Upcoming Dividend • May 27
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 03 June 2026. Payment date: 05 June 2026. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 3.9%. Lower than top quartile of German dividend payers (4.5%). Higher than average of industry peers (2.8%). Reported Earnings • May 12
First quarter 2026 earnings released: €1.17 loss per share (vs €0.51 profit in 1Q 2025) First quarter 2026 results: €1.17 loss per share (down from €0.51 profit in 1Q 2025). Net loss: €20.5m (down 321% from profit in 1Q 2025). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Announcement • Apr 22
Deutsche Beteiligungs AG, Annual General Meeting, Jun 02, 2026 Deutsche Beteiligungs AG, Annual General Meeting, Jun 02, 2026, at 10:00 W. Europe Standard Time. Announcement • Mar 21
DBAG Fund VIII managed by Deutsche Beteiligungs AG (XTRA:DBAN) entered into agreement to acquire The Hipp Technology Group. DBAG Fund VIII managed by Deutsche Beteiligungs AG (XTRA:DBAN) entered into agreement to acquire The Hipp Technology Group on March 19, 2026. A cash consideration will be paid by DBAG Fund VIII and Deutsche Beteiligungs AG. As part of consideration, an undisclosed value is paid towards common equity of The Hipp Technology Group.
The expected completion of the transaction is within two months.
Frank Pflueger, Christian Atzler, Alexander Blaeser and Celina Zaim of Baker & Mckenzie Partnerschaft Von Rechtsanwälten Wirtschaftsprüfern,Steuerberatern Und Solicitors acted as legal advisor for Deutsche Beteiligungs AG. Declared Dividend • Mar 12
Dividend of €1.00 announced Shareholders will receive a dividend of €1.00. Ex-date: 3rd June 2026 Payment date: 5th June 2026 Dividend yield will be 4.0%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (51% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. New Risk • Mar 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Revenue is less than US$1m. Announcement • Mar 11
Deutsche Beteiligungs AG announces Annual dividend, payable on June 05, 2026 Deutsche Beteiligungs AG announced Annual dividend of EUR 1.0000 per share payable on June 05, 2026, ex-date on June 03, 2026 and record date on June 04, 2026. Price Target Changed • Mar 10
Price target decreased by 7.8% to €35.80 Down from €38.82, the current price target is an average from 7 analysts. New target price is 44% above last closing price of €24.80. Stock is down 0.2% over the past year. The company is forecast to post earnings per share of €1.54 next year compared to a net loss per share of €7.73 last year. Reported Earnings • Nov 10
Third quarter 2025 earnings released: EPS: €0.009 (vs €1.18 in 3Q 2024) Third quarter 2025 results: EPS: €0.009 (down from €1.18 in 3Q 2024). Net income: €162.0k (down 99% from 3Q 2024). Revenue is forecast to grow 87% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Announcement • Nov 06
Five Arrows Managers LLP and unknown funds managed by Deutsche Beteiligungs AG agreed to acquire Totalmobile Limited from Bowmark Capital LLP. Five Arrows Managers LLP and unknown funds managed by Deutsche Beteiligungs AG agreed to acquire Totalmobile Limited from Bowmark Capital LLP on November 4, 2025.
The transaction is subject to approval by regulatory board / committee.
Arma Partners acted as financial advisor, Stephenson Harwood acted as legal advisor, BCG provided Commercial and Technology services and Deloitte acted as Financial and Tax advisor for Bowmark Capital LLP.
Houlihan Lokey and Jefferies acted as financial advisor Axis Arbor acted as Debt advisor, Shoosmiths and Hengeler Mueller acted as legal advisor, EY-Parthenon and Alvarez & Marsal provided Commercial service, Deloitte provided Technology, FTI Consulting and EY acted as Financial and Tax advisor for Five Arrows Managers LLP and DBAG.
