Una de las víctimas de Gotham Research hace dos años fue Aurelius Group, una de las compañías más grandes de Alemania y que cuenta con varias divisiones de inversión en compañías, real estate.
En su propia web se definen de la siguiente manera:
AURELIUS es un inversor de mid-market pan europeo especializado en situaciones especiales. Con una cartera de 22 compañías, el grupo genera unos ingresos de más de €3.500m y emplea a más de 13.000 personas. AURELIUS tiene su sede central en Munich y oficinas en Londres, Estocolmo, Madrid y Amsterdam. Desde la constitución de AURELIUS en 2006 hemos completado con éxito más de 100 adquisiciones en multitud de territorios y sectores de actividad, lo que nos convierte en la alternativa ideal para grandes corporaciones y medianas empresas que buscan un socio de confianza. Las acciones de AURELIUS Equity Opportunities SE & Co. KGaA cotizan en el segmento del Mercado de Valores de Munich bajo el ISIN DE000A0JK2A8 y con una capitalización bursátil cercana a los €1.100m.
Lo cierto es que en 2017 sufrieron uno de los ataques bajistas que más se recuerdan en el mercado alemán, por parte de un viejo conocido en España Gotham Research. Bajo afirmaciones de fraude contable y adquisiciones sin valor, afirmaban que su cotización no debería valer más de 8,56€, cuando cotizaban a 67€/acción.
Para el que le interese el ataque de Gotham dejo por aquí los tres artículos que lanzó:
La realidad es que la cotización sufrió pero jamás se acercó al precio de Gotham, aunque quizás estos hicieron suficiente negocio con la caída que tuvo aurelius-equity.png79.81 KB
Ningún fondo español según los datos de la CNMV tiene inversión en esta compañía. Varios fondos internacionales si cuentan con una participación importante en la compañía aurelius-equity-funds.png132.25 KB
Me pareció muy interesante ver, en estos tiempos de ataques bajistas tan comentados, como compañías como Aurelius o la propia Herbalife han sobrevivido a estos shorts e incluso con respecto a las caídas han dado oportunidades de compra que varios inversores seguro han sabido aprovechar.
#2
Re: Aurelius Group (AR4G): la vida después de Gotham
AURELIUS Equity Opportunities reports its numbers for the first nine months of 2020
Total consolidated revenues fall to EUR 2.4 billion compared to last year
EBITDA rises to EUR 301.5 million on the back of strong gains on bargain purchases and company sales above book value
Operating EBITDA of EUR 100.2 million attests sustainable management of the COVID-19 crisis
Solid cash position of EUR 417.5 million
Net asset value of the AURELIUS portfolio modestly lower at EUR 950.7 million
Outlook: Effects of new lockdowns in the COVID-19 pandemic cannot yet be estimated; well-filled pipeline of acquisition opportunities
Munich, November 12, 2020 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) published its numbers for the first nine months of 2020 today. At EUR 2,405.2 million, the total consolidated revenues generated in the first nine months of 2020 were slightly less than the corresponding figure for the comparable period of 2019 (EUR 2,720.4 million), as expected, due to company sales in the second half of 2019. Annualized consolidated revenues from continued operations amounted to EUR 3,193.3 million (Q1-Q3 2019: EUR 2,874.6 million).
Operating EBITDA of EUR 100.2 million attests sustainable management of the COVID-19 crisis by the Group companies
The EBITDA of the combined Group rose to EUR 301.5 million in the first nine months of 2020 (Q1-Q3 2019: EUR 187.4 million). Restructuring and non-recurring expenses for the restructuring of portfolio companies amounted to EUR 59.7 million (Q1-Q3 2019: EUR 61.0 million). Gains on bargain purchases of the four portfolio companies acquired in the nine-month period amounted to EUR 180.5 million (Q1-Q3 2019: EUR 15.4 million). Gains on exits reached EUR 80.5 million (Q1-Q3 2019: EUR 98.4 million). This figure mainly includes the proceeds on the sale of GHOTEL Group completed in late February 2020.
The operating EBITDA of the combined Group in the amount of EUR 100.2 million (Q1-Q3 2019: EUR 134.6 million) proves that the AURELIUS portfolio is strongly positioned and that the Group companies have done a good job of navigating the ongoing COVID-19 pandemic so far, thanks in no small part to the dedicated efforts of the AURELIUS functional specialists.
The net asset value of the AURELIUS portfolio amounted to EUR 950.7 million, one percent less than at the end of the preceding quarter.
Outlook: Effects of the new lockdowns in the COVID-19 pandemic cannot yet be estimated; well-filled pipeline of acquisition opportunities
The COVID-19 pandemic and its consequences continue to dampen global economic growth. Many companies are still struggling. Due to the renewed restrictions imposed in many European countries, which are having a profound impact on the real economy and the manufacturing sector, the outlook for the AURELIUS Group companies is subject to considerable uncertainty. Therefore, the further outlook will depend in large part on the pace of economic recovery in the markets in which the Group’s companies operate.
On the other hand, the companies‘ efforts to adapt to the new situation – also in the current crisis – often lead to spin-offs of unprofitable or peripheral divisions. “AURELIUS has successfully managed the restructuring of companies in exceptional situations for many years. I am therefore highly confident that we will not only successfully master the COVID-19 crisis with the backing of our operational experience accumulated over many years and our financial stability, but also emerge stronger from the crisis as a result of attractive new acquisitions,” said Executive Board member Matthias Täubl.
Net asset value of the AURELIUS portfolio (in EUR millions)
| 9/30/2020 Services & Solutions | 89.0 Industrial Production | 287.1 Retail & Consumer Products | 326.6 NAV of the portfolio companies | 702.7 Other | 248.0 Total | 950.7 NAV per share (in EUR) | 30.90
