Scherzer & Co. AG · XETR:PZS
Scherzer & — Investor Presentation (April 2018)
28 slides from Scherzer &'s investor presentation, April 2018
Slide 1: Company presentation April 2018
Company presentation April 2018
Slide 2: Executive Summary: About Scherzer & Co. AG
Executive Summary About Scherzer & Co. AG Scherzer & Co. AG is a Cologne, Germany-based investment holding company whose object is to pursue long-term capital appreciation for its shareholders through investments that are both safety-oriented and opportunistic. From safety-oriented aspects investmen
Slide 3: Executive Summary: Mission Statement of Scherzer & Co. AG
Executive Summary Mission Statement of Scherzer & Co. AG The goal is to achieve sustained capital appreciation, to establish the company as one of the top quoted investment holding companies in the area of special situations and corporate actions, the position of the company as a relevant part
Slide 4: Investments: Investment universe
Investments Investment universe We primarily analyse investment in regions under German jurisdiction. However, Scherzer & Co. AG basically invests opportunistic. We believe that most market valuations are efficient. But due to human irrationality, valuations are occasionally incorrect, creating inve
Slide 5: Process of selection
Investments Process of selection Qualitative factors Management News Barriers to entry Corporate philosophy Market growth Competitive advantages Investment proposal Research Quantitative factors Balance sheet strength Margins Cash flow P/E & P/B ratio Safety On-site visits Classifi
Slide 6: Investments: Safety & Opportunity
Investments Safety & Opportunity Risk-reduced capital accumulation while at the same time seizing upon interesting capital market opportunities Safety Opportunity Investments with a natural „Floor“ Investments in sustainable models with appropriate growth potential Special balance sheet qualit
Slide 7: Investments – Opportunity: GK Software SE
Investments – Opportunity GK Software SE WKN: 757 142 GK Software SE is technologically a leading software partner to retail trade in Europe, North America and Asia with comprehensive solutions for branch stores Sector: Software and corporate headquarters. Well-known international leading Tier1 and
Slide 8: Investments – Safety: Oldenburgische Landesbank AG
Investments – Safety Oldenburgische Landesbank AG WKN: 808 600 Oldenburgische Landesbank AG (OLB) as an independent, listed company is part of a group of banks consisting of Bremer Kreditbank AG (BKB), Bankhaus Sectors: Banks Neelmeyer AG and OLB. OLB is the biggest private regional bank in Germany
Slide 9: Investments – Opportunity: freenet AG
Investments – Opportunity freenet AG WKN: A0Z 2ZZ The freenet Group is the largest network-independent telecommunications provider in Germany with circa 12 million customers respectively 12% market Sector: Telecommunications share. Its 9.6 million contract customers are addressed via the main brand
Slide 10: Investments – Safety: Audi AG
Investments – Safety Audi AG WKN: 675 700 Since April 1971, a control and profit transfer agreement (CPTA) between Audi AG and Volkswagen AG has been determining the compensation payments for the Sector: Automobiles shareholders in the free float. According to the CPTA, they receive the equivalent M
Slide 11: Investments – Opportunity: K+S AG
Investments – Opportunity K+S AG WKN: KSA G88 K+S is an international customer-focused, independent minerals company for the segments of Agriculture, Industry, Consumers, and Communities since more than Sector: Commodities, Mining 125 years. The company meets the growing demand for mineral products
Slide 12: Investments – Opportunity: Mobotix AG
Investments – Opportunity Mobotix AG WKN: 521 830 Mobotix AG is a software company with its own hardware development in the field of digital, high-resolution and network-based video security solutions. The focus Sector: Software, Visual technology is on the development of user-friendly complete syst
Slide 13: Investments – Opportunity: Lotto24 AG
Investments – Opportunity Lotto24 AG WKN: LTT 024 Lotto24 is the leading German broker of state licensed lotteries on the internet. To do this, the company signs gaming contracts on behalf of its customers for Sector: Lottery brokerage lottery products such as Lotto 6aus49, Spiel 77, Super 6, EuroJa
Slide 14: Investments – Opportunity: MAX Automation SE
Investments – Opportunity MAX Automation SE WKN: A2DA58 MAX Automation SE is an international high-tech machine tool manufacturer and leading complete supplier of integrated and complex system and component Sector: Mechanical Engineering solutions in the segments of industrial automation (2/3 of sal
