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Mutares AG (Seite 170)

eröffnet am 27.12.11 09:09:03 von
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08.02.21 12:44:01
Beitrag Nr. 1.691 ()
Antwort auf Beitrag Nr.: 66.877.901 von Skuld am 08.02.21 12:42:26Wundert mich eh, dass die dortige aufgehellte Lage, Kurs/operativ, noch nicht bei "unserer" Mutares sich signifikanter zeigt.
mutares | 18,20 €
4 Antworten
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08.02.21 12:56:24
Beitrag Nr. 1.692 ()
Antwort auf Beitrag Nr.: 66.877.949 von Kampfkater1969 am 08.02.21 12:44:01Schau hier auf die Zugriffszahlen,ich würd behaupten,der Wert ist noch nicht wirklich entdeckt.
Gut für die,die sich noch ein welche ins Depot legen wollen.
Irgendwann geht die Suche nach den noch irgendwie günstigen Werten richtig los,dann wird man sehen.
mutares | 18,22 €
3 Antworten
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08.02.21 13:09:53
Beitrag Nr. 1.693 ()
Antwort auf Beitrag Nr.: 66.878.162 von Skuld am 08.02.21 12:56:24Und wenn eine fette Bonuszusatzdividende kommt....... ;-)
mutares | 18,28 €
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16.02.21 18:40:47
Beitrag Nr. 1.694 ()
Antwort auf Beitrag Nr.: 66.878.453 von Kampfkater1969 am 08.02.21 13:09:53zur Info

Nachricht vom 16.02.2021 | 09:00
Mutares SE & Co. KGaA: Mutares unterzeichnet verbindliches Angebot zur Übernahme von La Rochette von der RDM Group

https://www.dgap.de/dgap/News/corporate/mutares-kgaa-mutares…
mutares | 18,68 €
1 Antwort
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18.02.21 09:10:43
Beitrag Nr. 1.695 ()
Antwort auf Beitrag Nr.: 67.040.136 von Muckelius am 16.02.21 18:40:47Der Kauf von La Rochette ist insofern interessant, dass hier ein signifikanter Kaufpreis für eine Plattforminvestition gezahlt wird (was man sonst eher vermeidet), dafür aber auch 5% EBITDA-Marge kauft. Auch wenn Mutares in der Meldung quasi keine Details preisgibt, der Verkäufer RDM beschreibt den Deal ganz genau:

Auf https://rdmgroup.com/investor-relations/press-releases/ finden sich die finanziellen Details:

RDM GROUP RECEIVES AN IRREVOCABLE PURCHASE OFFER FOR THE SALE OF R.D.M. LA
ROCHETTE S.A.S.
Put Option Agreement signed
• Total Enterprise Value of La Rochette set at €28.8 million.
• Earnout equal to 25% of EBITDA in excess of 7.2 million for each of the financial years 2021, 2022
and 2023.

