Market Cap€466m

Last Close €22.6

Founded and listed in 2008, Mutares acquires special situation companies that are underperforming and can be turned around through financial and operational restructuring. It owns multiple companies across three focus industries.

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Investment summary

Mutares (MUX) closed seven acquisitions in H121 and another five were closed or announced after the reporting date. Management highlights that in the current uncertain environment, there are plenty of opportunities for turnaround investors and it reviews a high number of potential investments simultaneously. MUX also closed two larger deals that required it to provide capital to underlying companies – it secured funding for Lapeyre (€20m) and Light Mobility Solutions (€15m). Management expects more deals, that would call for additional funding. MUX is exploring its options, which could include share issues. In H121 MUX also closed three exits, which were all executed at or above its target ROIC range of 7–10x.

Content on Mutares
Mutares – Thinking bigger
Industrials | Update | 21 September 2021
Mutares – Capturing the opportunities
Industrials | Update | 22 April 2021
Mutares – executive interview
Industrials | Edison TV | 30 November 2020
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Share price graph
Price performance
Actual (11.6) 10.1 116.3
Relative* (13.8) 8.0 77.5
52-week high/low €28.2/€9.9
*% relative to local index
Key management
Robin Laik CEO
Mark Friedrich CFO
Johannes Laumann CIO