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Deutsche Beteiligungs AGAnnouncement

18/01/2016 10:50

RNS Number : 1549M
Deutsche Beteiligungs AG
18 January 2016
London, UK, 18 January 2016
Edison issues research review on Deutsche Beteiligungs
Deutsche Beteiligungs (DBAG) reported results ahead of guidance for FY15 with NAV per share increasing 10%, driven by strong valuation gains for the carried portfolio. New investment reached the highest level in 10 years and the pace of investment activity has continued into the current financial year. FY16 is expected to see a significant increase in net income and management projects NAV to grow at more than 10% pa over the next three years. Based on the proposed FY15 total dividend, the shares yield 3.7% and the disposal of Spheros Group provides scope for an increased total dividend in FY16.
We see the predictable stream of fee income generated from DBAG's management of co-invested funds as the explanation for its shares trading at a significant premium to NAV (12-month average of 28%). 3i in the UK has a similar business model and its shares also trade at a significant premium to NAV.

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