Liberty acted as financial advisor and Mishcon de Reya acted as Legal advisor for Totalmobile Limited Price Target Changed • Oct 17
Price target decreased by 7.4% to €38.82 Down from €41.90, the current price target is an average from 6 analysts. New target price is 62% above last closing price of €24.00. Stock is down 4.8% over the past year. The company is forecast to post earnings per share of €1.49 next year compared to a net loss per share of €7.73 last year. Announcement • Sep 26
Knorr-Bremse AG (XTRA:KBX) entered into agreement to acquire Duagon AG from DBAG Fund VII managed by Deutsche Beteiligungs AG (XTRA:DBAN) and others for €500 million. Knorr-Bremse AG (XTRA:KBX) entered into agreement to acquire Duagon AG from DBAG Fund VII managed by Deutsche Beteiligungs AG (XTRA:DBAN) and others for €500 million on September 25, 2025. A cash consideration of €500 million will be paid by Knorr-Bremse AG. As part of consideration, €500 million is paid towards common equity of Duagon AG. The purchase price can increase moderately due to a potential performance bonus based on the achievement of predefined target. The consideration will initially be financed from available liquidity and existing credit lines. Knorr-Bremse expects EBIT-effective run-rate synergies of between €5 million and €10 million as of 2028 from the deal. The closing is subject to the customary regulatory approvals. Christoph Neeracher, Philippe Seiler, Therry Lehmann, Yascha Fengler, Thomas Rohde, Rahel Brüschweiler, David Mark, Susanne Schreiber, Martin Leu, Markus Wang, Christine Schweikard, Mani Reinert, Martin Werner and Christian Kunz of Bär & Karrer Ltd. acted as legal advisor to Deutsche Beteiligungs AG. Announcement • Sep 03
DBAG Fund VIII managed by Deutsche Beteiligungs AG and the management of MAIT GmbH agreed to acquire MAIT GmbH from 3i Group plc (LSE:III) and management of MAIT GmbH in a management buyout transaction. DBAG Fund VIII managed by Deutsche Beteiligungs AG and the management of MAIT GmbH agreed to acquire MAIT GmbH from 3i Group plc (LSE:III) and management of MAIT GmbH in a management buyout transaction on September 2, 2025. A cash consideration will be paid by DBAG Fund VIII managed by Deutsche Beteiligungs AG and the management. As part of consideration, an undisclosed value is paid towards common equity of MAIT GmbH.
The transaction is subject to approval by regulatory board / committee. The transaction is expected to complete in the fourth quarter of 2025.
Michael Ilter, Georg Linde, Jasmin Dettmar, Bettina Bokeloh and Aurel Hille of Willkie Farr & Gallagher LLP acted as legal advisor for 3i Group plc. Daniel Garlipp, Nils Zettelmeyer, Sascha Overkamp and Mischa Krause of Carlsquare GmbH acted as financial advisor for Deutsche Beteiligungs AG. Roman Kasten, Heike Weber, Sebastian Schulz, Catharina Glugla and Jan-Hendrik Bode of A&O Shearman acted as legal advisor for Deutsche Beteiligungs AG. Heinrich Foglar-Deinhardstein of Cerha Hempel Spiegelfeld Hlawati acted as legal advisor for Deutsche Beteiligungs AG. Raphael Annasohn of Bär & Karrer Ltd. acted as legal advisor for Deutsche Beteiligungs AG. Reported Earnings • Aug 10
Second quarter 2025 earnings released: €0.06 loss per share (vs €0.061 profit in 2Q 2024) Second quarter 2025 results: €0.06 loss per share (down from €0.061 profit in 2Q 2024). Net loss: €1.05m (down 192% from profit in 2Q 2024). Revenue is forecast to grow 72% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 21
