Deutsche Beteiligungs’ (DBAG) NAV (defined as equity value per share) decreased slightly by 1.2% in Q122 (to end-December 2021) in TR terms, which puts the one-year TR at 26.1%. While the carried portfolio value decreased (mostly due to the contraction in market multiples), DBAG realised a €13.9m profit on agreed disposals. The company is making good progress in expanding its portfolio, with four new platform investments and 14 add-on acquisitions closed or agreed during the quarter. The operating performance of portfolio companies is in line with management expectations, which allowed DBAG to reiterate its guidance of €60–75m net profit in FY22.
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