EVS Broadcast
Let’s begin with the not so excellent news: EVS Broadcast, as in Q1, got here out with a barely disappointing 6M press launch:
Gross sales down yoy, EBIT down extra and EPS down fairly considerably:
Nevertheless, on the optimistic aspect, orders are up and so they confirmed the steering they gave in Q1 for 2025. SO 2025 is fairly “backloaded” with regard to gross sales and income, nonetheless EVS does have usually fairly good visibility mid-year on what’s going to occur till 12 months finish.
I need to level out two fascinating particulars from the press launch. The CEO mentioned the next:
“However, we efficiently reached the milestone of EUR 100.0 million in income on July eighth.“
And earlier within the textual content they point out the next:
“EBIT and web revenue are affected by the momentary weak income: EBIT lands at EUR 14.8 million. The EBIT is closely impacted by the delay in income recognition: at EUR 100.0 million, our simulated EBIT would have been EUR 21.8 million.”
So already one week later, they appear to have been in a position to ebook 7 mn EBIT. The share worth reacted very negatively initially, however recovered throughout the day regardless of a weak general market:
As well as, they purchased a slightly small US firm known as Telemetrics. At a primary look, it appears to be a (a lot) decrease margin buisness but in addition a complimemntary technolgy (digicam controö methods). In any case it’s a small acquistion.
Total, no must act for me on EVS in the intervening time.
Eurokai
Now to the extra optimistic information: Eurokai elevated it’s outlook for 2025 yesterday night. They gave numbers for consolidated gross sales (130 mn, +10mn) which solely covers the Italian terminals.
Nevertheless additionally they supplied 6M EBT numbers which present a rise of ~+45% yoy. This consists of the “at fairness outcome” from Eurogate, the 50% participation that’s the fundamental beneficiary of the brand new Maersk/Hapag alliance.
My estimate is that the remainder of the 12 months may very well be even higher. Final 12 months’s EPS of three,74 included a signifcant optimistic one-off impact, I believe this 12 months they may earn no less than the identical quantity with out one-offs.
Enjoyable reality: Bremer Lagerhaus Gesellschaft, the proprietor of the opposite 50% already revised its steering 5 hours earlier. They do produce other actions and also you don’t need to personal these shares, however their outcome relies upon to a big extent on Eurogate at fairness earnings.
I added to Eurokai at present costs. It’s now my largest place.
Jensen
Already some days in the past, Jensen got here out with some actually spectacular numbers:
Income progress remained at 16% regardless of the weak greenback, whereas EPS progress accelerated to ~+50 in comparison with 2024. On the optimistic aspect, Free money movement was excellent, which was the ony small difficulty at Jensen and the Japanese at fairness participation may greater than double its income. Additionally they restarted the share repurchase program.
On the detrimental aspect, they gave a cautious outlok for H2 and ebook to invoice for Q2 was barely under 1.
In any case, despit the latest share worth improve, Jensen nonetheless appears very low cost given the standard and momentum of the enterprise. I added to Jensen, too.
