GEA is one of the largest suppliers of process technology to the food industry
Share capital (12/31/2019) 8.5 %
Voting rights (12/31/2019) 8.5 %
Stake value (12/31/2019) € 453 M
Dividend (12/31/2019) € 13.1 M
Investment year
2017
Business area
Process technology for the food industry
Sales
€ 4,880 M
Employees
18,500
Registered office
Düsseldorf, Germany
 
Profile

GEA is a world leader in the supply of equipment and project management for a wide range of processing industries. Its technology focuses on components and production processes for various markets, particularly in the Food & Beverage sectors. The company employs about 18,500 people worldwide.

Portfolio value 12/31/2019
2.2 %
Net dividend 12/31/2019
2.7 %

Excluding the reimbursements by the French tax authorities of withholding taxes which had been applied to Total and ENGIE dividends

Investment case

The industry combines favorable long-term trends, consolidation opportunities and high barriers to entry:

  • Food & Beverage end-markets driven by urbanization with growing middle class
  • Increasing focus on food safety and quality
  • Greater interest in energy efficient automation.

In this sector, GEA is a global leader that offers upside potential:

  • Global leader with #1 or #2 positions in most of its markets
  • Unique technology, know-how and innovation power
  • New management team focusing on accelerating medium term organic growth and improving profitability
  • Solid cash generation and balance sheet profile
  • Good positioning to seize consolidation opportunities
  • Supervisory Board Strategic Committee
  • Supervisory Board 1/12*
  • Strategic Committee 1/7*