Home 180321 B&S Group | initital thoughts prior to IPO
180321 B&S Group |  initital thoughts prior to IPO

180321 B&S Group | initital thoughts prior to IPO

No. pages 9
Description

On Friday 23 March B&S Group (symbol ‘BSGR’) will launch an IPO and the listing of its ordinary shares on Euronext Amsterdam. In this company update we shed our light on the characteristics of B&S Group, its targets going forward and our main thoughts and conclusions. Note that we based this report on the Prospectus only. We were not involved in the preparation of the IPO itself, and hence we have not been in contact with the company. We want to emphasize that our estimates are indeed estimates used for illustrative purposes, subject to future changes.

When investing in B&S we believe one should consider the following items; these are minorities, working capital, future capex, and the future tax rate. These items are discussed in this report.

Content

Describing B&S Group
The share of minorities has grown considerably in recent years
Working capital is sizeable, primarily due to inventories at HTG
Capex requirements were low, but rise to still modest levels in FY18E
Guided tax rates still relatively low, but higher than rates in recent years
Concluding

Created Date: Monday April 16, 2018 14:48:43
Last Updated Date: Monday April 16, 2018 14:48:43
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