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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.€82.3m
Last close€2.75
High / Low (52 weeks)€3.0 / €2.6
Stock market listingDB
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(0.7)(2.8)4.3
Relative *(0.6)(3.6)6.2

* % Relative to local index

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Company news

Investment summary

Scherzer & Co (PZS) was able to offset the impact of subdued equity markets (the MDAX declined 1.3% in H118) through its business of writing options and higher dividend streams. As a result, despite the c 26% share price decline in the case of one of its largest holdings (freenet), the company’s NAV (including the dividend at €0.10 per share) rose by 4.7% in H118. However, the ytd return as at end-August was slightly lower at 2.2%. PZS’s portfolio of extra compensatory claims (ECS) increased to €102.1m (€119m including Allerthal-Werke and RM Rheiner Management), mainly due to the addition of €8.4m attributable to PZS’s stake in Oldenburgische Landesbank.

Last updated on 13/09/2018

Key management

Mark Kahlenberg, Investment Manager
Georg Issels, Board member

Company address

Friesenstraße 50
Köln
50 670
Germany
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