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DEUTSCHE BETEILIGUNGS AG
DEUTSCHE BETEILIGUNGS AG
Increased scale offers greater opportunities
31 Jan 17
FY16 proved to be a significant year for Deutsche Beteiligungs (DBAG). In addition to generating strong NAV returns and maintaining an elevated level of portfolio activity similar to FY15, the scale of the business was increased materially by the launch of DBAG Fund VII, with commitments of €1bn, and DBAG’s €38.6m capital increase. These developments have broadened the opportunity set for potential investments and position DBAG favourably to grow portfolio value over the medium term, while a new sustainable dividend policy aims to provide shareholders with greater visibility over future distributions.
New €1bn buyout fund launched
26 Aug 16
Deutsche Beteiligungs (DBAG) reported a 9.1% dividend-adjusted NAV return for the first nine months of FY16, despite the sharp market drop following the Brexit vote, which reduced the valuation multiples applied to portfolio investments at the end of the third quarter. In July 2016, DBAG closed the fundraising for DBAG Fund VII with €1bn in commitments, which will significantly increase DBAG’s fee income from FY17. DBAG’s €200m commitment to this new fund provides scope for its investment portfolio to grow significantly over the medium term. These factors support the change in DBAG’s dividend policy to the payment of a stable or rising single annual dividend from FY16.
On track to meet FY16 guidance
24 May 16
Deutsche Beteiligungs (DBAG) reported a strong performance in the first half of FY16 with an 11.1% increase in NAV supporting management’s guidance for a c 14% return on NAV for the full year. While macroeconomic conditions are reported to have become more demanding, portfolio companies have diverse exposures to market and economic cycles and the majority continue to budget for higher revenues and earnings in 2016. DBAG invested €21m during the half year including €19m in two new companies and three divestments were agreed. Although it made a negative value contribution, the sale of Clyde Bergemann Power Group has brought DBAG Fund IV to a successful close.
Disposal adds to strong Q116 performance
16 Feb 16
Deutsche Beteiligungs (DBAG) reported a strong performance in the first quarter of FY16 with a 10.6% increase in NAV underpinned by robust earnings and budgets across the carried portfolio. The combined c €10m contribution from the Spheros divestment and a buyout fund realisation roughly balanced the effect of declining market valuations. Investment activity continued at an elevated pace with €21m committed to two new investments. DBAG management has confirmed its FY16 guidance suggesting at least €40m net income, while we note that realised capital gains may provide scope for an increase in the FY16 surplus dividend.
Continuing high level of investment activity
18 Jan 16
Deutsche Beteiligungs (DBAG) reported results ahead of guidance for FY15 with NAV per share increasing 10%, driven by strong valuation gains for the carried portfolio. New investment reached the highest level in 10 years and the pace of investment activity has continued into the current financial year. FY16 is expected to see a significant increase in net income and management projects NAV to grow at more than 10% pa over the next three years. Based on the proposed FY15 total dividend, the shares yield 3.7% and the disposal of Spheros Group provides scope for an increased total dividend in FY16.
New investments at highest level in 10 years
28 Sep 15
Deutsche Beteiligungs (DBAG) achieved its FY15 financial targets during Q315, although recent market volatility and lower market valuation levels have led to full-year guidance being broadened. The high rate of new investment continued in the quarter, adding to medium-term value creation potential. Total new investment of €72m in FY15 has left financial resources at c €55m, which appears an appropriate level to maintain DBAG’s target €50m pa investment rate over the next 12 months.
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
Small Cap Breakfast
23 Mar 17
K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.