GB Group — Reflecting recent M&A activity

GB Group (AIM: GBG)

Last close As at 21/12/2024

324.60

9.80 (3.11%)

Market capitalisation

GBP813m

More on this equity

Research: TMT

GB Group — Reflecting recent M&A activity

GB Group (GBG) has sold its marketing services business to HH Global Group for an undisclosed amount. This was not an area of focus for GBG and has been in managed decline for several years. Just before Christmas, GBG boosted its Fraud business with the acquisition of fraud investigation automation software from HooYu for £4m in equity. We have revised our forecasts to reflect the disposal and acquisition, leading to small upgrades to our EPS forecasts. Both deals emphasise the company’s strategy to focus on Identity, Location and Fraud.

Katherine Thompson

Written by

Katherine Thompson

Director

TMT

GB Group

Reflecting recent M&A activity

Disposal of business

Software & comp services

19 January 2021

Price

839p

Market cap

£1,646m

Net debt (£m) at end-H121

2.7

Shares in issue

196.2m

Free float

98%

Code

GBG

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(7.7)

2.3

16.0

Rel (local)

(10.3)

(10.4)

30.1

52-week high/low

954p

474p

Business description

GB Group is a specialist in identity data intelligence. Its products and services enable its customers to better understand and verify their customers and employees and are used across a range of fraud, risk management, compliance and customer on-boarding services. With headquarters in the UK, GB operates across 16 countries, has customers in more than 70 countries and generates more than 56% of revenues internationally.

Next events

FY21 trading update

April 2021

Analyst

Katherine Thompson

+44 (0)20 3077 5730

GB Group is a research client of Edison Investment Research Limited

GB Group (GBG) has sold its marketing services business to HH Global Group for an undisclosed amount. This was not an area of focus for GBG and has been in managed decline for several years. Just before Christmas, GBG boosted its Fraud business with the acquisition of fraud investigation automation software from HooYu for £4m in equity. We have revised our forecasts to reflect the disposal and acquisition, leading to small upgrades to our EPS forecasts. Both deals emphasise the company’s strategy to focus on Identity, Location and Fraud.

Year end

Revenue (£m)

EBITA*
(£m)

PBT*
(p)

Diluted EPS*
(p)

DPS
(p)

P/E
(x)

03/19

143.5

32.0

31.3

15.4

3.0

54.5

03/20

199.1

47.9

45.7

17.9

0.0

46.9

03/21e

198.7

45.0

43.4

16.7

6.0

50.2

03/22e

212.5

47.9

46.8

17.9

3.3

46.9

03/23e

235.4

53.7

52.8

20.0

3.6

41.9

Note: *EBITA, PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Selling non-core marketing services business

GBG has sold its marketing services business to HH Global Group Limited for an undisclosed amount (we estimate minimal proceeds). GBG reported this business within Unallocated revenues – in H121 revenues were £1.5m (1.5% of group revenue) and the operating loss was £0.5m. We were factoring in a decline in revenues with a similarly declining cost base, resulting in an operating loss forecast for FY21–23 for the business. We have stripped these out of our forecasts.

Recent acquisition of fraud business

On 14 December, GBG announced that it had acquired the Investigate 2020 subsidiary of HooYu in exchange for 447k GBG shares worth £4m. The business is being integrated into the Fraud division and will be marketed as GBG Investigate. Assuming this is a start-up business, we have reflected this in the Fraud division’s cost base. Overall, we increase our normalised diluted EPS forecasts by 1.4% in FY21, 0.5% in FY22 and 0.9% in FY23.

Valuation: Premium rating reflects growth potential

GBG trades at a premium to the UK software and IT services sectors and at the upper end of its ID management peer group on a P/E basis, reflecting its strong growth outlook (post COVID-19), high recurring revenues and strong balance sheet. Our reverse DCF analysis estimates the current share price is factoring in operating margins of 22.6% and revenue growth of c 16% per year from FY24, at the upper end of the group’s revenue and margin targets. Outside of faster than expected COVID-19 recovery, triggers for upside could include successful cross-selling from recent acquisitions, adoption of GBG’s combined identity/location solution and in the medium term, accretive acquisitions.

