Fuchs SE:
Let’s begin with a damaging shock: Fuchs launched 2 days in the past that they may fall wanting their (downward revised) 2025 forecast.
“For the monetary yr 2025, FUCHS now expects gross sales and EBIT on earlier yr’s degree (monetary yr 2024: Gross sales at €3,525 million, EBIT at €434 million). The earlier outlook for 2025 anticipated gross sales at round €3.7 billion and EBIT at round €460 million. Consensus for the monetary yr 2025 stands at
€3,660 million for gross sales and at €459 million for EBIT.”
Final yr, once I determined to take a position into Fuchs, the 2025 EBIT forecast was 500 mn EUR:
With the brand new forecast, we are actually ~-13% decrease than again then and this already requires a restoration within the second half of the yr because the 6M EBIT is round -4,5% beneath the earlier yr.
Together with the 2 Board members that left sudden to start with of the yr, I made a decision to promote my place at a small revenue together with the dividend and watch from the sidelines how this develops. Fuchs remains to be an excellent firm however this deteriotion within the forecast actually fearful me, particularly contemplating that the inventory is just not “tremendous low-cost”. To date it appears that I’ve bought too early, however I do see continuig danger for brief time period disappointment right here.
EVS Broadcast
EVS Broadcast had a pleasant little 6% soar yesterday with no monetary information out there over sources like Euronext or Bloomberg.
Curiously, on their Company Information facet and on Linkedin they revealed that they gained the contract to be the unique supplier for the FiFa Soccer World Championship in 2026.
Though this can be a one-off contract, from a strategic angle it clearly reveals that they’re able to win such contracts within the North American markets towards their foremost opponents there, which may be additionally a touch that their US enlargement may work out fairly properly.
What I discover moreover attention-grabbing, that on this case as in different circumstances (i.e. Jensen, Eurokai) these sort of information is just not picked up by the big info suppliers.
Though EVS is already certainly one of my largest positions, I take into account including after the 6M numbers, except they disappoint considerably.
STEF SA
STEF revealed yesterday very encouraging 6M gross sales numbers, regardless of persistence
What I do like is that the “different activitiws” i.e. Meals companies appear to develop actually properly. This was a part of their technique so as to add companies across the warehouses and it appears to repay properly, not less than from a gross sales perspective. The shareprice apparently reacted little or no. STEF is a place the place I’d add within the coming days/weeks.
SFS
SFS is at all times fairly early with their outcomes. They revealed their full half yr report yesterday. Gross sales in CHF have been fixed vs. 6M 2024, EBIT was decrease, primarily pushed by the distribution segement.The Engineered componetn phase did surprisingly properly, Fastening OK. Curiously, the distribution phase did higher than the general market, so they appear to achieve market shares.
Traders appear to have anticipated worse and the shares gained a couple of % yesterday. As well as, SFS introduced fairly vital restructurings, each operationally, but in addition within the administration.
On the plus facet, cashflow was excellent and so they may additional scale back internet debt. The indsurtry is hard however SFS appears to execute properly.
