Original-Research: DN Group AG (von GBC AG): Buy
11.06.2026 - 14:30:15 | dpa.de
Original-Research: DN Group AG - from GBC AG
11.06.2026 / 14:30 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of GBC AG to DN Group AG
Company Name: DN Group AG
ISIN: DE000A3DW408
Reason for the research: Research study (Anno)
Recommendation: Buy
Target price: EUR 6,90
Target price on sight of: 31.12.2026
Last rating change:
Analyst: Cosmin Filker, Marcel Goldmann
Further expansion of the investment portfolio implemented, sig-nificant
improvement in earnings achieved, rating BUY
DN Group AG sees itself as an impact investing company, focusing on
investments in sectors of the future. The company has identified companies
primarily in the fields of AI, mobility, the circular economy, food, health
and energy as such sectors. As part of the corporate strategy, investments
are made in line with this investment focus and based on the proprietary
Venture Impact Assessment process, and companies are supported in their
capital market activities.
Based on its carrying amount, More Impact AG is currently the most
significant investment. The company describes itself as a listed "high-tech
medical hub" and focuses on product innovation and strategic investments in
the medical sector. Key assets include BG Braingate Technology GmbH, with
its patented cigarette preparation device Z-Boxx for reducing the intake of
harmful substances and nicotine consumption, as well as M-Boxx for medical
cannabis. In addition, the subsidiary The Key Unternehmensberatung GmbH is
developing the needle-free injection technology Speedinject, which is
particularly significant for patients with a fear of needles or who require
regular injections.
DN Group AG acquired approximately 25% of the shares in Algene Holding SE at
the end of 2025. The purchase price of EUR105 million was settled through a
share swap involving the transfer of 30 million More-Impact shares. Algene
produces high-purity microalgae as a sustainable raw material base for the
food, cosmetics, pharmaceutical and other sectors. The company uses a
patented, closed production system characterised by high productivity,
continuous manufacturing and GMP-Cosmetics certified quality.
In September 2025, DN Group AG carried out a capital increase in return for
a contribution in kind of 88% of the shares in EcoMotion Holding AG.
EcoMotion possesses patented automated parking and car park technology. By
eliminating traditional infrastructure such as ramps, manoeuvring areas and
stairwells, space efficiency is significantly increased. Target customers
include, among others, property developers, logistics companies, car park
operators and property owners.
In the past financial year 2025, DN Group AG recorded a decline in total
revenue to EUR47.52 million (previous year: EUR204.45 million). At the same
time, the company achieved an increase in profit after tax to EUR23.10 million
(previous year: EUR20.19 million). This was primarily due to valuation gains
from the More Impact investment in connection with the Algene acquisition,
as well as significant consultancy revenues of EUR2.51 million for the first
time. At the same time, other operating expenses fell significantly to
EUR10.88 million, as, unlike in the previous year, there were no significant
accounting losses.
We have determined the fair value of DN Group AG using a net asset value
(NAV) approach. Net asset value (NAV), or net asset value, represents the
economic equity resulting from the market values of the assets less
liabilities. As at 31 December 2025, investments in associates amounted to
EUR412.72 million (31 December 2024: EUR280.93 million), making them by far the
company's largest asset item. Adding the other assets and deducting
interest-bearing liabilities and overhead costs, we have calculated a total
NAV of EUR383.63 million. This equates to EUR6.90 per share, which is why we
assign a "BUY" rating.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=2d16e587acaf566a341dc0d30082b3ea
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/de/Offenlegung
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Completion: 11.06.2026 (11:05 am)
First release: 11.06.2026 (2:30 pm)
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