Deutsche Beteiligungs - Market decline weighs on H118 performance
Deutsche Beteiligungs (DBAG) reported €19.3m net income for the first half of FY18, with a 4.5% dividend-adjusted NAV return. NAV per share declined slightly to €29.43 at end-March 2018, after payment of the €1.40 FY17 dividend. Management has lowered earnings guidance for FY18 due to a decline in market valuation multiples that also weighed on returns in the first half, while the underlying progress of portfolio companies remains broadly on track. The recent sharp decline in the share price premium to NAV to 19.6% suggests the market may now be applying an underlying discount to the NAV of the private equity investment portfolio.Deutsche Beteiligungs is an investment company. Co. raises closed-end private equity funds (DBAG funds) for investments in equity or equity-like financial instruments primarily in non-quoted companies. Co. invests as a co-investor in companies alongside DBAG funds by way of majority takeovers or minority investments. Co. basically structures majority takeovers as so-called management buyouts. Expansion capital financings are made by way of a minority investment, for example, via a capital increase. Geographically, Co. concentrates its investments primarily on companies domiciled in German-speaking regions.
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