Deutsche Beteiligungs - Positive underlying NAV progress continues
Deutsche Beteiligungs (DBAG) reported an eighth consecutive quarter of positive underlying NAV progress in Q318, taking its dividend-adjusted NAV return for the first nine months of FY18 to 6.8%. This contrasts with the significant de-rating of DBAG’s shares during the period, which saw its share price premium to NAV decline from over 70% to below 20%. A change in accounting policy to bring forward the recognition of carried interest provision had a small negative impact on NAV and also on management’s earnings guidance for FY18, but arguably this has increased future upside. DBAG had a busy third quarter, agreeing three new investments alongside DBAG Fund VII and DBAG ECF I and II for a total €39.2m, with expressions of interest from potential buyers received for two portfolio companies.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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