Deutsche Beteiligungs is a Germany-based and listed private equity investment and fund management company. It invests in mid-sized companies in Germany and neighbouring German-speaking countries via MBO transactions and growth capital financings. It focuses on growth-driven profitable businesses valued at €50–250m. DBAG’s core objective is to sustainably increase net asset value.
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Roland Rapelius
Head of IR
Torsten Grede
CEO
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 5.1 | 16.3 | (20.8) |
Relative | 0.3 | 2.7 | (21.4) |
52 week high/low | €37.6/€20.9 |
Deutsche Beteiligungs (DBAG) posted a c 13% NAV decline in total return terms in FY22 (to end-September 2022), affected by lower public equity multiples used in the valuation and macroeconomic headwinds in Germany. In light of its high investment activity in FY22 (€176.8m, skewed towards IT services and software) and faltering private equity exits globally, management has proposed a lower dividend (to preserve capital for new and follow-on investments) of €0.80/share (vs €1.60 paid from FY21 profit), but reaffirmed its mid-term dividend planning of at least €1.60 pa. DBAG now trades at a 17% discount to NAV (versus a five-year average premium of 10%).
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