London, UK, 21 April 2017

Edison issues review on Deutsche Beteiligungs (DBAN)

Deutsche Beteiligungs (DBAG) has continued into FY17 the strong pace of portfolio activity achieved in the previous two financial years, with c EUR63m of transactions in the year to date, representing the second highest annual level of new investment in more than 10 years. Following DBAG Fund VI's investment period closing in January 2017, DBAG Fund VII has made a rapid start, with its first two transactions agreed in March and April 2017. The recent strength of transaction activity means that DBAG's portfolio is relatively immature, but investments are well spread by vintage and the portfolio is not overly concentrated, with the top five holdings representing 41% of portfolio value at end-2016.

DBAG shares are trading at a 34.1% premium to end-December 2016 NAV, which compares with a one-year average premium of 23.1% and a recent peak premium of 43.5%. In our view, the c EUR130m premium largely represents the market-implied value of DBAG's fund services business, which is not reflected in reported NAV. DBAG's 3.5% dividend yield is slightly above the peer group median.

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