WBAG:DBAN

Stock Analysis Report

Executive Summary

Deutsche Beteiligungs AG is a private equity firm specializing in direct and fund of fund investments.

Rewards


Snowflake Analysis

Share Price & News

How has Deutsche Beteiligungs's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: DBAN has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-2.2%

DBAN

0.5%

AT Capital Markets

0.3%

AT Market


1 Year Return

13.6%

DBAN

20.8%

AT Capital Markets

3.6%

AT Market

Return vs Industry: DBAN underperformed the Austrian Capital Markets industry which returned 20.8% over the past year.

Return vs Market: DBAN exceeded the Austrian Market which returned 3.6% over the past year.


Shareholder returns

DBANIndustryMarket
7 Day-2.2%0.5%0.3%
30 Day1.5%5.2%0.1%
90 Day3.7%11.9%0.8%
1 Year18.5%13.6%25.7%20.8%7.3%3.6%
3 Yearn/a17.8%4.0%27.6%16.1%
5 Yearn/a10.2%-10.2%53.9%32.5%

Price Volatility Vs. Market

How volatile is Deutsche Beteiligungs's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Deutsche Beteiligungs undervalued compared to its fair value and its price relative to the market?

45.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: DBAN (€40.95) is trading below our estimate of fair value (€75.62)

Significantly Below Fair Value: DBAN is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: DBAN is good value based on its PE Ratio (9.8x) compared to the Capital Markets industry average (22x).

PE vs Market: DBAN is good value based on its PE Ratio (9.8x) compared to the Austrian market (14.2x).


Price to Earnings Growth Ratio

PEG Ratio: DBAN is poor value based on its PEG Ratio (6.4x)


Price to Book Ratio

PB vs Industry: DBAN is overvalued based on its PB Ratio (1.7x) compared to the XE Capital Markets industry average (1.4x).

Future Growth

How is Deutsche Beteiligungs forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

1.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: DBAN's forecast earnings growth (1.5% per year) is above the savings rate (-0.1%).

Earnings vs Market: DBAN's earnings (1.5% per year) are forecast to grow slower than the Austrian market (9.9% per year).

High Growth Earnings: DBAN's earnings are forecast to grow, but not significantly.

Revenue vs Market: DBAN's revenue (3.7% per year) is forecast to grow faster than the Austrian market (2.6% per year).

High Growth Revenue: DBAN's revenue (3.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: DBAN's Return on Equity is forecast to be low in 3 years time (9%).

Past Performance

How has Deutsche Beteiligungs performed over the past 5 years?

-4.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: DBAN has high quality earnings.

Growing Profit Margin: DBAN became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: DBAN's earnings have declined by -4.3% per year over the past 5 years.

Accelerating Growth: DBAN has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: DBAN has become profitable in the last year, making it difficult to compare its past year earnings growth to the Capital Markets industry (5.3%).


Return on Equity

High ROE: DBAN's Return on Equity (14.6%) is considered low.


Return on Assets


Return on Capital Employed

Financial Health

How is Deutsche Beteiligungs's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: DBAN has a low level of unsold assets or inventory.

Debt Coverage by Assets: Insufficient data to determine if DBAN's debt is covered by short term assets.


Financial Institutions Analysis

Asset Level: DBAN's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if DBAN has a sufficient allowance for bad loans.

Low Risk Liabilities: DBAN reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if DBAN has an acceptable proportion of non-loan assets held.

Low Risk Deposits: DBAN has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if DBAN has an appropriate level of bad loans.

Dividend

What is Deutsche Beteiligungs's current dividend yield, its reliability and sustainability?

3.65%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: DBAN's dividend (3.65%) is higher than the bottom 25% of dividend payers in the Austrian market (1.58%).

High Dividend: DBAN's dividend (3.65%) is low compared to the top 25% of dividend payers in the Austrian market (4.49%).


Stability and Growth of Payments

Stable Dividend: DBAN's dividend payments have been volatile in the past 10 years.

Growing Dividend: DBAN's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (35.7%), DBAN's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: DBAN's dividends in 3 years are forecast to be covered by earnings (52.4% payout ratio).

Management

How experienced are the management team and are they aligned to shareholders interests?

6.9yrs

Average management tenure


CEO

Torsten Grede (55yo)

6.9yrs

Tenure

€1,321,000

Compensation

Mr. Torsten Grede has been Spokesman of the Board of Management at Deutsche Beteiligungs AG since March 26, 2013 and its Member of the Board of Management since January 2001. Mr. Grede is involved in strat ...


CEO Compensation Analysis

Compensation vs Market: Torsten's total compensation ($USD1.43M) is about average for companies of similar size in the Austrian market ($USD1.17M).

