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DEUTSCHE BETEILIGUNGS AG
DEUTSCHE BETEILIGUNGS AG
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.
Positive momentum continues in Q215
07 Jul 15
Deutsche Beteiligungs (DBAG) saw strong valuation gains in Q215, helped by a positive market performance. Even after absorbing a €20m profit-sharing provision triggered by the strong performance of DBAG Fund V, NAV increased by 7.9% in H115, ahead of the 12.3% pa 10-year NAV growth rate. New investments totalling €51m in the half year add potential for value creation in the medium term and DBAG retains sufficient funds to maintain its target €50m pa investment rate over the next 12 months.
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.