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MotorK — Driving efficiency to reach profitability

MotorK (AMS: MTRK)

Last close As at 05/08/2026

—

— 0.00 (0.00%)

Market capitalisation

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More on this equity

Research: TMT

MotorK — Driving efficiency to reach profitability

MotorK reported double-digit H123 revenue growth, with committed annual recurring revenue (ARR) and a pipeline of contracts providing visibility for H223. The migration of acquired Dapda customers to the SparK platform drove a substantial rise in average contract value (ACV) and creates opportunities if this success can be replicated with other acquisitions. Short-term cost impacts drove higher year-on-year losses in the period, which has affected our FY23 profit forecasts, but not our FY24 assumptions.

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Written by

TMT

MotorK

Driving efficiency to reach profitability

H123 results

Software and comp services

31 July 2023

Price

€2.18

Market cap

€88m

Net debt (€m) at end H123

(includes lease liabilities of €4.1m and excludes €3.4m deferred consideration)

6.0

Shares in issue

40.4m

Free float

21.8%

Code

MTRK

Primary exchange

Euronext Amsterdam

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(5.2)

9.8

(27.3)

Rel (local)

(8.4)

4.9

(33.9)

52-week high/low

€2.97

€1.10

Business description

MotorK is a European SaaS provider operating in the automotive retail industry, selling mainly in the EU5 but with a global presence. Its cloud-based platform, SparK, offers OEMs and dealers a suite of digital tools to support the vehicle lifecycle end-to-end.

Next events

Q323 trading update

19 October 2023

Analysts

Max Hayes

+44 (0)20 3077 5700

Katherine Thompson

+44 (0)20 3077 5700

MotorK is a research client of Edison Investment Research Limited

MotorK reported double-digit H123 revenue growth, with committed annual recurring revenue (ARR) and a pipeline of contracts providing visibility for H223. The migration of acquired Dapda customers to the SparK platform drove a substantial rise in average contract value (ACV) and creates opportunities if this success can be replicated with other acquisitions. Short-term cost impacts drove higher year-on-year losses in the period, which has affected our FY23 profit forecasts, but not our FY24 assumptions.

Year

end

Revenue (€m)

ARR

(€m)

PBT*

(€m)

Diluted EPS*

(€)

DPS

(€)

EV/Sales

(x)

EV/EBITDA(x)

12/21

27.6

15.1

(8.2)

(0.37)

0.00

4.9

N/A

12/22

38.5

26.9

(8.8)

(0.22)

0.00

3.4

112.6

12/23e

55.8

38.8

(1.7)

(0.03)

0.00

2.4

402.0

12/24e

67.9

51.8

8.8

0.16

0.00

1.7

9.7

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

H123 results: Successful migration driving revenue

MotorK reported a 30% y-o-y increase in H123 revenue to €21.9m, with organic growth driven by its higher-value enterprise contracts. Overall performance was driven by higher ACV, as well as customer growth, low churn and upsells. Upsells were notable among its acquired Dapda customer base, where ACV increased by 4.8x to €28.9k for those customers transitioning to the full SparK platform offering, well ahead of the group’s overall ACV of €18.1k. This highlights the upsell opportunity among existing retail clients (H123: 852, H122: 670) and its acquired base of c 4,300 customers. Its next focus is on replicating this success among its Webmobil24 customers to drive growth in its German business, which typically has a longer sales cycle. Management confirmed that in the near term it is focused on optimising recent acquisitions, with further M&A a medium-term consideration.

Forecasts updated in line with cost expectations

Our top-line forecasts are materially unchanged. The group finished H1 with committed ARR of €34.8m and an ARR pipeline of €13m (retail: €7m, enterprise: €6m) identified for H2, which would take it ahead of our FY23 ARR forecast of €39m. Our FY23 cash EBITDA expectation has been affected by the integration costs incurred in H1, primarily relating to staff expenses, which were up 24% y-o-y. We forecast the company will remain in a net debt position by year end, reflecting a higher cash EBITDA loss and the €3.2m cash consideration for GestionaleAuto, partially offset by the €3m capital raise completed in June. Management has identified €2.7m of run-rate cost efficiencies for FY24, which should help it to meet the target of positive cash EBITDA by year end.

Valuation: Cash loss widens discount

On EV/sales, MotorK trades at an average discount to peers of 73% across FY23e and FY24e, down c 2pp from our last update. We maintain our belief that the discount should close more rapidly if management can mitigate cash burn and reach positive cash EBITDA by end FY24.

H123 results summary and changes to forecasts

H123 results

We summarise H123 results in Exhibit 1.