Slide 15: Portfolio: Top largest equity investments
Portfolio Top 10 largest equity investments* Titel WKN %** 1. GK Software SE ¹ ² 757 142 13.94 Opportunity 2. Oldenburgische Landesbank AG 808 600 8.07 Safety 3. freenet AG ¹ A0Z 2ZZ 7.15 Opportunity 4. Allerthal-Werke AG ¹ 503 420 5.17 Safety 5. Horus AG 520 412 3.87 Opportunity 6. Audi AG 675 700
Slide 16: Portfolio: Current News
Portfolio Current News E.ON SE and RWE AG agreed on reorganizing their business activities. Therefore, E.ON SE will offer a tender offer of EUR 40 in total per share of RWE‘s innogy SE, aiming to take full control. Scherzer & Co. AG increased its investment in innogy SE. End of March, Bremer Kre
Slide 17: Portfolio: Subsequent improvement rights volume
Portfolio Subsequent improvement rights volume An interesting corollary of investments in takeover bid/squeeze-out stocks are the significant volumes of subsequent improvement rights (additional settlement claims). They represent potential claims arising from court arbitration awards sought in the
Slide 18: Portfolio: Selected project completions
Portfolio Selected project completions Colonia Real Deutsche Postbank AG Data Modul AG Sky Deutschland AG Estate AG Generali Deutschland WMF AG Fidor Bank AG Pironet NDH AG Holding AG hotel.de AG IBS AG SAF AG Repower Systems SE buch.de AG Miba AG Schering AG AXA Konzern AG April 2018 18
Slide 19: Financials: Balance sheet figures
Financials Balance sheet figures 31/12/2017 31/12/2016 Securities classified as non- EUR‘000 33,776 42,419 current assets Securities classified as current EUR‘000 47,365 30,119 assets Total assets EUR‘000 89,735 75,857 Shareholders`equity EUR‘000 60,597 54,193 Subscribed equity EUR‘000 29,940 29,940
Slide 20: Financials: Income statement
Financials Income statement 01/01-31/12/2017 01/01-31/12/2016 Profit after tax EUR‘000 7,911 4,465 Net profit EUR‘000 7,901 4,465 EPS (DVFA/SG) EUR 0.26 0.15 April 2018 20
Slide 21: Financials: Income statement
Financials Income statement 01/01-31/12/2017 01/01-31/12/2016 Realized gains EUR‘000 17,819 6,718 Realized losses EUR‘000 4,937 730 Other operating gains EUR‘000 943 910 Dividend income EUR‘000 1,801 1,664 Other interest and similar EUR‘000 80 144 income April 2018 21
Slide 22: Financials: Income statement
Financials Income statement 01/01-31/12/2017 01/01-31/12/2016 Wages and salaries EUR‘000 2,639 1,241 Write-downs EUR‘000 11 7 Other operating expenses EUR‘000 976 581 Write-downs to fair value at EUR‘000 3,796 1,809 reporting date Interest and similar expenses EUR‘000 297 287 Taxes on income EUR‘000
Slide 23: Financials: Share price and NAV
Financials Share price and NAV 2018 2017 2016 2015 2014 2013 EUR‘ Market capitalization 83,233 79,281 62,575 48,802 44,910 42,784 000 High/Low EUR 3.00/2.58 2.80/2.11 2.10/1.50 1.69/1.45 1.82/1.40 1.49/1.10 Closing price EUR 2.78 2.648 2.09 1.63 1.50 1.43 Share price +4.98% +26.70% +28.22% +8.67% +4
Slide 24: Financials: Share price and NAV
Financials Share price and NAV 3,00 EUR 2,90 EUR 2,80 EUR 2,70 EUR 2,60 EUR 2,50 EUR 2,40 EUR 2,30 EUR 2,20 EUR 2,10 EUR 2,00 EUR Share price 1,90 EUR (Xetra) 1,80 EUR Net Asset Value 1,70 EUR 1,60 EUR 1,50 EUR 1,40 EUR 1,30 EUR 1,20 EUR 1,10 EUR 1,00 EUR 0,90 EUR 5,0% discount/pre -5,0% mium -15,0%
Slide 25: Scherzer & Co. AG: Listing
Scherzer & Co. AG Listing Share capital EUR 29,940,000.00, divided in 29,940,000 bearer shares Segment SCALE Frankfurt Stock Exchange; Exchange OTC Markets Berlin, Düsseldorf and Stuttgart Exchanges; XETRA and Tradegate Ticker symbol PZS PZSG.DE (Xetra), PZSG.F (Frankfurt), PZSG.TG (Tradegate) Reute
Slide 26: Scherzer & Co. AG: Organizational bodies
Scherzer & Co. AG Organizational bodies Board of Management Dr. Georg Issels Managing Director, Scherzer & Co. AG, since 2002 Managing Director, RM Rheiner Management AG, since 2008 Hans Peter Neuroth Managing Director, Scherzer & Co. AG, since 2013 Managing Director, RM Rheiner Management AG, since
Slide 27: Contact & Financial Calendar
Scherzer & Co. AG Contact & Financial Calendar Contact Financial Calendar 2018 Scherzer & Co. Aktiengesellschaft Friesenstraße 50 16/03/2018: Supervisory Board Meeting D-50670 Köln 04/06/2018: Annual General Meeting Telefon +49 221 - 8 20 32 0 Telefax +49 221 - 8 20 32 30 04/06/2018: Superviso
Slide 28: Disclaimer
Scherzer & Co. AG Disclaimer This presentation contains statements about future developments as well as information derived from sources considered to be reliable by Scherzer & Co. AG. All statements in this presentation (including opinions, estimates, and assumptions) which are not historical facts