Annual Report
2013/2014
DRIVING
EXPANSION.
ENSURING
CONTINUITY.
MAKING STRONG
COMPANIES STRONGER.

SHARE PERFORMANCE AND ANALYSTS’ RECOMMENDATIONS

NET ASSET VALUE PER SHARE: GAIN OF 15.8 PERCENT IN FINANCIAL YEAR

In financial year 2013/14, we again successfully created value for our shareholders: net asset value per share increased from 19.16 euros (after a dividend payment of 1.20 euros per share) at the beginning of the financial year to 22.18 euros, a gain of 3.02 euros or 15.8 percent.

Very satisfactory returns have also been delivered to shareholders over more extended periods of time: on 1 November 2004, net asset value per share was 12.54 euros. The base and surplus dividends that have been paid since then total 13.49 euros per share. Adding these dividend payments to the net asset value of 22.18 euros per share at the current reporting date results in an increase of 23.13 euros or about 235 percent on the initial amount ten years ago.1 This corresponds to an average annual return of 12.9 percent.

SHARE PERFORMANCE AND NET ASSET VALUE PER SHARE

(1 November 2004 – 31 October 2014, total return, indexed to 1 November 2004 = 100)

SHARE PERFORMANCE AND NET ASSET VALUE PER SHARE

The significant rise in net asset value per share this past financial year contributed towards the positive price movement of DBAG shares. In financial year 2013/14, they largely traded within a narrow band around the net asset value per share. Initially trading at a discount to NAV of up to five percent at the beginning of the financial year, they were quoted at a premium of, at times, up to twelve percent following the announcement of the preliminary results for 2012/13 and the dividend recommendation. As in previous years, after the dividend payment the share price fell to below net asset value per share. Towards the end of the financial year, prices again closely reflected net asset value. This distinguishes DBAG from other private equity firms: the stocks of 16 of the 23 listed private equity companies in Europe that also hold direct investments trade at discounts of more than ten percent, another three at discounts of between five and ten percent.

DIFFERENCE BETWEEN SHARE PRICE AND NET ASSET VALUE PER SHARE

(1 November 2013 to 31 October 2014; %)

DIFFERENCE BETWEEN SHARE PRICE AND NET ASSET VALUE PER SHARE

RESEARCH: HOLD RECOMMENDATIONS CURRENTLY PREDOMINATE

Analysts frequently also consider the difference between the current share price and the net asset value per share in their opinions. In view of the market’s continued very favourable – from analysts’ perspective – assessment of our shares on a sector comparison, hold recommendations currently predominate. As previously mentioned, we want to call more attention to the role that fee income for investment services to funds plays for the performance generated by DBAG.

Analysts’ recommendations are regularly documented on our website in the section “Investor Relations/Research” as soon as they come to our attention. The table below presents analysts’ ratings at the beginning of financial year 2014/15. DBAG shares are also tracked by other analysts who exclusively assess listed private equity firms and comparable companies.

ANALYSTS’ RATINGS FOR DEUTSCHE BETEILIGUNGS AG
ODDO SEYDLER BANK November 2014 “Hold”
Edison Investment Research September 2014
HSBC Trinkaus July 2014 “Neutral”
J.P. Morgan Cazenove September 2014 “Underweight”
Landesbank Baden-Württemberg December 2014 “Hold”
Solventis Wertpapierhandelsbank March 2014 “Buy”
Warburg Research (M.M.Warburg) November 2014 ”Hold”

1 Net asset value per share at a (quarterly) reporting date relative to the value at the preceding (quarterly) reporting date. In the event that a dividend was paid in a quarter, that amount is added to the net asset value per share at the reporting date.