Deutsche Beteiligungs - Portfolio skewed towards recent investments

Donnerstag, 24.05.2018 14:21 von Edison Investment Research

Deutsche Beteiligungs AG (DBAG) is a listed private equity group focused on the German Mittelstand market. DBAG has grown NAV 18% per annum over the last ten years. But as the portfolio has rotated into the early stage of its investment cycle the majority of growth is likely to come from improved earnings rather than realisations. DBAG’s premium rating to peers has narrowed recently, which we believe reflects this young portfolio and an expected fall in realised gains available for distribution.