Last close As at 05/08/2026
EUR3.68
— 0.00 (0.00%)
Market capitalisation
EUR56m
Research: Investment Companies
Matador Secondary Private Equity’s fx-adjusted net profit reached CHF1.9m, translating into an FY25 book value (equity) total return (TR) of 3.2% at constant currency (or -9.1% including currency changes, mostly due to the weakening of the US dollar), bringing Matador’s five-year return to 8.6% per year. This needs to be considered in the context of the macroeconomic and geopolitical headwinds last year. The most notable was the US tariff turmoil in H125, which dampened activity across global private equity markets. Matador’s distributions reached 9.6% of opening value of its funds portfolio. Matador trades at a 4% premium to its end-2025 book value per share of CHF3.67.
The company’s fund portfolio was valued at CHF66.5m at end-2025 and was broadly diversified across regions, sectors, vintages and styles, offering exposure to 22 private equity/venture capital funds with over 1,000 underlying private companies. The portfolio has a 62% weighting to the US and 33% to Europe (with the rest in Asia and emerging markets), while its top three sector exposures are IT and software (22.2%), technology (14.3%) and healthcare (13.3%).
The improving global M&A environment, especially in H225, supported Matador’s fund distributions of CHF6.6m in FY25 (broadly in line with CHF6.7m in FY24). Distributions were particularly assisted by realisations of small- and mid-cap buyouts, as well as several tech IPOs. Small- and mid-cap buyouts are Matador’s primary focus area and made up 42% of its end-2025 fund portfolio, followed by large buyouts (23%), technology investments including venture capital (16%), growth investments (12%) and co-investments (7%).
Meanwhile, capital deployed across Matador’s fund portfolio moderated to CHF7.5m in FY25 (FY24: CHF8.3m) and Matador’s management highlighted that three out of four quarters were cash flow positive in 2025. Following the sale of WR Wohnraum, Matador’s management expects that €15m will be available for new investments in the coming years. Matador’s future investment activity should be further assisted by the positive cash flow management expects from its fund portfolio as it considers the underlying funds as largely invested. Around 88% of its end-2025 fund portfolio represents vintages of 2020 or earlier.
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Research: TMT
Datatec has provided a trading update for FY26, which confirms that group gross margin grew 10% y-o-y (1.1% ahead of our forecast), as the company continued to benefit from demand for its technology solutions and services. Financial performance for H226 was characterised as strong for Weston and exceptional for Logicalis International, with Logicalis Latin America showing continued improvement in FY26 versus FY25. We maintain our forecasts pending full FY26 results on 26 May.