RCS - Deutsche Beteiligung - Edison issues review on Deutsche Beteiligungs

Deutsche Beteiligungs AGAnnouncement

25/05/2018 11:45

RNS Number : 3560P
Deutsche Beteiligungs AG
25 May 2018
 


 
London, UK, 25 May 2018
Edison issues review on Deutsche Beteiligungs (DBAN)
Deutsche Beteiligungs (DBAG) reported €19.3m net income for the first half of FY18, with a 4.5% dividend-adjusted NAV return. NAV per share declined slightly to €29.43 at end-March 2018, after payment of the €1.40 FY17 dividend. Management has lowered earnings guidance for FY18 due to a decline in market valuation multiples that also weighed on returns in the first half, while the underlying progress of portfolio companies remains broadly on track. The recent sharp decline in the share price premium to NAV to 19.6% suggests the market may now be applying an underlying discount to the NAV of the private equity investment portfolio.
 
DBAG's share price premium to NAV has sharply narrowed from 72.1% in mid-January 2018 to 19.6% currently. With no factors to suggest any change in the outlook for the fund services business, it appears the market may be applying a c 16% underlying discount to the NAV of the private equity investment portfolio, compared to a c 37% premium previously (see page 4).

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