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Valuing companies is an art in itself. We have proven to be good at this. We use a process that we would like to explain. We calculate an intrinsic value based on the expected cash flows (EBITDA), an applicable multiple verified in the private or public market, and we correct this for the net debt position, being the difference between cash and debt.

We compare the result of this sum with the current market value. Does the difference in value give a sufficient potential of at least 20% and does the company fit into our portfolio, also because it meets our other strict selection criteria? 

If yes, then it is eligible for investment. If not, we follow the share and the moment of purchase may come at a later time. The contemplating and weighing with regard to the allocation of the portfolio, determining the portfolio weights, and the timing of purchases and sales is done in the process that we call portfolio management. 

We have demonstrated that we can add value for our customers in the long term.

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