Scherzer & Co. AG · XETR:PZS
Scherzer & — Investor Presentation (April 2017)
27 slides from Scherzer &'s investor presentation, April 2017
Slide 1: Company presentation April 2017
Company presentation April 2017
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: Mission Statement of Scherzer & Co. AG
Executive Summary Mission Statement of Scherzer & Co. AG Target 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 partne
Slide 4: 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: 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: Top 10 largest equity positions
Portfolio Top 10 largest equity positions* Equity position WKN %** 1. GK Software AG ¹ 757 142 8.71 Opportunity 2. freenet AG A0Z 2ZZ 8.58 Opportunity 3. W&W Wüstenrot und Württ. AG 805 100 6.04 Opportunity 4. Allerthal-Werke AG ¹ 503 420 4.94 Safety 5. Mobotix AG ¹ 521 830 4.90 Safety 6. Lotto24 AG
Slide 8: Investments – Opportunity: GK Software AG
Investments – Opportunity GK Software AG WKN: 757 142 GK Software AG 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 customers like Galeria Kaufhof,
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. In addition, the Group is establishing itself as a provider of Sector: Telecommunications solutions for the customer in the area of digital lifestyle. Freene
Slide 10: 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 on behalf of customers signs gaming contracts for lottery Sector: Lottery brokerage products such as Lotto 6aus49, Spiel 77, Super 6, EuroJackpo
Slide 11: Investments – Safety: Pfeiffer Vacuum Technology AG
Investments – Safety Pfeiffer Vacuum Technology AG WKN: 691 660 Since more than 125 years, Pfeiffer Vacuum is known for its business with vacuum technology. A milestone was the invention of the so called Turbo pump Sector: Mechanical Engineering more than 50 years ago. The company is the technologic
Slide 12: Investments – Opportunity: Wüstenrot & Württembergische AG
Investments – Opportunity Wüstenrot & Württembergische AG WKN: 805 100 (Namen) Emerging in 1999 from the merger of two long-established national companies Wüstenrot and Württembergische, this publicly traded corporate group with its Sector: Insurance headquarters in Stuttgart combines building socie
Slide 13: Investments – Safety: Mobotix AG
Investments – Safety 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 system so
Slide 14: Investments – Opportunity: MAX Automation AG
Investments – Opportunity MAX Automation AG WKN: A2DA58 MAX Automation AG 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 share
Slide 15: Portfolio: Current news
Portfolio Current news After the Busch Group (via Pangea GmbH) had withdrawn its voluntary takeover offer of 96.20 euros for our investment Pfeiffer Vacuum Technology AG in the middle of March 2017, it announced a renewed cash offer of 110 euros per share on 29 March 2017. Biotest AG, in which w
Slide 16: Subsequent improvement volume
Portfolio Subsequent improvement volume 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 arising from court arbitration awards sought i
Slide 17: 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 2017 17
Slide 18: Balance sheet figures
Financials Balance sheet figures 31/12/2016 31/12/2015 Securities classified as non- EUR 42,419 31,653 current assets `000 Securities classified as current EUR 30,119 33,729 assets `000 EUR Total assets 75,857 70,065 `000 EUR Shareholders`equity 54,193 51,225 `000 EUR Subscribed equity 29,940 29,940
Slide 19: Income statement
Financials Income statement 01/01-31/12/16 01/01-31/12/15 EUR Profit on ordinary activities 4,741 6,701 `000 EUR Net income 4,465 5,319 `000 Earnings per share EUR 0.15 0.18 Dividend EUR 0.05* 0.05 * Management and Supervisory Board proposal April 2017 19
Slide 20: Income statement
Financials Income statement 01/01-31/12/16 01/01-31/12/15 EUR Realized gains 6,718 10,904 `000 EUR Realized losses 730 5,456 `000 EUR Other operating gains 910 1,870 `000 EUR Dividend income 1,664 1,589 `000 Other interest ans similar EUR 144 981 income `000 April 2017 20
Slide 21: Income statement
Financials Income statement 01/01-31/12/16 01/01-31/12/15 EUR Wages and salaries 1,241 751 `000 EUR Write-downs 7 8 `000 EUR Other operating expenses 581 476 `000 Write-downs to fair value at EUR 1,809 1,502 reporting date `000 EUR Interest and similar expenses 287 420 `000 EUR Taxes on income 276 1
Slide 22: Share/NAV performance
Financials Share/NAV performance 2017 2016 2015 2014 2013 2012 EUR Market capitalization 70,060 62,575 48,802 44,910 42,784 33,533 `000 Peak/low EUR 2.50/2.11 2.10/1.50 1.69/1.45 1.82/1.40 1.49/1.10 1.15/0.89 Closing value EUR 2.34 2.09 1.63 1.50 1.43 1.12 Share performance +11.96% +28.22% +8.67% +4
Slide 23: Share/NAV performance
Financials Share/NAV performance 2,50 EUR 2,40 EUR 2,30 EUR 2,20 EUR 2,10 EUR 2,00 EUR 1,90 EUR 1,80 EUR 1,70 EUR Share price 1,60 EUR 1,50 EUR Net Asset Value 1,40 EUR 1,30 EUR 1,20 EUR 1,10 EUR 1,00 EUR 0,90 EUR 5,0% -5,0% Premium/Disc ount -15,0% -25,0% * Net Asset Value: The present value of por
Slide 24: 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 25: 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 of Scherzer & Co. AG since, 2013 Managing Director of RM Rheiner Management AG, s
Slide 26: Contact & Financial Calendar
Scherzer & Co. AG Contact & Financial Calendar Contact Financial Calendar 2017 Scherzer & Co. Aktiengesellschaft Friesenstraße 50 31/03/2017: Supervisory Board Meeting D-50670 Köln 29/05/2017: Annual General Meeting Telefon +49 221 - 8 20 32 0 Telefax +49 221 - 8 20 32 30 29/05/2017: Superviso
Slide 27: 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