Deutsche Beteiligungs - Improving earnings outlook across the portfolio
Deutsche Beteiligungs (DBAG) reported a 5.9% NAV (defined as equity per share) increase in Q121 (ending December 2020) driven by the improved earnings prospects of its portfolio companies across sectors. Fee income improved markedly to €11.1m (Q120: €7.4m) as DBAG Fund VIII started investing in August 2020 and management’s guidance for FY21 remains €42–44m (vs €30.6m in FY20). DBAG sees a number of opportunities and is likely to be a net investor in FY21, including deals alongside its funds (it has €0.9bn of third-party capital ready to deploy) and long-term financing fully from its own balance sheet.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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