Exhibit 1: Summary of H123 results

(€m)

H123

H122

y-o-y change

SaaS

16.2

11.4

41.9%

Digital marketing

3.7

3.6

1.8%

Other

2.0

1.8

6.8%

Total revenue

21.9

16.9

29.5%

% SaaS recurring revenue

74%

64%

9.6%

ARR

30.1

20.1

49.8%

Adj EBITDA

(1.4)

(2.3)

40.1%

+ Change in contract assets

(3.2)

(2.3)

40.3%

+ R&D capitalisation

(4.7)

(2.7)

73.9%

Cash EBITDA

(9.3)

(7.3)

(27.4%)

Reported EBIT

(7.3)

(6.9)

(5.2%)

Reported net income

(7.8)

(7.6)

(2.2%)

Net cash/(debt)

(6.0)

22.3

N/A

Net retention ratio (NRR)

114%

115%

(1.0%)

Average contract value (ACV)

18.1

16.6

9.0%

Source: MotorK

MotorK’s H123 revenue increased by 29.5% y-o-y to €21.9m, with the group reporting growth across all geographies. ARR, the main driver of our revenue forecasts, was up 10% q-o-q to €30.1m (€27m organic, €3.1m from M&A completed after H122).

Its enterprise division was the primary organic growth driver, with ARR increasing by 100% y-o-y to €5.8m and the number of customers reaching 25 (H122: 18). Management is focusing on enterprise-driven growth as the contracts are larger and the company can potentially leverage their dealer networks for cross-sell opportunities. In retail, organic growth was also robust, with customer numbers up 27% y-o-y to 852, ARR churn down 0.6pp to 5.6% and net retention remaining over 100% at 114%.

We believe transitioning the acquired customer base on to the SparK platform provides the greatest growth opportunity in the short to medium term, increasing the number of dealers it can potentially upsell to from 852 to 5,200. The integration of Dapda customers is a key example, where ACV increased from €6.1k on acquisition to €11.9k for those customers who adopted several MotorK products, and to €28.9k for those adopting the full SparK platform offering, shown in Exhibit 2.

Exhibit 2: ACV evolution with Dapda client base

Source: MotorK

Management is now primarily focusing on replicating this success with Webmobil24 to drive its German operations, where growth has been slower than management’s expectations. Management noted that companies are slower to adopt new technology in Germany compared to the other countries in which it is present, and with a smaller market position in Germany, the company has to work harder to gain customer trust. There is also a significant opportunity to do this among its other acquired companies, particularly its latest acquisition of GestionaleAuto. In its presentation, management noted that a high share of GestionaleAuto’s customers already used MotorK’s products, which should make upselling easier.

The company incurred a 28% y-o-y increase in personnel costs, primarily relating to the integration of its acquired entities. High levels of capital research and development also drove an increase in cash EBITDA loss (cash EBITDA adjusts for the movement in contract assets and capitalised development costs) and resulted in high cash burn, moving the company to a €6m net debt position by the period end. Management highlighted its commitment to innovation with its announced European TechLabs, which should allow the company to maintain its competitive advantage but could be a cash drag for the foreseeable future.

MotorK has undertaken a programme of cost optimisation, working to realise cost synergies from the recent series of acquisitions. This includes consolidating its supplier base, phasing out R&D for legacy acquired technology, eliminating M&A retention costs post earn-out periods and some headcount rationalisation. The total cost of this programme is expected to be €2.0m, of which €1.6m has been incurred in H123. This is expected to realise run-rate savings of €2.7m from FY24.

Changes to forecasts

We leave our top-line and ARR forecasts materially unchanged, which is in line with management’s reaffirmed guided ARR range of €39–43m. We note this range includes c €2m of committed ARR related to large enterprise roll-out plans that could encounter minor delays, which we have not factored into our FY23 assumptions. ARR growth is higher than previously indicated as management has re-aligned its ARR figures to apply MotorK’s definition more accurately to its acquired companies, meaning that FY22 ARR of €24.6m is €2.3m less than originally reported.

MotorK closed H123 with €4.7m of committed ARR (contracts that have been signed but not yet implemented and billed), as well as a pipeline of €7m for retail and €6m for enterprise, providing H2 visibility.

