Perfect, I thought; this is precisely my issue

: disassembling and re-lubing the cam after a detergent backflush. I had already separated everything except the spindle, its bushing and the two seals inside. Then the spindle refused to slide out of the bushing.

I "gently tapped" and then some, until the brass hammer began to peen over the edges of the screw slot in the cap nut, and still no joy. The outermost of the seals was visible, but I saw no circlip or other retainer (nor is there one on any E61 parts breakdown I've seen), nor damage that might be holding the shaft captive. The spindle was a close but non-binding fit with no perceptible radial play and < 1 mm easy end play. With the bushing in place, it was impossible to angle the cam between the pins, so I had to back out the brew (upper) valve housing to take the upper pin out of the picture. Mission accomplished, but I'm puzzled. The shaft was not bent, or I would have felt it binding as I tried to push it out. This was an essentially new machine, with no abuse/corrosion/scale/crud/wear.