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

Deutsche Beteiligungs AGAnnouncement

19/10/2017 15:41

RNS Number : 1235U
Deutsche Beteiligungs AG
19 October 2017
London, UK, 19 October 2017
Edison issues update on Deutsche Beteiligungs (DBAN)
Deutsche Beteiligungs (DBAG) reported a 22.1% NAV return for the first nine months of FY17, and management guidance is for a further uplift in the final quarter, making it an exceptional year in terms of performance as well as portfolio activity. DBAG's share price returns have significantly outperformed NAV returns over the last year, and the shares are currently trading at a substantial premium to NAV. In our view, this implies that the market is discounting strong future returns, arguably reflecting recent positive strategic developments that confirm DBAG's ability to complete transactions successfully across a broader opportunity set.
We see the value attributed by the market to DBAG's fund services business as the main factor behind its shares trading at a premium to NAV. In our view, the current 59.1% premium to NAV implies that a premium is also being applied to the private equity investments business, arguably reflecting an expectation of robust growth continuing due to recent positive strategic developments.

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