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Scherzer & Co

FY17 results aided by good market sentiment

Update | Financials | 08 May 2018

Scherzer (PZS) posted a NAV total return of c 22% to EUR 2.74 in FY17 as it was able to benefit from the favourable market environment in Germany (MDAX +18%, SDAX +25% and TecDAX +40% last year). The NAV discount disappeared completely and the shares now trade at a 1% premium to the last reported NAV of EUR 2.84 (as at end-April 2018). PZS’s portfolio of extra compensatory claims (ECS) stood at EUR 93.2m (or EUR 3.11 per share) as at end-March 2018 and still represents important additional NAV upside potential. Management proposed a total dividend payment of EUR 0.10/share from FY17 earnings, including a special dividend of EUR 0.05/share.

Scherzer & Co

Upward NAV trend continues

Update | Financials | 13 Sep 2017

Scherzer & Co (PZS) was able to leverage the favourable market conditions in H117, generating an EPS of EUR 0.15 (vs EUR 0.04/share loss in H116) and growing NAV by 13.5% to EUR 2.55/share as at end-June. Realised capital gains, higher dividend income and a lower negative balance of value adjustments contributed to the solid result. Although there were no major favourable extra compensatory claim (ECS) rulings in H117, the company maintained an extensive ECS portfolio, which now amounts to EUR 89m or EUR 2.97 per share, providing potential future earnings upside. PZS’s NAV stands at EUR 2.64 as at end-August, in line with its current share price.

Scherzer & Co

Investing in special situations

Initiation | Financials | 11 Apr 2017

Scherzer & Co (PZS) is a listed asset holding company, focusing on equity investments. PZS invests in special situations, small and micro caps and value stocks, chiefly in Germany. PZS has a dual investment approach: it acquires stocks that are in takeover situations, buy-outs or similar capital restructuring situations and ‘mispriced' value stocks with a perceived valuation floor due to high asset values, net cash positions or strong major shareholders. This approach has been successful in the past five years.