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Deutsche Beteiligungs

On track to meet FY16 guidance

Review | Investment trusts | 24 May 2016

Deutsche Beteiligungs (DBAG) reported a strong performance in the first half of FY16 with an 11.1% increase in NAV supporting management's guidance for a c 14% return on NAV for the full year. While macroeconomic conditions are reported to have become more demanding, portfolio companies have diverse exposures to market and economic cycles and the majority continue to budget for higher revenues and earnings in 2016. DBAG invested €21m during the half year including €19m in two new companies and three divestments were agreed. Although it made a negative value contribution, the sale of Clyde Bergemann Power Group has brought DBAG Fund IV to a successful close.

Deutsche Beteiligungs

Market sentiment weighing on portfolio value

Review | Investment trusts | 15 Feb 2019

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 seven transactions, reflecting solid portfolio ramp-up. Meanwhile, weaker market sentiment has burdened DBAG's portfolio valuation by c €47.8m (or c 14%) vs Q418. Around 17% of the company's current portfolio represents holdings acquired within the last 12 months and still valued at cost.

Deutsche Beteiligungs

Building future potential

Review | Investment trusts | 07 Dec 2018

Deutsche Beteiligungs (DBAG) reported FY18 net income of €33.6m, at the top of management's guidance range, with a 7.8% dividend-adjusted NAV return for the financial year. While net income was lower than in FY17, a €1.45 per share FY18 dividend has been proposed, representing a 3.6% increase on the prior year. FY18 saw DBAG reinvesting and growing its investment portfolio, agreeing seven new investments and one disposal, following an exceptional FY17 during which six new investments and seven divestments were agreed. DBAG has broadened its expertise outside of its traditional core sectors and, at end-FY18, 31% of the portfolio was represented by consumer goods, information technology, media & telecoms, real estate and healthcare companies. Relatively immature investments (younger than two years) now account for over half of DBAG's invested capital, and this contributes to a conservative outlook for FY19 while providing more promising medium-term prospects.

Deutsche Beteiligungs

Private equity investor and fund manager

QuickView | Investment trusts | 19 Nov 2018

Deutsche Beteiligungs (DBAG) is an experienced private equity investorfocused on mid-sized German companies. It is distinguished from privateequity peers by generating significant fee income from managing c €1.4bnin third-party funds. After an exceptional FY17, DBAG has delivered steadyunderlying NAV growth so far in FY18, but its shares have significantly derated.Portfolio company valuations were affected by the market decline inearly 2018, and a change in accounting for carried interest provisions hashad a smaller negative effect on FY18 performance. However, the majorityof portfolio companies saw earnings expectations improve over the firstnine months of FY18, and a brisk rate of new investment activity during theyear is encouraging for DBAG's medium-term prospects.

Deutsche Beteiligungs

Positive underlying NAV progress continues

Review | Investment trusts | 10 Aug 2018

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.

Deutsche Beteiligungs

Market decline weighs on H118 performance

Review | Investment trusts | 25 May 2018

Deutsche Beteiligungs (DBAG) reported €19.3m net income for the first half of FY18, with a 4.5% dividend-adjusted NAV return. NAV per share declined slightly to €29.43 at end-March 2018, after payment of the €1.40 FY17 dividend. Management has lowered earnings guidance for FY18 due to a decline in market valuation multiples that also weighed on returns in the first half, while the underlying progress of portfolio companies remains broadly on track. The recent sharp decline in the share price premium to NAV to 19.6% suggests the market may now be applying an underlying discount to the NAV of the private equity investment portfolio.

Deutsche Beteiligungs

Steady progress in the first quarter of FY18

Update | Investment trusts | 13 Feb 2018

Deutsche Beteiligungs (DBAG) reported a 2.7% NAV return for the three months ended 31 December 2017, with the period characterised by a high level of transaction activity at existing portfolio companies. Two new management buyout investments alongside the DBAG ECF fund were completed after the quarter end, with DBAG investing a total of up to €9.1m in specialist aluminium and steel component manufacturer, Sjølund, and fibre optic network services provider, netzkontor nord. Management guidance for FY18 is unchanged, with net income expected to be above the five-year average and NAV return below the five-year average.

Deutsche Beteiligungs

FY17 confirmed as an exceptional year

Update | Investment trusts | 19 Oct 2017

Deutsche Beteiligungs (DBAG) reported a 22.1% NAV return for the first nine months of FY17, and management guidance is for a further uplift in the final quarter, making it an exceptional year in terms of performance as well as portfolio activity. DBAG's share price returns have significantly outperformed NAV returns over the last year, and the shares are currently trading at a substantial premium to NAV. In our view, this implies that the market is discounting strong future returns, arguably reflecting recent positive strategic developments that confirm DBAG's ability to complete transactions successfully across a broader opportunity set.

Deutsche Beteiligungs

Successful realisations confirm broader capability

Update | Investment trusts | 07 Aug 2017

Deutsche Beteiligungs (DBAG) announced four divestments in May 2017, confirming FY17 as an exceptional year for portfolio activity, with five new investments and six realisations agreed. The sale of private tutoring services firm Schülerhilfe proved DBAG's ability to complete deals successfully beyond its four traditional sectors of core expertise, while the investment in Vitronet Projekte was DBAG ECF's first buyout transaction, and More than Meals Europe is the first investment that will use DBAG Fund VII's top-up fund to finance add-on acquisitions. Recent realisation gains suggest that FY17's NAV total return could exceed 22%, which would be the highest level since FY12.

Deutsche Beteiligungs

Rapid start to DBAG Fund VII's investment period

Review | Investment trusts | 21 Apr 2017

Deutsche Beteiligungs (DBAG) has continued into FY17 the strong pace of portfolio activity achieved in the previous two financial years, with c €63m of transactions in the year to date, representing the second highest annual level of new investment in more than 10 years. Following DBAG Fund VI's investment period closing in January 2017, DBAG Fund VII has made a rapid start, with its first two transactions agreed in March and April 2017. The recent strength of transaction activity means that DBAG's portfolio is relatively immature, but investments are well spread by vintage and the portfolio is not overly concentrated, with the top five holdings representing 41% of portfolio value at end-2016.



Sector report: | Investment trusts | 02 Mar 2017


Deutsche Beteiligungs

Increased scale offers greater opportunities

Review | Investment trusts | 31 Jan 2017

FY16 proved to be a significant year for Deutsche Beteiligungs (DBAG). In addition to generating strong NAV returns and maintaining an elevated level of portfolio activity similar to FY15, the scale of the business was increased materially by the launch of DBAG Fund VII, with commitments of €1bn, and DBAG's €38.6m capital increase. These developments have broadened the opportunity set for potential investments and position DBAG favourably to grow portfolio value over the medium term, while a new sustainable dividend policy aims to provide shareholders with greater visibility over future distributions.