Company overview

Powercell: BlackRock almost at 10%

Redeye Research Note timeStamp 2021/01/20

Redeye has reviewed Powercells updated list of shareholders. Most notably we see that BlackRock has increased its position further to just below 10%. We believe this is good for a couple of reasons. Not least the fact that Bosch has been the dominant name, and a committed long-term owner like BlackRock will probably give a better balance of power.

BlackRock has increased its position from around 6% to just over 9% during November-December, according to statistics from Holding (Modular Finance). We would not be surprised if they take a corner position of 10% or more. And considering the owner situation prior to this, we believe it is good for Powercell. Having Bosch as the main shareholder is certainly reassuring. But at the moment Bosch is the only shareholder represented on the Board of directors. Bosch is also the major business partner, which potentially could cause an unhealthy balance of power. Hopefully BlackRock will take an active role and appoint a new Board member.

We also note that Clearstream Bankin S.A. (custodian depository in Luxembourg) is now holding a total of 33% of the shares vs 37% in Q3-20. Consequently, it’s the first time since 2017 that this upward trend is broken. The number of Powercell shares held by Clearstream increased continuously from 2017 until Q3-20. Moreover, Fouriertransform (a previuos principal shareholder) has divested all its remaining shares in Powercell during Q4. That was however no surprise.

Mentioned companies