Deutsche Beteiligungs (FRA: DBAN)

Last close As at 20/04/2024

EUR27.15

−0.10 (−0.37%)

Market capitalisation

EUR511m

Deutsche Beteiligungs is a German-based and listed private equity investment and fund management company that invests in mid-sized companies in Germany and neighbouring countries via management buyout transactions and growth capital financings. It also manages c €2bn of third-party capital, which generates stable recurring fee income. Following the acquisition of a majority stake in ELF Capital, DBAG will expand its offer to include private debt.

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Investment Companies | audiovisual

Deutsche Beteiligungs in 60 seconds

Investment Companies | Update

Deutsche Beteiligungs — Solid exits in FY23, expanding into private debt

Investment Companies | Update

Deutsche Beteiligungs — On track to meet the FY23 guidance

Investment Companies | Update

Deutsche Beteiligungs — Solid liquidity for new investments

Deutsche Beteiligungs_resized

Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Michal Mordel

Analyst, Investment trusts

Key Management

  • Roland Rapelius

    Head of IR

  • Tom Alzin

    Board spokesman

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 6.7 (2.2) (5.1)
Relative 7.3 (9.1) (15.5)
52 week high/low €33.4/€24.9

Overview

Deutsche Beteiligungs (DBAG) posted a strong 18.1% NAV TR in FY23 (to end-September 2023), which more than offset the NAV TR loss in FY22 of c 13%. Its performance benefited from, among other factors, comparable multiples expansion and a successful year in terms of realisations (in contrast to the muted exit activity across the broad global PE market). Moreover, DBAG’s management decided to enter the fast-growing private debt market through the acquisition of a majority stake in ELF Capital, with DBAG making a €100m investment commitment to ELF Capital’s funds. We believe this may have contributed to the recent update to DBAG’s distribution policy, which now assumes a minimum dividend of €1.00/share versus the previous 2023–25 management target of €1.60/share.

Review

Investment Companies

Deutsche Beteiligungs — Strong firepower for new acquisitions

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Deutsche Beteiligungs — Targeting a high volume of new investments

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Deutsche Beteiligungs — Minor negative NAV total return in FY20

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Deutsche Beteiligungs — German private equity investor and manager

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Deutsche Beteiligungs — New valuations look conservative

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Deutsche Beteiligungs — Expanding the companies in broadband sector

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Deutsche Beteiligungs — Guidance beat assisted by a successful exit

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Deutsche Beteiligungs — A play on the German mid-market MBO space

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Bitesize briefing – Deutsche Beteiligungs

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Deutsche Beteiligungs — Continued sector diversification

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Deutsche Beteiligungs — Macro environment provides some headwinds

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Deutsche Beteiligungs — New investments ahead

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Deutsche Beteiligungs — Market sentiment weighing on portfolio value

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Deutsche Beteiligungs — Building future potential

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Deutsche Beteiligungs — Private equity investor and fund manager

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Deutsche Beteiligungs — Positive underlying NAV progress continues

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Deutsche Beteiligungs — Steady progress in the first quarter of FY18

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Deutsche Beteiligungs — FY17 confirmed as an exceptional year

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Deutsche Beteiligungs — Update 31 January 2017

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Deutsche Beteiligungs — Update 26 August 2016

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Deutsche Beteiligungs — Update 24 May 2016

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Deutsche Beteiligungs — Update 15 February 2016