro­fit for the pe­ri­od of €3.49 mil­li­on (pre­vious year: €5.55 mil­li­on), which is be­low the pre­vious ye­ar’s fi­gu­re.

As at 30 June 2025, DN AG re­por­ted an in­crease in available li­qui­di­ty to €8.86 mil­li­on (31 De­cem­ber 2024: €3.69 mil­li­on). Both the sale of se­cu­ri­ties and the con­tin­ued is­su­an­ce of the 10% cor­po­ra­te bond are li­kely to have con­tri­bu­ted to this. On the other hand, the­re was a si­gni­fi­cant in­crease in other as­sets, which is li­kely to have had a ne­ga­ti­ve im­pact on li­qui­di­ty.

The ba­lan­ce sheet of DN AG shows cha­rac­te­ristics ty­pi­cal of in­vest­ment com­pa­nies. It is cha­rac­te­ri­sed by the do­mi­nan­ce of equi­ty, which in­creased to €288.51 mil­li­on as at 30 June 2025 (31 De­cem­ber 2024: €285.02 mil­li­on) and an equi­ty ra­tio of 88.0%. As a re­sult of the con­tri­bu­ti­on in kind of 88% of the shares in Eco­Mo­ti­on Hol­ding AG af­ter the ba­lan­ce sheet date, equi­ty rose fur­ther to around €367 mil­li­on and the equi­ty ra­tio is now over 90%.

We use the NAV ap­proach to va­lue DN Deut­sche Nach­hal­tig­keit AG. The to­tal NAV cal­cu­la­ted amounts to €363.03 mil­li­on (pre­vious­ly: €282.62 mil­li­on). The si­gni­fi­cant­ly hig­her NAV is dis­tri­bu­ted across a hig­her num­ber of out­stan­ding shares (55.58 mil­li­on shares), which cor­re­sponds to a NAV per share of €6.53 (pre­vious­ly: €6.42). As an­noun­ced in the last re­se­arch stu­dy, the ac­qui­si­ti­on of Eco-Mo­ti­on Hol­ding AG has no si­gni­fi­cant im­pact on the NAV per share, as it was car­ri­ed out as part of a ca­pi­tal in­crease in kind at €6.80 per share, which is clo­se to the fair share va­lue. Ba­sed on the cur­rent share pri­ce, we as­sign a ‘BUY’ ra­ting.

You can down­load the re­se­arch here: 20251124_DN_Note_engl

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

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Beim oben ana­ly­sier­ten Un­ter­neh­men ist fol­gen­der mög­li­cher
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Com­ple­ti­on (ger­man): 19.11.2025 (1:57 pm)
First dis­clo­sure (ger­man): 20.11.2025 (09:00 am)
Com­ple­ti­on (engl.): 24.11.2025 (09:19 am)
First dis­clo­sure (engl.): 24.11.2025 (11:00 am)