Scherzer & Co. AG · XETR:PZS
Scherzer & — Investor Presentation (April 2016)
31 slides from Scherzer &'s investor presentation, April 2016
Slide 1: Company presentation April 2016
Company presentation April 2016
Slide 2: Agenda
1. Executive Summary 2. Investments 3. Portfolio 4. Financials 5. Summary
Slide 3: Executive Summary
Executive Summary Scherzer & Co. AG April 2016 Page 3 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 saf
Slide 4: Mission Statement
Scherzer & Co. AG Scherzer & Co. AG April 2016 Page 4 Mission Statement Mission Statement As mid-term target, to build an investment portfolio with equity financing of at least EUR 100 million, to establish the company as one of the top quoted investment holding companies in the area of special
Slide 5: Agenda
1. Executive Summary 2. Investments 3. Portfolio 4. Financials 5. Summary
Slide 6: Investment universe
Investments Scherzer & Co. AG April 2016 Page 6 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 o
Slide 7: Process of selection
Investments Scherzer & Co. AG April 2016 Page 7 Process of selection Qualitative factors Notifications Management Barriers of market entry Corporate philosophy Market growth Competitive advantages Investment proposal Research Quantitative Faktoren Balance sheet strength Margins Cas
Slide 8: Safety & opportunity
Investments Scherzer & Co. AG April 2016 Page 8 Safety & opportunity Risk-reduced capital appreciation while the same time seizing upon interesting capital market opportunities Safety Opportunity Investments with a natural „Floor“ Investments in sustainable models with appropriate growth potenti
Slide 9: Opportunity: Wüstenrot & Württembergische AG
Investments Scherzer & Co. AG April 2016 Page 9 Opportunity Wüstenrot & Württembergische AG 21,00 EUR Emerging in 1999 from the merger of two long-established national 20,00 EUR companies Wüstenrot and Württembergische, this publicly traded corporate group with its headquarters in Stuttgart combines
Slide 10: Opportunity: GK Software AG
Investments Scherzer & Co. AG April 2016 Page 10 Opportunity GK Software AG 55 EUR GK Software AG is technologically a leading software partner to retail trade 50 EUR in Europe, North America and Asia with comprehensive solutions for branch stores and corporate headquarters. Well-known customers lik
Slide 11: Opportunity: Lotto24 AG
Investments Scherzer & Co. AG April 2016 Page 11 Opportunity Lotto24 AG 6,00 EUR Lotto24 is the leading German broker of state licensed lotteries on the 5,50 EUR internet. To do this, the company on behalf of customers signs gaming contracts for lottery products such as Lotto 6aus49, Spiel 77, Super
Slide 12: Opportunity: M.A.X. Automation AG
Investments Scherzer & Co. AG April 2016 Page 12 Opportunity M.A.X. Automation AG 6,00 EUR M.A.X. Automation AG is an international high-tech machine tool manufacturer and leading complete supplier of integrated and complex 5,50 EUR system and component solutions in the segments of industrial automa
Slide 13: Opportunity: Francotyp-Postalia Holding AG
Investments Scherzer & Co. AG April 2016 Page 13 Opportunity Francotyp-Postalia Holding AG 5,00 EUR Francotyp-Postalia is the first multi-channel provider for postal communication. With its 11 subsidiaries it supplies all products and 4,50 EUR services for physical and electronic letter communicatio
Slide 14: Safety: Homag Group AG
Investments Scherzer & Co. AG April 2016 Page 14 Safety Homag Group AG The Homag Group is the world‘s leading manufacturer of wood processing 35 EUR machines and present in more than 100 countries. It has an estimated world market share of 28 percent. 30 EUR Dürr Technologies GmbH, a 100% subsidia
Slide 15: Agenda
1. Executive Summary 2. Investments 3. Portfolio 4. Financials 5. Summary
Slide 16: Top largest equity positions
Portfolio Scherzer & Co. AG April 2016 Page 16 Top 10 largest equity positions* 1. GK Software AG ¹ WKN 757 142 **8.33 % Opport. 2. W&W Wüstenrot und Württ. AG WKN 805 100 8.08 % Opport. 3. Allerthal-Werke AG ¹ WKN 503 420 5.88 % Safety 4. Lotto24 AG ¹ WKN LTT 024 5.73 % Opport. 5. MAN SE, Vorzüge W
