RCS - Deutsche Beteiligung - Edison issues update on Deutsche Beteiligungs

Deutsche Beteiligungs AGAnnouncement

16/02/2023 07:15

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RNS Number : 0375Q  Deutsche Beteiligungs AG  16 February 2023

London, UK, 16 February 2023

 

Edison issues update on Deutsche Beteiligungs (DBAN)

Deutsche Beteiligungs (DBAG) posted a 7% increase in NAV per share in Q123
(ending 31 December 2022), supported by a €23.9m positive effect related to
the higher earnings of portfolio companies, mostly due to the shift from 2022
to 2023 budgeted earnings in their carrying values. This was further
strengthened by €36.5m valuation tailwinds from higher multiples amid the
rally in public equities in the last quarter of 2022, as well as the
recognition of agreed disposal prices (most notably for BTV Multimedia).
DBAG's shares trade at a 6% discount to NAV, while historically they have
traded at a premium (6% on average in the last five years), reflecting the
value of the fund services business.

 

Despite recently muted global M&A volumes (weighing on exit activity
across private equity markets), DBAG has been able to sign several successful
exits in FY23 to date. These include Cloudflight (sold at a multiple of
invested capital, MOIC of more than 4.0x), Pmflex (MOIC of over 2.0x after a
short holding period from September 2020) and BTV Multimedia (agreed in
February 2023 at a MOIC of c 3.0x). DBAG also agreed to sell Heytex, the last
remaining investment of DBAG Fund V, where management highlights that it
achieved a good price despite the company's sensitivity to raw materials
prices. The realisation proceeds represent a high double-digit-million euro
cash inflow, according to DBAG's management, and will therefore significantly
boost DBAG's liquidity and provide a good base for the return to a €1.60 per
share annual dividend payout.

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