58. Uncovering Trusts – Deutsche Beteiligungs (DBAN): Succession deals and a discount opportunity in DACH private equity

In this episode, our director of content for investment companies, Milosz Papst, talks about Deutsche Beteiligungs (DBAN), a German-based listed private equity and fund management company focused on mid-sized DACH businesses, often through succession-driven management buyouts. Milosz covers DBAG’s Q126 update, including a 3.0% NAV decline driven by lower valuation multiples amid the Middle East conflict, alongside FY26 NAV-per-share guidance of €36–40. He discusses the portfolio’s shift away from traditional industrials towards IT services, software and private debt, recent deals such as the Hipp Technology Group buyout, and strong realisations including the duagon exit. Milosz also touches on DBAG’s underappreciated fund services platform, its €1.00 per share dividend, and a share price discount to NAV of over 30%. \*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\** About ‘Uncovering Trusts’ *'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.* *About Edison:* *Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.* *Edison covers around 50 investment trusts, read about them here:* https://www.edisongroup.com/equities/investment-companies/