Battery materials to support recovery

IBU-tec 25 March 2020 Update
Download PDF German PDF Download

IBU-tec

Battery materials to support recovery

Speciality chemicals

Scale research report - Update

25 March 2020

Price

€8.5

Market cap

€34m

Share price graph

Share details

Code

IBU

Listing

Deutsche Börse Scale

Shares in issue

4.0m

Last reported net debt at end December 2019

€14.6m

Business description

IBU-tec is an international full-service provider in the field of thermal process engineering, predominantly treating inorganic materials. The acquisition of BNT has added complementary wet chemical processes for manufacturing tin-based products.

Bull

Serving high-growth segments such as emobility and energy storage.

BNT acquisition adds wet chemical processes to existing thermal treatments.

New Bitterfeld site supports expansion into new thermal process applications.

Bear

Reliance on key customers, although this is reducing.

Additional bank loans to support BNT purchase.

Low free float.

Analyst

Anne Margaret Crow

+44 (0)20 3077 5700

IBU-tec is expanding its share in the greentech, electromobility, energy storage and life science sectors, all of which are likely to show strong growth in future. In the short term however, management expects weaker demand from some customers, the effects of coronavirus and a fire affecting some of the reactors at BNT will result in FY20 sales being in the lower double-digit percentage range below FY19’s level.

FY19 benefits from battery materials

On a pro forma basis, FY19 revenues increased by 4% to €48.5m. This was the result of a substantial increase in sales of battery materials for the automotive industry and stationary energy storage, as well as chemical catalysts. This growth was achieved despite a significant reduction in sales of catalytic powder materials for the automotive industry. EBITDA grew by 3% year-on-year to €7.1m, slightly below management’s guidance of €7.2–7.5m. The EBITDA margin reduced by 0.1pp to 14.7% as the business no longer operates exclusively on a toll-processing model. EPS decreased from €0.59 to €0.22 because of higher depreciation and financing costs associated with expansion.

External factors and fire at BNT to affect FY20

The company is well-positioned for medium-term growth having commenced production at its new Bitterfeld site in Q419. However, noting cautious volume forecasts from customers in some industries, the effects of the coronavirus and production losses of €5–6m resulting from a fire at BNT at the end of December 2019, management expects FY20 sales to be in the lower double-digit percentage range below FY19’s level. Management expects the EBITDA margin to be in the double-digit percentage range. The fire is not expected to impact EBITDA.

Valuation: Trading at a discount to peers

Like other companies across Europe, North America and Asia involved in the manufacture of mobile and process catalysts and battery materials, IBU-tec’s share price has fallen sharply (by 51%) since the beginning of calendar 2020. At the current level, the shares are trading on historic EV/sales (1.0x vs 1.5x) and EV/EBITDA multiples (6.8x vs 7.6x) that are below the sample mean and on P/E multiples that are higher (38.6x vs 12.9x), but given the current stock market volatility, it is difficult to draw any precise conclusions from this comparison.

Financial summary

Year
end

Revenue
(€m)

PBT

(€m)

EPS

(€)

DPS
(€)

P/E

(x)

Yield
(%)

12/16

17.7

4.3

0.77**

0.00

11.0

N/A

12/17

16.8

1.9

0.45**

0.13

18.9

1.5

12/18*

46.6

2.4

0.59

0.15***

14.4

1.8

12/19

48.5

1.5

0.22

0.00

38.6

N/A

Source: IBU-tec accounts. *Pro forma as though BNT was part of group for full year. **On number of shares at IPO. ***Excluding €0.05 special dividend.

Edison Investment Research provides qualitative research coverage on companies in the Deutsche Börse Scale segment in accordance with section 36 subsection 3 of the General Terms and Conditions of Deutsche Börse AG for the Regulated Unofficial Market (Freiverkehr) on Frankfurter Wertpapierbörse (as of 1 March 2017). Two to three research reports will be produced per year. Research reports do not contain Edison analyst financial forecasts.

FY19 growth helped by demand for battery materials

On a pro forma basis, ie assuming that BNT had been part of the group throughout H118 rather than being acquired in June 2018, FY19 revenues increased by 4% to €48.5m. Production revenues, which accounted for 87% of the total, rose by 2%, reflecting an increase of around 75% in sales of battery materials for the automotive industry and stationary energy storage, as well as growth in the supply of chemical catalysts. The revenue growth was achieved despite a continued reduction in sales of catalytic powder materials for the automotive industry, which until Dieselgate was a key application area. BNT was awarded several long-term contracts with customers in the glass industry and extended its supply contract with a Swiss pharmaceutical group. Revenues attributable to process and material development, which accounted for 12% of the total, grew by 32%, which is a good sign because some of these projects are likely to pass into volume production. We note that revenues were 24% lower in H219 than H119, reflecting the impact of a slowdown in the chemicals industry in Germany, where most of the customers are based, and which intensified in Q4. According to the German Association of the Chemical Industry chemical production fell by 7.5% during calendar 2019. This led to customers requiring IBU-tec to manufacture lower volumes of material under existing contracts. This was partly mitigated through sales activity winning smaller, but lower-margin research and development projects.

