Blue Cap - Better revenues and margin expected in FY21
Blue Cap showed a strong performance in 2020, which was dominated by the coronavirus pandemic. Revenues rose by 3% y-o-y to €233m, while the adjusted EBITDA margin improved 120bp y-o-y to 7.6%, fuelled by cost savings and the positive development in the Plastics segment. For FY21, Blue Cap expects revenues of €255–265m and an adjusted EBITDA margin of 8–9%. Group NAV increased 9% y-o-y to €153.9m. The current share price reflects a discount of 30% to NAV per share of €38.58.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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