$4X0 (+7,17%)
$MUX (+3,1%)

Mutares seems to have floated Steyr at exactly the right time. I really like the strategy of taking subsidiaries public.

The Mutares package is now worth a good 120 million, which is about 20% of Mutares' market capitalization.

Mutares SE & Co. KGaA $MUX (+3,1%) has completed the acquisition of GDL Anläggning & Miljö AB from GDL Transport Holding AB. The company will strengthen Mutares' Goods & Services segment as a new platform investment.

Founded in 2001, GDL Anläggning & Miljö AB is a modern and environmentally conscious Swedish company specializing in services within building materials, transport and machinery. With a strong commitment to sustainability, the company offers comprehensive environmental management and recycling services, including the provision of containers, transportation and recycling solutions. The extensive fleet of more than 500 trucks and machines enables the efficient handling of projects of various sizes and makes the company a reliable partner in the construction industry. The company is headquartered in Helsingborg, Sweden, and employs around 60 people at 16 locations in Sweden. GDL Anläggning & Miljö AB generated sales of just under EUR 100 million in the 2023 financial year.

• Leading European supplier of decorative surfaces for premium automotive interiors
• Add-on acquisition for Matikon to strengthen the Automotive & Mobility segment
• EUR 200 million turnover in financial year 2024
• Closing expected in the second quarter of 2025, subject to regulatory approvals

Munich, February 26, 2025 - $MUX (+3,1%) Mutares SE & Co. KGaA (ISIN: DE000A2NB650) has signed an agreement to acquire NBHX Trim Europe from Ningbo Lawrence Automotive Interiors Co, Ltd, a subsidiary of Ningbo Huaxiang Electronic Co, Ltd ("NBHX"). The transaction strengthens Mutares' Automotive & Mobility segment and will complement the Matikon Group within Amaneos as an add-on acquisition. The transaction is subject to customary approvals, in particular from the Chinese government, the Board of NBHX, the shareholders of NBHX and merger control clearance. The transaction is expected to close in the second quarter of 2025.

NBHX Trim Europe is a leading European supplier of decorative surfaces for premium automotive interiors. The company develops and produces interior components from a variety of materials, including aluminum, wood, carbon, leather and injection-molded plastics. Headquartered in Bruchsal (Germany) with additional production facilities in Rolem (Romania) and Abergavenny (UK), the company generated sales of almost EUR 200 million in 2024 and employs around 2,000 people.

Johannes Laumann, CIO of Mutares, comments: "With the acquisition of NBHX Trim Europe, we are strengthening our Automotive & Mobility segment specifically in the area of interiors. We see considerable synergies with Matikon and expect to be able to exploit the significant synergy potential to increase operational performance through the use of our Mutares Operations Team. This add-on acquisition is a significant step towards expanding our global footprint in interior applications for the global automotive industry."

Mutares SE & Co. KGaA $MUX (+3,1%) has successfully completed the acquisition of Nervión Industries, Engineering and Services, S.L.U. ("Nervión" or the "Company") from Amper S.A.. The Company will strengthen Mutares' Goods & Services segment as a new platform investment.

Founded in 1956, Nervión is a leading Iberian industrial services provider with extensive experience in serving Tier 1 clients in various end markets, including the oil and gas, industrial and energy sectors. The company has built a strong reputation by consolidating a wide range of activities, with its core business focused on industrial maintenance and assembly. In addition, Nervión is active in key areas such as the construction of photovoltaic plants, the construction and assembly of storage tanks and air pollution control solutions.

With consolidated revenues of approximately EUR 200 million, the company is well positioned for future growth, supported by its robust commercial network and a track record of delivering exceptional results for its customers.

$ASML (+1,4%) is out, as I want to focus more on stocks with a healthy trend in the growth part of my portfolio. See the weekly chart.

At the moment I am running a 75/25 strategy with which I feel most comfortable, 15K divided as follows:

Growth 75%: $AVGO (-0,66%)
$COST (-5,6%)
$7011 (+2,2%)
$MUV2 (+0,23%)
$GOOG (+0,1%)
$MUX (+3,1%) (mutares is under observation by me) $2768 (+1,92%)

Dividend 25%: $OBDC (+0,73%)
$HTGC (+1,51%)
$PSA (+1,33%)
$JEGP (+2,25%)

Steyr Motors $4X0 (+7,17%) is expanding its presence in Asia with the opening of a new office in Jakarta, Indonesia. At the same time, the company, which is also majority-owned by the listed Mutares Group $MUX (+3,1%) announced a secondary listing of its shares in the direct market plus segment of the Vienna Stock Exchange. The listing is scheduled to take place on February 10, 2025, according to the report.

According to Steyr, the opening of the new site in Jakarta is part of its strategic expansion in the region. In this context, Steyr Motors has signed agreements with two new dealers to strengthen the distribution of its engine technology in Indonesia and improve service availability. "It is another important step to expand our distribution network throughout the ASEAN region," said Julian Cassutti, CEO of Steyr Motors.

In parallel, the company is preparing for its secondary listing on the Vienna Stock Exchange. Steyr Motors' shares are already listed in Germany, the secondary listing is intended to increase awareness in Austria and provide additional access to investors. Hauck Aufhäuser Lampe Privatbank AG is accompanying this step as capital market coach and market maker.

"We already fulfill the necessary transparency obligations through our listing in the Scale segment of Deutsche Börse, so the secondary listing in Vienna does not involve any significant additional effort," says Cassutti.

