FRANKFURT (dpa-AFX) - Deutsche Beteiligungs AG (DBAG) is withdrawing its statement on net asset value just over two months after confirming its annual forecast. The SDax-listed company announced late Wednesday evening that this is likely to be between 675 and 710 million euros in the 2023/24 financial year, which runs until the end of September.

At the beginning of May, DBAG had reaffirmed its November forecast of EUR 675 to 790 million. Analysts had previously expected 782 million euros. The news was met with a significant drop on the stock market.

The share price fell by around seven percent to around 24 euros in the morning and dropped to its lowest level since the fall of 2022. This year alone, the company's market value has fallen by around a fifth to just under 450 million euros. The trend has been on a downward trajectory since 2018. Compared to the record at the time, which was around 50 euros, the share price has now more than halved.

The reason for the lowered forecast is that the gross valuation and disposal result from the portfolio is expected to be significantly lower than in the same quarter of the previous year. As a result, the consolidated result for the third quarter will also be "significantly" below the corresponding figure for the previous year.

DBAG's business consists of two areas: Firstly, it invests in medium-sized companies with a focus on the industrial sector in Germany, Austria and Switzerland, as well as Italy since 2020. Secondly, the company offers fund advisory services. The forecast for earnings from fund consulting of EUR 9 to 13 million was confirmed for this business./he/zb/mis