RCS - Deutsche Beteiligung - Edison review on Deutsche Beteiligungs (DBAN)

Deutsche Beteiligungs AGAnnouncement

26/05/2021 08:00

RNS Number : 7205Z
  
Deutsche Beteiligungs AG
  
25 May 2021
  
 

 
London, UK, 26 May 2021
 
Edison issues review on Deutsche Beteiligungs (DBAN)
Deutsche Beteiligungs (DBAG) reported a 17.3% NAV total return in H121, which includes an €0.80 dividend paid in the period (implying a 2.4% yield). NAV growth was primarily driven by the improved earnings prospects of portfolio companies and gains on the disposals of Rheinhold & Mahla and DNS:NET. DBAG recently significantly increased its available cash resources through a €106m equity issue and is now well positioned to embark on its extensive investment agenda. Its funds in the investment phase (DBAG Fund VII and DBAG Fund VIII) are currently 79% and 14% invested respectively. DBAG will also make long-term investments entirely from its own balance sheet, with its second such deal closed in H121.
 
DBAG has recently taken a number of steps aimed at a significant increase in its investment activity, including: 1) team expansion (80 employees from 75 at end-FY19 and DBAG expects further expansion), 2) upsizing its credit facility to €106.7m (of which €50.3m remains undrawn) and 3) a recent successful equity issue with gross proceeds of €106m. DBAG intends to invest c €120m pa in the current and subsequent two years, 40% more than its historical three-year average. We estimate that after accounting for the capital raise and collecting the disposal proceeds from the DNS:Net and Rheinhold & Mahla disposals, DBAG currently has c €206m firepower. Importantly, it also sees an increasing number of deal opportunities.  

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