RCS - Deutsche Beteiligung - Edison reviews Deutsche Beteiligungs (DBAN)

Deutsche Beteiligungs AGAnnouncement

21/03/2019 17:10

RNS Number : 6472T
Deutsche Beteiligungs AG
21 March 2019
 


 
London, UK, 21 March 2019
Edison issues review on Deutsche Beteiligungs (DBAN)
Deutsche Beteiligungs (DBAG) is making steady progress on its investment agenda, with three new acquisitions and several follow-on funding rounds totalling €40.2m completed in Q119. DBAG's Fund VII has so far been able to allocate 56% of its investment commitments in six transactions, reflecting solid portfolio ramp-up. DBAG expects to launch its successor fund by FY21. The current high proportion of relatively new investments in DBAG's portfolio calls for a more medium-term perspective when examining the company's future performance prospects.
 
DBAG's shares have traded in a broad corridor of 10-30% premium to NAV over the last 12 months. In our view, this premium is largely attributable to the market-implied value of the fund services business. DBAG currently trades at a 21.2% premium to end-December 2018 NAV, which implies an LTM earnings multiple of the fund services business at 21.2x (if we assume a discount in line with the broader market represented by the LPX Europe Index). DBAG's shares currently offer a dividend yield of c 4.3% vs the peer average of 3.6%.

Click here to view the full report.
 
All reports published by Edison are available to download free of charge from its website
www.edisoninvestmentresearch.com
About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
Edison is authorised and regulated by the Financial Conduct Authority.
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
Gavin Wood, +44 (0)20 3681 2503
financials@edisongroup.com
 
Learn more at www.edisongroup.com and connect with Edison on: 
LinkedIn        https://www.linkedin.com/company/edison-investment-research 
Twitter           www.twitter.com/Edison_Inv_Res 
YouTube       www.youtube.com/edisonitv 




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
NRASEIFWFFUSESD