Report
Toby Thorrington

Mutares - Capturing the opportunities

Mutares (MUX) reported an exceptional year in terms of portfolio expansion, ending 2020 with 20 platform investments (vs 13 in FY19). These companies generate €2.2bn revenues annually and MUX’s income from management and consulting increased 61% y-o-y to €66.5m. The proceeds from the recent record-quick exit from Nexive (closed in January 2021) allowed management to propose a 50% higher year-on-year dividend, which implies a 6.5% yield on the current share price.
Underlying
mutares AG

Mutares SE & Co KgaA Formerly known as Mutares AG. Mutares SE & Co KgaA 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 three segments: Automotive & Mobility, including Elastomer Solutions, a manufacturer of rubber moldings, Plati, a supplier of cable harnesses, Kico, a supplier for automotive technology and STS Group, a supplier for commercial vehicle; Engineering & Technology, including Balcke-Duerr, a producer of power plant components, Donges Group, a manufacturer of bridge and steel constructions, EUPEC, a supplier of coatings for oil and gas pipelines, and Gemini Rail Group, a provider of component and vehicle overhaul services to rolling stock owners, and Goods & Services, including KLANN, a manufacturer of tinplate packaging, Cenpa, a manufacturer of coreboard, La Meusienne, a manufacturer of stainless steel tubes, TrefilUnion, a producer of iron wire and prestressing steel, and keeeper group, a plastic manufacturer.

Provider
Edison Investment Research
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
Toby Thorrington

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