Upcoming dividend of €1.25 per share Eligible shareholders must have bought the stock before 28 May 2025. Payment date: 30 May 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.3%). Higher than average of industry peers (2.4%). Reported Earnings • May 11
First quarter 2025 earnings released First quarter 2025 results: Net income: €9.25m (down 70% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • May 09
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 13% per year over the past 5 years. Revenue is less than US$1m. Announcement • Apr 15
Deutsche Beteiligungs AG, Annual General Meeting, May 27, 2025 Deutsche Beteiligungs AG, Annual General Meeting, May 27, 2025, at 10:00 W. Europe Standard Time. New Risk • Mar 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Revenue is less than US$1m. New Risk • Mar 20
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risk Paying a dividend despite having no free cash flows. Announcement • Mar 07
Deutsche Beteiligungs AG announces Annual dividend, payable on May 30, 2025 Deutsche Beteiligungs AG announced Annual dividend of EUR 0.2500 per share payable on May 30, 2025, ex-date on May 28, 2025 and record date on May 29, 2025. Major Estimate Revision • Dec 05
Consensus revenue estimates fall by 31% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €185.4m to €128.8m. EPS estimate fell from €6.39 to €3.61 per share. Net income forecast to grow 41% next year vs 7.4% growth forecast for Capital Markets industry in Germany. Consensus price target broadly unchanged at €43.23. Share price rose 4.2% to €24.90 over the past week. Reported Earnings • Dec 01
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: €2.55 (down from €5.63 in FY 2023). Revenue: €108.7m (down 30% from FY 2023). Net income: €47.5m (down 55% from FY 2023). Profit margin: 44% (down from 68% in FY 2023). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) also missed analyst estimates by 36%. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Oct 23
An Undisclosed fund advised by Deutsche Beteiligungs AG (XTRA:DBAN) and management of UNITY AG completed the acquisition of an unknown majority stake in UNITY AG. An Undisclosed fund advised by Deutsche Beteiligungs AG (XTRA:DBAN) and management of UNITY AG agreed to acquire an unknown majority stake in UNITY AG on August 6, 2024. UNITY Innovation Alliance, the current sole shareholder owned by its founders and employees, will hold an almost equal interest in economic terms postclosing. With UNITY AG employees also investing directly into UNITY AG as part of the transaction, the structure will provide for a of strongly aligned shareholder group. The transaction, which still requires approval from antitrust authorities, is expected to close by the end of the third quarter of 2024.
Matthias Krankowsky of RSM Ebner Stolz acted as financial due diligence provider for Deutsche Beteiligungs AG. Vassil Tcherveniachki of Flick Gocke Schaumburg Partnerschaft mbB (FGS) acted as legal advisor for Deutsche Beteiligungs AG. FGS worked with the Swiss law firm Bär & Karrer, which covered Swiss tax law. Dennis Schlottmann, Ulf Renzenbrink, Marc H. Kotyrba and Andreas Sandberger of Renzenbrink Raschke von Knobelsdorff Heiser acted as legal advisor for Deutsche Beteiligungs AG. Dr. Kleeberg & Partner GmbH WirtschaftsprÜFungsgesellschaft- Steuerberatungsgesellschaft acted as legal advisor for UNITY AG. Dominik Spanier, Bernhard Aigner and Julian Bley of Lincoln International AG acted as financial advisor to Deutsche Beteiligungs AG. Christoph Neeracher, Philippe Seiler, Laura Widmer and Susanne Schreiber of Bär & Karrer Ltd. acted as legal advisor to Deutsche Beteiligungs AG.
