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 €1.60 per share from FY20 earnings, which implies a solid 4.1% yield.Den vollständigen Artikel lesen ...
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