Slide 17: Current news
Portfolio Scherzer & Co. AG April 2016 Page 17 Current news On 29/03/2016 the Japanese camera and measurement technology specialist Konica Minolta reported that it was taking over about 65% of the shares in Mobotix AG. Sellers are the company founder Dr Ralf Hinkel and Martin Putsch (Recaro seats)
Slide 18: Subsequent improvement volume 2016
Portfolio Scherzer & Co. AG April 2016 Page 18 Subsequent improvement volume 2016 An interesting corollary of investments in takeover bid/squeeze-out stocks are the successive, significant volumes of subsequent improvement rights (additional settlement claims). They represent potential claims arisin
Slide 19: Selected project completions
Portfolio Scherzer & Co. AG April 2016 Page 19 Selected project completions Colonia Real Estate AG Disposed in January 2015 WMF AG Disposed in September 2014 IBS excell.collab.manufact. AG Disposed in January 2014 Pironet NDH AG Disposed in September & December 2013 Generali Deutschland Holding AG D
Slide 20: Agenda
1. Executive Summary 2. Investments 3. Portfolio 4. Financials 5. Summary
Slide 21: Balance sheet figures
Financials Scherzer & Co. AG April 2016 Page 21 Balance sheet figures 31/12/2015 31/12/2014 Securities classified as EUR 31,653 24,205 non-current assets ‘000 Securities classified as EUR 33,729 46,731 current assets ‘000 EUR Total assets 70,065 71,973 ‘000 EUR Shareholders' equity 51,225 47,403 ‘00
Slide 22: Income statement
Financials Scherzer & Co. AG April 2016 Page 22 Income statement 01/01-31/12/15 01/01-31/12/14 EUR Profit/ loss on ordinary activities 6,701 3,900 ‘000 EUR Net income/ loss for the year 5,319 3,776 ‘000 Earnings per share EUR 0.18 0.13
Slide 23: Income statement
Financials Scherzer & Co. AG April 2016 Page 23 Income statement 01/01-31/12/15 01/01-31/12/14 EUR Realized gains 10,904 10,910 ‘000 EUR Realized losses 5,456 3,559 ‘000 EUR Other operating gains 1,870 98 ‘000 EUR Dividend income 1,589 1,622 ‘000 EUR Other interest and similar income 981 142 ‘000
Slide 24: Income statement
Financials Scherzer & Co. AG April 2016 Page 24 Income statement 01/01-31/12/15 01/01-31/12/14 EUR Wages and salaries 751 532 ‘000 EUR Write-downs 8 7 ‘000 EUR Other operating expenses 476 448 ‘000 Write-downs to fair value EUR 1,502 3,822 at reporting date ‘000 EUR Interest and similar expenses 420
Slide 25: Share/NAV performance
Financials Scherzer & Co. AG April 2016 Page 25 Share/ NAV performance 2016 2015 2014 2013 2012 Market capitalization EUR 48,503 48,802 44,910 42,784 33,533 31/03/2016 ‘000 Peak/low EUR 1.689/1.50 1.69/1.45 1.82/1.40 1.49/1.10 1.15/0.89 Closing value EUR 1.62 1.63 1.50 1.43 1.12 31/03/2016 Share per
Slide 26: Share/NAV performance chart
Financials Scherzer & Co. AG April 2016 Page 26 Share/ NAV* performance 2,00 EUR 1,90 EUR 1,80 EUR 1,70 EUR 1,60 EUR 1,50 EUR Closing value 1,40 EUR Net Asset Value 1,30 EUR 1,20 EUR 1,10 EUR 1,00 EUR 0,90 EUR -5,0% Discount -15,0% -25,0% * Net Asset Value: The present value of portfolio positions a
Slide 27: Agenda
1. Executive Summary 2. Investments 3. Portfolio 4. Financials 5. Summary
Slide 28: Listing
Summary Scherzer & Co. AG April 2016 Page 28 Listing Share capital: EUR 29,940,000.00, divided into 29,940,000 bearer shares Exchange: Frankfurt Stock Exchange Entry Standard, OTC Market at the Berlin, Düsseldorf and Stuttgart Exchanges, Xetra, Tradegate Ticker symbol: PZS Reuters: PZSG.DE (Xetra),
Slide 29: Organizational bodies
Summary Scherzer & Co. AG April 2016 Page 29 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 Rhein
Slide 30: Contact & Financial Calendar
Summary Scherzer & Co. AG April 2016 Page 30 Contact & Financial Calendar Contact Financial Calendar 2016 Scherzer & Co. Aktiengesellschaft 04/04/2016: Supervisory Board Meeting Friesenstraße 50 50670 Köln 31/05/2016: Annual General Meeting Phone: +49 221 - 8 20 32 0 31/05/2016: Supervisory Board Me
Slide 31: Disclaimer
Summary Scherzer & Co. AG April 2016 Page 31 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) whi