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London, UK, 14 January 2020
Edison issues review on Deutsche Beteiligungs (DBAN)
Deutsche Beteiligungs (DBAG) posted net income of €45.9m in FY19, which is 20% above the upper end of its guidance range. This was supported by a €39.7m valuation uplift on the disposal of inexio, agreed in September 2019. For FY20, DBAG expects NAV to be up to 10% lower (vs the current €472.1m as defined by DBAG), but more than 20% higher income from the fund services segment (FY19: €3.0m). The latter should be driven by the recent launch of DBAG Fund VIII with a targeted size of €1.1bn including the top-up fund. It is worth noting that 75% of the third-party commitments made to the fund so far have been by returning investors.
DBAG's shares continue to trade at a premium to NAV (defined as total equity), which in our view comes from the market-implied value of the fund services business. This is supported by the launch of DBAG Fund VIII, which will drive fee income going forward. The premium to end-September NAV rebounded to the current 26% after announcing the disposal of inexio. DBAG's shares currently offer a dividend yield of c 4% vs the peer average of 3.2%.
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Edison issues review on Deutsche Beteiligungs - RNS
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Deutsche Beteiligungs AG published this content on 14 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2020 13:02:05 UTC
