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

Deutsche Beteiligungs AGAnnouncement

16/02/2016 13:20

RNS Number : 2289P
Deutsche Beteiligungs AG
16 February 2016
London, UK, 16 February 2016
Edison issues research review on Deutsche Beteiligungs
Deutsche Beteiligungs (DBAG) reported a strong performance in the first quarter of FY16 with a 10.6% increase in NAV underpinned by robust earnings and budgets across the carried portfolio. The combined c 10m contribution from the Spheros divestment and a buyout fund realisation roughly balanced the effect of declining market valuations. Investment activity continued at an elevated pace with 21m committed to two new investments. DBAG management has confirmed its FY16 guidance suggesting at least 40m net income, while we note that realised capital gains may provide scope for an increase in the FY16 surplus dividend.
DBAG shares have traded at a premium to NAV since November 2014, which we see explained by the income stream from its fund services business. The recent narrowing of the premium reflects a combination of the shares weakening, along with the wider market and the strong uplift in reported NAV at end December 2015.

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