Mbb Se · XETR:MBB
Mbb — German Equity Forum 2017
23 slides from Mbb's conference presentation, Nov 29, 2017
Slide 1: German Equity Forum 2017
German Equity Forum 2017 MBB SE Frankfurt am Main, 27 - 29 November 2017
Slide 2: Mission: As a listed family business, MBB generates exceptional revenues and value growth
Mission: As a listed family business, MBB generates exceptional revenues and value growth through technological expertise Growth Family Capital business markets Technology competence Mittelstand 2
Slide 3: 100% share price performance since last EKF
100% share price performance since last EKF 400% All-Time-High: €124.70 300% €91.89 200% 100% MBB SE SDAX 0% -100% Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 EKF 2016 EKF 2015 1Y: +106% 2Yrs: +283% 10Yrs: +1,096% Source: Xetra, closing price 21 November 2017 3
Slide 4: Valuation gap of MBB
Valuation gap of MBB MBB valuation scale 15 30 45 60 75 90 105 120 135 150 Share price in € m€ 100 200 300 400 500 600 700 800 900 1000 Aumann share Holding net-cash Portfolio ~€550m €167m > €100m1) > €800m Valuation gap > €200m MBB market cap ~€600m 1) Portfolio valuation based on 7 x EBITDA 2017FC
Slide 5: Strategic portfolio management with focus on megatrends
Strategic portfolio management with focus on megatrends Megatrend Some numbers MBB portfolio strategy 32 million EVs sold in 2025 Aumann as market leader for e-mobility solutions 32 % achievement of CO2 reduction target by lightweight structures Delignit as leading supplier of ecologi- cal products
Slide 6: Aumann – a pioneer of the e-mobility revolution
Aumann – a pioneer of the e-mobility revolution with potential to dominate the market Aumann AG Revenue development and MBB’s investment strategy Future Strategy ~€500m ~€500m revenues in 2021 with 75% of e-mobility share Capacity increase based on organic growth and strategic M&A Internationalisati
Slide 7: USK: A perfect fit for Aumann's growth story
USK: A perfect fit for Aumann’s growth story Acquisition of USK on 18 October 2017 USK is a perfect strategic fit for Aumann Engineering and delivery capacity €70m revenues >370 highly qualified technical employees* Automotive experience Long-term relationships to OEMs/Tier-1s Focus on automated
Slide 8: DTS – a class of its own in Cyber Security
DTS – a class of its own in Cyber Security DTS IT AG Revenue development and MBB’s investment strategy Future Strategy €100m €100m revenues based on organic growth and M&A Further margin increase through managed security services Increase recurring revenues from cloud based services ~€50m 2017 Recur
Slide 9: DTS – leverage Cyber Security boom with integrated solutions ecosystem
DTS – leverage Cyber Security boom with integrated solutions ecosystem Vendor relationship with Palo Alto Networks DTS’ ecosystem of integrated Number of Palo Alto customers and collaboration with DTS security solutions 45k Palo Alto 40k (incl. cloud-based solutions 35k from DTS datacenter) 30k proo
Slide 10: Double digit growth due to focus on trends
Double digit growth due to focus on trends Revenue development in millions of € and CAGR E-mobility IT Security Cost leadership chemical +50% p.a. products +11% p.a. 44 +16% p.a. 156 33 36 34 35 18 20 102 107 103 96 94 28 20 22 11 12 12 14 67 66 9 7 09 10 11 12 13 14 15 16 17e 09 10 11 12 13 14 15 1
Slide 11: Operating performance in the first nine months of 2017 with double-digit growth
Operating performance in the first nine months of 2017 with double-digit growth Revenues EBITDA +16% +16% 282.4 27.6 242.7 23.7 Q1-Q3 Q1-Q3 Q1-Q3 Q1-Q3 2016 2017 2016 2017 in millions of € in millions of € 11
Slide 12: Approx. 20% average growth since IPO
Approx. 20% average growth since IPO Revenues Result +954% +676% CAGR +22% CAGR +19% 390.0 13.2 37.0 1.7 2005 2017e 2005 2017e* in millions of € in millions of € * Forecast adjusted on 18 October 2017 IPO: 9 May 2006 based on 2005 financial statements 12
Slide 13: Dividend aristocrat MBB
Dividend aristocrat MBB Dividend payments in € per share 1.22 0.61 0.50 0.25 0.55 0.57 0.59 0.61 CAGR +20% since 2007 0.50 without special dividends 0.44 0.33 0.25 0.25 0.25 IPO 0.10 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2x 2x Share repurchase program 13
Slide 14: Strong balance sheet with more than 60% equity and more than €200 million cash
Strong balance sheet with more than 60% equity and more than €200 million cash in millions of € (before acquisition of USK) 492 492 106 Non-current assets (22%) 300 Current assets** 139 Equity (61%) (28%) Cash* 247 (50%) 128 (26%) Other liabilities €183m Net-cash 65 (13%) Financial liabilities Asset
Slide 15: Buy & Hold & IPO leads to unique market position
Buy & Hold & IPO leads to unique market position Buy & Hold & IPO Committed Committed Fully satisfied Fully satisfied employees management customers sellers Phantom Shares shares IPO participation MBO Develop- Families 2,000+ (e.g. Wojtynia, Utz, employees and their success ment Hausmann) workers co
Slide 16: MBB's position has never been better!
MBB‘s position has never been better! Funds for acquisitions Add-on Target USK >200 Aumann Winding & Add-on Add-on Automation Target Target (USA) Aumann/ HTZ ICS Aumann Holz- media Berlin trocknung MBB Tech- eld DHK Huntsman Add-on Add-on nologies daten- automotive Tooling Target Target (China) tech
Slide 17: MBB in five years: €750 million revenues in 2022
MBB in five years: €750 million revenues in 2022 Growth targets Revenues in millions of € Revenues +15% p.a. EBITDA margin 450 >10% 750 Increasing dividends 390 SDAX 253 Listing 115 37 2005 2010 2015 2017e/ Vision annualized 2022 17
Slide 18: Highlights of 20 years of successful capital allocation
Highlights 20 years of successful capital allocation with unique Buy & Hold & IPO approach 1,000% share price performance over ten years and 20% dividend growth per year Exclusive acquisition opportunities in the German Mittelstand Strong growth through portfolio development along megatrends Highest
Slide 19: Financial Calendar
FINANCIAL CALENDAR German Equity Forum, Frankfurt a. M. 27 – 29 November 2017 Quarterly report Q3.2017 30 November 2017 End of fiscal year 31 December 2017 Annual Report 2017 30 April 2018e Annual General Meeting 2018 28 June 2018e 19
Slide 20: Factsheet
FACTSHEET ‘COMPANY Executive Management BOARD MBB SUBSIDIARIES (acing) MBB SE is a medium-sized family business which Dr Christof Nesemeier (CEO)* Gert-Maria Freimuth (Chairman)* Aumann (63.56%) is growing organically as well as acquisition based Anton Breitkopf Dr Peter Niggemann (Vice Chairman) CT
Slide 21: Contact
CONTACT MBB SE Joachimsthaler Straße 34 D-10719 Berlin Tel: +49 30 84415 330 Fax: +49 30 84415 333 Mail: request@mbb.com Web: www.mbb.com 21
Slide 22: Disclaimer
DISCLAIMER By accessing this document you agree to abide by the limitations set out hereafter. The information contained in this document relating to MBB SE ("MBB" or the "Company") may not be redistributed, reproduced, published, or passed on to any other person and must not be relied upon for any
Slide 23: MBB.COM
MBB.COM