Deutsche Beteiligungs - Valuations hit by macro headwinds

Deutsche Beteiligungs (DBAG) reported a 5.3% NAV decrease to €631.6m (defined as equity value) in H122 in total return terms. The main driver of the decrease was the revaluation of the held portfolio, which reduced NAV by 8pp, on the back of contracting market valuation multiples (amid the recent public market sell-off) and higher discount rates to reflect the risk of several companies not achieving their respective FY22 budgets. Meanwhile, DBAG continues its capital deployment agenda and invested a significant €92m in H122 versus its €114m annual investment target and has sufficient resources to continue to do so.