RCS - Deutsche Beteiligung - Edison issues review on Deutsche Beteiligungs

Deutsche Beteiligungs AGAnnouncement

23/05/2019 13:15

RNS Number : 0248A
Deutsche Beteiligungs AG
23 May 2019
 


 
London, UK, 23 May 2019
Edison issues review on Deutsche Beteiligungs (DBAN)
Deutsche Beteiligungs (DBAG) agreed the seventh MBO of DBAG Fund VII (cloudflight.io), which as a result will reach 60% allocation of its investment commitments, reflecting solid portfolio ramp-up. The first months of 2019 witnessed a rebound in equity markets, allowing DBAG to post €29.0m net income for Q219 on the back of portfolio valuation. At the same time, however, the subdued outlook of the German economy coupled with some sector-specific challenges increase the risk of lower than expected growth prospects in portfolio companies and translated into an €8.4m negative valuation impact in Q219.
 
DBAG's shares have traded in a broad corridor of a 10-30% premium to NAV over the last 12 months. In our view, this premium is largely attributable to the market-implied value of the fund services business. DBAG currently trades at a 24.5% premium to end-March 2019 NAV, which implies an LTM earnings multiple of the fund services business at 26.4x (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 4.1% vs the peer average of 3.2%.  

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