Deutsche Beteiligungs - Fall in public multiples reduced portfolio value

Deutsche Beteiligungs (DBAG) reported a net loss of €78.3m in 9M22 (ending June 2022), which translated into an 11.7% NAV decline (in total return terms), less than the 28% fall in the SDAX during the period. The contraction of public multiples used to value its portfolio outweighed positive earnings contributions. The fund services segment generated €9.4m profit in 9M22 from managing €2.5bn assets, and DBAG confirmed its segment guidance of €14-16m profit in FY22. DBAG also continued its high acquisition activity with €127m spent on seven new investments so far in FY22 (of which four are in IT services and software) and 23 add-ons by portfolio companies (with a €12m equity support from DBAG).

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