• New platform investment to strengthen the Engineering & Technology segment
• Renowned German manufacturer of high-quality special steels
• EUR 360 million turnover in financial year 2023/2024

Munich, February 3, 2025 - Mutares SE & Co. KGaA (ISIN: DE000A2NB650) $MUX (+3,1%) has completed the acquisition of the business of Buderus Edelstahl GmbH from voestalpine AG. The company will strengthen Mutares' Engineering & Technology segment as a new platform investment.

Founded in 1731, Buderus Edelstahl GmbH ("Buderus") is a manufacturer of high-quality special steels with a focus on tool steel, engineering steel, open-die forgings, closed-die forgings, hot-rolled strip, cold-rolled strip and semi-finished rolled products, which it supplies to a wide range of customers worldwide. Buderus is a market leader in the tool steel and engineering steel segments and is known for its high-quality products. The company's diversified customer portfolio with around 350 active customers is spread across various sectors and end markets, such as light vehicles, mechanical engineering, the truck industry and wind power. With around 1,100 employees, the company generated sales of around EUR 360 million in the 2023/2024 financial year. Buderus has a highly industrialized production site in Wetzlar with a maximum annual processing capacity of around 360 kilotons.

Steyr Motors AG $4X0 (+7,17%)an investment company from the Mutares portfolio $MUX (+3,1%) and listed on the stock exchange since the end of October, can score points today with an "exclusive supply agreement".

Even if the share price has tended to move sideways since the listing, such news may well form the basis for future price surprises.

PALFINGER $PAL (-2,67%) has secured the supply of engines from the Steyr portfolio as part of a two-year supply agreement. For Steyr Motors, this is proof of its "leading position" in the field of maritime propulsion solutions. Or in the words of the CEO of Steyr Motors AG, Julian Cassutti: "The cooperation with PALFINGER underpins our commitment and our leading market position for innovative and reliable propulsion solutions. The partnership with PALFINGER enables us to further expand our service network and at the same time increase the competitiveness of our partners in the global maritime market."

What is the Steyer Palfinger contract about?

PALFINGER's marine business includes cranes, winches, lifting and handling solutions, slipway systems, boats, davits and fenders, providing solutions for all major maritime segments, including offshore, oil and gas, trade and transport, cruise and passenger vessels, governmental organizations, wind and aquaculture. PALFINGER also has its own service centers worldwide. An important aspect of the partnership is the close cooperation between the two companies, particularly in the area of the service network.

Steyer Motors can do more than just "defensive"

The contract covers the supply of engines that will be used in various applications in PALFINGER's maritime product range, such as fast rescue boats and free-fall lifeboats. Steyr Motors stands for the development and production of special high-performance engines with high power density and durability. And this is of course a particularly good fit for the currently booming main target market: the company's engines are mainly used in special defense vehicles, boats (both defense and civilian) and as auxiliary power units ("APU") for battle tanks and locomotives. And sales of EUR 41 to 45 million and adjusted EBIT of between EUR 9 and 11 million are expected for 2024 as a whole.

This would put Steyr well on the way to laying a strong foundation for the 2025 targets. This is because Steyr Motors is aiming for year-on-year sales growth of over 40% in 2025. In addition, an adjusted EBIT margin of over 20% and a production volume of more than 1,250 units. As already mentioned, Steyr operates in a booming market and meets the high quality and durability requirements of defense customers.

Mutares SE & Co. KGaA $MUX (+3,1%) has completed the takeover of the assets of S.M.A. Metalltechnik GmbH & Co. KG and its subsidiaries. S.M.A. Metalltechnik GmbH & Co. KG will be integrated into the SFC Group as a new subsidiary, thereby strengthening SFC's product expertise and customer portfolio.

S.M.A. Metalltechnik, headquartered in Backnang, Germany, specializes in the development and manufacture of high-density aluminium tubes, particularly for cooling media in the automotive sector, such as for interior air conditioning and battery cooling. In addition to Germany, the Group has production facilities in South Africa, Romania and China. In recent years, the company has built up long-term relationships with well-known customers from the automotive industry. With around 1,500 employees worldwide, the company is expected to generate sales of around EUR 160 million in 2025.

With the acquisition of S.M.A. Metalltechnik and its expertise in the areas of air conditioning and thermal management, the SFC Group completes its product offering in the field of fluid transfer systems and thus strengthens its position in the market. The transaction will also enhance existing customer relationships and provide access to a broader, high-value customer base. The SFC Group offers fluid transfer systems, lightweight products for fluids and sealing solutions for the automotive industry.

The German investment group Mutares SE & Co. $MUX (+3,1%) announced that its portfolio company Serneke Sverige AB in Sweden has filed for bankruptcy, marking the latest collapse of a construction company in the largest Nordic country.

The filing with the Gothenburg District Court follows a "drastic financial deterioration in the second half of 2024", according to a statement on Wednesday.

The purchase of the Swedish construction and real estate company from Serneke Group AB had been agreed in July last year and was completed in November. Mutares said the bankruptcy filing has "no significant impact" on its operations or its other portfolio companies.

In 2023, Serneke Group was acquired by Doxa AB $DOXA whose share price plunged 50% in Stockholm on Tuesday, although some of the losses were recovered on Wednesday.

Doxa said in a separate statement that its involvement in the insolvent unit is limited to performance guarantees related to certain construction projects. Doxa estimates that its earnings will be negatively impacted by about 150 million crowns (13.4 million dollars).