RCS - Deutsche Beteiligung - Edison issues review on Deutsche Beteiligungs

Deutsche Beteiligungs AGAnnouncement

15/02/2019 10:55

RNS Number : 2324Q
Deutsche Beteiligungs AG
15 February 2019
 


 
London, UK, 15 February 2019
Edison issues review on Deutsche Beteiligungs (DBAN)
Deutsche Beteiligungs (DBAG) is making steady progress on its investment agenda, with three new acquisitions and several follow-on funding rounds totalling €40.2m completed in Q119. DBAG's Fund VII has so far been able to allocate 56% of its investment commitments in seven transactions, reflecting solid portfolio ramp-up. Meanwhile, weaker market sentiment has burdened DBAG's portfolio valuation by c €47.8m (or c 14%) vs Q418. Around 17% of the company's current portfolio represents holdings acquired within the last 12 months and still valued at cost.
 
DBAG's shares currently trade at a 23.7% premium to last reported NAV of the private equity investments business of €431.6m (as at end-December 2018). This implies an LTM earnings multiple of the fund services business at 12.2x (assuming the market does not apply any discount to DBAG's NAV) or 22.8x (if we assume a discount in line with the broader market represented by the LPX Europe Index). DBAG's shares currently offer a dividend yield of c 4.2% vs the peer average at 3.4%. 

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Gavin Wood, +44 (0)20 3681 2503
Milosz Papst, +44 (0)20 3077 5700
financials@edisongroup.com
 
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