Exhibit 1: Pro-forma financial summary

FY19

FY18

Revenues (€m)

48.5

46.6

EBITDA (€m)

7.1

6.9

Profit before tax (€m)

1.5

2.4

Net income (€m)

0.9

2.3

Source: Company data

On a pro forma basis, EBITDA grew by 3% year-on-year to €7.1m. The EBITDA margin reduced by 0.1pp to 14.7% because of higher material costs as a percentage of sales since the company is no longer exclusively engaged in toll-manufacturing and a small (€0.3m) reduction in inventory related to lower tin prices compared with a €2.5m increase in inventory in FY18. However, EPS decreased from €0.59 to €0.22 because of increased depreciation related to production commencing in Bitterfeld and financing charges relating to the loans associated with acquiring BNT and the new Bitterfeld site. Management managed costs very tightly during H219 and reduced the number of employees at the end of FY19 to a similar level to that at the end of FY18.

On a non-pro forma basis, revenues increased by 49%, EBITDA rose by 9% and EPS decreased from €0.47 to €0.22. The proportionately lower increase in EBITDA shows how BNT has added scale to the group but at an inherently lower operating margin. This is because it has a different business model from the original IBU-tec activity. BNT sells chemicals, while IBU-tec historically worked on a toll-manufacturing basis. While the drop in revenues during H219 led to a reduction in EBITDA (€3.4m in H219 vs €3.8m in H119), in a more stable economy the increase in EBITDA would have been sufficient to offset the higher depreciation (€5.2m FY19 vs €3.6m FY18) and financing costs (€0.4m FY19 vs €0.1m FY19) associated with expansion.

Cash generated from operations during FY19 was €4.2m following a €4.3m reduction in receivables related to lower Q419 sales and a €5.0m reduction in liabilities following a successful negotiation with a large customer. After investing €6.0m in capex, which included equipment to improve production efficiency at BNT and to complete the production line at the new Bitterfeld site, and paying €1.0m deferred consideration for BNT, net debt increased from €10.7m at end December 2018 to €14.6m at end December 2019.

Benefiting from the shift to greener transport

Beneficial impact of demand for green materials

As discussed in Edison’s note Battery charge: The rise of lithium-ion – options and implications, current forecasts from the IEA and BNEF anticipate electric vehicles (EVs) (including hybrids) growing from 2% of new cars sales in 2018 globally to 25–46% by 2030. This implies sales of 23–43m vehicles by 2030 and an EV fleet between 125m and 250m. This is expected to drive demand for battery capacity and thus battery materials, making this a highly attractive market for IBU-tec to be involved in. IBU-tec is well positioned because it is able to produce the highly homogenous materials required for batteries to work successfully. Battery performance is a key factor in electric vehicle competitiveness, as the better the energy density of the battery, which is determined by the materials used in a battery anode and cathode, the further a car can go between charges. Moreover, the choice of electrode material affects the lifetime of a battery and how quickly a battery can charge or discharge, which determines how quickly a vehicle can accelerate.

During FY19, IBU-tec started supplying materials directly to a major EV battery manufacturer in the Far East, which could drive an order of magnitude increase in its battery materials sales. Securing this industry player as a customer changes the scale of IBU-tec’s battery materials activity. It also augments the business of toll manufacturing for chemical companies with manufacturing chemicals for sale to third parties. In October 2019 IBU-tec started to develop a new material for an international supplier of stationary energy storage solution that will potentially reduce the amount of lithium required significantly. As of September 2019 revenues from EV applications were equivalent to c €5.5m annually, in addition to significant volumes for stationary energy storage applications.

We note that IBU-tec’s fortunes are not tied to any one battery technology or battery manufacturer. Since 2015, it has approximately doubled the number of battery material customers served and it now covers a broad spectrum of cathode and anode materials in addition to lithium-ion battery materials. A further point in IBU-tec’s favour is the diversity of applications served, so that if it takes longer than expected for EVs to displace conventional vehicles, the group will still have a solid business supplying material for many other applications and industries including catalysts for exhausts.

Programme to enhance profitability at BNT

BNT, which was acquired in June 2018, uses wet chemical processes to manufacture tin-based products. It sells these for use as catalysts in the chemical industry and in the manufacture of medicines, electroplating in the automotive industry, coating glass and as raw materials, eg tin tetrachloride. BNT’s processes complement those of the original company and have enabled the extended group to win several larger contracts where BNT uses a wet process to create a material that is then subjected to thermal treatment at the original IBU-tec site. In July 2019 IBU-tec launched a comprehensive program intended to result in significantly increased profitability for BNT by 2022.

