24 October 2020

Solventis publishes "Endgame Study 2020" (Endspiel-Studie 2020)

Press release of Solventis (translation)

It's that time again, the printing press for Solventis' 15th Endgame Study has started.

We understand “endgames” to refer to companies that have already announced structural measures such as domination and profit and loss transfer agreements (DPLTA) or squeeze-outs, or where such a structural measure could be pending. Endgames have a more favorable risk profile than "normal" equity investments with comparable returns.

The performance of our final favorites last year left a lot to be desired. At -15.4%, it was just as weak as during the financial crisis. An additional performance contribution of one percentage point was made by reworks from previous favorites (AXA Group, Dyckerhoff), so that the total was -14.3%.

Despite this damper, our favorites have outperformed the DAX (126%), MDAX (250%) and SDAX (175%) with 257% since they were launched in 2006. The study contains further explanations for calculating the track record of our favorites.

In the context of completed award proceedings, the improvements since last year's Endgame Study amounted to 14.1% including interest. This includes cases without subsequent improvement ("zeros"). Without zeros we come to a plus of 25.9% including interest. 56% (previous year: 51%) of the award proceedings were improved.

We have rearranged the portfolio for the current study. The reason for each favorite is given in a brief analysis along with a model (if it makes sense). Our endgame favorites offer, from a fundamental point of view, upside potential and, in addition, the chance of an endgame.

In addition, we present the completed award proceedings with regard to the squeeze-out at Softship AG. According to the court decisions in this case, over-the-counter market prices can be used for the 3M average as a minimum for the squeeze-out compensation. We provide background information on the court decisions and prepare over-the-counter market data for shares that have already been delisted.

Our Endgame 2020 universe comprises 256 companies. It is prepared and clearly summarized according to various criteria such as changes in the shareholder structure, critical thresholds for voting rights and share capital.

We are offering you this unique composition for sale at a price of € 995 plus VAT.

If you are interested, please contact us or send us the attached order. You will then receive the study immediately by post.

If you are interested or have any questions, please contact us. You can reach us either by phone on 06131/4860500 or by email to info@solventis.de.

Internet: http://www.solventis.de

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