An Undisclosed fund advised by Deutsche Beteiligungs AG (XTRA:DBAN)and management of UNITY AG completed the acquisition of an unknown majority stake in UNITY AG on October 21, 2024. For the period ended December 31, 2023, UNITY AG reported a revenue of €72 million. The transaction is financed through borrowings from Eurazeo Global Investor. Ludwig Zesch and Matthias Weissinger of McDermott Will & Emery Rechtsanwälte Steuerberater LLP acted as legal advisor to Eurazeo Global Investor. Major Estimate Revision • Aug 15
Consensus revenue estimates fall by 23% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €140.8m to €108.6m. EPS estimate fell from €4.21 to €2.88 per share. Net income forecast to grow 497% next year vs 25% growth forecast for Capital Markets industry in Germany. Consensus price target broadly unchanged at €43.20. Share price rose 4.5% to €25.65 over the past week. Reported Earnings • Aug 09
Third quarter 2024 earnings released: EPS: €0.061 (vs €1.69 in 3Q 2023) Third quarter 2024 results: EPS: €0.061 (down from €1.69 in 3Q 2023). Revenue: €16.7m (down 63% from 3Q 2023). Net income: €1.14m (down 96% from 3Q 2023). Profit margin: 6.9% (down from 71% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jul 19
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 consensus EPS estimate fell from €4.74 to €4.21. Revenue forecast reaffirmed at €140.8m. Net income forecast to grow 97% next year vs 12% growth forecast for Capital Markets industry in Germany. Consensus price target of €43.98 unchanged from last update. Share price fell 5.4% to €24.55 over the past week. Announcement • Jun 06
Group of Butchers acquired Abbelen GmbH from Deutsche Beteiligungs AG (XTRA:DBAN). Group of Butchers acquired Abbelen GmbH from Deutsche Beteiligungs AG (XTRA:DBAN) on June 4, 2024. Abbelen will continue to operate independently as part of Group of Butchers.Group of Butchers completed the acquisition of Abbelen GmbH from Deutsche Beteiligungs AG (XTRA:DBAN) on June 4, 2024. Announcement • May 24
Deutsche Beteiligungs AG (XTRA:DBAN) commences an Equity Buyback for 10% of its issued share capital under the authorization approved on January 26, 2023. Deutsche Beteiligungs AG (XTRA:DBAN) commences share repurchases on May 17, 2024, under the program mandated by the shareholders in the Extraordinary General Meeting held on January 26, 2023. As per the mandate, the company is authorized to repurchase up to 10% of the share capital existing at the time of the resolution or, if this value is lower, of the company's share capital existing at the time the authorization is exercised. The purchase price per share shall not be more than 10% higher or lower than the arithmetic mean of the prices of the company’s shares in the closing auction in the XETRA trading system (or a corresponding successor system) on the Frankfurt Stock Exchange during the last three trading days prior to the record date, whereby the record date is the day on which the obligation to purchase is entered. The repurchased shares may be sold; or used as (partial) consideration in connection with the acquisition of companies or interests in companies or parts of companies or in connection with business combinations; or used to float shares of the company on foreign stock exchanges on which they were previously not admitted to trading; or used to fulfill claims resulting from virtual stock option plans by current or former members of the Management Board and employees of the company, and/or by current or former managing directors, members of the management board or similar, and employees of any company affiliated with the company. The authority shall expire on August 31, 2026. As of January 27, 2023, the company has no treasury shares.
On May 8, 2024, the company announces a share repurchase program. Under the program, the company will repurchase up to 850,000 shares, for €25 million. The repurchases will commence on May 17, 2024, and the program will be valid till February 28, 2025. Major Estimate Revision • May 15
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €156.6m to €140.8m. EPS estimate fell from €5.24 to €4.63 per share. Net income forecast to grow 103% next year vs 18% growth forecast for Capital Markets industry in Germany. Consensus price target of €43.98 unchanged from last update. Share price was steady at €28.20 over the past week. Reported Earnings • May 09
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €44.2m (down 14% from 2Q 2023). Net income: €30.5m (down 26% from 2Q 2023). Profit margin: 69% (down from 80% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Apr 19
Infosys Limited (NSEI:INFY) entered into an definitive agreement to acquire in-tech Holding GmbH. Infosys Limited (NSEI:INFY) entered into an definitive agreement to acquire in-tech Holding GmbH on April 18, 2024. The transaction is subject to customary closing conditions and regulatory approvals. The acquisition is expected to close during the first half of fiscal 2025. Upcoming Dividend • Feb 16
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 23 February 2024. Payment date: 27 February 2024. Payout ratio is a comfortable 32% but the company is paying out more than the cash it is generating. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (5.1%). Higher than average of industry peers (2.8%). Reported Earnings • Feb 09
First quarter 2024 earnings released: €0.31 loss per share (vs €2.21 profit in 1Q 2023) First quarter 2024 results: €0.31 loss per share (down from €2.21 profit in 1Q 2023). Revenue: €5.76m (down 89% from 1Q 2023). Net loss: €5.91m (down 114% from profit in 1Q 2023). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Reported Earnings • Dec 03
Full year 2023 earnings: Revenues exceed analyst expectations Full year 2023 results: Net income: €105.8m (up €203.3m from FY 2022). Revenue exceeded analyst estimates by 1.1%. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 1.9% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Dec 01
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 consensus EPS estimate fell from €5.42 to €4.65. Revenue forecast reaffirmed at €151.2m. Net income forecast to grow 2.9% next year vs 10% growth forecast for Capital Markets industry in Germany. Consensus price target of €44.18 unchanged from last update. Share price fell 4.5% to €26.60 over the past week. Announcement • Nov 02
An unknown fund, managed by Deutsche Beteiligungs AG (XTRA:DBAN) acquired an unknown majority stake in Promik Programmiersysteme Fur Die Mikroelektronik Gmbh from Promik's founding family. An unknown fund, managed by Deutsche Beteiligungs AG (XTRA:DBAN) acquired an unknown majority stake in Promik Programmiersysteme Fur Die Mikroelektronik Gmbh from Promik's founding family on October 31, 2023. Promik's founding family will remain as minority shareholders through a return investment. The transaction was financed through acquisition financing provided by Lincoln International LLC. Alexander Rosenberger and Jens Rosenberger belong to the founding family will remain in the company as CTO and CMO respectively.
