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Deutsche Beteiligungs (DBAG) reported a 5.3% NAV decrease to €631.6m (defined as equity value) in H122 in total return terms. The main driver of the decrease was the revaluation of the held portfolio, which reduced NAV by 8pp, on the back of contracting market valuation multiples (amid the recent public market sell-off) and higher discount rates to reflect the risk of several companies not achieving their respective FY22 budgets. Meanwhile, DBAG continues its capital deployment agenda and invest
Companies: Deutsche Beteiligungs AG
Deutsche Beteiligungs’ (DBAG) NAV (defined as equity value per share) decreased slightly by 1.2% in Q122 (to end-December 2021) in TR terms, which puts the one-year TR at 26.1%. While the carried portfolio value decreased (mostly due to the contraction in market multiples), DBAG realised a €13.9m profit on agreed disposals. The company is making good progress in expanding its portfolio, with four new platform investments and 14 add-on acquisitions closed or agreed during the quarter. The operati
Deutsche Beteiligungs (DBAG) posted a NAV total return (TR) of 35.3% in FY21 (to end-September 2021). This return is in line with public and private equity (PE) markets and followed a weaker FY18–19 amid an industrial slowdown in Germany. Performance was driven by the revaluation of existing holdings (mostly broadband/telecom and IT/software) on the back of both earnings growth and multiples expansion. Additional uplift came from selected disposals/refinancings. Management proposed a dividend of
Deutsche Beteiligungs (DBAG) is a well-established player in the German private equity (PE) mid-market. It has been increasing its exposure to new ‘growth’ sectors, which currently make up 43% of its portfolio and have proved resilient in the COVID-19 crisis. These include broadband/telecom (25%), which are a play on the secular trend of network roll-out in Germany. DBAG’s industrial exposure (currently valued at slightly below the average acquisition cost) represents 39% of the portfolio and ma
Deutsche Beteiligungs (DBAG) posted a 24.5% NAV total return in 9M21, even after the dilutive impact of the recent €100m share issue. This was mainly a function of improved earnings expectations of portfolio companies, coupled with disposal gains on DNS:Net and Rheinhold & Mahla, as well as a €26.0m uplift upon the announced exit from blikk. Results were further supported by the profit from DBAG’s fund services (up to €13.9m in 9M21 vs €6.6m in 9M20) following the start of DBAG Fund VIII’s inves
Deutsche Beteiligungs (DBAG) reported a 17.3% NAV total return in H121, which includes an €0.80 dividend paid in the period (implying a 2.4% yield). NAV growth was primarily driven by the improved earnings prospects of portfolio companies and gains on the disposals of Rheinhold & Mahla and DNS:NET. DBAG recently significantly increased its available cash resources through a €106m equity issue and is now well positioned to embark on its extensive investment agenda. Its funds in the investment pha
Deutsche Beteiligungs (DBAG) reported a 5.9% NAV (defined as equity per share) increase in Q121 (ending December 2020) driven by the improved earnings prospects of its portfolio companies across sectors. Fee income improved markedly to €11.1m (Q120: €7.4m) as DBAG Fund VIII started investing in August 2020 and management’s guidance for FY21 remains €42–44m (vs €30.6m in FY20). DBAG sees a number of opportunities and is likely to be a net investor in FY21, including deals alongside its funds (it
Deutsche Beteiligungs (DBAG) saw a mixed impact from the COVID-19 crisis on portfolio earnings in FY20, with its ‘growth’ sectors (broadband/telecom in particular) proving resilient, while its industrial portfolio was hit harder. Strong public equity markets drove an increase in the average EBITDA multiple used to value its portfolio (8.8x vs 7.8x in FY19). DBAG’s mid-term ambition to FY23 assumes a strong pickup in investments through the recently launched DBAG Fund VIII and long-term investmen
Deutsche Beteiligungs (DBAG) is a well-established private equity company investing primarily in mid-sized German companies. It also manages €2.1bn of third-party capital, which generates stable recurring fee income. DBAG invests in buyouts alongside its managed funds, with long-term investments made from its own balance sheet. This year, the company launched its new buyout fund (DBAG Fund VIII, with €1.1bn in commitments), which will translate into higher management fees.
Deutsche Beteiligungs (DBAG) saw a partial rebound of its investment portfolio value in Q320 due to higher market multiples. While this had a €60.6m net positive impact in 9M20, it was more than offset by reduced earnings forecasts for DBAG’s portfolio companies, especially in its core sectors (eg automotive). As a result, DBAG’s NAV total return (TR) in 9M20 was a negative 4.8%. Meanwhile, the fund services business delivered a solid €6.6m profit in 9M20 (vs €1.6m in 9M19), which should improve
Deutsche Beteiligungs (DBAG) has updated its portfolio values, which led to a considerable revaluation loss in Q220, and in turn a net loss for H120 at €76.7m (or €5.10/share). Unlike many of its listed private equity peers, DBAG has already reflected in its NAV both the reduced long-term earnings prospects of its companies and lower peer multiples. This contributed to DBAG’s relative underperformance with one-year NAV total return (to end-March) at -16.2% vs LPX Europe NAV at +8.7%. DBAG’s fund
Deutsche Beteiligungs (DBAG) reported a marginal net loss in Q120, with income from the fund services segment offset by a more muted result from the private equity investments segment. The recent launch of DBAG Fund VIII should soon start to generate sizeable fee income. Macroeconomic and geopolitical headwinds continue to weigh on portfolio value growth (with c 50% of DBAG’s portfolio in German industrials). However, in the longer term, DBAG should benefit from its buy-and-build strategy in the
Deutsche Beteiligungs (DBAG) posted net income of €45.9m in FY19, which is 20% above the upper end of its guidance range. This was supported by a €39.7m valuation uplift on the disposal of inexio, agreed in September 2019. For FY20, DBAG expects NAV to be up to 10% lower (vs the current €472.1m as defined by DBAG), but more than 20% higher income from the fund services segment (FY19: €3.0m). The latter should be driven by the recent launch of DBAG Fund VIII with a targeted size of €1.1bn includi
Deutsche Beteiligungs (DBAG) is a well-established private equity company investing primarily in mid-sized German companies. On top of achieving a return on its direct investments, it generates fee income from managing c €1.4bn in third-party funds. This year, DBAG has been steadily deploying its investment commitments, with DBAG Fund VII expected to complete its investment phase soon. The subsequent launch of its successor should drive fee income (as it is based on committed capital). Meanwhile
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Weekly round-up of AIM-listed healthcare news.
Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics
Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG
Companies: H&T Group plc
Urban Logistics REIT (“ULR”) has delivered a solid FY22 performance – deploying capital apace and driving strong returns through active asset management. Earnings and dividend are both in line vs SCMe. EPRA NAV is 190p (+7% vs SCMe); as yield compression came as a bonus. Caution is being exercised in deploying remaining capital, which impacts FY23e earnings only. We upgrade EPRA NAV by 14-20% incorporating some (but not all) recent yield compression. We increase our Target Price to 210p (FY23e E
Companies: Urban Logistics REIT plc
Singer Capital Markets
Mercia Asset Management reported FY22 results, with a significant uplift in adj. operating profit to £8.4m, driven by strong management fee margins of >2% on stable FuM as well as strong finance income during the year. Group AuM has grown to >£1bn post period end, driven by fundraises across the Northern VCTs. The Group is well set to achieve its Mercia 20:20 Vision, with ~£27m (~46%) of its cumulative three-year PBT target delivered in year one. We increase our adj. EBITDA forecasts by 1-26% on
Companies: Mercia Asset Management PLC
1 July 2022
Status of this Note and Disclaimer
This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives
Companies: VTU ADME ARCM LVCG MANO NMT PGH SLE
Arrow Exploration (AXL LN)C; Target price of £0.45 per share: Another well delivers flow rate above expectations – The RCS-1 well was flow tested at oil rates of up 1,872 bbl/d (936 bbl/d net to Arrow) of 30 API crude from the C7B sands. The zone was tested for 33 hours at an average oil rate of 1,076 bbl/d (538 bbl/d net to Arrow) with no formation water. Production will start next week at ~1,000 bbl/d (500 bbl/d net) in order to mini
Companies: UKOG TXP SQZ BLOK AOI 88E ZPHR GPRK GPRK CEG AXL
Augmentum Fintech has delivered a strong finish to FY22, with NAV per share up 19% YoY and +9% HoH to 155.2p, driven by both investments and positive fair value changes across the majority of its portfolio companies. The 23% IRR since IPO is above the Group’s 20% Internal Target Return, demonstrating overall attractive investment performance. Post-period end The Group has invested £4.0m in new portfolio company Kenbi and the £43m proceeds from the sale of its stake in ii strengthens AUGM’s cash
Companies: Augmentum Fintech
Marlowe delivered an impressive set of FY22A results, with underlying organic revenue growth of 9%, Adj EBITDA margins up 240bps to 18.6%, and Adj EBITDA of £54.4m (ahead of our £50.7m forecast). We make minor updates to our FY23E forecasts (Adj Diluted EPS increases 1% to 49.6p) and release new FY24E forecasts. Given the strength of Marlowe's business model, its defensive nature (non-discretionary products and services; 85%+ recurring revenue), the group's continued positive momentum (including
Companies: Marlowe Plc
Companies: Real Estate Investors plc
Dish of the day
Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators).
No Leavers Today.
What’s cooking in the IPO kitchen?
Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan
Companies: VAST TSTL 7DIG AHT CMX JADE
Further to its strategic review, Palace Capital intends to focus on becoming an ESG driven, regional office market specialist. To that end the company has announced a new £46.5m property disposal programme including its entire industrial property portfolio with the proceeds to be reinvested into the office sector. Palace Capital has also announced a buyback for up to 5% of its shares and continues to review its cost base. The outcome of the strategic review is to sharpen the focus on themes mana
Companies: Palace Capital plc
The final decision on CRB III (see below) on streaming revenues is positive for Songwriters, Music publishing and Hipgnosis (SONG). The decision will result in addition revenues being paid to SONG over the coming periods. We view the ruling as positive and evidence of a continuing shift in the understanding of the value of a Songwriter’s contribution to a hit record and the willingness of industry stakeholders to recognise it. YTD SONG has de-rated significantly and currently trades on a 23.8% d
Companies: Hipgnosis Songs Fund Limited Shs GBP
Stocks in focus this week are Personal Group, Johnson Service Group, Capita and Mears
Companies: Personal Group Holdings Plc
NESF has extended one of its revolving credit facilities giving it £48m of additional lending. The fund has created several new areas for potential asset growth including co-investment alongside NPIII in international projects, stand alone battery projects with Eelpower and co-located battery projects at its existing solar sites. The new facility gives the fund the firepower to capture these opportunities.
Companies: NextEnergy Solar Fund Ltd
Companies: FTC LPA PCIP PPC