To partially finance the transaction, a €6.5 million vendor loan will be provided by RDM, with a three-
year maturity from the completion of the transaction and repayment in constant yearly instalments.
Milan, February 15, 2021 – In today’s meeting, the Board of Directors of Reno De Medici S.p.A. favorably
assessed an irrevocable offer received by its subsidiary RDM Blendecques S.A.S. for the purchase of its 100%
interest in R.D.M. La Rochette S.A.S. The offer was submitted by Bonaparte Holding SAS.
RDM Blendecques S.A.S. thus today signed the relevant put option agreement to sell its fully owned French
company R.D.M. La Rochette S.A.S. (“La Rochette”), operating in the segment of cartonboard for folding boxboard
based on virgin fibers (FBB).
The signing of the afore-mentioned put option agreement proposed by Bonaparte Holding SAS entails the
assumption by RDM Blendecques S.A.S. of the sole exclusivity obligation for the entire duration of the offer and
the beginning of the employment law and trade union procedures provided for by the French law, upon the
conclusion of which a binding contract may be signed for the sale of 100% of La Rochette’s equity capital. The
signing of the binding contract is expected within the first half of 2021.
The offeror, Bonaparte Holding SAS, is a company established under French law and controlled by Mutares SE
& Co. KgaA, an investment holding listed on the Frankfurt stock exchange and specialized in the acquisition and
reorganization of medium-sized companies.
Michele Bianchi, CEO of RDM Group commented:
“By accepting the irrevocable offer for the purchase of La Rochette, RDM Group has taken the opportunity to exit
from the FBB business, the segment of cartonboard for folding boxboard based on virgin fibers.
Compared to when it was acquired by RDM in 2016, the profitability of La Rochette plant has increased, also
thanks to the operating efficiencies achieved in these years and our team’s management effort. However, reaching
an operating profitability in line with the average rate of the other assets in our portfolio would require further
significant capital expenditures.”
1“By exiting from this segment, RDM Group will effectively unlock resources and managerial energies to increase
its focus on the current growth and consolidation path,” CEO Michele Bianchi continued, “Through the integration
of the most recent acquisitions Barcelona Cartonboard and Paprinsa, the closing of which is expected to take
place in the coming weeks, we are working to strengthen our leadership in the WLC market.”
La Rochette operates in the segment of cartonboard for folding boxboard based on virgin fibers (FBB). With its
manufacturing plant in La Rochette, France, 140 km from Lyons, the company has a theoretical capacity of
165,000 tons of virgin-fiber FBB. The plant operates with two paper machines and can produce a wide range of
products of different grammages.
For the year ended December 31, 2019, based on IFRS, La Rochette reported Sales of €111.9 million, an EBITDA
of €5.8 million and a Net Loss of €6.7 million. Net Financial Debt was €12.9 million at December 31, 2019.
In the irrevocable offer, La Rochette’s Enterprise Value has been set at €28.8 million, plus an earnout equal to
25% of EBITDA in excess of €7.2 million in each of the financial years 2021, 2022 and 2023. In the event that
even in only one of the three above-mentioned financial years the €7.2 threshold is not exceeded, the earnout
clause would be extended to financial year 2024.
The offer sets up that at the closing of the deal an initial amount of €5 million will be paid, calculated on the
Enterprise Value of €28.8 million after deducting: (i) NFP of €13.8 million reported at the end of June 2020; (ii)
further adjustments totaling €3.5 million; and (iii) €6.5 million for a vendor loan granted by RDM Blendecques
S.A.S. to Bonaparte Holding SAS, with a three-year maturity from the completion of the transaction and repayment
at constant yearly instalments, including interest of 2% per year.
The irrevocable offer also provides that the price will be subject to adjustments based on the level of NFP and the
working capital.
Under the irrevocable offer, the transaction execution is subject to the fulfillment of some suspensive conditions
precedent, including: (i) the absence of any government authorities’ measures or procedures aimed at preventing
or limiting the execution of the transaction; (ii) the obtainment of waivers of counterparties in financial contracts;
and (iii) the obtainment of legal authorizations by the competent Antitrust Authorities.
In the possible transaction, UniCredit and Jones Day are acting respectively as financial and legal advisors for
Reno De Medici S.p.A..
mutares | 18,04 €
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23.02.21 12:23:47
Beitrag Nr. 1.696 ()
Gibt’s für die -13% einen Grund? Ich hab‘ auf die Schnelle nichts gefunden.
mutares | 15,58 €
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23.02.21 12:28:27
Beitrag Nr. 1.697 ()
Unlimitierte Verkaufsorder und Stopp Lisa fishing?
mutares | 15,74 €
4 Antworten
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23.02.21 12:34:09
Beitrag Nr. 1.698 ()
Dann müßte es ja bald wieder vorbei sein. Mal sehen.
mutares | 15,88 €
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23.02.21 13:12:45
Beitrag Nr. 1.699 ()
Denke, es liegt am Markt allgemein. Aber danke für den Dip, konnte so wieder günstig einsteigen ;-)
mutares | 16,60 €
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23.02.21 18:04:41
Beitrag Nr. 1.700 ()
Kann eigentlich bei einer Basisdividende von 1‘Euro bzw. Zusätzliche Peformance Dividende von 0,25-0,50 Euro und gezeigtem Track record noch viel Platz nach unten sein soll?
mutares | 16,60 €
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