RCS - Deutsche Beteiligung - Edison issues update on Deutsche Beteiligungs

Deutsche Beteiligungs AGAnnouncement

26/05/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230526:nRSZ6903Aa&default-theme=true

RNS Number : 6903A  Deutsche Beteiligungs AG  26 May 2023

London, UK, 26 May 2023

 

Edison issues update on Deutsche Beteiligungs (DBAN)

Deutsche Beteiligungs (DBAG) posted a healthy 14% NAV total return in H123
(ending March 2023) due to expanding public peer multiples, the first-time
recognition of 2023 budgeted results (in Q123) and value-accretive add-on
acquisitions. Proceeds from recent realisations have provided DBAG with
sizeable capital to pursue new investments (management remains committed to
investing €96m pa on average in 2023-25), though global M&A markets
remain relatively muted, limiting DBAG's investment activity. DBAG's shares
now trade at a 14% discount to NAV, whereas they traded at an average 18%
premium in 2017-21 (despite its NAV not reflecting its fund services
business).

 

DBAG recently collected significant proceeds from the full disposals of
Cloudflight, Pmflex and Heytex and the partial exit from GMM Pfaudler (it was
yet to receive the consideration for the sale of BTV Multimedia at end-March
2023). This allowed DBAG to pay down most of its drawn credit facility and
retain a sizeable level of financial resources (€55.9m), which together with
the available credit line covered 73% of its outstanding commitments at
end-March 2023. It is therefore well-positioned to continue its investment
activity. That said, while it saw a sequential pick-up in reviewed investment
opportunities, they tend to be smaller on average (at the lower end of its
targeted €50-250m range in terms of enterprise values), which is likely due
to more limited debt availability for M&A deals.

Click here
(https://www.edisongroup.com/research/solid-liquidity-for-new-investments/32364/?utm_campaign=RNSreach%20Press%20Releases&utm_source=RNSreach&utm_medium=Press%20Release)
to view the full report or here
(https://share.hsforms.com/1-Rd7PUo9TMq_3bWnRXRpkg3k1vq) to sign up to receive
research as it is published.

 

All reports published by Edison are available to download free of charge from
its website

www.edisongroup.com (http://www.edisongroup.com)

About Edison: Edison is a leading research and investor relations consultancy,
connecting listed companies to the widest pool of global investors. By
focusing on the volume and quality of investors reached - across institutions,
family offices, wealth managers and retail investors - Edison can create and
gauge intent to purchase, even in the darkest pools of capital, and then make
introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100
analysts covering every economic sector. Headquartered in London, Edison also
has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in
Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the Financial Conduct Authority
(https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfYL6AAN) .

Edison is not an adviser or broker-dealer and does not provide investment
advice. Edison's reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Milosz Papst +44 (0)20 3077 5700 investmenttrusts@edisongroup.com
(mailto:investmenttrusts@edisongroup.com)

Michal Mordel +44 (0)20 3077 5700 investmenttrusts@edisongroup.com
(mailto:investmenttrusts@edisongroup.com)

 

Learn more at www.edisongroup.com (http://www.edisongroup.com) and connect
with Edison on:

LinkedIn        www.linkedin.com/company/edison-group-/
(http://www.linkedin.com/company/edison-group-/)

Twitter             www.twitter.com/Edison_Inv_Res
(http://www.twitter.com/Edison_Inv_Res)

YouTube       www.youtube.com/edisonitv
(http://www.youtube.com/edisonitv)

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRALELFLXELFBBE