Bifogade filer
Bure Equity Interim Q2 2023
Kurs & Likviditet
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | Large Cap Stockholm |
| Sektor | Finans |
| Industri | Investeringar |
- Net asset value was SEK 236.4 per share compared to SEK 196.3 at the beginning of the year, which corresponds to an increase of 20.4 per cent.
- Bure’s net asset value was SEK 17,531M compared to SEK 14,559M at the beginning of the year.
- Total return on the Bure share was 2.6 per cent compared to the SIX Return Index which rose 11.3 per cent.
- Group earnings after tax amounted to SEK 3,150M (-9,202). Earnings per share amounted to SEK 42.4 (-124.2).
Interim report April – June 2023
- Net asset value was SEK 236.4 per share compared to SEK 228.8 at the start of the quarter, corresponding to an increase of 3.3 per cent.
- On 19 April 2023, the merger of ACQ Bure AB and Yubico AB was announced. Extraordinary general meetings of ACQ and Yubico on 20 June 2023 decided to approve the merger of the two companies. The planned merger is expected to be approved by the Swedish Companies Registration Office in September 2023 after which trade in the merged company’s shares will start on the Nasdaq First Growth Market. Following the merger between ACQ and Yubico, Bure’s holding in the merged company, which will change name to Yubico, will amount to 17.4 per cent. For further details, please see www.acq.se.
- In accordance with the annual general meeting’s decision, an ordinary dividend of SEK 2.25 per share was paid, totalling SEK 166.8M.
Events after the end of the period
- Net asset value amounted to SEK 204.5 per share on 17 August 2023, corresponding to an increase of 4.2 per cent since the beginning of the year.
- Bure Growth acquired shares in BioLamina for SEK 62M. The shareholding in BioLamina was revalued by SEK 353M.
Comments from the CEO
The most significant event of the quarter was the deal to merge ACQ and Yubico, which was announced in April. Yubico is a cybersecurity company that is the market leader in multi-factor authentication. The company’s proprietary product – YubiKey – protects against the theft of login details, which is one of the single greatest data security threats. The transaction values Yubico at USD 800 million and ACQ shareholders will acquire approximately 40 per cent of the company. Following the transaction, Bure will be the largest owner of the company with a holding of around 17.4 per cent. Yubico will become Bure’s third largest holding.
At an extraordinary general meeting in June, ACQ’s shareholders voted for the merger and now only registration with the Swedish Companies Registration Office remains, which is expected to take place in mid-September. The goal of having the acquisition company ACQ has thus been achieved and through the merger with Yubico a highly qualitative technology and growth company will be listed on the Swedish stock exchange. It is extremely gratifying and satisfying for me to be able to complete this project after about two years’ intensive work and analysing potential target companies – a statement of strength for Bure’s organisation and ability to execute.
In conjunction with the publication of ACQ’s “last” interim report, Yubico published its first interim report. The business continues to perform strongly. Sales increased 16.2 per cent in local currencies and operating profit was SEK 101 million, corresponding to an EBIT margin of 22.2 per cent.
Other portfolio companies also performed well in the second quarter. Xvivo reported organic growth of 46 per cent. In contrast, growth in Vitrolife fell to 4 per cent, which was below market expectations. Growth remained strong in Europe and Asia/Pacific, while a market adjustment in Genetic Services had a negative impact on activity in America. In summary, Bure’s net asset value per share increased 3.3 per cent for the quarter, compared to the SIX Return Index, which increased 2.4 per cent in the same period.