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Equity Bottom-Up

<p>Scherzer &amp; Co (PZS) was able to leverage the favourable market conditions in H117, generating an EPS of &euro;0.15 (vs &euro;0.04/share loss in H116) and growing NAV by 13.5% to &euro;2.55/share as at end-June. Realised capital gains, higher dividend income and a lower negative balance of value adjustments contributed to the solid result. Although there were no major favourable extra compensatory claim (ECS) rulings in H117, the company maintained an extensive ECS portfolio, which now amounts to &euro;89m or &euro;2.97 per share, providing potential future earnings upside. PZS&rsquo;s NAV stands at &euro;2.64 as at end-August, in line with its current share price.</p>

Scherzer &amp; Co (PZS) was able to leverage the favourable market conditions in H117, generating an EPS of &euro;0.15 (vs &euro;0.04/share loss in H116) and growing NAV by 13.5% to &euro;2.55/share as at end-June. Realised capital gains, higher dividend income and a lower negative balance of value adjustments contributed to the solid result. Although there were no major favourable extra compensatory claim (ECS) rulings in H117, the company maintained an extensive ECS portfolio, which now amounts to &euro;89m or &euro;2.97 per share, providing potential future earnings upside. PZS&rsquo;s NAV stands at &euro;2.64 as at end-August, in line with its current share price.

<p>Scherzer & Co (PZS) is a listed asset holding company, focusing on equity investments. PZS invests in special situations, small and micro caps and value stocks, chiefly in Germany. PZS has a dual investment approach: it acquires stocks that are in takeover situations, buy-outs or similar capital restructuring situations and &#8216;mispriced&#8217; value stocks with a perceived valuation floor due to high asset values, net cash positions or strong major shareholders. This approach has been successful in the past five years. </p>

Scherzer & Co (PZS) is a listed asset holding company, focusing on equity investments. PZS invests in special situations, small and micro caps and value stocks, chiefly in Germany. PZS has a dual investment approach: it acquires stocks that are in takeover situations, buy-outs or similar capital restructuring situations and &#8216;mispriced&#8217; value stocks with a perceived valuation floor due to high asset values, net cash positions or strong major shareholders. This approach has been successful in the past five years. 

Germany

Scherzer & Co. AG is a private equity company.  The Company invests in a wide range of industries, including insurance, retail, Internet, and real estate.

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Scherzer & Co. AG (PZS GY)

Upward NAV trend continues

Scherzer & Co (PZS) was able to leverage the favourable market conditions in H117, generating an EPS of €0.15 (vs €0.04/share loss in H116) and...

Edison Investment Research

Investing in special situations

Scherzer & Co (PZS) is a listed asset holding company, focusing on equity investments. PZS invests in special situations, small and micro caps...

Edison Investment Research

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