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Mutares

Executive Interview – Mutares

Edison TV: | General Industrials | 10 Dec 2018

In the interview, Mark Friedrich (the company’s CFO) explains Mutares’s distinct investment approach focused on turnaround situations and the ‘buy and build’ strategy. Moreover, he discusses the current progress in the existing platform investments and most recent acquisitions. Mr. Friedrich also highlights that opening the London office to source deals in the UK and the Nordics has been a natural step after opening offices in Paris and Milan. Finally, he shares the company’s expectations with respect to future transactions.

Mutares

New platform investments on board

QuickView | General Industrials | 19 Nov 2018

After reporting c €9m of adjusted EBITDA in H118, Mutares expects FY18earnings to reach €20o30m. This should be assisted by successfulturnarounds and organic growth of portfolio entities, as well as beneficialM&A activity. Management expects one or two additional transactions(either acquisitions or divestments) to be initiated and completed in theremainder of 2018, on top of the Knorr-Bremse deal which is already inprogress. At the current share price of €9.30, Mutares is trading at a 40.5%discount to last reported NAV.

Mutares

New platform investments on board

Update | General Industrials | 10 Oct 2018

After reporting c EUR 9m of adjusted EBITDA in H118, Mutares expects FY18 earnings to reach EUR 20–30m. This should be assisted by successful turnarounds and organic growth of portfolio entities, beneficial M&A activity and the deconsolidation of Zanders and Artmadis, which are currently being liquidated. Management expects one or two additional transactions (either acquisitions or divestments) to be initiated and completed in the remainder of 2018, on top of the Knorr-Bremse deal which is already in progress. At the current share price of EUR 9.54, Mutares is trading at a 40.5% discount to last reported NAV.

Mutares

Buy-and-build strategy fuels expansion

Update | General Industrials | 28 Jun 2018

Successful turnarounds supported by add-on acquisitions allowed Mutares (MUX) to post record FY17 results. Improvements across the P&L resulted from profitable exits as well as bargain purchases. The shift in strategy towards platform investments is expected to further validate the benefits of the buy-and-build approach originally introduced in STS Group. MUX is now trying to replicate the concept for Balcke-Dürr Group and La Meusienne. Despite the recent positive developments, MUX’s shares have been under pressure and currently trade at a 30.0% discount to last reported NAV.

Mutares

High transaction activity adds momentum

Update | General Industrials | 28 Sep 2017

Mutares continued to add new investments to its portfolio in H117, in particular enlarging the STS Group through add-on acquisitions. H117 earnings were supported by the disposals of EUPEC Germany and Fertigungstechnik Weissenfels (FTW). Consequently, portfolio NAV went up by 3.7% ytd to EUR 319.4m as at end-June. Despite the positive FY17 outlook for key holdings and upward potential associated with ongoing restructuring projects, Mutares’s shares trade at a 36% discount to NAV.

Mutares

European restructuring expertise

Initiation | General Industrials | 10 May 2017

mutares AG specialises in the acquisition and restructuring of unlisted companies in Europe and currently holds 13 investments. Shareholder value is created over time as profitable exits boost NAV and enable the company to pay special dividends. A successful realisation has already been achieved at the start of the year and the company intends to complete a further one or two exits this year. mutares's shares have delivered a compound annual total return of 34% since listing in 2008. Trading at a 30% discount to NAV, investors may find the stock an attractive opportunity.

Mutares

European restructuring specialist

QuickView | General Industrials | 09 Nov 2015

mutares is a restructuring specialist in the European market, acquiring companies that are undergoing special situations, providing extensive operational support and disposing at a profit once turnaround is complete. Having entered a very active M&A phase, the group has successfully completed several acquisition and disposal deals in 2015. With a successful capital increase on 8 October providing further funds to invest in both new opportunities and bolt-ons, following the opening of a new Paris office in March 2015, we expect to see M&A activity continuing.