Deutsche Beteiligungs - Guidance beat assisted by a successful exit

Deutsche Beteiligungs (DBAG) posted net income of €45.9m in FY19, which is 20% above the upper end of its guidance range. This was supported by a €39.7m valuation uplift on the disposal of inexio, agreed in September 2019. For FY20, DBAG expects NAV to be up to 10% lower (vs the current €472.1m as defined by DBAG), but more than 20% higher income from the fund services segment (FY19: €3.0m). The latter should be driven by the recent launch of DBAG Fund VIII with a targeted size of €1.1bn including the top-up fund. It is worth noting that 75% of the third-party commitments made to the fund so far have been by returning investors.