mutares publishes for the first time NAV of portfolio companies
The total NAV (net asset value) of the mutares Group currently amounts to EUR 351.2m or EUR 25.02 per share. Hence, the NAV exceeds the current market capitalization significantly by 28 percent. The regular publication of the NAV is part of intensified capital market communications.
To further increase transparency for investors and analysts, today mutares publishes for the first time the net asset values (NAVs) of all portfolio companies. The total NAV of the mutares Group accounts to EUR 351.2m and therefore exeeds the current market capitalization significantly by 28 percent. From now on, updates of the NAV will be published together with half-year and full-year figures.
NAV of the mutares Group
| Portfoliounternehmen |
NAV in EUR Mio. |
| EUPEC / BSL |
124.7 |
| STS Acoustics |
52.8 |
| Elastomer Solutions |
43.2 |
| A+F |
33.0 |
| Geesinknorba |
30.8 |
| Artmadis |
22.2 |
| Pixmania / Grosbill |
16.8 |
| Zanders |
15.7 |
| Klann Packaging |
4.3 |
| FTW |
3.1 |
| Nettofinanzmittel |
4.6 |
| Gesamt |
351.2 |
The valuation was done applying a DCF model and taking into account the forecast of the current year and the budgets for the coming three years (2016-2018) of each portfolio company. The annual growth rates following the detailed planning period have been very conservatively set to half a percent. The discount rates are the WACCs (weighted average cost of capital) of each of the portfolio companies. The WACCs are industry and country specific and lie between 5.5 and 11.4 percent.
Intensified capital market communications
Capital markets have a high importance for mutares to support the further successful development of the group. Hence, mutares wants to provide a maximum of transparency and service to its investors. The regular update of the NAV will show the development of mutares’ portfolio. For interested investors and analysts, mutares will also introduce conference calls starting with the publication of the half-year report on Sept 17, 2015. Also through its higher presence in the press, in social networks, at roadshows, and at capital market conferences, mutares intends to further intensify its communication with investors. All the additional information provided will further support the attention for the mutares stock. As a consequence, the average daily trading volume will increase. The issuance of bonus shares in July 2015 has already shown a strong impact in that direction.