Spotlight: Osisko Gold Royalties - A leading growth-oriented royalty company

Aaron ALBER MARCH 27, 2024 15:55 CET

This report is (co-) sponsored with financial contribution provided by the subject of the report.

Investment Case: Osisko Gold Royalties Ltd operates as a precious metal royalty and streaming company. The company holds royalties and streams across a variety of base metal, gold and silver mines with precious metal royalties and streams forming the main focus. Investors participate in the success of a broadly diversified mining portfolio and have limited exposure to cost inflation and operational risks inherent to a traditional mining company. Osisko's business model ensures an extremely efficient cash deployment. It offers investors exposure to stable cash flows and high-quality assets in politically stable areas. In light of the residual economic risks and the monetary policy outlook as well as the ongoing geopolitical uncertainties and strong central bank demand we continue to expect a positive trend for gold over the course of the year. With its high leverage to gold, Osisko should benefit disproportionately.

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Spotlight: MCI Capital - A listed disruptive tech-focused PE fund in CEE

Rok STIBRIC DECEMBER 18, 2023 13:11 CET

This report is (co-) sponsored with financial contribution provided by the subject of the report.

MCI Capital is the only listed private equity company and the largest digital private equity firm in CEE with total of approx. PLN 2.7 bn (EUR 636 mn) gross AUM, mainly in its two key funds, MCI.EuroVentures 1.0 and MCI.TechVentures 1.0, as at Q3 23. The regional focus is clearly on CEE and Poland, but SEE and the DACH region are also interesting markets. Thanks to equity capital of PLN 2.1 bn, the company is not dependent on regular cyclical fundraising. The group targets companies with promising business models, such as the provision of digital infrastructure to support the transition to a more data-driven economy. This includes investments in companies in the areas of e-commerce, fintech, insurtech, payment processing, medtech, edtech and software as a service (SaaS). This is reflected in the strong track record with +100 completed investments, an IRR of 28% and a 2.6x multiple on invested capital on exits since 2012, with an average holding period of only 3.5 years for the buyout and expansion portfolio. The investment focus is on participations that generate positive EBITDA and have an equity ticket size of around EUR 25-100 mn. MCI trades at a discount of 36% to its NAV compared to comparable firms in Europe. The MCI Group had a strong liquidity position of PLN 780 mn as of H1 23.

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Spotlight: Impact - Budget homebuilder

Adrian-Cosmin PATRUTI NOVEMBER 08, 2023 09:27 CET

This report is (co-) sponsored with financial contribution provided by the subject of the report.

  • Impact Developer & Contractor S.A. is a pioneering Romanian real estate company founded in 1991. It was the first real estate company to be listed on the Bucharest Stock Exchange and to issue corporate bonds in foreign currency. With more than 30 years of experience, Impact has a successful track record in developing over 17 real estate projects (mainly residential) in various cities in Romania.
  • The company has a unique geographic presence in Romania with its developments spread across various cities (Bucharest, Constanta and Oradea) and is currently broadening its portfolio by venturing into a new project located in Iasi, Romania's third largest city. Furthermore, the management intends to expand in other major cities such as Timisoara, Cluj and Brasov in the forthcoming future.
  • Impact stands out from its competitors thanks to its unique approach in the fragmented housing market in Romania. Unlike most developers, which focus on building small and medium-sized complexes in a single city, Impact has a broader geographic coverage and specializes in building large-scale projects (10-50 ha) on the outskirts of cities. These projects are designed to provide all the necessary amenities in proximity, making them both cost-effective and relevant for the company's primary target market of price-conscious buyers. On the other hand, Impact benefits from economies of scale in sourcing, construction and marketing thanks to its large projects, well-known brand and vertical integration.

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Spotlight: First Tin - Projects on track towards investment readiness

Oleg GALBUR SEPTEMBER 22, 2023 09:56 CEST

This report is (co-) sponsored with financial contribution provided by the subject of the report.

  • First Tin is a tin mine developing company with a portfolio of two near-term high-margin projects located in low-risk jurisdictions (Germany and Australia) that together could annually produce ca. 6,000 tons of tin. First Tin's assets represent the 5th largest undeveloped tin reserves globally (excl. RU, KZ, DRC). Based on First Tin's development plans, tin production might begin in 2025.
  • Tin, an essential element in today's quality of life could become a seminal piece of the green transition with its application potentially expanding from electric vehicles, solar panels and automation to hydrogen generation, water purification and lithium-ion batteries. The expected widening of the gap between tin supply and demand beyond 2025 should significantly improve the long-term outlook for tin prices.
  • First Tin has a supportive shareholder base and is led by an experienced and dedicated management team with significant personal investments in the company.
  • First Tin is well funded to reach the investment-ready stage for both projects.

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Spotlight: Aquila - Steady top line growth supports margin resilience

Andreea-Cristina CIUBOTARU SEPTEMBER 19, 2023 09:18 CEST

This report is (co-) sponsored with financial contribution provided by the subject of the report.


  • Aquila Group is the second largest player in Romania's FMCG distribution sector. Its business model centres around the distribution, complemented by logistics and transport, providing end-to-end supply chain capabilities to their partners.
  • With over 29 years of experience, Aquila has a broad distribution network that spans across 67k sales points, covering 90% of the domestic retail universe. Its portfolio includes top-shelf brands in various product categories: sweets, food, coffee, personal care, baby and hygiene products, pet food, frozen vegetables, and canned food.
  • The company has one of Romania's most extensive fleets, consisting of more than 1.6k vehicles and a lean logistics network with 24 facilities. It also offers transport services in 20 countries with a fleet of 112 heavy trucks capable of transporting goods in different temperature conditions.
  • In 2021, Aquila extended its operations to the Republic of Moldova, where it provides similar services through the acquisition of Trigor AVD.
  • Aquila’s business model showed its resilience through quite stable margins despite the tough pandemic restrictions with low inflation rates, and it also holds up well in the current inflationary environment.
  • The company managed to offset the decline in volumes in 2022 through a substantial increase in prices as well as strategy to develop own brands which compensated and pushed the yoy growth of revenues.

