Blue Cap AG : An opportunity to invest in SME growth stories
Blue Cap AG is an investment company with a buy, transform & sell business model focusing on SMEs in special situations, which gives investors the opportunity to participate in its proven track record of restructuring SMEs. Based on the company’s growing revenues (2024-2026e CAGR of 3.5%) and adj. EBITDA margin (+250bp, 2023 vs 2026e), as well as its sound financial profile (equity ratio of about 40%, average annual FCF of c. € 10.9m), we initiate coverage with an Outperform recommendation and a target price of € 26.5. We believe that its potential intensive M&A activities with regular divestments and reinvestment of the proceeds are not reflected in the current share price.Blue Cap AG is a Germany-based holding company investing in medium-sized companies in the industry sector. The Company's portfolio includes companies in the areas of adhesives, special machinery, medical and measurement technology and precious metals. It distinguishes five business segments: Coating technology, Adhesive technology, Production technology, Medical technology, Precious metal recycling and trade. Its portfolio companies include NESCHEN Coating GmbH, a producer of adhesive-coated films; PLANATOL GmbH, a producer of glues; Gaemmerler GmbH, a manufacturer of printing systems; nokra Optische Prueftechnik und Automation GmbH, a provider of measuring and testing systems; em-tec GmbH, a developer of blood flow measuring devices; INHECO Industrial Heating and Cooling GmbH, a developer of thermo-electric components; Carl Schaefer Gold- und Silberscheideanstalt GmbH, a precious metals processing company, and knauer Holding GmbH & Co KG, a plastic cup supplier, among others.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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