RCS - Deutsche Beteiligung - Edison reviews on Deutsche Beteiligungs (DBAN)
RNS Number : 8596LDeutsche Beteiligungs AG10 September 2019
London, UK, 10 September 2019
Edison issues review on Deutsche Beteiligungs (DBAN)
Deutsche Beteiligungs (DBAG) is proceeding to deploy the capital commitments of DBAG Fund VII (€1,010m including top-up fund), with 71% of the main fund and 59% of the top-up fund already allocated. The fund should complete its investment phase soon and subsequently DBAG should launch its successor. This would considerably drive fees, as they are based on committed capital. Meanwhile, DBAG's portfolio is influenced by weaker economic and trading conditions in some sectors (eg automotive). In this context, it is encouraging that DBAG continues diversifying its portfolio into other sectors, including TMT, which contributed positively to its NAV in 9M19.
DBAG's shares continue to trade at a premium to NAV, which in our view comes from the market-implied value of the fund services business. The premium to end-June NAV narrowed to c 9% from 10-30% over the prior 12 months, which implies an LTM earnings multiple of the fund services business at 24.9x (if we assume a discount of the broader market represented by the LPX Europe Index). DBAG's shares currently offer a dividend yield of c 4.6% vs the peer average of 3.1%.
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