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Deutsche Beteiligung (DBAN)

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Friday 10 August, 2018

Deutsche Beteiligung

Edison issues review on Deutsche Beteiligungs

RNS Number : 5041X
Deutsche Beteiligungs AG
10 August 2018


London, UK, 10 August 2018

Edison issues review on Deutsche Beteiligungs (DBAN)

Deutsche Beteiligungs (DBAG) reported an eighth consecutive quarter of positive underlying NAV progress in Q318, taking its dividend-adjusted NAV return for the first nine months of FY18 to 6.8%. This contrasts with the significant de-rating of DBAG's shares during the period, which saw its share price premium to NAV decline from over 70% to below 20%. A change in accounting policy to bring forward the recognition of carried interest provision had a small negative impact on NAV and also on management's earnings guidance for FY18, but arguably this has increased future upside. DBAG had a busy third quarter, agreeing three new investments alongside DBAG Fund VII and DBAG ECF I and II for a total €39.2m, with expressions of interest from potential buyers received for two portfolio companies.


DBAG's share price premium to NAV narrowed from 75.8% in January 2018 to 13.7% in June 2018, but has recovered to 31.4% currently. After an exceptionally strong FY17, DBAG's slower NAV progress in FY18 appears to have substantially lowered market expectations for its future growth. Our analysis suggests that the market may now be applying a c 5% underlying discount to the NAV of DBAG's private equity investments, compared to a c 40% premium previously (see page 5).

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