Very exciting article! You have summarized the most important points about MBB really well. In particular, the enormous tailwind from Friedrich Vorwerk and the growth at DTS in the cybersecurity sector show that there is significantly more value in the holding company than the market is currently pricing in. The solid balance sheet, the long-term dividend discipline and the committed management also speak for quality and stability. For me, this makes MBB look like an underestimated value and growth investment at the same time - definitely a stock to keep an eye on.
If you look at the chart of $MBB, you can see that they are currently at an ATH. Do you still think it's an attractive investment at the moment?
If you look at the chart of $MBB, you can see that they are currently at an ATH. Do you still think it's an attractive investment at the moment?
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@der_Don
Thank you dear for the coins and your great analysis of MBB. As I wrote, I'm thinking of going in before the figures. Because due to the good order situation at Vorwerk, the MBB figures should also look good.
Thank you dear for the coins and your great analysis of MBB. As I wrote, I'm thinking of going in before the figures. Because due to the good order situation at Vorwerk, the MBB figures should also look good.
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@Tenbagger2024 Is there a profit transfer agreement? Because otherwise they would only benefit from the higher investment value. I would also like to point out that $MBB as an investment company, like almost all BTGs, always has to accept a significant discount on the investment values. And the market decides how high this is.
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•@Multibagger
Yes, you're right. The discount is also taken into account in the analysts' report. And yet the intrinsic value of MBB is seen as far too cheap. And I still see a lot of potential in cyber security.
Yes, you're right. The discount is also taken into account in the analysts' report. And yet the intrinsic value of MBB is seen as far too cheap. And I still see a lot of potential in cyber security.
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•@Multibagger
All investments are listed as subsidiaries on the MBB website.
All investments are listed as subsidiaries on the MBB website.
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@Tenbagger2024 you would have to take a look at the holding company's balance sheet. I can do that as soon as I have time😉😅. Not uninteresting in principle, but from my point of view, as Chris @Multibagger has already described, it depends
depends entirely on how the holding or group structure is actually organized. And holding discounts are of course determined by the market, which in any case is always the big Unbekannte🤷🏼♂️.
depends entirely on how the holding or group structure is actually organized. And holding discounts are of course determined by the market, which in any case is always the big Unbekannte🤷🏼♂️.
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•@All-in-or-nothing
That would be great of you. As I've already written, I also find the other subsidiaries exciting, including Aumann. And in contrast to Vorwerk, MBB is still valued acceptably. And perhaps a good alternative to Vorwerk at the moment. With the advantage of having a few more exciting companies in the holding company
That would be great of you. As I've already written, I also find the other subsidiaries exciting, including Aumann. And in contrast to Vorwerk, MBB is still valued acceptably. And perhaps a good alternative to Vorwerk at the moment. With the advantage of having a few more exciting companies in the holding company
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•@Tenbagger2024 I just skimmed through the MBB consolidated financial statements and the financial statements of the listed subsidiaries. Result: no control or profit transfer agreements found. In other words, pure consolidation of sales, assets, goodwill/company values, expenses/income etc. without Gewinnabführung☹️. So MBB also benefits here exclusively from the higher investment value + possibly rising dividends + possibly higher management income (if these provide for performance bonuses or similar). This actually reduces my interest in MBB erheblich🤷🏼♂️.
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•@All-in-or-nothing
https://www.mbb.com/fileadmin/templates/downloads/finanzberichte/250331-MBB-Geschaeftsbericht-2024.pdf
However, the shareholdings are also shown here.
And the AI tells me that too
https://www.mbb.com/fileadmin/templates/downloads/finanzberichte/250331-MBB-Geschaeftsbericht-2024.pdf
However, the shareholdings are also shown here.
And the AI tells me that too
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@Tenbagger2024 I don't think that was the point at all. The investments are recognized under assets. However, there is no indication that some of the higher profits are transferred from the associated companies to $MBB.
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•@Tenbagger2024 It's also not a question of whether these are consolidated holdings or not😅. I come from the corporate client business of a bank and know something about consolidation, holding structures, etc.😉. The problem with the holding structure here is that the holding company (MBB in this case) does not benefit directly financially in the sense of operational, financial participation or additional cash flow at holding level (as there are no control or profit transfer agreements), but only from increases in the value of the investments. Nothing flows directly to the holding company from the profits of the Group subsidiaries (with the exception of dividends and any management income). The situation is similar at Mutares, but there the management fees of the holding company in relation to the subsidiaries are mostly linked to restructuring successes etc. and increase accordingly in the event of successes.
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