Added to YB: 2026-05-12
Pitch date: 2026-05-10
B7E.DE [neutral]
Blue Cap AG
Author Info
Boredom Baron is an equity analyst who focuses on EU small-cap stocks. I look for value, invest with patience, and wait for the market to catch up. Sign up for the newsletter.
Company Info
Blue Cap AG is a private equity firm based in Munich, Germany, specializing in investments in middle market, late-stage, mature, turnaround, recapitalization, buyout, special situations, restructuring, corporate carve-outs, and growth capital.
Market Cap
EUR 86.0M
Pitch Price
N/A
Price Target
27.94
Dividend
3.39%
EV/EBITDA
5.40
P/E
9.25
EV/Sales
0.50
Sector
Capital Markets
Category
value
Blue Cap AG Just Doubled Its Revenue Overnight ... and Almost Nobody Noticed
B7E.DE (watchlist): Munich holding co bought 100% of Janoschka AG (€90M rev prepress/gravure cylinders for FMCG packaging, 1500 staff across 12 countries) from founding family+PE. Deal ~€55-65M EV (triangulated), 2/3 contingent on FY26-27 targets. Post-close: Blue Cap rev doubles to €170-190M, EBITDA margin lifts 250bps to 7.5-8.5%. Janoschka implied 10-12% margin, sticky niche serving Mondelez/Nestlé/Unilever despite gravure losing share to flexo. Blue Cap trades ~€18 vs €27.94 NAV (35% discount), post-sale of 4 businesses, net cash €50.9M. Bears: gravure structural decline, Janoschka rev down 24% historically, integration risk across 12 countries, syndicated debt adjustment conditional. Sell-side PTs €27.50-32 (ODDO/Warburg/SMC). Mittelstand succession wave tailwind, patient capital rolling up boring FMCG chokepoints at single-digit EBITDA multiples while market ignores. Transformative deal, execution TBD.
Read full article (16 min)