Compensation vs Earnings: Torsten's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Torsten Grede
Chairman of Management Board & CEO6.9yrs€1.32mno data
Susanne Zeidler
CFO & Member of the Management Board6.9yrs€1.04mno data
Rolf Scheffels
Member of the Management Board16.1yrs€1.32mno data
Mirka Derksen
Senior VP and Head of Finance & Accounting1.1yrsno datano data
Thomas Franke
Senior VP & Head of Public Relations & Investor Relations0yrsno datano data
Florian Döring
Senior VP & General Counsel0yrsno datano data
Thomas Weber
Senior VP & Head of Business Development0yrsno datano data
Dorothee Klein
Senior VP2.1yrsno datano data
Volker Bonsels
Managing Director19.1yrsno datano data
Kai Wiesenbach
Managing Director10.1yrsno datano data

6.9yrs

Average Tenure

54yo

Average Age

Experienced Management: DBAN's management team is seasoned and experienced (6.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Wilken von Hodenberg
Independent Supervisory Board Member6.9yrs€50.00kno data
Gerhard Roggemann
Independent Chairman of the Supervisory Board1.3yrs€99.00kno data
Maximilian Zimmerer
Independent Supervisory Board Member1yrs€30.00kno data
Philipp Möller
Independent Supervisory Board Member9.9yrs€63.00kno data
Hendrik Otto
Independent Deputy Chairman of Supervisory Board1.3yrs€74.00kno data
Sonja Edeler
Independent Supervisory Board Member4yrs€50.00kno data

2.7yrs

Average Tenure

52.5yo

Average Age

Experienced Board: DBAN's board of directors are not considered experienced ( 2.7 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 6.2%.


Top Shareholders

Company Information

Deutsche Beteiligungs AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Deutsche Beteiligungs AG
  • Ticker: DBAN
  • Exchange: WBAG
  • Founded: 1965
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: €618.308m
  • Shares outstanding: 15.04m
  • Website: https://www.deutsche-beteiligung.com

Number of Employees


Location

  • Deutsche Beteiligungs AG
  • Boersenstrasse 1
  • Frankfurt am Main
  • Hessen
  • 60313
  • Germany

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
DBANDB (Deutsche Boerse AG)YesRegistered Common SharesDEEURJan 1992
DBANDBATS-CHIXE (BATS 'Chi-X Europe')YesRegistered Common SharesGBEURJan 1992
DBANXTRA (XETRA Trading Platform)YesRegistered Common SharesDEEURJan 1992
0QF7LSE (London Stock Exchange)YesRegistered Common SharesGBEURJan 1992
DBANSWX (SIX Swiss Exchange)YesRegistered Common SharesCHCHFJan 1992
DBANWBAG (Wiener Boerse AG)YesRegistered Common SharesATEURJan 1992
DBANETLX (Eurotlx)YesRegistered Common SharesITEURJan 1992

Biography

Deutsche Beteiligungs AG is a private equity firm specializing in direct and fund of fund investments. Within direct investments the firm specializes in expansion capital, management buyout, middle market, growth capital, add-on acquisitions, bridge financing, management buy-ins for experienced executives, corporate spin-offs, succession arrangements and generational transition in a family-owned business, and pre-IPO stage investments. Within fund of fund investments the firm invests in private equity funds. It does not invest in start-up and early stage companies. The firm prefers to invest in automotive suppliers, industrial, mechanical and plant engineering, businesses develop, building supplier, measurement and automation technology, specialty chemical, support service providers, printing, media, and packaging sectors. It also prefer to invest in manufacture industrial components for very different customer sectors, produced machines and plants for various customer sectors, industrial support services, and logistics. It have accessed business models and invested very successfully in other sectors as well. The firm primarily seeks to invest in companies headquartered or having significant business relationships in Germany Mittelstand, Austria, France, Netherlands, Switzerland, United States of America, European neighboring countries, and in German speaking European countries. Within European Emerging Markets, it prefers to invest in Czech Republic, Hungary, Poland, and Slovakia. The firm typically invests between €10 million ($11.07 million) and €75 million ($105.61 million) in companies with revenues between €30 million ($55.33 million) and €500 million ($704.12 million) and enterprise value between €35 million ($35.26 million) and €300 million ($422.47 million), but may also consider investments in smaller companies or participating in larger transactions. In individual instances, it also prefers structure transactions, in which the enterprise value exceeds this range and which require equity capital investments of up to €200 million ($235.19 million). It can also co-invest with other firms. The firm seeks to take majority or minority stakes in its portfolio companies. It prefers to invest in split-offs of peripheral activities from large corporations, a sale from the portfolio of another financial investor, and a capital requirement to fund a company’s growth. The firm seeks to take seats on the portfolio companies’ advisory councils or supervisory boards. It typically holds its investment for a period of eight years. Deutsche Beteiligungs AG was founded in 1965 and is based in Frankfurt am Main, Germany. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/19 23:05
End of Day Share Price2020/02/19 00:00
Earnings2019/12/31
Annual Earnings2019/09/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.