Blue Cap : Vienna Capital Market Conference (Family Office Day), 16.10.2024
B7E.DE
Investor
Presentation
Vienna Capital Market Conference
Dr. Henning von Kottwitz, CEO
Vienna, 16 October 2024
Blue Cap Investment Highlights
Unique opportunity to invest in German SME growth stories
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Proven business model > value creation through M&A and transformation in German SME Special situation investments > based on Blue Cap experience and capabilities Diversified portfolio of SMEs > participation in different sectors and cycles
Regular and consequent exits > proof of value capture
Attractive dividend policy > remains part of investor proposition
Blue Cap AG_Wiener Kapitalmarkt Konferenz_Investor Presentation
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Listed Private Equity with its DNA in transformation and turnaround
BUY
Where do we invest?
Special situations
Solid core business
Driven by underlying trends
Revenue 20-200m€ and EBITDA margin 0-5%
Majority stake
Compatibility with ESG targets
TRANSFORM
How do we create value?
Active portfolio management People & Culture
Balance sheet
Margin
Growth
Realization of additive value levers
ESG
Technology
Business model
SELL
When do we sell?
Stringent exit strategy based on
Preferred holding period: 3-7 years
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BUY
Focus on special situations targets with restructuring need
Outperforming
Performing
Underperforming
Distressed
Insolvency
Underlying trends
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Industrial SMEs with economically
sustainable & scalable business models
In specific cases
Core focus
In specific cases
Mobility
Circular
IoT
Energy
Health
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Blue Cap's main
competences & capabilities
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TRANSFORM
Established Transformation Radar for value creation
▪ Established structured processes and track record of value creation initiatives for our portfolio companies
▪ Core of our transformation competence and value enhancement expertise, especially required for turnaround cases
People & Culture
Balance Sheet
Margin
Growth
▪ Additional value creation drivers:
ESG
Technology
Business Model
▪ We aim to assess transformation potential in all value disciplines
Dedicated team in place to drive transformation measures within portfolio companies
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SELL
Stringent exit strategy to capture transformation results
Regular exits based on
2016 - 2024
Plastics
Market value achieved as % of NAV: ~110%
Money multiple: ~8x
2018 - 2023
Plastics
Market value achieved as % of NAV: ~117%
Money multiple: ~1x
2011 - 2022
Production Technology
Market value achieved as % of NAV: ~130%
Money multiple: ~3x
2016 - 2021
Metal Technology
Market value achieved as % of NAV: ~105%
Money multiple: ~3x
2014 - 2024
Others
Market value achieved as % of NAV ~225%
Money multiple: ~6x
2014 - 2020
Medical Technology
Market value achieved as % of NAV ~177%
Money multiple: ~4x
2012 - 2018
Medical Technology
Market value achieved as % of NAV: ~ 189%
Money multiple: ~3x
2009 - 2017
Adhesives Technology
Market value achieved as % of NAV: N/A
Money multiple: ~46x
Two successful exits last weeks - with attractive ROIC and valuation above NAV proving our ability to execute
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SELL
Neschen as blueprint to proof our strategy
Case
Exit
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Diversified portfolio of SMEs in Germany - composition will change with ongoing M&A activities
Diversified portfolio of
Net Asset Value share by segment (*)
10%
21%
40%
29%
Plastics**
Business Services
Adhesives & Coatings
Minority
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Snapshot on financial figures: dip in FY 2023 due to economic headwinds, results are expected to pick up again for HY2 2024
Revenue
Adjusted EBITDA and adj. EBITDA margin
EUR m
CAGR 13%
EUR m and %
CAGR 15%
291.3
273.3
7.8%
8.7%
9.7%
9.3%
8.5%
145.5
27.5
217.6
23.2
129.2
21.3
183.4
169.8
15.9
13.1
7.9%
8.4%
11.5 11.1
2019
2020
2021
2022
2023
HY1 2023 HY1 2024
2019
2020
2021
2022
2023
HY1 2023 HY1 2024
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Guidance 2024 reflects results of successfully implemented transformation measures
Outlook 2024
▪ We aim for …
1-2 acquisitions, value creation turnaround initiated
Solid financing of holding and portfolio
Revenue 2024e
Adjusted EBITDA margin 2024e
Net leverage 2024e
EUR 200-220 mn
9.5-10.5%
▪ Economic recovery is part of premise
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Disclaimer
Blue Cap AG published this content on October 24, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on October 24, 2024 at 09:33:06.525.