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

Deutsche Beteiligungs AGAnnouncement

08/08/2017 08:10

RNS Number : 3785N
Deutsche Beteiligungs AG
08 August 2017
London, UK, 8 August 2017
Edison issues update on Deutsche Beteiligungs (DBAN)
Deutsche Beteiligungs (DBAG) announced four divestments in May 2017, confirming FY17 as an exceptional year for portfolio activity, with five new investments and six realisations agreed. The sale of private tutoring services firm Schlerhilfe proved DBAG's ability to complete deals successfully beyond its four traditional sectors of core expertise, while the investment in Vitronet Projekte was DBAG ECF's first buyout transaction, and More than Meals Europe is the first investment that will use DBAG Fund VII's top-up fund to finance add-on acquisitions. Recent realisation gains suggest that FY17's NAV total return could exceed 22%, which would be the highest level since FY12.
In our view, DBAG's current 60.0% share price premium to NAV is inflated due to management's FY17 earnings guidance and subsequent realisation gains being reflected in the market valuation. We estimate that the prospective c 83m FY17 net income would lift NAV per share to 28.90 at end-September 2017, reducing the premium to c 45%. This may be reflected after Q317 earnings are reported on 8 August, which will incorporate the gains from recent realisations.

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