Deutsche Beteiligungs AG Edison issues update on Deutsche Beteiligungs
26 Mai 2023 - 8:15AM
RNS Non-Regulatory
TIDMDBAN
Deutsche Beteiligungs AG
26 May 2023
London, UK, 26 May 2023
Edison issues update on Deutsche Beteiligungs (DBAN)
Deutsche Beteiligungs (DBAG) posted a healthy 14% NAV total
return in H123 (ending March 2023) due to expanding public peer
multiples, the first-time recognition of 2023 budgeted results (in
Q123) and value-accretive add-on acquisitions. Proceeds from recent
realisations have provided DBAG with sizeable capital to pursue new
investments (management remains committed to investing EUR96m pa on
average in 2023-25), though global M&A markets remain
relatively muted, limiting DBAG's investment activity. DBAG's
shares now trade at a 14% discount to NAV, whereas they traded at
an average 18% premium in 2017-21 (despite its NAV not reflecting
its fund services business).
DBAG recently collected significant proceeds from the full
disposals of Cloudflight, Pmflex and Heytex and the partial exit
from GMM Pfaudler (it was yet to receive the consideration for the
sale of BTV Multimedia at end-March 2023). This allowed DBAG to pay
down most of its drawn credit facility and retain a sizeable level
of financial resources (EUR55.9m), which together with the
available credit line covered 73% of its outstanding commitments at
end-March 2023. It is therefore well-positioned to continue its
investment activity. That said, while it saw a sequential pick-up
in reviewed investment opportunities, they tend to be smaller on
average (at the lower end of its targeted EUR50-250m range in terms
of enterprise values), which is likely due to more limited debt
availability for M&A deals.
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May 26, 2023 02:15 ET (06:15 GMT)
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