Numbers
Market Cap 17.5M EUR (50% off from the latest valuation of all portfolio co's, very deep discount indeed)
Value of investment portfolio about 36M EUR
Return on Assets 2% (this is where rapid growth opportunity lies, even if 1 of their promising co's will hit the market or will be acquired, shareholders will get a decent return, because DEWB AG holds rather major stakes in it's portfolio co's)
Cash 28M EUR
LT Debt 19M EUR (market cap equals cash holdings, show me any tech start up in photonics, opto-electronics, sensors or nanotech where I can get this valuation)
Shares Outstanding 15,230,000
Float 3,200,000
Major Shareholders:
JENOPTIK AG 11%
DWS Investment GmbH 8.5% (almost doubled stake from last year)
Baden-Würtembergische Investmentgesellschaft mbH 3%
DZ Privatbank SA 2%
Aramea Asset Management AG 1.6%
Union Investment Management 0.6%
Chart AG 0.35%
Promont AM AG 0.13%
Lange Assets & Consulting GmbH 0.1%
ABAG Aktienmarkt Beteiligungs AG 29% (this is a very interesting shareholder worth a special notice here, ABAG in itself a private equity and investment fund similar to DEWB, so why would they invest a major stake in their competitor? )
Some public co's holdings of ABAG below (not an DEWB holdings)
And private co's holdings of ABAG below
Resume: Be short and to the point, discount to book value, from year 1997, 55 private equity investments with realized value of over 400M EUR, 39 exits and 8 were IPO's. This doesn't promise you riches (this is history) but it shows that you are investing with highly experienced team and look the stock price. But the bigger point is: Why ABAG holds 29% stake here? The answer is ABAG got a strong feeling that one of DEWB portfolio companies will be a big success coming and they want to participate in that, because directly they can't invest in this promising company as it's 100% owned by DEWB, in my opinion this company is KSW Microtec AG, is one of worldwide leaders in development and manufacture of RFID components. Also Noxxon Pharma AG is promising too as it develops pharmaceutical active agents based on proprietary Spiegelmer technology, DEWB holds here 12% stake. Good luck.