Mutares

DB: MUX

€168.1m market cap

€10.85 last close

Founded and listed in 2008, mutares AG acquires special situation companies that are under performing and can be turned around through financial and operational restructuring. It currently owns 13 companies across five focus industries.

Investment summary

After reporting c €9m of adjusted EBITDA in H118, Mutares expects FY18 earnings to reach €20–30m. This should be assisted by successful turnarounds and organic growth of portfolio entities, as well as beneficial M&A activity. Management expects one or two additional transactions (either acquisitions or divestments) to be initiated and completed in the
remainder of 2018, on top of the Knorr-Bremse deal which is already in progress. At the current share price of €9.30, Mutares is trading at a 40.5% discount to last reported NAV.

Sector
Industrials
Share price graph
Price performance
%
1m
3m
12m
Actual 4.8 (5.7) (11.8)
Relative* 8.3 (1.3) (12.533)
52-week high/low €20.8/€10.3
*% relative to local index
Key management
Corinna Lumpp Manager Strategy & IR