Edison Investment Research - German Startups Group Berlin GmbH Co KGaA (SGF) German Startups Group - German Startups Market goes live

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Edison Investment Research

Pedro Fonseca

German Startups Group - German Startups Market goes live

German Startups Group (GSG) opened its secondary shares trading platform on schedule as a first step in the transition to an asset manager and market place. The next steps in the development of the platform include the launch of the G|S Tech50 Fund and planned co-operation with SharesPost to open the US market to German investors. The platform has yet to prove its success and grow in scale, but a successful transformation could potentially create value beyond the existing NAV per share. After accounting for post-balance sheet events (a share buyback and transaction yielding a â‚¬1.6m revaluation gain), we estimate the current discount to NAV at 42%.

11/10/2018 5 EN

Underlying

German Startups Group Berlin GmbH & Co KGaA

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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DE000A1MMEV4 Frankfurt Stock Exchange Germany

Provider

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

Pedro Fonseca

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German Startups Group - German Startups Market goes live

EQS-News: The Payments Group Holding - Die PGH-Gruppe launcht gemeinsam mit AI-Experten einen auf künstliche Intelligenz ausgerichteten Company Builder

EQS-News: The Payments Group Holding - PGH group launches a company builder focused on artificial intelligence together with AI experts

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