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 growing NAV by 13.5% to €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 €89m or €2.97 per share, providing potential future earnings upside. PZS’s NAV stands at €2.64 as at end-August, in line with its current share price.