- In full swing
H1 profit well ahead of market expectations and confirmation of the successful sale of Biolink are fitting endorsements of Blue Cap’s investment strategy. Indeed, more of the same appears on the cards with full-year management guidance of strong momentum, notably in the turnaround of Neschen, as well as new investment opportunities, which the now de-geared company is well-placed to seize. Despite a buoyant share price (up over 50% since our positive initiation report in July), the rating remains attractive at under 9x 2017e EV/EBITDA on seemingly cautious consensus forecasts.Blue Cap AG is a Germany-based holding company investing in medium-sized companies in the industry sector. The Company's portfolio includes companies in the areas of adhesives, special machinery, medical and measurement technology and precious metals. It distinguishes five business segments: Coating technology, Adhesive technology, Production technology, Medical technology, Precious metal recycling and trade. Its portfolio companies include NESCHEN Coating GmbH, a producer of adhesive-coated films; PLANATOL GmbH, a producer of glues; Gaemmerler GmbH, a manufacturer of printing systems; nokra Optische Prueftechnik und Automation GmbH, a provider of measuring and testing systems; em-tec GmbH, a developer of blood flow measuring devices; INHECO Industrial Heating and Cooling GmbH, a developer of thermo-electric components; Carl Schaefer Gold- und Silberscheideanstalt GmbH, a precious metals processing company, and knauer Holding GmbH & Co KG, a plastic cup supplier, among others.
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