Scherzer & Co (PZS)

Business description

Scherzer & Co (PZS) invests its funds mainly in domestic equities. PZS looks for companies that are unknown or unloved, and special situations. The focus is on special situations, where the downside is perceived to be limited. In addition, it acquires value stocks, mainly below book value. These stocks need to demonstrate strong business models.

Stock data

Market cap.€85m
Last close€2.84
High / Low (52 weeks)€2.9 / €2.3
Stock market listingDB
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A

Price performance

Relative *0.214.317.9

* % Relative to local index

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Company news

Latest research


Scherzer & Co

Positiver NAV-Trend setzt sich fort

Scherzer & Co

Investition in Sondersituationen


Investment summary

Scherzer & Co (PZS) was able to leverage the favourable market conditions in H117, generating an EPS of €0.15 (vs €0.04/share loss in H116) and growing NAV by 13.5% to €2.55/share as at end-June. Realised capital gains, higher dividend income and a lower negative balance of value adjustments contributed to the solid result. Although there were no major favourable extra compensatory claim (ECS) rulings in H117, the company maintained an extensive ECS portfolio, which now amounts to €89m or €2.97 per share, providing potential future earnings upside. PZS’s NAV stands at €2.64 as at end-August, in line with its current share price.

Last updated on 13/09/2017

Key management

Mark Kahlenberg, Investment Manager
Georg Issels, Board member

Company address

Friesenstraße 50
50 670
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