Edison Investment Research - mutares AG (A2NB65) Mutares - New platform investments on board

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Edison Investment Research

Milosz Papst

Mutares - New platform investments on board

After reporting c â‚¬9m of adjusted EBITDA in H118, Mutares expects FY18 earnings to reach â‚¬20â€“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 â‚¬9.54, Mutares is trading at a 40.5% discount to last reported NAV.

10/10/2018 5 EN

Underlying

mutares AG

Mutares AG. Mutares AG is a Germany-based holding company focused on acquiring companies in special situations, such as owner or management succession and re-funding. It is active in the Automotive, Construction and Infrastructure, Consumer Goods and Logistics, Engineering and Technology, and Wood and Paper sectors. Its Automotive portfolio includes Elastomer Solutions, a manufacturer of rubber moldings, and STS Group, a producer of acoustic and thermal insulation. In the Construction and Infrastructure segment it manages manufacturing companies La Meusienne (stainless steel tubes), EUPEC (pipeline coatings) and BSL Pipes and Fittings (pipeline components). The Consumer Goods portfolio includes KLANN, a manufacturer of tinplate packaging. The Engineering and Technology portfolio includes Balcke-Duerr, a manufacturer of power plant components. Manufacturing companies Cenpa (core board), Zanders (specialty paper) and Norsilk (wood paneling and floor coverings) comprise the Wood and Paper segment.

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DE000A0SMSH2 Germany

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Milosz Papst

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Mutares - New platform investments on board

Mutares SE & Co. KGaA: 1 director

Mutares - Focus on engineering & technology

Accsys Technologies - Upgrading guidance for the full year

Topps Tiles - Market outperformance again in FY24

Nabaltec - Resilience and margin expansion

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