Continuing high level of investment activity
Deutsche Beteiligungs (DE:DBANn) 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.
Results for 11 months to 30 September 2015
DBAG reported FY15 net income of €27.0m, exceeding management’s guidance range of €20-25m. Adjusting for the FY14 dividend payment, NAV per share increased 10% to €22.16. Returns were driven by a strong underlying 33% valuation gain for the carried portfolio, generated primarily by earnings improvement at portfolio companies, while increased valuation multiples also had a positive effect. The base dividend has increased from €0.40 to €0.50 and a surplus dividend of €0.50 has been proposed, bringing the total dividend for FY15 to €1.00.
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