An unknown fund, managed by Deutsche Beteiligungs AG (XTRA:DBAN) completed the acquisition of an unknown majority stake in Promik Programmiersysteme Fur Die Mikroelektronik Gmbh from Promik's founding family on October 31, 2023. Announcement • Sep 26
Deutsche Beteiligungs AG, Annual General Meeting, Feb 22, 2024 Deutsche Beteiligungs AG, Annual General Meeting, Feb 22, 2024. Announcement • Aug 30
Deutsche Beteiligungs AG to Report Fiscal Year 2023 Results on Nov 30, 2023 Deutsche Beteiligungs AG announced that they will report fiscal year 2023 results on Nov 30, 2023 Reported Earnings • Aug 13
Third quarter 2023 earnings released: EPS: €1.69 (vs €2.26 loss in 3Q 2022) Third quarter 2023 results: EPS: €1.69 (up from €2.26 loss in 3Q 2022). Net income: €31.7m (up €74.2m from 3Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Aug 08
An unknown fund managed by Deutsche Beteiligungs AG (XTRA:DBAN) agreed to acquire unknown majority stake in Tbd Technische Bau Dienstleistungen Gmbh & Co. Kg from Uwe Jahnke and Wilfried Eschen in a management buyout transaction. An unknown fund managed by Deutsche Beteiligungs AG (XTRA:DBAN) agreed to acquire unknown majority stake in Tbd Technische Bau Dienstleistungen Gmbh & Co. Kg from Uwe Jahnke and Wilfried Eschen in a management buyout transaction on August 7, 2023. Uwe Jahnke and Wilfried Eschen are the founders of Tbd Technische Bau Dienstleistungen Gmbh & Co. Kg and will remain as minority shareholders, while Uwe Jahnke, alongside TBD’s well-coordinated team, will lead the company solely. This transaction, which is subject to approval by the authorities, is expected to be closed in August 2023. Announcement • Jul 18
Nokera Ag agreed to acquire R+S Group AG from Deutsche Beteiligungs AG (XTRA:DBAN). Nokera Ag agreed to acquire unknown majority stake in R+S Group AG from Deutsche Beteiligungs AG (XTRA:DBAN) on July 17, 2023.The completion of the transaction is subject to the approval of the Federal Cartel Office. Reported Earnings • May 14
Second quarter 2023 earnings released Second quarter 2023 results: Net income: €41.0m (up €68.5m from 2Q 2022). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Feb 22
Upcoming dividend of €0.80 per share at 2.6% yield Eligible shareholders must have bought the stock before 01 March 2023. Payment date: 03 March 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (3.1%). Reported Earnings • Feb 12
First quarter 2023 earnings released First quarter 2023 results: Net income: €41.6m (up €49.8m from 1Q 2022). Revenue is forecast to grow 45% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Dec 07
Deutsche Beteiligungs AG to Report Q3, 2023 Results on Aug 10, 2023 Deutsche Beteiligungs AG announced that they will report Q3, 2023 results on Aug 10, 2023 Announcement • Dec 06
Deutsche Beteiligungs AG to Report First Half, 2023 Results on May 11, 2023 Deutsche Beteiligungs AG announced that they will report first half, 2023 results on May 11, 2023 Reported Earnings • Dec 04
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: €5.19 loss per share (down from €10.76 profit in FY 2021). Net loss: €97.6m (down 153% from profit in FY 2021). Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 8.2%. Revenue is forecast to grow 93% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Dec 02
Deutsche Beteiligungs AG to Report Q1, 2023 Results on Feb 09, 2023 Deutsche Beteiligungs AG announced that they will report Q1, 2023 results on Feb 09, 2023 Announcement • Sep 11
Deutsche Beteiligungs AG, Annual General Meeting, Feb 28, 2023 Deutsche Beteiligungs AG, Annual General Meeting, Feb 28, 2023. Reported Earnings • Aug 12
Second quarter 2022 earnings released: €1.34 loss per share (vs €3.01 profit in 2Q 2021) Second quarter 2022 results: €1.34 loss per share (down from €3.01 profit in 2Q 2021). Revenue: -€15.8m (down 127% from 2Q 2021). Net loss: €27.6m (down 157% from profit in 2Q 2021). Over the next year, revenue is expected to shrink by 54% compared to a 7.7% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Buying Opportunity • Aug 12
