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ACATIS Fair Value Deutschland ELM

Sustainable German equity fund according to long-term value principles

Investment philosophy

ACATIS Fair Value Deutschland ELM invests in the German-speaking equity market - in stocks of high-substance and structurally growing companies, with a focus on small caps and the German mid-size sector. In this context, we focus solely on companies that operate in a manner that is both sustainable and ethical. Preference is given to companies with solid business models, good management and an attractive valuation. Frequently, these companies are also the global market leaders in their niche markets. Acting as a value investor, fund management operates independent of the benchmark using a long-term investment approach without sector weighting and with a high margin of safety in a concentrated portfolio.

 


Investment report November 2024 - View into the portfolio

Drägerwerk AG & Co. KGaA
 

Drägerwerk was founded by Johann Heinrich Dräger in Lübeck in 1889. Originally, the company specialised in the development and manufacture of technical equipment such as pressure regulators for carbon dioxide. Over time, the focus shifted to medical technology and safety engineering, and the company became a global leader in these areas. More than 130 years later, Drägerwerk has become a famous brand, particularly in the intensive medicine and breathing protection technology segments. The majority of the company's shares continue to be held by the family.

In the medical division, the product range includes respiratory and anaesthesia equipment as well as patient monitoring and neonatal care. Competitors include Philips, GE, Siemens Healthineers, Getinge and Medtronic. In the safety engineering segment, Drägerwerk offers protection and monitoring equipment such as breathing equipment and gas sensors that are used in industry, firefighting and rescue services. Competitors are Honeywell, MSA Safety and 3M.

Products such as respiratory and anaesthesia equipment, patient monitors and other lifesaving equipment are extremely important for health care, particularly in hospitals and intensive care units. In this way, the company contributes towards improving global health care and saving lives. Therefore, Drägerwerk meets Goal 3 of the Sustainable Development Goals (SDGs) of the United Nations.

Growth is driven by the rising demand for good medical care due to ageing populations and epidemics. Digitisation also plays an important role. Connected devices and data-based analyses help hospitals and industry to improve efficiency and decision-making processes. Another growth driver is the rising demand in emerging markets due to increased industrialisation. As the industrial sector expands, so does the demand for solutions related to occupational safety. Drägerwerk’s safety products (respirators and gas monitoring systems) are in demand.

Another factor is the steadily expanding health care infrastructure in emerging markets. New hospitals are being built, and existing ones are upgraded.

With a current price to book value ratio of 0.5, this stock appears to be very competitively priced. The 10-year average is 1.2, with a high value of 2.4 in 2015. Drägerwerk should deliver a good positive net result this year. For the year 2024, analysts are estimating earnings per share of EUR 5.38. The price-earnings ratio is 8.3.


Kind regards

Christoph Gebert (fund advisor)
Ehrke & Lübberstedt AG

 


 


Product data

Investment CompanyACATIS Investment
DomicilLuxembourg
CustodianDZ Privatbank S.A.
Investment categoryEquities Germany
Fiscal year endAug. 31

Key data

Share class A

Repurchase price313,47 EUR (17.02.2025)
Security code number163701
IsinLU0158903558
DistributionDividends reinvested
Date of inceptionJanuary 03, 2003
Front end fee5,5%
Minimum Investmentnone
Permission for public distributionGermany, Austria, Switzerland, France, Luxembourg

Share class X

Repurchase price49,08 EUR (17.02.2025)
Security code numberA2JD2L
IsinLU1774132671
DistributionDividends reinvested
Date of inceptionMarch 21, 2018
Front end fee0%
Minimum Investmentnone
Permission for public distributionGermany, Austria, Switzerland, France, Luxembourg

Fund Video

FNG-Seal

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Downloads

Daily Report
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Monthly Report
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Yield Triangle
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Opportunities / Risks
ESG-Annex
Semi-Annual Report
Annual Report
EET
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EMT
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Performance Scenarios
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SFDR article 10 EN