Outlook: Private equity investment and asset management
Now in its 50th year, Deutsche Beteiligungs (DBAG) is a seasoned private equity investor in mid-sized German companies. In FY14, it reported a 15.8% NAV return and over 10 years has achieved a 12.5% compound annual NAV total return. Following the sale of Homag, DBAG is cash-rich and, after a relatively quiet period, the pace of investment has picked up in the first quarter of FY15. The shares trade at a 26% premium to NAV but, like 3i in the UK, DBAG has developed its third-party asset management activity and, when considering DBAG’s two business segments separately, its valuation does not look demanding (see page 11).
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