Mutares SE: Strong 2022 Dividend Performance Newsflash.pdf

11.04.2023.pdf
Preview of Mutares SE: Strong 2022 Dividend Performance Newsflash
🔗 Source: ir.mutares.com
📊 Size: 142 KB
👤 Author: Pareto Securities
⬇️ Downloads: 159

Summary

Pareto Securities has issued a sponsored research newsflash highlighting Mutares SE & Co. KGaA's impressive financial results for Q4/FY 2022. Key takeaways include:

- Revenue Growth: Q4 revenues on the holding level surged 72% year-over-year to EUR 25.6 million, setting a new record. This is attributed to increased transaction activity and a higher number of portfolio companies.
- Portfolio Income: Portfolio income in Q4 reached EUR 90.4 million, surpassing estimates, thanks to upstream dividends from its portfolio companies totaling EUR 69 million—also a new record.
- Dividend Payout: Mutares intends to pay a dividend of up to EUR 2.00 per share, resulting in an 11% dividend yield for 2022 and reflecting management's confidence in the exit pipeline.
- Financial Highlights: Holding net income was EUR 11.1 million in Q4, while full-year net income improved to EUR 72.9 million, meeting the company's guidance range. For FY 2023e, Mutares guides a net income range of EUR 92-112 million.
- Consolidated Performance: Revenues, EBITDA, and EBITDA margin showed significant year-over-year changes, with consolidated revenues reaching EUR 1,074 million in Q4 2022 compared to EUR 742 million in Q4 2021.

Pareto Securities maintains a Buy rating on Mutares shares with a target price of EUR 33, citing the robustness of the company's business model.

Description

Pareto Securities has been paid by Mutares SE & Co. KGaA to produce this research report, which is considered a minor non-monetary benefit under EU MIFID 2 directive.

Technical Information

  • File Format: PDF
  • File Size: 142 KB
  • Pages: 1
  • Language: EN
  • Author: Pareto Securities
  • Total Downloads: 159
  • Last Updated: 3 weeks ago

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