Announcement • Sep 17
Verve Group SE (XTRA:M8G) signed an agreement to acquire acardo technologies AG from Vectron Systems AG (LSE:0W1I) for €24.5 million. Verve Group SE (XTRA:M8G) signed an agreement to acquire acardo technologies AG from Vectron Systems AG (LSE:0W1I) for €24.5 million on September 16, 2025. The total purchase price of €24.5 million reflects an EBITDA multiple of about 6 x EBITDA before synergies, respectively about 4 x EBITDA after synergies. Given the technological setup of Acardo, the seamless integration of the company’s technology under the existing management structure will not lead to the requirement of a technological integration. The transaction is structured with a €17.2 million cash consideration at closing as well as an additional €7.3 million differed cash consideration 12 months after closing. Vectron Systems AG will receive a purchase price of €24.5 million plus cash holdings and other purchase price adjustments from the sale. It should be noted that various payments are to be made by Vectron from the purchase price. These mainly relate to earn-out claims and seller loans from the former shareholders of acardo group AG, as well as an intercompany loan from acardo group AG to Vectron Systems AG. The expected completion of the transaction is October 1, 2025. Announcement • Feb 22
Vectron Systems AG Announces Management Changes Vectron Systems AG announced that as of November 30th, 2024, two out of three Supervisory Board members, Andreas Prenner (Deputy Chairman) and Jürgen Gallmann, have resigned. Upon recommendation of the Management Board, the Local Court of Münster appointed two members of Shift4 Group’s Executive Board, Jordan Frankel (Group Legal Counsel) and Luke Thomas (Chief Strategy Officer), as new members of the Supervisory Board with effect from December 1st, 2024. They are up for re-election or confirmation by the Annual General Meeting scheduled on July 2nd, 2025. Prof. Dr. Dr. Claudius Schikora will remain on the Supervisory Board as Chairman and as independent member. At its ordinary meeting on December 18, 2024, the Supervisory Board elected Jordan Frankel, who accepted this election, as the new Deputy Chairman. The Supervisory Board thus not only reflects the approximate shareholding quota of Shift4, but also a competence profile that is appropriate to the market, supervisory and advisory requirements. With effect from December 31st, 2024, Christoph Thye has resigned from Vectron’s Management Board in agreement with the Supervisory Board. From now on, he will fully concentrate on his role as CEO of acardo group AG and, as such, will remain part of Vectron Group for this important business unit. Announcement • Sep 04
Vectron Systems AG's Delisting to Take Effect At the End of 30 September 2024 Following the majority takeover by the listed US group Shift 4, which was completed in June, Vectron Systems AG had already indicated in several publications that the stock exchange listing was to be discontinued. The Frankfurt Stock Exchange has informed Vectron Systems AG that the company's application to revoke the admission of Vectron shares (ISIN: DE000AOKEXC7) to trading on the Scale and Basic Board of the Frankfurt Stock Exchange has been granted. According to the notification of the Frankfurt Stock Exchange, the delisting will take effect at the end of 30 September 2024. Announcement • Jun 16
Vectron Systems AG Shares to Delist Following the Tender Offer The business combination of Vectron Systems AG ("Vectron") with the Shift4 group ("Shift4") announced on 1 June 2024 was previously subject to the condition that Shift4 succeeds in acquiring a total of at least 70% of Vectron's shares (including the shares from the planned capital increase). Shift4 has declared that it waives this condition, respectively that the condition is deemed to be fulfilled because the 70% threshold is nearly met. This means not only that the acquisition of approximately 41.4% of Vectron's share capital from the current CEO Thomas Stümmler and a company controlled by him will be completed, but also that the agreed Business Combination Agreement is finally binding and that the 10% capital increase from authorized capital will be subscribed by Shift4 and completed. The condition is also no longer relevant for the current tender offer for all Vectron shares at an offer price of EUR 10.50 per Vectron share. Following the tender offer a de-listing of the Vectron-share is envisaged with short notice. Announcement • Jun 15
