Deutsche Beteiligungs AG

Deutsche Beteiligungs, based in Frankfurt, is one of Germany's oldest listed private-equity firms, investing its own capital and managing funds that buy stakes in mid-sized German companies. Its value rises and falls with the worth of those holdings and the profits from selling them. DBAG has a long record of paying a dividend, often a generous one, but the payout depends on realising gains from investments, which makes it lumpy across the cycle. The stock offers an attractive but variable yield tied to private-equity exits rather than steady operating profit.