Deutsche Beteiligungs (DBAN) Q3 23/24 earnings summary

Executive summary

• Net asset value (NAV) per share rose 4.2% year-to-date to €36.09, adjusted for dividends, with strong exits including in-tech and six add-on acquisitions completed.

• Achieved a strong exit with in-tech, realizing a money multiple above 3x and a 68% IRR, with a 63% uplift over prior valuation.

• Successfully placed a €100 million convertible bond, enhancing financial flexibility and to be used for co-investments and general corporate purposes.

• Share buyback program ongoing, viewed as accretive given share price discounts, with a -€7.1 million impact on NAV year-to-date.

• Strategic expansion with ELF Capital Group broadens financing solutions and risk profile.

Financial highlights

• NAV stood at €670 million after nine months, with per-share value at €36.09, up 4.2% year-to-date.

• Group net income for the period was €25.7 million, down from €114.3 million year-over-year.

• Fund Investment Services revenue reached €11.7 million, up 3.5% year-over-year.

• Gross portfolio value increased to €666.9 million from €631.9 million at the start of the year.

• Assets under management or advisory totaled €2.62 billion.

Outlook and guidance

• Guidance for 2023/2024 confirmed, with NAV expected between €675–710 million and NAV per share between €36.41–38.30.

• Earnings from Fund Investment Services expected to remain in the €9–13 million range.

• Ongoing share buybacks will make NAV per share an increasingly important metric.

• Guidance assumes stable capital market valuation levels through year-end.

• Expecting a positive impact from share buybacks and upcoming capital deployment.