First Berlin Equity Research has published a research update on DN Group AG (ISIN: DE000A3DW408). Analyst Alexander Rihane reiterated his ADD rating and decreased the price target from EUR 6.20 to EUR 6.00.

Abstract
DN Group closed the first half of the year with a net profit of €0.4m and expects an improvement in earnings for the second half compared to H1. The investment portfolio remains largely unchanged, and valuations of the portfolio companies have remained stable. Portfolio companies Algene Holding SE-a producer of high-quality microalgae-and SW Save the Water-a provider of “waterless soap”-achieved significant operational milestones. We have raised our 2026E forecast to account, in particular, for earnings from the sale of Global Health Care shares (€3.6m). Our valuation, based on DN’s net asset value (NAV) adjusted for a 10% holding discount, yields a target price of €6.00 (previously: €6.20) due to higher net debt. We reiterate our Add recommendation (upside: 8%).