Scherzer & Co - Subdued FY18 results reflect market trends
Scherzer & Co’s (PZS) NAV declined by 12.6% in FY18 and a further 1.3% in Q119. The company increased its income from dividends and writing options, but significant write-offs in the portfolio and a relatively high tax burden resulted in negative EPS of €0.03. Consequently, the company will not pay a dividend, compared to a DPS of €0.10 paid from FY17 profits. PZS’s portfolio of extra compensatory claims (ECS) increased to €103.8m (€116m including Allerthal-Werke and RM Rheiner Management) in FY18, mainly due to the addition of €8.4m attributable to PZS’s stake in Oldenburgische Landesbank.Scherzer & Co AG is a Germany-based investment company that invests in third companies. The Company focuses on both growth companies and companies in special situations.
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