Exhibit 1: Summary of changes to forecasts

€'m

FY23e

FY24e

Old

New

Change

y-o-y

Old

New

Change

y-o-y

Revenues

55.8

55.8

0.0%

44.7%

67.8

67.9

0.1%

21.7%

Adjusted EBITDA

14.8

9.7

-34.2%

N/A

23.6

23.4

-1.0%

N/A

Adjusted EBITDA margin

26.5%

17.4%

-9.0%

16.8%

34.8%

34.5%

-0.4%

17.0%

Cash EBITDA

(6.8)

(11.5)

-69.6%

-26.2%

1.6

1.7

3.8%

N/A

Cash EBITDA margin

-12.2%

-20.7%

-8.5%

19.9%

2.4%

2.5%

0.1%

23.2%

Normalised operating profit

4.2

(1.0)

N/A

N/A

10.2

9.6

-5.7%

N/A

Normalised operating profit margin

7.5%

-1.7%

-9.2%

18.5%

15.1%

14.2%

-0.9%

15.9%

Reported operating profit

2.6

(2.5)

N/A

N/A

8.6

8.0

-6.5%

N/A

Reported operating margin

4.7%

-4.5%

-9.2%

N/A

12.7%

11.8%

-0.8%

16.3%

Normalised PBT

3.4

(1.7)

N/A

N//A

9.4

8.8

-6.2%

N/A

Reported PBT

1.9

(3.3)

N/A

N/A

7.8

7.3

-7.2%

N/A

Normalised net income

2.7

(1.4)

N/A

N/A

7.2

6.7

-6.2%

N/A

Reported net income

1.5

(2.6)

N/A

N/A

5.9

5.5

-7.2%

N/A

Normalised basic EPS (€)

0.07

(0.03)

N/A

N/A

0.18

0.17

-9.2%

N/A

Normalised diluted EPS (€)

0.07

(0.03)

N.A

N/A

0.18

0.16

-9.1%

N/A

Reported basic EPS (€)

0.04

(0.07)

N.A

N/A

0.15

0.14

-10.2%

N/A

Dividend per share (€)

0.00

0.00

N/A

N/A

0.00

0.00

N/A

N/A

Net debt/(cash)

(1.9)

3.2

N/A

N/A

4.2

12.2

191.7%

N/A

ARR

39.0

38.8

-0.6%

57.6%

51.9

51.8

-0.2%

33.5%

Source: Edison Investment Research, MotorK

Our FY23 profit and cash forecasts reflect the impacts of the higher costs incurred in the first half of the year, as well as from the €3.2m cash consideration for GestionaleAuto. The rise in cash outflows has been partially offset by the reserve capital increase of €3m with long-term shareholder Lucerne Capital on 2 June. In its H123 report, management stated that it is in advanced discussions to secure additional debt financing, which could affect our year-end cash assumption.

In its H1 report, management identified €2.7m of run-rate cost efficiencies for FY24, in line with our previous margin expectations and prior cash EBITDA forecast which reflected operating leverage. Our forecasted move to a net debt position in FY23 and the remaining €3.2m deferred consideration for GestionaleAuto, due to be paid within the next 12 months, has led us to increase our FY24 net debt assumption to €12.2m.


Exhibit 4: Financial summary

€'m

2019

2020

2021

2022

2023e

2024e

31-December

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

INCOME STATEMENT

Revenue

 

 

27.9

19.3

27.6

38.5

55.8

67.9

Annualised recurring revenue

 

 

7.5

10.0

15.1

26.9

38.8

51.8

Operating costs excl. D&A

(26.5)

(20.5)

(26.7)

(38.3)

(46.1)

(44.5)

EBITDA

 

 

1.5

(1.1)

0.8

0.2

9.7

23.4

Normalised operating profit

 

 

(0.8)

(4.3)

(3.4)

(7.8)

(1.0)

9.6

Exceptionals

(0.0)

(0.1)

(3.2)

(3.5)

0.0

0.0

Share-based payments

(0.2)

(0.1)

(9.7)

(1.5)

(1.6)

(1.6)

Reported operating profit

(1.1)

(4.5)

(16.4)

(12.9)

(2.5)

8.0

Net Interest

(1.4)

(1.8)

(4.8)

(1.0)

(0.8)

(0.8)

Profit Before Tax (norm)

 

 

(2.3)

(6.1)

(8.2)

(8.8)

(1.7)

8.8

Profit Before Tax (reported)

 

 

(2.5)

(6.3)

(21.2)

(13.9)

(3.3)

7.3

Reported tax

1.1

0.9

(2.8)

(0.1)

0.7

(1.7)

Profit After Tax (norm)

(1.1)

(5.2)

(11.0)

(8.9)

(1.4)

6.7

Profit After Tax (reported)

(1.4)

(5.4)

(23.9)

(14.0)

(2.6)

5.5

Discontinued operations

1.6

0.0

0.4

6.7

0.0

0.0

Exceptionals

0.0

0.0

0.0

0.0

0.0

0.0

Net income (normalised)

(1.1)

(5.2)

(11.0)

(8.9)

(1.4)

6.7

Net income (reported)

0.2

(5.4)

(23.5)

(7.3)

(2.6)

5.5

Basic average number of shares outstanding (m)

