getgoods.de AG: CEO raises his stake in the company - Increased
commitment a powerful sign of confidence in the company
* getgoods.de AG reported that CEO and founder Mr. Rockstädt-Mies upped
his stake in the company to 53% from 34%. In total, management now holds
73% of getgoods (old: 54%).
* Mr. Rockstädt-Mies acquired the stake from Private Equity group
SONEVA, which was an early investor in the company. As a result, SONEVA
is no longer invested in getgoods. In our view, Mr. Rockstädt-Mies has
potentially received a loan to finance the purchasing of the stake.
* The purchase of this significant stake using a loan (eH&A) is a clear
positive sign that the CEO remains a firm believer in the future
prospects of getgoods, which is a leading pure eCommerce player for
Consumer Electronics in Germany thriving on the shift from offline to
online.
* Further, it means that a potential share overhang has been swiftly
eliminated - SONEVA should have been looking for an exit as its aim was
to IPO getgoods.de AG.
* As outlined in our update this morning, getgoods’ profitable growth
story remains intact and the CEO’s increased commitment should act as a
powerful signal to the financial markets. Roadshows to major financial
centres and the release of the attested financial statement at the end
of March should help further to re-gain the trust of investors following
the recent share price volatility.
* Remains a BUY with a PT of € 10.00 based on DCF. |
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