Now 20% undervalued Over the last 90 days, the stock is up 3.6%. The fair value is estimated to be €35.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 52% over the last 3 years. Earnings per share has grown by 64%. Revenue is forecast to grow by 21% in 2 years. Earnings is forecast to grow by 7.4% in the next 2 years. Price Target Changed • Jul 20
Price target decreased to €42.28 Down from €47.08, the current price target is an average from 5 analysts. New target price is 60% above last closing price of €26.40. Stock is down 25% over the past year. The company is forecast to post a net loss per share of €4.55 compared to earnings per share of €10.76 last year. Major Estimate Revision • Jul 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €18.8m to €19.7m. Forecast EPS reduced from -€0.99 to -€4.66 per share. Capital Markets industry in Germany expected to see average net income growth of 15% next year. Consensus price target down from €48.15 to €44.88. Share price was steady at €25.70 over the past week. Price Target Changed • Jul 18
Price target decreased to €44.88 Down from €48.38, the current price target is an average from 5 analysts. New target price is 77% above last closing price of €25.30. Stock is down 25% over the past year. The company is forecast to post a net loss per share of €0.99 compared to earnings per share of €10.76 last year. Major Estimate Revision • May 23
Consensus revenue estimates fall by 62% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from €48.9m to €18.8m. Forecast losses increased from -€0.95 to -€0.99 per share. Capital Markets industry in Germany expected to see average net income growth of 7.9% next year. Consensus price target down from €48.38 to €47.08. Share price was steady at €29.05 over the past week. Reported Earnings • May 18
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: €1.34 loss per share (down from €3.01 profit in 2Q 2021). Revenue: -€15.8m (down 127% from 2Q 2021). Net loss: €27.6m (down 157% from profit in 2Q 2021). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is expected to shrink by 13% compared to a 8.3% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from €110.5m to €48.9m. EPS estimate unchanged from €0.65 per share at last update. Capital Markets industry in Germany expected to see average net income growth of 12% next year. Consensus price target of €46.53 unchanged from last update. Share price fell 2.5% to €28.80 over the past week. Major Estimate Revision • Mar 09
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €3.72 to €2.61. Revenue forecast unchanged from €111.3m at last update. Net income forecast to shrink 52% next year vs 8.6% growth forecast for Capital Markets industry in Germany . Consensus price target down from €49.25 to €47.37. Share price fell 16% to €27.60 over the past week. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €28.45, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Capital Markets industry in Germany. Total returns to shareholders of 1.7% over the past three years. Reported Earnings • Feb 19
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: €0.48 loss per share (down from €1.55 profit in 1Q 2021). Revenue: €1.35m (down 96% from 1Q 2021). Net loss: €8.18m (down 133% from profit in 1Q 2021). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is expected to shrink by 39% compared to a 5.5% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Feb 11
Upcoming dividend of €1.60 per share Eligible shareholders must have bought the stock before 18 February 2022. Payment date: 22 February 2022. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 4.3%. Within top quartile of German dividend payers (3.4%). Higher than average of industry peers (2.2%). Reported Earnings • Dec 04
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: €10.76 (up from €1.11 loss in FY 2020). Revenue: €220.5m (up €208.0m from FY 2020). Net income: €185.1m (up €201.9m from FY 2020). Profit margin: 84% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Earnings per share (EPS) surpassed analyst estimates by 13%. Over the next year, revenue is expected to shrink by 48% compared to a 8.2% decline forecast for the funds industry in Germany. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 11