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Spotlight: Transport Trade Services - Wind from the stern

Adrian-Cosmin PATRUTI JULY 19, 2023 11:20 CEST

This report is (co-) sponsored with financial contribution provided by the subject of the report.


  • Transport Trade Services (TTS) is a Romanian logistics group consisting of 15 entities, including Transport Trade Services S.A. and 14 other companies in which Transport Trade Services S.A. holds control. Since 1997, TTS has become a leading provider of integrated logistics services in the Danube basin evolving from a pure forwarder into a reliable provider of tailor-made solutions covering the whole logistic chain for a large number of clients with diversified and high-volume cargoes. The group has a river fleet that can transport up to 800k tonnes, eight floating cranes and owns port terminals in Constanta and seven other ports along the Danube.
  • TTS has been able to benefit quickly and cost-effectively from the current situation due to the fact that grain exports from Ukraine are taking place through many of the locations where the group already operates. With the current cereals prices elevated (the IMF reports an 85% increase in prices between 2020 and 2022) and transport capacities scarce, TTS is expected to continue charging high tariffs for transportation thanks to its fast and reliable logistic chains that can provide stability amid present uncertainty.
  • Furthermore, some of the new wartime logistics chains may persist in peacetime, and with the re-emergence of now-disrupted mineral flows, we believe that a relative stability of revenues can be maintained once the current high transportation prices cease.

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Spotlight: MCI Capital - #1 listed disruptive tech-focused PE fund in CEE

Rok STIBRIC APRIL 13, 2023 11:48 CEST

This report is (co-) sponsored with financial contribution provided by the subject of the report.

MCI Capital is the only listed private equity company and the largest digital private equity (PE) firm in CEE with ~PLN 2.7 bn (EUR 575 mn) gross AUM in its two primary funds MCI.EuroVentures 1.0 and MCI.TechVentures 1.0 as of YE 2022. Its regional focus clearly lies on CEE and Poland; however, SEE and the DACH region are also markets of interest. Thanks to own equity resources of PLN 1.9 bn, the company is not dependent on regular cyclical fundraising. The group targets companies which show promising business models, such as providing digital infrastructure to support the transition towards a more data driven economy. Those include investments in e-commerce, fintechs, insurtechs, payment processing, medtech, edtech and software as a service (SaaS) companies. This is reflected in the strong track record with +100 completed investments, an IRR of 28% and a 2.5x multiple on invested capital on exits since 2012, with an average holding period of just 3.5 years on the buyout and expansion portfolio. The investment focus is on participations which generate positive EBITDA and have an equity ticket size of ~EUR 25-100 mn. MCI trades with a discount of 56% to its NAV relative to comparable firms in Europe. MCI Group had a strong liquidity position of PLN 732 mn as of YE 22.

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Spotlight: Osisko Gold Royalties - A leading growth-oriented royalty company

Aaron ALBER APRIL 03, 2023 16:01 CEST

This report is (co-) sponsored with financial contribution provided by the subject of the report.

Investment Case: Osisko Gold Royalties Ltd operates as a precious metal royalty and streaming company. The company holds royalties and streams in the base metals, gold, and silver mines with the precious metal gold forming the main focus. Investors participate in the success of a broadly diversified mining portfolio and have limited exposure to cost inflation and operational risks inherent to a traditional mining company. Osisko's business model ensures an extremely efficient cash deployment. It offers investors exposure to stable cash flows and high-quality assets in politically stable areas. In light of the easing inflationary pressure and in expectation that yields will not rise further, we assess the further outlook for gold as favorable. With its high leverage to gold, Osisko should benefit disproportionately from the precious metals' favourable outlook.

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Spotlight: First Tin - Getting ready to benefit from technological megatrends

Oleg GALBUR APRIL 03, 2023 09:45 CEST

This report is (co-) sponsored with financial contribution provided by the subject of the report.

  • First Tin is a tin mine developing company with a portfolio of two near-term high-margin projects located in low-risk jurisdictions (Germany and Australia) that together could annually produce ca. 6,000 tons of tin.
  • Tin, an essential element in today's quality of life, could become a seminal piece of the green transition with its application potentially expanding from electric vehicles, solar panels and automation to hydrogen generation, water purification and lithium-ion batteries.
  • The expected widening of the gap between tin supply and demand beyond 2025 should significantly improve the long-term outlook for tin prices.
  • First Tin's assets represent the 5th largest undeveloped tin reserves globally (excl. RU, KZ, DRC). Based on First Tin's development plans, tin production might begin in 2025.
  • First Tin has a supportive shareholder base and is led by an experienced and dedicated management team with significant personal investments in the company. Directors' shareholding in the company has increased to 9.5% from 8% at IPO.
  • First Tin received an ESG rating from Digbee in May 2022, which concluded that it is a qualified candidate for European Raw Material Alliance (ERMA) funding and support.
  • First Tin is well funded to reach the investment-ready stage for both projects.

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Spotlight: MCI Capital Spotlight Research

Rok STIBRIC OCTOBER 13, 2022 14:12 CEST

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Spotlight: MCI Capital Spotlight Research

Oliver SIMKOVIC APRIL 14, 2022 20:57 CEST

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Spotlight: STRABAG Spotlight Research

Markus REMIS DECEMBER 09, 2021 15:35 CET

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