Changes to forecasts

Exhibit 1: Changes to forecasts

£m

FY21e

FY22e

FY23e

Old

New

Change

Y-o-y

Old

New

Change

Y-o-y

Old

New

Change

Y-o-y

Revenues

199.2

198.7

(0.2%)

(0.2%)

215.0

212.5

(1.1%)

6.9%

237.4

235.4

(0.8%)

10.8%

Gross profit

143.4

143.1

(0.2%)

(0.8%)

154.8

153.0

(1.1%)

6.9%

170.9

169.5

(0.8%)

10.8%

Gross margin

72.0%

72.0%

0.0%

(0.4%)

72.0%

72.0%

0.0%

0.0%

72.0%

72.0%

0.0%

0.0%

EBITDA

48.3

49.0

1.4%

(5.3%)

51.7

52.1

0.8%

6.3%

57.3

58.0

1.2%

11.4%

EBITDA margin

24.3%

24.7%

0.4%

(1.3%)

24.1%

24.5%

0.5%

(0.1%)

24.2%

24.6%

0.5%

0.1%

EBITA

44.3

45.0

1.5%

(6.1%)

47.5

47.9

0.8%

6.5%

53.0

53.7

1.3%

11.9%

EBITA margin

22.3%

22.7%

0.4%

(1.4%)

22.1%

22.6%

0.4%

(0.1%)

22.3%

22.8%

0.5%

0.2%

PBT

42.7

43.4

1.6%

(5.1%)

46.4

46.8

0.9%

8.0%

52.1

52.8

1.3%

12.8%

EPS - normalised, diluted (p)

16.5

16.7

1.4%

(6.7%)

17.8

17.9

0.5%

7.1%

19.8

20.0

0.9%

12.0%

EPS - reported (p)

7.3

7.5

3.5%

(14.4%)

8.5

8.7

1.4%

14.8%

10.8

11.1

2.0%

27.8%

DPS (p)

6.0

6.0

0.0%

N/A

3.3

3.3

0.0%

(45.0%)

3.6

3.6

0.0%

9.1%

Net debt/(cash)

15.5

15.4

(0.5%)

(55.5%)

(14.0)

(14.2)

1.1%

(192%)

(47.3)

(47.9)

1.2%

237.4%

Net debt/EBITDA

0.3

0.3

N/A

N/A

N/A

N/A

Divisional forecasts

Revenue

Identity

115.8

115.8

0.0%

9.8%

125.8

125.8

0.0%

8.7%

139.4

139.4

0.0%

10.8%

Location

50.2

50.2

0.0%

-2.5%

54.2

54.2

0.0%

8.0%

60.7

60.7

0.0%

12.0%

Fraud

30.1

30.1

0.0%

-15.1%

32.5

32.5

0.0%

7.7%

35.3

35.3

0.0%

8.8%

Group

199.2*

198.7*

(0.2%)

-0.2%

215.0

212.5

(1.1%)

6.9%

237.4

235.4

(0.8%)

10.8%

Adjusted operating profit

Identity

37.2

37.2

0.0%

10.5%

38.1

38.1

0.0%

2.6%

42.2

42.2

0.0%

10.8%

Location

14.3

14.3

0.0%

-4.5%

15.2

15.2

0.0%

6.3%

17.0

17.0

0.0%

12.0%

Fraud

6.9

6.7

(2.6%)

-50.2%

9.1

8.4

(7.1%)

26.2%

9.9

9.5

(3.6%)

13.0%

Group

44.3

45.0

1.5%

-6.1%

47.5

47.9

0.8%

6.5%

53.0

53.7

1.3%

11.9%

Adjusted operating margin

Identity

32.1%

32.1%

30.3%

30.3%

30.3%

30.3%

Location

28.4%

28.4%

28.0%

28.0%

28.0%

28.0%

Fraud

22.8%

22.2%

28.0%

26.0%

28.0%

27.0%

Group

22.3%

22.7%

22.1%

22.6%

22.3%

22.8%

Source: Edison Investment Research. Note: *Includes minor contributions from unallocated revenues.


Exhibit 2: Financial summary

£'000s

2017

2018

2019

2020

2021e

2022e

2023e

Year end 31 March

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

87,468

119,702

143,504

199,101

198,750

212,503

235,421

Cost of Sales

(20,302)

(27,092)

(36,060)

(54,914)

(55,650)

(59,501)

(65,918)

Gross Profit

67,166

92,610

107,444

144,187

143,100

153,002

169,503

EBITDA

 

 

18,734

28,741

34,080

51,739

49,005

52,100

58,020

Operating Profit (before amort. and except.)

17,006

26,311

32,031

47,945

45,037

47,946

53,671

Acquired intangible amortisation

(4,022)

(7,885)

(10,316)

(19,008)

(18,900)

(18,900)

(17,900)

Exceptionals

(1,410)

(2,143)

(4,003)

(1,552)

(93)

0

0

Share of associate

0

0

0

0

0

0

0

Share based payments

(994)

(2,375)

(2,287)

(4,541)

(4,995)

(5,495)

(6,044)

Operating Profit

10,580

13,908

15,425

22,844

21,049

23,551

29,727

Net Interest

(498)

(508)

(689)

(2,218)

(1,655)

(1,105)

(855)

Profit Before Tax (norm)

 

 

16,508

25,803

31,342

45,727

43,382

46,841

52,816

Profit Before Tax (FRS 3)

 

 

10,082

13,400

14,736

20,626

19,394

22,446

28,872

Tax

668

(2,746)

(2,583)

(3,562)

(4,655)

