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

Abstract
Impact investor DN Group is offering a new bond with a volume of up to €125m. The additional funds are primarily intended for investment in existing and/or new portfolio companies, thereby laying the foundation for DN’s next growth phase. Additionally, DN portfolio companies Algene and Save the Water have recently made significant progress. Our valuation, based on book value of the company’s net assets less a holding company discount, yields an unchanged €6.20 price target. We reiterate our Add recommendation (upside: 17%).