With the announcement that the publication of the annual report for 2024 will be postponed, Mutares$MUX (-1.21%) together with weaker-than-expected figures for 2024 already put its own share price under massive pressure yesterday evening. The preliminary figures for the first quarter of 2025 did little to help. Today, Tuesday, the Munich-based investment company provided new information in an investor and analyst call.
The main cause of the misery, which is currently costing Mutares more than 15% of yesterday's market capitalization at a share price of EUR 31.60, is the insolvency of Serneke. The Southern German company had invested in the Swedish construction and project development group last year, but the restructuring attempt ended relatively quickly with the bankruptcy of Serneke.
In connection with the Serneke deal, there were differences of opinion between Mutares and the company's auditor, Deloitte. While Mutares argued that it had not gained control over Serneke, Deloitte initially had a different view. However, according to the investor and analyst call, the auditor has since agreed with Mutares' position after time-consuming discussions.
The postponement of the balance sheet presentation, often a "red flag", could therefore go relatively smoothly for the Munich-based restructuring expert. In addition to the statements on the "Serneke case", Mutares, as usual, painted a committedly positive picture of its own activities, which, however, with a greater commitment to the automotive sector, are taking place partly in currently very difficult industries.
Mutares plans various exits
However, the two Mutares Executive Board members Johannes Laumann (CIO) and Mark Friedrich (CFO) can dispel investor concerns that the dividend could be jeopardized: The annual minimum dividend of EUR 2.00 per Mutares share is not up for discussion and will remain, and performance dividends will also be paid out depending on the progress of the exit activities. Mutares had distributed EUR 2.25 per share for 2023.
Mutares could continue to be very active in exits in 2025. The partial sale of the stake in Steyr Motors recently attracted particular media attention. According to Mutares, sales processes for portfolio companies with a cumulative turnover of EUR 1.85 billion have been initiated. Several companies are on the company's "harvesting list", including the Donges Group and Terranor in addition to Steyr Motors.