Bitterfeld site extends capacity and supports new chemistries

Part of the €16.5m (gross) raised at the IPO in March 2017 was allocated for the purchase of a new site where more complex and hazardous materials could be processed in volume. This was accomplished in April 2018 through the purchase of a site in Bitterfeld. The site is being used to process materials, including battery materials, that cannot be produced at the Weimar site because of regulatory and permitting restrictions, as well as providing additional capacity. In September 2019 IBU-tec announced it was commissioning the first of two rotary kilns at the Bitterfeld site where there was already significant capacity for lithium iron phosphate production. The first production orders were executed in Q419 ahead of production expansion in FY20. Management expects that the total cost of the facility and technical equipment, including a second highly specialised kiln, will be a little over €6m, most of which has already been paid.

Outlook: External factors and fire at BNT affect FY20 guidance

IBU-tec appears well-positioned in sectors such as greentech, electromobility, energy storage and life science, all of which are likely to show strong growth in future. Management intends to continue to expand its market share in these sectors. It also sees good potential in the European glass coating market. However, noting cautious volume forecasts from customers in some industries, the effects of the coronavirus and production losses resulting from a fire at BNT at the end of December 2019 (see below), management expects FY20 sales to be in the lower double-digit percentage range below FY19’s level. Management expects EBITDA margin to be in the double-digit percentage range.

The fire at BNT was limited to one production area housing three production lines used exclusively for some chemical catalysts, which are used for dip painting in the automotive industry. Management notes that production of these catalysts will probably be resumed in H220 and the delivery of all other products will not be affected. Management expects the production downtime to reduce FY20 sales revenues by €5–6m, but the incident will not have an impact on profit because of business continuity insurance. The damage to property, which management estimates to be in the lower single-million euro range, is also covered by insurance.

Valuation

As there are no listed peers involved in toll manufacturing of inorganic chemicals, which was the business model at the original IBU-tec site, we use a sample of companies in Europe, North America and Asia involved in the manufacture of mobile and process catalysts and battery materials. In common with these peers, IBU-tec’s share price has collapsed since the beginning of calendar 2020 and is now c 52% lower than the IPO price of €16.5/share. At the current level, IBU-tec’s shares are trading on historic EV/Sales and EV/EBITDA multiples that are below the the peer group average and on P/E multiples that are higher.

Exhibit 2: Multiples for listed peers

Name

Ytd performance (%)

Market cap
(€m) 

EV/sales last
(x)

EV/EBITDA last (x)

P/E last
(x)

BASF SE

(39.4)

40,055

0.9

N/A

10.2

Johnson Matthey PLC

(37.6)

4,213

1.2

7.1

8.2

Nabaltec AG

(42.3)

179

1.1

6.6

16.3

Nippon Shokubai Co Ltd

(33.4)

1,664

0.6

3.6

7.6

Umicore SA

(15.4)

9,662

3.1

14.0

28.2

W. R. Grace & Co

(54.5)

2,122

2.0

6.7

7.3

Mean

1.5

7.6

12.9

IBU tec advanced materials AG

(51.3)

37

1.0

6.8

38.6

Source: Refinitiv, IBU-tec company reports. Note: Prices at 23 March 2020.

Given the volatility in the stock market at present and the possibility of some of the peers announcing guidance downgrades in the near future, it is difficult to draw any precise conclusions from this comparison. We note that an economic slowdown typically results in IBU-tec’s customers postponing projects, requiring lower volumes of materials and taking some manufacturing in-house where they can. Conversely the business is usually among the first to pick up again, because IBU-tec has very flexible production capacities, so it can support customers as they ramp up production. Moreover, customers typically develop new products to accelerate any return to growth and will work with IBU-tec to scale-up the manufacture of these new materials.

General disclaimer and copyright

Any Information, data, analysis and opinions contained in this report do not constitute investment advice by Deutsche Börse AG or the Frankfurter Wertpapierbörse. Any investment decision should be solely based on a securities offering document or another document containing all information required to make such an investment decision, including risk factors. This report has been commissioned by Deutsche Börse AG and prepared and issued by Edison for publication globally.

Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

Any Information, data, analysis and opinions contained in this report do not constitute investment advice by Deutsche Börse AG or the Frankfurter Wertpapierbörse. Any investment decision should be solely based on a securities offering document or another document containing all information required to make such an investment decision, including risk factors. This report has been commissioned by Deutsche Börse AG and prepared and issued by Edison for publication globally.

Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Share this with friends and colleagues