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ShareTip of the week: Mutares

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Mutares recently came up with an avalanche of good news. The investment company reported eleven transactions in the first nine months – six completed and two signed acquisitions and three exits. Thanks to the accelerated M&A activities, sales grew by 47 percent to a good EUR 1.07 billion. The operating result (Ebitda) even climbed 84 percent to EUR 134.7 million, benefiting from the high level of transaction activity.

The latest deal has not yet been included in the figures: Mutares has signed a letter of intent to sell its 80 percent stake in the Nexive Group. The buyer is Poste Italiane. The transaction is expected to close by January 2021. For the mail and parcel service providers that were only taken over in July 2020, that would be a turnaround and exit in record time.

In the event of success, the shareholders participate through a performance dividend. The management expects annualized sales of around 1.8 billion euros for 2020, which should increase to around 3 billion euros by 2023. Given the aggressive growth strategy, the stock still has plenty of room for improvement. We recommend a deduction limit!

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