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Analyses on Etga GR0UP (3)
- March 30, 2026March 30, 2026
- Follow-up
The Yachdav Deal: Real Operating Value or Mostly Goodwill and Purchase Accounting?
As of year-end 2025, the Yachdav acquisition looks like a deal with real operating logic, but not yet like one that has already proven clean operating value. Nearly half of the consideration sits in goodwill and acquisition-created intangibles while pro forma logistics profitabi…
- Follow-up
Toam's Credit Book: How Fast Can It Grow Before Collateral Quality Slips?
Toam ended 2025 with a larger credit book, but a tighter collateral profile: growth came mainly from real-estate finance, first-lien weight fell, and exposure became more concentrated in large borrowers.
ETGA 2025: A Broader Group, but a Tighter Balance Sheet
ETGA ends 2025 as a broader and still profitable group, but the thesis has shifted from growth to proof: acquisitions and credit expansion now need to show cleaner operating value without further stretching the balance sheet.
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