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Mutares (MUX)

Business description

Founded and listed in 2008, mutares AG acquires special situation companies that are under performing and can be turned around through financial and operational restructuring. It currently owns 13 companies across five focus industries.

Investment summary

Successful turnarounds supported by add-on acquisitions allowed Mutares (MUX) to post record FY17 results. Improvements across the P&L resulted from profitable exits as well as bargain purchases. The shift in strategy towards platform investments is expected to further validate the benefits of the buy-and-build approach originally introduced in STS Group. MUX is now trying to replicate the concept for Balcke-Dürr Group and La Meusienne. Despite the recent positive developments, MUX’s shares have been under pressure and currently trade at a 30.0% discount to last reported NAV.

Last updated on 28/06/2018

Key management

Christoph Himmel, Managing Director / Head of IR

Company address

Arnulfstra├če 19
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