First Berlin Equity Research on 12/06/2026 initiated coverage on DN Group AG (ISIN: DE000A3DW408). Analyst Alexander Rihane placed an ADD rating on the stock, with a EUR 6.20 price target.

Abstract
DN Group AG (?DN?) is a pure-play impact investor with a current portfolio of eleven companies. Its three core investments are: (1) More Impact AG, a medtech investment holding company with patents for a needle-free syringe and a medical inhaler; (2) Algene Holding SE, a producer of high-purity microalgae; and (3) EcoMotion Holding AG, a provider of innovative AI-driven parking facilities. DN Group possesses an excellent network within the sustainability sector and extensive capital market experience. The combination of these capabilities sets DN apart from its competitors. We anticipate that DN will divest its holdings, which had a book value of €425m at the end of 2025, over the next 24 to 48 months. DN Group shares offer an attractive opportunity to invest in a diversified portfolio of companies that combine economically promising business models with significant, measurable environmental and social impact. We value DN based on Net Asset Value (NAV), applying a holding company discount. We initiate coverage with a €6.20 price target and an Add recommendation (upside: 5%).