DBAN Deutsche Beteiligungs AG

TIDMDBAN

Deutsche Beteiligungs AG

26 May 2023

London, UK, 26 May 2023

Edison issues update on Deutsche Beteiligungs (DBAN)

Deutsche Beteiligungs (DBAG) posted a healthy 14% NAV total return in H123 (ending March 2023) due to expanding public peer multiples, the first-time recognition of 2023 budgeted results (in Q123) and value-accretive add-on acquisitions. Proceeds from recent realisations have provided DBAG with sizeable capital to pursue new investments (management remains committed to investing EUR96m pa on average in 2023-25), though global M&A markets remain relatively muted, limiting DBAG's investment activity. DBAG's shares now trade at a 14% discount to NAV, whereas they traded at an average 18% premium in 2017-21 (despite its NAV not reflecting its fund services business).

DBAG recently collected significant proceeds from the full disposals of Cloudflight, Pmflex and Heytex and the partial exit from GMM Pfaudler (it was yet to receive the consideration for the sale of BTV Multimedia at end-March 2023). This allowed DBAG to pay down most of its drawn credit facility and retain a sizeable level of financial resources (EUR55.9m), which together with the available credit line covered 73% of its outstanding commitments at end-March 2023. It is therefore well-positioned to continue its investment activity. That said, while it saw a sequential pick-up in reviewed investment opportunities, they tend to be smaller on average (at the lower end of its targeted EUR50-250m range in terms of enterprise values), which is likely due to more limited debt availability for M&A deals.

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(END) Dow Jones Newswires

May 26, 2023 02:15 ET (06:15 GMT)

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