Edison Investment Research - Okoworld AG (VVV3) Oekoworld - Normalised revenue and profitability level

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Edison Investment Research

Milosz Papst

Oekoworld - Normalised revenue and profitability level

Ã–KOWORLD (Ã–WAG) reported robust results for H118, recording â‚¬7.6m revenues and â‚¬2.1m net profit. Even though both measures declined y-o-y by 5.6% and 31.4%, respectively, it is important to note that last yearâ€™s figures were particularly strong due to high performance fees driven by favourable equity markets. Fund performance outpaced both the broader market and peers over the long term, but is currently recovering from the Q118 downturn. Ã–WAGâ€™s shares trade at a premium to the peer group on P/E and EV/EBITDA for FY18e, which, however, widens in FY19e due to earnings growth expectations below the peer-group average.

07/09/2018 4 EN

Underlying

Okoworld AG

OEKOWORLD AG, formerly Versiko AG, is a Germany-based investment consulting company and funds operator that focuses on ecological investments. The Company serves both private customers and institutional investors, banks and other financial services provider. It offers the pension insurances Oekoviola, Versirente and Veresikid, as well as the investment funds Oekoworld Oekovision Classic, Oekoworld Growing Markets 2.0, Oekoworld Oekotrust, Oekoworld Klima, Oekolworld Water For Life, Oekovision Garant 20 and New Energy Fund. The Company conducts sustainability research in order to identify potential investment possibilities and asset and fund management through OEKOWORLD LUX SA, a Luxembourg-based subsidiary.

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DE0005408686 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

Milosz Papst

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Oekoworld - Normalised revenue and profitability level

Fondsperformance lässt AUM zum Halbjahr wachsen, Hj.-EPS bei € 1,93 (+7,4%)

Strategische Zukunftsinvestitionen angestoßen, attraktive Dividendenpolitik fortgesetzt

Kapitalmarktumfeld belastet, Konzernhalbjahresüberschuss leicht unter Vorjahr

Accsys Technologies - Upgrading guidance for the full year

Topps Tiles - Market outperformance again in FY24

Nabaltec - Resilience and margin expansion

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