Newsletter Q4 2023
Ladies and Gentlemen,
When looking at the quarterly review for this newsletter, the change in the management board of Blue Cap certainly stands out. Our previous CEO, Mr. Tobias Hoffmann-Becking, left the company for personal reasons. As regrettable as this step is in view of his contributions to our company, we are very pleased that the appointment of the new CEO, Dr Henning von Kottwitz, was able to present an excellent successor solution very promptly. Read his greetings to you here in our “Blue Cap Insights”. A lot has also happened on the operational and strategic side. As always, you will find out about current events at individual portfolio companies in our newsletter. For example, you will gain detailed information on the topic “fitness program” at Neschen from our colleague Ulf Weber, Portfolio Director at Blue Cap.
Please contact us if you have any questions or suggestions at email@example.com.
We wish you an interesting read and thank you for your interest!
Your Blue Cap team
Blue Cap Insights
Since the beginning of October, Dr Henning von Kottwitz, our new CEO, is on board at Blue Cap. Read his greetings to you here.
_con-pearl and CARLA CARGO win first place in the “Cargo bike of the Year 2023” award. Our portfolio company designed the appropriate, innovative construction for the cargo bike - so-called lightweight boxes on wheels. The cargo bike is sustainable in two ways. On the one hand, con-pearl uses recycled plastic from its own manufacture in production. On the other hand, the Cargo bike represents a green last-mile solution for city logistics.
_H+E has started a project to merge its locations. The current four locations will become three in the future in order to simplify processes and save structural costs. The implementation should be completed in the first quarter of 2024.
_Planatol is initiating the environmentally friendly renovation of the hall roof at the Herford location. Public funding was used for the energy investment which subsidized the project.
_HY-LINE: Another step on the way to ONE HY-LINE has been achieved - the company merger and renaming to HY-LINE Technology GmbH. The companies HY-LINE Computer Components Vertriebs GmbH, HY LINE Power Components Vertriebs GmbH and HY-LINE Communication Products Vertriebs GmbH now operate under this name. The merger enables HY-LINE, as a solution provider with a focus on design-in distribution and system development, to respond even more flexibly to customer requests.
_Inheco: The decline in demand at Inheco, which has been noticeable since mid-April, required a stringent adjustment to the cost structure. The measures that Blue Cap is implementing together with the management include a significant reduction in personnel, the reduction of material costs and an improvement in working capital by reducing inventories.
_nokra: With a laser sensor system, nokra significantly simplifies the production of electrical steel at thyssenkrupp Steel's Bochum plant. The nokra's optical inline measurement replaces the previously manual offline measurement of the edge waves and enables the data to be recorded over the entire length even while the belt is running.
Portfolio Deep Dive
Ulf Weber, Portfolio Director at Blue Cap AG and Lisa Marie Schraml, Investor Relations Manager at Blue Cap AG, talk about the restructuring program at our portfolio company Neschen. Ulf Weber shares exciting insights and explains how we want to ensure the improvements achieved are sustainable.
Capital market and share
_1 Successful completion of the stock dividend: the initial offer of the stock dividend was very well received by the shareholders with an acceptance rate of 70%.
_2 On July 27, we publish preliminary financial figures for the first half of 2023 and confirm our forecast for the full year. Overall, the group performed solidly thanks to a dynamic second quarter. Warburg Research processes the current figures in a research update and confirms the Buy rating with a price target of €38.
_3 Sharedeals.de reports on the Blue Cap share (see below).
_4 Our semi-annual report provides extensive information on developments in the first six months of the year. SMC Research publishes an update and confirms the "buy" rating (price target €31.30) (see below).
_5 and 6 There are changes at board level: On August 25th we announce that Tobias Hoffmann-Becking (CEO) will be leaving the company for personal reasons. The successor was determined shortly afterwards. Dr. Henning von Kottwitz, who already knows Blue Cap very well from his many years as a member of the Supervisory Board, took over the role of CEO on October 1, 2023.
Market capitalization (30 Sept 2023): € 81 mn
1-year performance (30 Sept 2023): -7%
3-year performance (30 Sept 2023): 1%
Share price development of Blue Cap AG in index comparison from 07/01/2023 to 09/30/2023, in %
Sources: Stock Exchange Frankfurt (XETRA)
Upcoming dates *)
25 October 2023: Publication of Q3 financial figures and earnings call at 1:0 pm with Dr Henning von Kottwitz (CEO) and Henning Eschweiler (COO)
27 – 29 November 2023: German Equity Forum Deutsches Eigenkapitalforum 2023