Scherzer & Co company feature image

Scherzer & Co

DB: PZS

Market Cap€88m

Last Close €2.94

Scherzer & Co (PZS) invests its funds mainly in domestic equities. PZS looks for companies that are unknown or unloved, and special situations. The focus is on special situations, where the downside is perceived to be limited. In addition, it acquires value stocks, mainly below book value. These stocks need to demonstrate strong business models.

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Investment summary

Scherzer’s (PZS) NAV per share at end-March 2021 stood at €3.12, 83% higher year-on-year. This was a result of strong FY20 income, with PZS’s EPS at €0.42, vs an FY19 loss of €0.08 and an FY12–19 average of €0.12, paired with a low base effect from end-March 2020 (pandemic outbreak). Meanwhile, PZS’s share price somewhat lagged the recovery and the discount to NAV widened to its current 10.9%, while PZS traded at par before the crisis. Following the profitable disposal of its AXA claims, PZS’s extra compensatory claims (ECS) portfolio stood at €122m at end-March 2021 (12% lower year-on-year).

Content on Scherzer & Co
Scherzer & Co – Successful conclusion of AXA case
Financials | Update | 8 September 2020
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Share price graph
Price performance
%
1m
3m
12m
Actual 5.0 8.9 56.4
Relative* 3.8 0.9 26.6
52-week high/low €3.0/€1.9
*% relative to local index
Key management
Georg Issels Board member
Mark Kahlenberg Investment Manager