Professional
Added to YB: 2026-05-21
Pitch date: 2026-05-19
OBCK.F [bearish]
Ottobock SE & Co. KGaA
Author Info
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Company Info
Ottobock SE & Co. KGaA develops, produces, and distributes medical technology products and components for the people with disabilities in the fields of prosthetics, orthotics, human mobility, and industrial exoskeletons in Europe, the Middle East, Africa, North and South America, and the Asia Pacific.
Market Cap
EUR 3.8B
Pitch Price
N/A
Price Target
30.00
Dividend
1.61%
EV/EBITDA
13.87
P/E
N/A
EV/Sales
2.87
Sector
Health Care Equipment and Supplies
Category
special_situation
How Hans Georg Näder’s Margin Loan and Russia Business Endanger Public Shareholders - Ottobock SE & Co. KGaA
OBCK.F (short): Näder controls 81% but pledged all shares for €1.5B PIK loan at ~15% p.a., due 2030 for €2.36B. LTV at 36%; margin call near €38.58. Russia = 35% of net income despite sanctions. Aggressive accounting: 12% assets in capitalized R&D vs peer's 1.25%, extended depreciation, 'Core EBITDA' excludes poor segments. 42x P/E vs mature oligopoly. 67% payout unsustainable. Fair value €30 (-50%).
Read full article (16 min)