Consensus revenue estimates increase to €177.5m The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from €158.5m to €177.5m. EPS estimate increased from €6.30 to €6.97 per share. Net income forecast to shrink 38% next year vs 18% growth forecast for Capital Markets industry in Germany . Consensus price target broadly unchanged at €46.24. Share price was steady at €38.60 over the past week. Major Estimate Revision • Jul 23
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 consensus EPS increased from €4.86 to €5.55. Revenues were reaffirmed at €122.9m. Net income forecast to shrink 36% next year vs 46% growth forecast for Capital Markets industry in Germany . Consensus price target of €44.92 unchanged from last update. Share price rose 5.2% to €36.40 over the past week. Reported Earnings • May 24
Second quarter 2021 earnings released: EPS €3.21 (vs €6.79 loss in 2Q 2020) The company reported a soft second quarter result with weaker revenues and profit margins, although earnings were improved. Second quarter 2021 results: Revenue: €57.3m (down 182% from 2Q 2020). Net income: €48.3m (up €124.8m from 2Q 2020). Profit margin: 84% (down from 110% in 2Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €34.90, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 17x in the Capital Markets industry in Germany. Total returns to shareholders of 12% over the past three years. Major Estimate Revision • Mar 30
Consensus revenue estimates increase to €89.0m The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from €76.9m to €89.0m. EPS estimate increased from €2.77 to €4.36 per share. Net income forecast to grow 604% next year vs 76% growth forecast for Capital Markets industry in Germany. Consensus price target up from €42.94 to €44.24. Share price rose 14% to €39.30 over the past week. Reported Earnings • Feb 15
First quarter 2021 earnings released: EPS €1.65 (vs €0.01 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €34.5m (up 382% from 1Q 2020). Net income: €24.9m (up €25.1m from 1Q 2020). Profit margin: 72% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 64% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 08
New 90-day high: €38.45 The company is up 22% from its price of €31.60 on 10 November 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €66.82 per share. Is New 90 Day High Low • Jan 06
New 90-day high: €35.60 The company is up 10.0% from its price of €32.40 on 08 October 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €67.98 per share. Reported Earnings • Dec 04
Full year 2020 earnings released: €1.11 loss per share The company reported a poor full year result with weaker earnings, revenues and control over expenses. Full year 2020 results: Revenue: €12.4m (down 84% from FY 2019). Net loss: €16.8m (down 137% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 69% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Dec 04
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 36%. Earnings per share (EPS) exceeded analyst estimates by 155%. Over the next year, revenue is forecast to grow 497%, compared to a 1.8% growth forecast for the Capital Markets industry in Germany. Price Target Changed • Dec 02
Price target raised to €41.25 Up from €38.05, the current price target is an average from 5 analysts. The new target price is 22% above the current share price of €33.90. As of last close, the stock is down 16% over the past year. Price Target Changed • Nov 30
Price target raised to €39.65 Up from €36.84, the current price target is an average from 5 analysts. The new target price is 21% above the current share price of €32.70. As of last close, the stock is down 19% over the past year. Is New 90 Day High Low • Oct 27
New 90-day low: €29.70 The company is down 4.0% from its price of €31.00 on 29 July 2020. The German market is also down 4.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Capital Markets industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €49.21 per share. Is New 90 Day High Low • Oct 02
New 90-day high: €33.35 The company is up 10.0% from its price of €30.45 on 03 July 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €66.88 per share. 