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Deutsche Beteiligungs (FRA: DBAN)

Currency in EUR

Last close As at 07/02/2023

EUR29.65

▲ 0.40 (1.36%)

Market capitalisation

EUR558m

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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Deutsche Beteiligungs — Recession in Germany unfolding

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Deutsche Beteiligungs — Fall in public multiples reduced portfolio value

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Deutsche Beteiligungs — Valuations hit by macro headwinds

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Deutsche Beteiligungs — Solid investment pace in Q122
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Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Key Management

  • Roland Rapelius

    Head of IR

  • Torsten Grede

    CEO

Share Price Performance

Price Performance
% 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

Overview

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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