Deutsche Beteiligungs (DBAG) posted a healthy 14% NAV total return in H123 (ending March 2023) due to expanding public peer multiples, the first time recognition of 2023 budgeted results (in Q123) and value-accretive add-on acquisitions. Proceeds from recent realisations have provided DBAG with sizeable capital to pursue new investments (management remains committed to investing €96m pa on average in 2023-25), though global M&A markets remain relatively muted, limiting DBAG's investment activity. DBAG's shares now trade at a 14% discount to NAV, whereas they traded at an average 18% premium in 2017-21 (despite its NAV not reflecting its fund services business).Den vollständigen Artikel lesen ...