Mutares - Opportunities in a distressed environment
Mutares (MUX) specialises in restructuring distressed companies and expects new opportunities to arise amid the current crisis caused by the coronavirus outbreak. STS’s plants located in China have returned to operations and MUX’s focus in terms of current restructuring actions is in benefiting from the end of lockdown and improved economic activity. In 2019, MUX was particularly active in M&A, with 10 investments announced, including six new platforms. These resulted in significant gains on bargain purchases and a solid EPS increase. Consequently, management recommended a €1.00 dividend per share for FY19, translating into an attractive 9.3% yield. MUX’s liquidity was strengthened with the recent €50m bond issue.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.
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