German Startups Group - Buying back shares
German Startups Group (GSG) continues its transformation into an asset manager. Within its existing portfolio, its focus is on successful exits with proceeds to be partially used for share buybacks and deleveraging. GSG is still exploring available options to exit Exozet, which visibly improved its financial performance in H119. We calculate that GSG’s current share price implies a 43% discount to NAV per share of €2.52 (at end June 2019, adjusted for subsequent buyback). Importantly, the NAV may be out of date as the revaluation of holdings is predominantly driven by new funding rounds/disposals, which were few in H119. Consequently, the average time elapsed since last revaluation based on third-party transactions in its portfolio stood at 357 days (end-June 2018: 226 days).German Startups Group GmbH & Co KgaA. German Startups Group GmbH & Co KgaA is a Germany-based venture capital company. The Company invests in startup companies in the seed, early, mid and growth stages. In addition, the Company acquires secondary shares of startups from founders, business angels and early stage investors. Its portfolio includes Ayondo, Customer Alliance, Cybits, DaliaResearch, Delivery Hero, eWings.com, ePetWorld GmbH, Fanmiles, Fanmiles, Itembase, Juniqe, Lingoda, Medlanes, meinKauf, Mister Spex, Returbo, Shutzklick, Soundcloud, and Wummel Kiste, among others. In addition, the Company operates a majority stake in Exozet Berlin GmbH, through which, it offers its portfolio companies access to a range of services: realization of Web and applications, development of online marketing campaigns, consulting of brand development, modifying business models and selecting technology.
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