Oekoworld

DB: VVV3

€111.4m market cap

€15.18 last close

Oekoworld is a listed holding company for asset management, insurance brokerage and advisory services. It is one of Germany’s pioneers in SRI and ethical-ecological investment advisory, with its nucleus reaching back to 1975. It has preserved its successful core investment principles and reached AUM of €900m in February 2017.

Investment summary

ÖKOWORLD (ÖWAG) reported robust results for H118, recording €7.6m revenues and €2.1m net profit. Even though both measures declined y-o-y by 5.6% and 31.4%, respectively, it is important to note that last year’s figures were particularly strong due to high performance fees driven by favourable equity markets. Fund performance outpaced both the broader market and peers over the long term, but is currently recovering from the Q118 downturn. ÖWAG’s shares trade at a premium to the peer group on P/E and EV/EBITDA for FY18e, which, however, widens in FY19e due to earnings growth expectations below the peer-group average.

Share price graph
Price performance
%
1m
3m
12m
Actual (0.9) (2.2) (13.7)
Relative* (2.6) (10.6) (8.5)
52-week high/low €19.2/€13.9
*% relative to local index
Key management
Alfred Platow CEO