The math is stark, and retail investors keep doing it. Heliad’s tender offer stands at €14.25 per share, while the company’s most recently disclosed net asset value came in at roughly €29.54 — a chasm wide enough to fuel weeks of forum debate long after the acceptance window has shut.
That window, which ran from July 28 to August 14, is now formally closed. The free voluntary public tender offer from GfBk Gesellschaft für Börsenkommunikation mbH has been accepted or declined, yet the arguments over whether that price fairly reflects what Heliad actually owns have not subsided.
A Moving Target
One complication in the valuation debate: the €29.54 NAV figure dates to March 31. By June 30, the metric had already shifted, meaning investors who anchor their calculations to the older number are working with a stale snapshot. The discount to the current substance value is real, but its exact size depends on which reporting date one uses.
What remains undisputed is the direction of the gap. Even against more recent figures, the offer sits meaningfully below the portfolio’s book value. The core holdings — a substantial stake in flatexDEGIRO, plus positions in ARX Robotics and Burnhard — are widely seen by investors as worth more than the tender price acknowledges.
Portfolio Engine Keeps Running
Heliad’s operational activity has continued despite the planned exit from the Frankfurt exchange. In January, the company joined Lakestar, Leo Capital, and BOOOM as a co-investor in a pre-seed round for Berlin-based AI startup GeneralMind. The round totaled €10.2 million — evidence, observers say, that the investment firm isn’t winding down its dealmaking just because it’s leaving the public markets.
That ongoing activity matters for shareholders who declined the tender. Their decision to hold rather than accept the cash offer now hinges on whether the remaining portfolio appreciates enough to justify passing up what many consider an undervalued payout.
Should investors sell immediately? Or is it worth buying Heliad Equity?
Squeeze-Out Talk and Post-Announcement Selling
Forum chatter has also turned to the possibility of a squeeze-out targeting remaining free-float shareholders. No official confirmation exists — it remains speculation, though it reflects the intensity of strategic maneuvering around the delisting process. Investors would be wise to treat it as sentiment, not plan.
The weeks following the late-June delisting announcement saw several long-time investors exit their positions, driven by concerns about reduced liquidity outside the regulated market. That selling wave shaped the immediate post-announcement period and accounts for some of the price movement observed since.
Automated valuation models offer little clarity. One screener puts the average price target at €24.20, while a quantitative model arrives at a far more conservative €11.57 — a spread that underscores how wide the interpretive range has become. These outputs are not substitutes for fundamental analysis, and investors should weigh them accordingly.
What Happens Next
For those who held onto their shares, the path forward remains uncertain. The formal tender phase is complete, but questions linger over the stock’s continued listing and whether the compensation level will face judicial review. Should a Spruchverfahren — a court-supervised appraisal proceeding — materialize, the gap between offer price and NAV would likely form the core of the argument.
Until then, flatexDEGIRO’s performance serves as the most closely watched barometer for whether patient shareholders made the right call. The sentiment in investor forums is cautiously optimistic, driven less by the timing of the exit itself than by the hope that the gap between price and value will eventually get its day in court.
Ad
Heliad Equity Stock: Buy or Sell?! New Heliad Equity Analysis from August 24 delivers the answer:
The latest Heliad Equity figures speak for themselves: Urgent action needed for Heliad Equity investors. Is it worth buying or should you sell? Find out what to do now in the current free analysis from August 24.
Heliad Equity: Buy or sell? Read more here...
