Purchase and sale criteria

Purchase criteria

Issue volumes

> 100 million

Investor type
Management significantly involved in company?

Financial ratios

  • Net debt to EBITDA Ratio < 5
  • EBITDA – Interest expense ratio > 3.5


Stable margins, operational profit

YTM (Yield to maturity or call)
> 7 %

Purpose of money borrowing

  • Bank debt conversion financing
  • Expansion
  • Acquisition


Customer reference currency, foreign currency only preferred if upside potential more than compensates for foreign currency risk.

Other factors

  • Stable, continuous development
  • Market position
  • Customer diversification
  • New entrance obstacles



Sale criteria

Finance parameters
Finance parameters which are deteriorating.

Rise in market prices due to strong improvement in results/ratings and thus a consequent drop in yields to under 7%.

Private Equity (locusts)
Pay attention if debt expansion is only used to pay new dividends.

Because, amongst other things, interest increases also lead to drops in prices, we follow the development of this asset class, which is partially also not very liquid, using quarterly telephone conferences.



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