An €11m German Nano-Cap For Free
A business priced below TBV and with a negative EV.
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Every so often I stumble across a situation that looks too good to be true.
This is one of those.
Including all liabilities, we’re effectively being paid to take ownership of the operating business.
The strange thing is that the operating business hasn’t stopped working.
It still generates around €11m of annual revenue.
It still produces consistently positive owner-FCF.
It has virtually no financial debt.
The people running the business, and the original founder, still own a large stake, but don’t block anyone else building control.
This is a story that began more than a decade ago.
It’s one of a deliberate restructuring designed to create a lean, cash-flowing business with a fortress balance sheet.
I find this particularly interesting because that business is now being given away for free.
Let’s take a look...