Mutares

DB: MUX

€172m market cap

€11.1 last close

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.

Investment summary

Mutares (MUX) specialises in restructuring distressed companies and is taking advantage of the current economic downturn caused by the pandemic, as large capital groups are selling unprofitable divisions. Including announced but not yet finalised transactions, the portfolio grew to 18 companies vs 13 at end-FY19. While tough conditions in European industrials sectors weighed on MUX’s H120 results (it consolidates all its entities in full), management highlighted that the portfolio has returned to profitability in recent months. At the same time, the stabilisation of operations should allow restructuring initiatives postponed during the pandemic to restart (likely triggering higher costs in H220). A €50m bond issue in Q120 secured additional liquidity.

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Sector
Industrials
Share price graph
Price performance
%
1m
3m
12m
Actual 13.4 8.0 13.0
Relative* 16.8 10.6 12.1
52-week high/low €13.6/€6.1
*% relative to local index
Key management
Robin Laik CEO
Mark Friedrich CFO
Johannes Laumann CIO

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