Readers know that I’m a really sluggish investor, however some noteworthy information from the porfolio for Q3 in no specific order;
EVS Broadcast
Only a few days in the past, EVS held their investor day, the presentation will be discovered right here. Enterprise efficiency has been superb, they predict now that they’ll attain the higher finish of the revised goal. Additionally they introduced a (small) share purchase again program. ZThe investor presentation comprises numerous attention-grabbing info, particularly concerning the aggressive panorama and the way they wish to acquire market share. General I feel they’re executing extraordinarily nicely and administration eem to have a transparent gorwth path forward of them. As it is a European small cap, the inventory in fact did precisely nothing. Based on TIKR analysts count on 3,03 EUR EPS for 2024 however solely 2,56 for 2025. Sure, 2025 will not be an occasion 12 months however I feel that analysts is likely to be too detrimental. I’ve been shopping for and it’s now very near a full place.
Eurokai
Some weeks in the past, Eurokai launched a surprisingly optimistic Q3 buying and selling replace (German language). Container Quantity is up 10% YTD and earnings ought to enhance (a lot) greater than that on account of excessive margin storage charges. If nothing actually unhealthy occurs, 2025 ought to be even higher, as then the brand new Alliance between Maersk and Hapag will shift vital volumes to Eurokai’s terminals. The one small detrimental is that the brand new Egyptian terminal will get on-line a bit bit later than initially deliberate. Once more, the inventory didn’t react to this information. I added barely to the place.
Amadeus Hearth
Amadeus Hearth had already lowered the steerage for 2024 in October because the anticipated restoration within the German financial system didn’t materialize. Only a few weeks later, German activist investor Lively Possession Capital disclosed a stake which has now reached ~11,8%. As a few of my readers lnow, I’m invested within the fund and regardless of a not so nice efficiency for the final months, I nonetheless suppose that the inveolvment of AOC could be very optimistic. As with many different German Small- and midacpas, the share value of Amadeus Hearth continued to declined. I added a bit bit to the place not too long ago as I feel that the corporate has carried out fairly nicely regardless of the huge headwinds.
DCC
DCC shocked me (and everybody else it appears) with a method replace. They wish to concentrate on power and exit the 2 different segments Healthcare and Know-how. Trying on the 6M numbers, it is usually clear that the 2 different sectors have been underperforming:
General this was clearly a optimistic improvement and surprisingly on this case, the market rewarded the shareholders with an honest enhance within the share value.
Alimentation Couche-Tard
ATD launched Q2 FY 2024/2025 earnings only a few days in the past and numbers weren’t so nice, EPS down -15% vs the earlier 12 months. However as this isn’t a European inventory, the inventory value went up. Perhaps additionally as a result of they lastly gave up on shopping for the Japanese proprietor of 7-Eleven. I’m presently nonetheless holding, however trying how low-cost European shares are compared, I’m tempted to swith into extra European trash.
ABO Power
Not totaly stunning, ABO Power adjsuted their 2024 steerage downwards some days in the past. On the optimistic facet, they introduced a complete portoflio overview throughout investor conferences:
On the detrimental facet, that is likely to be a bit bit too late after they did the precise reverse prior to now months. Personally, I feel they’re weak within the present unsure setting for Renewable Power. subsequently I offered my place at costs of round 38 EUR per share.
