Deutsche Beteiligungs AG Edison issues update on Deutsche Beteiligungs
24 8월 2023 - 3:15PM
RNS Non-Regulatory
TIDMDBAN
Deutsche Beteiligungs AG
24 August 2023
London, UK, 24 August 2023
Edison issues update on Deutsche Beteiligungs (DBAG)
Deutsche Beteiligungs (DBAG) posted a 20% NAV total return in
the nine months to end-June 2023, thereby recouping the valuation
loss in FY22. The uplift to last carrying value from its recently
agreed sale of R+S (implying a healthy internal rate of return of
over 40%) contributed EUR14m to its net income in Q323. As a
result, management now expects FY23 results to be at the upper half
of its guidance of net income at EUR85-115m and NAV of EUR610-715m.
DBAG's asset management business delivered a profit of EUR11.3m in
9M23, on track to meet management's FY23 guidance of EUR13-15m.
DBAG's shares currently trade at a c 15% discount to last reported
NAV (with the latter not capturing the value of the asset
management business).
While DBAG's new investment activity in the first nine months of
FY23 (9M23) was centred on add-on investments, the company
announced in July 2023 three new majority stake acquisitions: AOE
Group (an agile software provider), Avrio Energy (a biogas
platform) and TBD (a critical infrastructure service provider).
These deals were at the lower end of DBAG's target range in terms
of enterprise value (EUR50-250m). DBAG sees more opportunities in
this market segment at present, given the better debt availability
for funding smaller transactions. We note that the Avrio Energy and
TBD investments, as well as the partial reinvestment of R+S
proceeds into a minority stake in NOKERA (strategic buyer),
indicate DBAG's growing interest in energy
transition/sustainability themes.
Click here to view the full report.
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August 24, 2023 02:15 ET (06:15 GMT)
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