RCS - Deutsche Beteiligung - Edison issues review on Deutsche Beteiligungs DBAN <Origin Href="QuoteRef">DBANn.DE</Origin>

Deutsche Beteiligungs AGAnnouncement

26/08/2016 17:10

RNS Number : 3054I
Deutsche Beteiligungs AG
26 August 2016
London, UK, 26 August 2016
Edison issues research review on Deutsche Beteiligungs (DBAN)
Deutsche Beteiligungs (DBAG) reported a 9.1% dividend-adjusted NAV return for the first nine months of FY16, despite the sharp market drop following the Brexit vote, which reduced the valuation multiples applied to portfolio investments at the end of the third quarter. In July 2016, DBAG closed the fundraising for DBAG Fund VII with 1bn in commitments, which will significantly increase DBAG's fee income from FY17. DBAG's 200m commitment to this new fund provides scope for its investment portfolio to grow significantly over the medium term. These factors support the change in DBAG's dividend policy to the payment of a stable or rising single annual dividend from FY16.
DBAG shares are trading at a 28.6% premium to NAV compared with an average 17.5% premium over the past 12 months. In our view, this reflects a greater value being ascribed to DBAG's fund services business. DBAG has revised its dividend policy to provide greater visibility over future dividend payments, intending that the current year dividend will be at least in line with the total 1.00 dividend for FY15.

Click here to view the full report 
All reports published by Edison are available to download free of charge from its website: www.edisoninvestmentresearch.com
About Edison: Edison is an international equity research firm with a team of over 110 analysts, investment and roadshow professionals and works with both large and smaller capitalised companies, blue chip institutional investors, wealth managers, private equity and corporate finance houses to support their capital markets activity. Edison provides services to more than 420 retained corporate and investor clients from offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority.
Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.
Contact details:Learn more atwww.edisongroup.com and connect with Edison on: 
LinkedIn
www.linkedin.com/company/edison-investment-research
Twitter
www.twitter.com/Edison_Inv_Res
YouTube
www.youtube.com/edisonitv
Google+
https://plus.google.com/105425025202328783163/posts

This information is provided by RNS
The company news service from the London Stock Exchange
  END
NRAPFMFTMBMTBBF