Shift4 Payments, Inc. (NYSE:FOUR) completed the acquisition of remaining 48.6% stake in Vectron Systems AG (XTRA:V3S). Shift4 Payments, Inc. (NYSE:FOUR) launched a tender offer to acquire remaining 48.6% stake in Vectron Systems AG (XTRA:V3S) for €41.1 million on June 1, 2024. The offer price of €10.50 per Vectron share corresponds to a premium of approx. 50.4% on the volume-weighted average share price of EUR 6.97 during the last six months prior to the announcement of the transaction. The Management Board and Supervisory Board of Vectron welcome the attractive offer price, fully support the takeover offer and, subject to review of the offer document once published by Shift4, expect to recommend that shareholders accept the offer. At the same time, Shift4 has entered into a share purchase agreement with the CEO, Thomas Stümmler, and a company controlled by him regarding the purchase of shares representing approx. 41.4% of the share capital of Vectron. In the Business Combination Agreement, Shift4 has further undertaken to subscribe to a capital increase from authorised capital by issuing 805,651 new shares (corresponding to 10% of the current share capital) at a price of €10.50 per share, i.e. issue proceeds of around €8.5 million. The capital increase subscription obligation of Shift4, the consummation of the intended takeover offer and the share purchase agreement with Thomas Stümmler and the company controlled by him are each subject, among other things, to the condition that Shift4 succeeds in acquiring a total of at least 70% of the Vectron shares (taking into account the new shares to be subscribed from the capital increase). In addition, the respective agreements are subject to further customary closing conditions. The transactions are not subject to any regulatory approval requirements or conditions. To this end, Vectron has undertaken to support possible structural measures, in particular a delisting of the Vectron shares from stock exchange trading, the conclusion of a domination agreement, a squeeze-out or other integration measures in due course at the request of Shift4 after completion of the acquisition offer.Such delisting does not trigger any obligation of Shift4 to make a (further) public offer to acquire Vectron Shares. The Vectron Management Board is to remain in office and Vectron is to distribute Shift4's payment processing services in Germany in future.
Shift4 Payments, Inc. (NYSE:FOUR) completed the acquisition of remaining 48.6% stake in Vectron Systems AG (XTRA:V3S) on June 13, 2024. Shift4 has declared today that it waives this condition, respectively that the condition is deemed to be fulfilled because the 70% threshold is nearly met. This means not only that the acquisition of approximately 41.4% of Vectron's share capital from the current CEO Thomas Stümmler and a company controlled by him will be completed, but also that the agreed Business Combination Agreement is finally binding and that the 10% capital increase from authorized capital will be subscribed by Shift4 and completed. The condition is also no longer relevant for the current tender offer for all Vectron shares at an offer price of €10.50 per Vectron share. Following the tender offer a de-listing of the Vectron-share is envisaged with short notice. Announcement • May 15
Vectron Systems AG, Annual General Meeting, Jun 19, 2024 Vectron Systems AG, Annual General Meeting, Jun 19, 2024, at 11:00 W. Europe Standard Time. Price Target Changed • Aug 14
Price target increased by 44% to €9.50 Up from €6.59, the current price target is an average from 2 analysts. New target price is 77% above last closing price of €5.38. Stock is up 55% over the past year. The company is forecast to post a net loss per share of €0.03 next year compared to a net loss per share of €0.65 last year. New Risk • Aug 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 9.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.5% average weekly change). Minor Risk Market cap is less than US$100m (€42.9m market cap, or US$47.0m). Price Target Changed • Jun 02
Price target increased by 44% to €9.50 Up from €6.59, the current price target is an average from 2 analysts. New target price is 131% above last closing price of €4.11. Stock is up 5.9% over the past year. The company is forecast to post a net loss per share of €0.03 next year compared to a net loss per share of €0.65 last year. Buying Opportunity • Mar 27
Now 21% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be €5.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 4.4% in 2 years. Earnings is forecast to grow by 15% in the next 2 years. Price Target Changed • Nov 16
Price target decreased to €6.28 Down from €6.84, the current price target is an average from 3 analysts. New target price is 97% above last closing price of €3.18. Stock is down 65% over the past year. The company is forecast to post a net loss per share of €0.47 compared to earnings per share of €0.30 last year. Price Target Changed • Sep 13
Price target decreased to €6.29 Down from €7.34, the current price target is an average from 2 analysts. New target price is 72% above last closing price of €3.65. Stock is down 64% over the past year. The company posted earnings per share of €0.30 last year. Reported Earnings • Sep 02
First half 2022 earnings released: €0.12 loss per share (vs €0.32 profit in 1H 2021) First half 2022 results: €0.12 loss per share (down from €0.32 profit in 1H 2021). Revenue: €12.6m (down 41% from 1H 2021). Net loss: €980.0k (down 139% from profit in 1H 2021). Over the next year, revenue is forecast to stay flat compared to a 16% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 30
Price target decreased to €6.84 Down from €7.59, the current price target is provided by 1 analyst. New target price is 96% above last closing price of €3.50. Stock is down 67% over the past year. The company is forecast to post earnings per share of €0.32 for next year compared to €0.30 last year. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 31% share price gain to €4.13, the stock trades at a trailing P/E ratio of 13.6x. Average forward P/E is 17x in the Electronic industry in Germany. Total loss to shareholders of 59% over the past three years. Price Target Changed • Jun 22
Price target decreased to €7.59 Down from €10.97, the current price target is an average from 3 analysts. New target price is 112% above last closing price of €3.58. Stock is down 73% over the past year. The company is forecast to post earnings per share of €0.05 for next year compared to €0.30 last year. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improved over the past week After last week's 17% share price gain to €4.50, the stock trades at a forward P/E ratio of 89x. Average forward P/E is 19x in the Electronic industry in Germany. Total loss to shareholders of 53% over the past three years. Price Target Changed • May 03
Price target decreased to €10.63 Down from €11.78, the current price target is an average from 3 analysts. New target price is 113% above last closing price of €5.00. Stock is down 58% over the past year. The company is forecast to post earnings per share of €0.32 next year compared to a net loss per share of €0.26 last year. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 21% share price gain to €6.69, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 23x in the Electronic industry in Germany. Total loss to shareholders of 8.2% over the past three years. Price Target Changed • Feb 01
Price target decreased to €11.78 Down from €14.15, the current price target is an average from 3 analysts. New target price is 112% above last closing price of €5.55. Stock is down 42% over the past year. The company is forecast to post earnings per share of €0.32 next year compared to a net loss per share of €0.26 last year. Price Target Changed • Jan 28
Price target increased to €20.00 Up from €14.00, the current price target is an average from 3 analysts. New target price is 234% above last closing price of €5.98. Stock is down 36% over the past year. The company is forecast to post earnings per share of €0.42 next year compared to a net loss per share of €0.26 last year. Price Target Changed • Jun 10
Price target increased to €16.65 Up from €15.48, the current price target is an average from 4 analysts. New target price is 19% above last closing price of €13.98. Stock is up 78% over the past year. Reported Earnings • May 09
Full year 2020 earnings released The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: €28.8m (up 13% from FY 2019). Net loss: €2.07m (loss widened 48% from FY 2019). Price Target Changed • May 07
Price target increased to €21.50 Up from €15.48, the current price target is an average from 3 analysts. New target price is 80% above last closing price of €11.96. Stock is up 31% over the past year. Is New 90 Day High Low • Mar 09
New 90-day high: €11.70 The company is up 22% from its price of €9.56 on 09 December 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.28 per share. Is New 90 Day High Low • Feb 07
New 90-day low: €9.32 The company is down 13% from its price of €10.70 on 09 November 2020. The German market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.37 per share. Is New 90 Day High Low • Nov 28
New 90-day high: €12.35 The company is up 39% from its price of €8.88 on 28 August 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €25.32 per share.