Deutsche Beteiligungs (FRA: DBAN)

Last close As at 20/05/2024

EUR27.35

0.15 (0.55%)

Market capitalisation

EUR526m

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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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 (0.4) (1.3) (8.8)
Relative (5.8) (10.2) (20.9)
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.

Research

Deutsche Beteiligungs_resized

Update

Investment Companies

Deutsche Beteiligungs — Solid liquidity for new investments

Deutsche Beteiligungs_resized

Update

Investment Companies

Deutsche Beteiligungs — Robust exit activity in Q123

Outlook

Investment Companies

Deutsche Beteiligungs — Recession in Germany unfolding

Update

Investment Companies

Deutsche Beteiligungs — Valuations hit by macro headwinds

Update

Investment Companies

Deutsche Beteiligungs — Solid investment pace in Q122

Review

Investment Companies

Deutsche Beteiligungs — Targeting a 10%+ AUM and NAV CAGR to FY24

QuickView

Investment Companies

Deutsche Beteiligungs — German private equity investor and manager

Further insights

insight

Investment Companies

Deutsche Beteiligungs – Five things investors need to know

Analyst of the week

Melanie Jenner

Mel Jenner

Director, Investment Trusts

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Thematics

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