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Navigating the road to redemption
paragon | 31/08/2023
paragon continued its debt reduction programme in Q223 with the disposal of semvox. Operating performance progressed positively with H123 sales rising…
On track to meet the FY23 guidance
Deutsche Beteiligungs | 23/08/2023
Deutsche Beteiligungs (DBAG) posted a 20% NAV total return in the nine months to end-June 2023, thereby recouping the valuation loss in FY22. The uplift…
Exceeded FY23 guidance and our estimates
Borussia Dortmund | 23/08/2023
Borussia Dortmund’s headline (income statement) results for FY23 were ahead of management’s previous guidance and our estimates. The company…
Accelerating into H223
JDC Group | 16/08/2023
JDC Group (JDC) reported H123 results that showed accelerating growth at its key Advisortech division (c 89% of revenue) of 11.2%. After three slower quarters,…
Whistleblowing set to kick in strongly in H2
EQS Group | 16/08/2023
After repeated delays, the German whistleblowing regulation came into law on 1 July and pent-up demand is now set to flow through into new customers and…
Focusing on more profitable subscribers
CLIQ Digital | 08/08/2023
CLIQ Digital delivered robust growth in H123, with 37% year-on-year growth in both revenue and EBITDA at a maintained margin of 15.8%. Growth continues…
Radically improving the investment case
paragon | 21/06/2023
So far in 2023 paragon has sold its semvox subsidiary, fully redeemed its Swiss franc (CHF) bond and is preparing for the remainder of the accelerated…
Plans to merge with FinLab
Heliad Equity Partners | 15/06/2023
Heliad Equity Partners (HEP) saw a decline in its NAV per share between end-2021 and end-March 2023 of c 48% to €7.35, mostly on the back of the…
Solid liquidity for new investments
Deutsche Beteiligungs | 25/05/2023
Deutsche Beteiligungs (DBAG) posted a healthy 14% NAV total return in H123 (ending March 2023) due to expanding public peer multiples, the first time recognition…
Catching the whistleblowing wave
EQS Group | 19/05/2023
The German Bundesrat has finally transposed the legislation regarding whistleblowing after the unexpected delay, allowing EQS to move at full steam to…
Nail-biting finish to the 2022/23 season
Borussia Dortmund | 17/05/2023
Borussia Dortmund’s Q323 results demonstrate the ongoing recovery of its financial results against a COVID-affected comparative period, with year-on-year…
On track for a strong FY23
JDC Group | 15/05/2023
JDC Group (JDC) reported Q123 results in line with management’s expectations. Despite the relatively low year-on-year revenue growth of 1.4% in Q1,…
Bundled content driving sales and profit growth
CLIQ Digital | 05/05/2023
CLIQ Digital had a very strong start to FY23, with a 58% y-o-y revenue uplift in Q123 (to €83m) and an EBITDA margin of 15.4% (Q122: 15.8%). Raised…
Strong results in a difficult market
JDC Group | 17/04/2023
JDC Group (JDC) reported FY22 results that were in line with the preliminary results published on 9 March. After slower than expected growth in H222, JDC…
Strong positioning beset by further delays
EQS Group | 04/04/2023
EQS remains in the frustrating position of having a strong commercial proposition in digital whistleblowing still awaiting the impetus of full legislative…
Enpal and Razor closing new funding rounds
Heliad Equity Partners | 22/03/2023
Heliad Equity Partners (HEP) reported a 3.6% decrease in net asset value (NAV) over the four-month period ending January 2023, bringing the NAV decrease…
On track for a strong FY23
JDC Group | 10/03/2023
JDC Group (JDC) reported preliminary FY22 results that were on the lower side of the guided range for revenues and on the higher end for EBITDA. FY22 revenue…
Further progression of debt reduction plans
paragon | 10/03/2023
paragon has announced the result of the Eurobond tender offer at 60% of nominal, securing just under €1.7m nominal out of a potential €5m.…
Picking growth at good value
BB Biotech | 03/03/2023
According to BB Biotech’s (BION’s) investment team, the biotech industry remains in a very good position. Following a sell-off in the last…
Executive interview
BB Biotech – executive interview | 03/03/2023
In this interview, we speak to Dr Daniel Koller, portfolio manager at BB Biotech (BION), the Swiss-based investment company listed in Switzerland, Germany…
FIFA World Cup affects Bundesliga schedule
Borussia Dortmund | 01/03/2023
Borussia Dortmund’s Q223 results reflect the negative effects of the first time staging of the FIFA World Cup during the football season, offset…
Streaming ahead
CLIQ Digital | 27/02/2023
CLIQ Digital demonstrated another year of strong revenue growth, driven by elevated levels of marketing expenditure in the year. Margins fell slightly…
Further delays in German legislation
EQS Group | 15/02/2023
EQS has issued a year-end trading update, showing that it achieved its targets for number of new customers and for annually recurring revenues. However,…
Robust exit activity in Q123
Deutsche Beteiligungs | 15/02/2023
Deutsche Beteiligungs (DBAG) posted a 7% increase in NAV per share in Q123 (ending 31 December 2022), supported by a €23.9m positive effect related…
Risk reduction should relieve the equity rating
paragon | 10/02/2023
paragon appears to be progressively de-risking its investment proposition. The agreed sale of Semvox crystallises an enterprise value (EV) that highlights…