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

Report

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.

See profile

DE000A0SMSH2 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.

See profile

Analysts

Milosz Papst

Other Reports on these Companies

SmartInsider

Mutares SE & Co. KGaA: 1 director

A director at Mutares SE & Co. KGaA bought 2,500 shares at 22.700EUR and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names ...

Free Trial

4h / 3m 4h / 3m 1 EN

Edison Investment Research

Mutares - Focus on engineering & technology

Mutares (MUX) continues to align its portfolio with the companyâ€™s core strategy and competencies. This includes the good progress in the turnaround of Balcke-DÃ¼rr, which clearly contributed to the improvement in adjusted group EBITDA to â‚¬4.5m (FY17: â‚¬-27.9m). Moreover, MUX further developed its engineering & technology segment through a new platform investment and several add-on acquisitions to existing platforms. Finally, it has deconsolidated unpromising entities from non-core segments which contributed negative results in FY18. MUX expects to acquire three additional companies and ex...

April 30, 2019 April 30, 2019 5 EN

Accsys Technologies - Upgrading guidance for the full year

Accsys Technologies had a strong H125 with a return to revenue growth and gross margin exceeding its target of 30%. Adjusted EBITDA improved on the back of better than expected volume growth from the plant in Arnhem. The company has simplified and de-risked the group through the successful start-up of the plant in the United States and the decision to discontinue the project in Hull. After the good start of the year, Accsys increased guidance for the full year, with underlying profitability expected to improve in H2 as Accoya USA continues to ramp up.

8h / 12m 8h / 12m 1 EN

Kate Heseltine

Kate Heseltine

Topps Tiles - Market outperformance again in FY24

Topps Tiles (TPT) has reported a good profit outturn for FY24, ahead of our prior expectations, which is encouraging in the context of the challenging external environment. Management believes the overall revenue decline of 5% means TPT has once again outperformed the market that it estimates to have declined by 10–15%. TPT has made good early progress on the key growth areas under its recently announced Mission 365 strategy, which are expected to drive the bulk of the growth in the medium term. With respect to the outlook for FY25, TPT has returned to positive revenue growth in the first eigh...

9h / 32m 9h / 32m 1 EN

Toby Thorrington

Toby Thorrington

Nabaltec - Resilience and margin expansion

Nabaltec recorded revenue growth across the group of 1.5% y-o-y to €158.2m at 9M24, with sales volumes increasing 7.9% y-o-y despite selling prices falling. Functional Fillers revenue grew by 3.8% y-o-y to €114.1m due to strong demand for its viscosity optimised and fine precipitated aluminium hydroxides. Speciality Alumina revenue, however, decreased 4.1% y-o-y, partially offsetting group revenue growth due to a lack of impetus for reactive alumina in the wider market. Group EBIT grew 28.2% y-o-y to €16.8m (10.3% margin), due to higher capacity utilisation and lower costs of materials, energy...

November 25, 2024 November 25, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

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

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe