Scherzer & Co. AG

PZS.DE

Asset Management · Financial Services

Price

€2.64

+0.00 (+0.00%)

Market Cap

€70.6M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Weak

Stability

Exceptional

Valuation

Strong

Dividends

Weak

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Share count falling — buybacks

−10.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 29.9M (2021) → 27.0M (2025)

Winston Score History

The full picture

Scherzer & Co. AG is a German investment company that buys and holds stakes in other businesses. It focuses mainly on special situations — things like company takeovers, squeeze-outs, and corporate restructurings — where it believes shares are priced below their true value. The company is listed on the Frankfurt Stock Exchange and operates as a closed-end investment vehicle.

Scherzer makes money through gains on its investments, dividends from the companies it holds, and occasionally from arbitrage opportunities during corporate events. It operates almost entirely in Germany and German-speaking Europe, and its portfolio is relatively small, with a market cap around €100 million. Its edge comes from deep expertise in German corporate law and special-situation investing, which is a narrow and specialized field. The main risk is that deal timelines can stretch or fall apart, leaving capital tied up longer than expected and reducing overall returns.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

91.5%

Premium pricing power — 91.5% gross margin

Profit after running costs

Operating Margin

12.2%

Healthy — 12.2% operating margin

Return on the money invested

ROCE

5.2%

Weak — 5.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-48.3%

Shrinking sales (-48.3% YoY)

Profit growth

EPS YoY

+251.4%

Earnings growing fast (+251.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.15

Conservative — low debt load (0.15)

Covers its interest

Interest Cover

16.14x

Comfortably covers interest (16.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

15.0x

Attractive valuation — P/E 15.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+2.1

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

1.89%

Small dividend — 1.89% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-20.0%

Dividend cut (-20.0% YoY) — warning sign

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