Saturday, April 9, 2016

DBAG report Q1 2016

DBAG, Q1, 2016 report, front page

The Q1 report from DBAG is out since some time ago and it is looking very well. The price of the shares in DBAG are sitting on the same roller coaster as the rest of the market.

As always please make sure that you are viable to read the report that can be found in full here. To read the previous summary please go to DBAG annual report 2015 or why not visit the analysis of DBAG 2016.

In the financial highlights below we can see that they made no new investments during this first quarter and they managed to have a spectacular net income of 30 M € which means 2.25 € per share and it is more than what they earned during the entire last year. Their "assets", here I include under management, have decreased by around 100 M € which I do not like because that is a lot and the less money working the less money can be gained. I also do not like to see companies reporting gains and hardly paying any taxes. It should be noted that for instance Hmmmm keeps telling me to run away from this company and finance in general.

DBAG, Q1, 2016, financial highlights

Conclusion: At least on the paper the start of this year looks excellent for DBAG! The earnings that they decided to report are even higher than the full year for 2015 and if everything is correct and they will have the rest of the year more "normal" then there will still probably be an extra dividend payment which I for one would not say no to. I will remain as a shareholder in DBAG and I will start to take a closer look at the taxes they end up pay during the years.


Michael C. Kissig said...

auf Seite 10 des Reports steht allerdings, dass es per 31.12.2015 noch offene Zusagen für Co-Investments an der Seite des DBAG Fund VI und des DBAG DCF in Höhe von 97 Mio. EUR gäbe. Werden diese Zusagen umgesetzt, erhöhen sich auch die AUM entsprechend (wieder).

Anonymous said...

Moin Michael,

Stimmt, habe ich übersehen. Warum braucht mann eine zusage im vergleich zu früher?

-Fredrik von Oberhausen

Michael C. Kissig said...

Ich denke, das ist einfach stichtagsbezogen. Das Investment steht fest, aber die Verträge sind noch nicht umgesetzt und/oder die Eintragungen ins Handelsregister stehen noch aus. Oder irgendwelche anderen Vollzugsvoraussetzungen sind noch nicht erfüllt, so dass das Geld noch nicht geflossen ist.