26

27

30

41

40

40

EPS - basic normalised (€)

 

 

(0.04)

(0.19)

(0.37)

(0.22)

(0.03)

0.17

EPS - diluted normalised (€)

 

 

(0.04)

(0.19)

(0.37)

(0.22)

(0.03)

0.16

EPS - basic reported (€)

 

 

0.01

(0.20)

(0.79)

(0.18)

(0.07)

0.14

Dividend (€)

0.00

0.00

0.00

0.00

0.00

0.00

Revenue growth (%)

128.8

(-30.8)

42.6

39.9

44.7

21.7

EBITDA Margin (%)

5.3

-5.9

3.0

0.6

17.4

34.5

Normalised Operating Margin

-3.0

-22.3

-12.3

-20.2

-1.7

14.2

BALANCE SHEET

Fixed Assets

 

 

22.8

16.8

26.2

52.8

65.7

69.7

Intangible Assets

11.2

9.9

18.0

36.8

44.1

42.7

Tangible Assets

1.6

1.7

3.1

5.0

5.1

5.3

Investments & other

10.1

5.2

5.2

11.0

16.5

21.8

Current Assets

 

 

25.4

28.3

63.4

45.7

46.5

46.3

Stocks

0.0

0.0

0.0

0.0

0.0

0.0

Debtors

16.0

11.5

16.0

26.5

37.0

45.9

Cash & cash equivalents

9.4

11.8

43.3

19.2

9.5

0.4

Other

0.0

4.9

4.2

0.0

0.0

0.0

Current Liabilities

 

 

(13.6)

(14.5)

(15.2)

(18.1)

(28.3)

(31.1)

Creditors

(11.1)

(6.1)

(8.3)

(12.0)

(19.1)

(25.1)

Tax and social security

0.0

0.0

(2.9)

(3.8)

(3.8)

(3.8)

Short term borrowings

(2.5)

(7.1)

(2.7)

(1.6)

(4.8)

(1.6)

Other

0.0

(1.3)

(1.3)

(0.6)

(0.6)

(0.6)

Long Term Liabilities

 

 

(27.1)

(28.5)

(10.0)

(18.6)

(21.2)

(15.1)

Long term borrowings

(23.5)

(25.6)

(6.2)

(11.3)

(11.2)

(11.2)

Other long term liabilities

(3.7)

(2.9)

(3.8)

(7.4)

(10.0)

(3.9)

Net Assets

 

 

7.5

2.1

64.4

61.8

62.7

69.8

Minority interests

0.0

0.0

0.0

0.0

0.0

0.0

Shareholders' equity

 

 

7.5

2.1

64.4

61.8

62.7

69.8

CASH FLOW

Net income

0.2

(5.4)

(23.5)

(7.3)

(2.6)

5.5

Depreciation & amortisation

2.7

3.8

4.2

8.0

10.7

13.8

Working capital

(7.4)

2.5

(2.0)

(6.7)

(6.3)

(14.2)

Exceptional & other

1.6

1.9

15.0

(3.2)

3.4

2.3

Tax

(0.1)

(1.2)

2.6

(0.0)

0.0

0.0

Net operating cash flow

 

 

(3.0)

1.7

(3.6)

(9.2)

5.2

7.3

Capex

(3.6)

(3.2)

(3.9)

(9.1)

(10.6)

(11.4)

Acquisitions/disposals

(0.6)

0.0

(5.4)

(4.5)

(3.3)

(3.2)

Net interest

(0.5)

(0.5)

(6.9)

(1.3)

(0.7)

(0.7)

Equity financing

0.0

0.0

70.1

(0.7)

0.8

0.0

Dividends

0.0

0.0

0.0

0.0

0.0

0.0

Other

(0.1)

0.1

0.2

(0.1)

0.0

0.0

Net Cash Flow

(7.8)

(1.9)

50.5

(24.7)

(8.7)

(8.0)

Opening net debt/(cash)

 

 

8.2

16.2

20.6

(34.4)

(6.5)

3.2

FX

(0.2)

0.0

0.0

0.0

0.0

0.0

Other non-cash movements

0.1

(2.5)

4.5

(3.2)

(1.0)

(1.0)

Closing net debt/(cash)

 

 

16.2

20.6

(34.4)

(6.5)

3.2

12.2

Source: Edison Investment Research, MotorK

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This report has been commissioned by MotorK and prepared and issued by Edison, in consideration of a fee payable by MotorK. Edison Investment Research standard fees are £60,000 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.

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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.

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United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

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United Kingdom

General disclaimer and copyright

This report has been commissioned by MotorK and prepared and issued by Edison, in consideration of a fee payable by MotorK. Edison Investment Research standard fees are £60,000 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 2023 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.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

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