Blue Cap : 20241125 EKF Präsentation final
B7E.DE
Investor
Presentation
Deutsches Eigenkapitalforum (EKF)
Dr. Henning von Kottwitz, CEO
Frankfurt, 25 November 2024
Blue Cap AG at a glance: Specialized in SME turnarounds, we develop clear strategies for companies' futures
Overview
Highlights 2024
Perspective
▪
Listed Private Equity
▪
Strong overall EBITDA
▪
Acquisitions
▪
SMEs
▪
Two exists completed
▪
Dividend
▪
6 portfolio companies
successfully
▪
Moderate market
▪ Buy / Transform / Sell
▪ Sufficient funds for M&A
development resulting in
▪
Majority shareholdings
conservative portfolio
outlook
Blue Cap AG_EKF 2024_Investor Presentation
2
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
Blue Cap AG_EKF 2024_Investor Presentation
3
Buy: Focus on special situations targets with restructuring need
Outperforming
Performing
Underperforming
Distressed
Insolvency
Underlying trends
…
Industrial SMEs with economically
sustainable & scalable business models
In specific cases
Core focus
In specific cases
Mobility
Circular
IoT
Energy
Health
Continuous market screening by our in-house M&A team
…
Blue Cap's main
competences & capabilities
Blue Cap AG_EKF 2024_Investor Presentation
4
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
Blue Cap AG_EKF 2024_Investor Presentation
5
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 lately - with attractive ROIC and valuation above NAV proving our ability to execute
Blue Cap AG_EKF 2024_Investor Presentation
6
Sell side: Neschen is a blueprint for the goals we aim to achieve with our strategy
Case
Exit
Blue Cap AG_EKF 2024_Investor Presentation
7
Reliable dividend policy: Attractive dividend yield of 3-4%
Dividend per share and dividend yield*
EUR and %
44..0%
44..0%
33..7%
33..3%
44..0%
3.2%
1.00
0.90
0.85
0.75
0.75
0.25
0.65
Components of dividend policy
▪ Balancing shareholder expectation and re-investment
0.75
targets
▪
Attractive dividend yield in a continuous band with or 3-4%
2018
2019
2020
2021
2022
2023
(2024)
Base Dividend
Special Dividend
(*)
shareholders can expect
Dividend yield
special dividend for 2024
(*) dividend yield is based on XETRA closing price of the day of the respective AGM
Blue Cap AG_EKF 2024_Investor Presentation
8
Snapshot on financial figures: Strong EBITDA development despite revenue decrease (HY-Line)
Revenue*
EUR mn
222,8
152,8
135,8
209,0
195,3
Adjusted EBITDA and adj. EBITDA margin*
EUR mn and %
adj. EBITDA margin
23.6
19.0
15.9
13.6
10.6
8.8
10.3
9.5
7.5
7.6
2020 (9M)
2021 (9M)
2022 (9M)
2023 (9M)
2024 (9M)
2020 (9M)
2021 (9M)
2022 (9M)
2023 (9M)
2024 (9M)
* all figures shown refer to both the future continuing operations and the discontinued operations involving Neschen and nokra / ** sold as of 07.10.2024
Blue Cap AG_EKF 2024_Investor Presentation
9
Guidance 2024 reflects results of successfully implemented transformation measures
Outlook 2024
Operational status per 11/24
▪
Successfully sold two portfolio companies
▪
Very solid liquidity status with funds for new acquisitions
▪
No acquisitions completed yet: several potential targets currently
under evaluation - the goal is to execute 2-3 acquisitions by end
Revenue 2024e
Adjusted EBITDA margin 2024e
Net leverage 2024e
EUR 200-220 mn
9.5-10.5%
of 2025
▪
Value creation in current portfolio ongoing, very solid
performance in difficult economic environment
▪
Moderate outlook for economic recovery in 2025
Blue Cap AG_EKF 2024_Investor Presentation
10
Disclaimer
Blue Cap AG published this content on November 26, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 26, 2024 at 12:52:06.547.