(5,387)

(6,929)

Profit After Tax (norm)

13,206

20,642

24,760

35,210

32,970

35,599

40,140

Profit After Tax (FRS 3)

10,750

10,654

12,153

17,064

14,739

17,059

21,942

Ave. Number of Shares Outstanding (m)

131.6

150.6

158.1

193.6

195.4

197.1

198.4

EPS - normalised (p)

 

 

10.0

13.7

15.7

18.2

16.9

18.1

20.2

EPS - normalised and fully diluted (p)

 

9.9

13.5

15.4

17.9

16.7

17.9

20.0

EPS - (IFRS) (p)

 

 

8.2

7.1

7.7

8.8

7.5

8.7

11.1

Dividend per share (p)

2.4

2.7

3.0

0.0

6.0

3.3

3.6

Gross Margin (%)

76.8

77.4

74.9

72.4

72.0

72.0

72.0

EBITDA Margin (%)

21.4

24.0

23.7

26.0

24.7

24.5

24.6

Operating Margin (before GW and except.) (%)

19.4

22.0

22.3

24.1

22.7

22.6

22.8

BALANCE SHEET

Fixed Assets

 

 

105,653

170,284

438,683

430,219

411,001

392,947

375,798

Intangible Assets

98,753

161,372

425,646

414,505

390,981

371,931

353,881

Tangible Assets

2,856

4,700

4,815

9,420

10,502

11,497

12,398

Other fixed assets

4,044

4,212

8,222

6,294

9,519

9,519

9,519

Current Assets

 

 

48,914

61,121

76,522

95,984

81,460

112,198

150,148

Debtors

30,569

37,969

54,992

66,554

71,550

76,501

84,752

Cash

17,618

22,753

21,189

27,499

4,411

30,198

59,897

Other

727

399

341

1,931

5,499

5,499

5,499

Current Liabilities

 

 

(44,444)

(56,942)

(77,030)

(86,459)

(86,292)

(91,994)

(101,089)

Creditors

(36,436)

(56,100)

(70,302)

(80,280)

(82,089)

(87,791)

(96,886)

Contingent consideration

(7,122)

(45)

(5,287)

(6,179)

(4,203)

(4,203)

(4,203)

Short term borrowings

(886)

(797)

(1,441)

0

0

0

0

Long Term Liabilities

 

 

(15,940)

(16,711)

(116,707)

(94,810)

(46,413)

(36,727)

(26,981)

Long term borrowings

(11,499)

(8,451)

(85,447)

(62,139)

(19,833)

(16,002)

(12,002)

Contingent consideration

0

0

0

0

(458)

(458)

(458)

Other long term liabilities

(4,441)

(8,260)

(31,260)

(32,671)

(26,122)

(20,267)

(14,521)

Net Assets

 

 

94,183

157,752

321,468

344,934

359,756

376,424

397,877

CASH FLOW

Operating Cash Flow

 

 

16,305

31,620

27,779

48,498

42,844

52,851

58,864

Net Interest

(498)

(545)

(689)

(1,768)

(1,454)

(936)

(855)

Tax

(2,193)

(3,247)

(2,930)

(6,386)

(10,412)

(11,242)

(12,676)

Capex

(2,227)

(2,018)

(1,625)

(1,339)

(2,900)

(3,000)

(3,100)

Acquisitions/disposals

(36,840)

(70,363)

(255,101)

(81)

(2,089)

0

0

Financing

24,755

56,668

157,339

(1,553)

(1,037)

(2,000)

(2,000)

Dividends

(2,775)

(3,582)

(4,049)

(5,761)

(5,855)

(5,886)

(6,534)

Net Cash Flow

(3,473)

8,533

(79,276)

31,610

19,097

29,787

33,699

Opening net debt/(cash)

 

 

(8,673)

(5,233)

(13,505)

65,699

34,640

15,422

(14,196)

HP finance leases initiated

0

0

0

0

0

0

0

Other

33

(261)

72

(551)

121

(169)

0

Closing net debt/(cash)

 

 

(5,233)

(13,505)

65,699

34,640

15,422

(14,196)

(47,895)

Source: GB Group, Edison Investment Research


General disclaimer and copyright

This report has been commissioned by GB Group and prepared and issued by Edison, in consideration of a fee payable by GB Group. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by GB Group and prepared and issued by Edison, in consideration of a fee payable by GB Group. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

More on GB Group

View All

Latest from the TMT sector

View All TMT content

Research: Industrials

BayWa — Shaping the future with positive energy

BayWa’s business model continues to evolve, as the group engages in added-value project activity and reduces exposure to fluctuations in demand for agricultural inputs/outputs, heating and fuel oil or building materials in Germany. Energy Infrastructure Partners (EIP) recently announced €530m equity investment in the group’s renewables business unit, BayWa r. e., enables management to accelerate this transition.

Continue Reading

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free