Robertet
After including Robertet to my “collector’s nook” a number of weeks in the past, Robertet printed 2024 outcomes 2 weeks in the past.
With 90 mn EUR Web Earnings or 43 EUR EPS, outcomes got here in slightly bit decrease than based mostly on the 6M numbers that I assumed within the submit:
The 2025 outlook was “cautiously optimistic”:
They introduced to extend the dividend to 10 EUR per share. Money circulate has been fairly good as nicely with ~70 mn EUR free money circulate which they used primarily to cut back internet debt additional.
Total I’d say according to expectations and one thing to look at, particularly if and the way tariffs will have an effect.
DCC Healthcare Disposal
Late final yr, DCC stunned loads of buyers with a strategic assessment and the choice to promote each, the healthcare and expertise division.
Initially, the inventory reacted nicely, solely to nowe fade again to the extent earlier than the announcement:
Every week in the past, DCC mentioned that regardless of the presently tough circumstances, they managed to promote the Healtcare division for a complete consideration of 1.050 mn GBP to a PE fund.
Curiously, this had no optimistic affect in any respect on the share worth. I discover that fairly shocking, as they managed to promote this at ~12x 2024 Working revenue and the inventory as such is buying and selling at ~8,8x EV/EBIT.
DCC will return many of the proceeds to shareholders after the deal closes in Q3.
Some analysts appear to have anticipated a better promoting worth, which I discover attention-grabbing given the present state of the PE trade.
Personally, I do suppose that DCC appears fairly enticing at these ranges.
Eurokai 2024 outcomes
Eurokai was clearly considered one of my higher performing concepts since I posted the preliminary write-up in February 2024.
This week they launched the annual report 2024, which at first sight appears fairly encouraging:
EPS went up by +60% from 2,33 to three,74 EUR per share, the dividend can be elevated by 1,80 EUR to 2 EUR per share.
Operationally, throughout all terminals, Eurokai dealt with round +10% extra containers than in 2023.
The earnings embrace a one time impact as because of elevated visitors, the beforehand written down terminal in Wilhelmshaven needed to be written again up once more. If I make no mistake, the impact at Eurokai Degree is round 19 mn EUR (50% of 38 mn at Eurogate) or ~1,4 EUR per share.
So at first sight, then many of the enhance in earnings is principally a one time impact. I had seen some discussions estimating that the “nomralized” EPS could be solely like 2,50 EUR per share.
However not so fast. There’s extra to think about.
This one time optimistic impact talked about above really led to a big unfavourable one time impact because of the “Golden Share” construction the place there’s a 15% curiosity on Native GAAP earnings at TopCo stage.
Should you really divide the acknowledged internet earnings by the variety of shares (pre Golden share), one would get 69,5 mn EUR/ 13,47 mn shares = 5,17 EUR per share EPS for 2024.
The distinction to the acknowledged 3,74 EUR per share, (i.e. -1,42 EU per share), is the allocation to the Golden Share.
Eurokai reveals the calculation of EPS on web page 132 of the German report:
Now on this case, it’s a pure coincidence that the 19 mn EUR is identical quantity because the optimistic one-off IFRS impact.
I’d calculate the “regular” share for the Golden share as follows: (65,9-19)*0,15= 7 mn EUR or 0,53 EUR per share. This equals a 15% curiosity within the financial (IFRS) results of the Group which in the long run ought to converge with the German GAAP outcome at TopCo stage.
So my normalized EPS for 2024 would look as follows:
((65,9-19)*0,85)/13,47= 3,19 EUR per share for 2024 with out the varied particular results.
I haven’t but had the time to calculate the web liquidity for Eurokai, however based mostly on the operational improvement it probably went up. Said liquidity which solely partially reveals the actual image went up by 30 mn EUR.
Administration (once more) guided conservative:
Clearly, the one time achieve is not going to be repeated, on the opposite facet, the optimistic working results of the brand new Gemini Alliance (Hapag Lloys & Maersk) are solely kicking in from February 2025.
Figuring out Eurokai, I’d assume that at an operational stage, issues don’t look too unhealthy and the “normalised” results of 2024 of round 3,19 EUR could be fairly simply achieved. And sure, ultimate EPS could be beneath the three,74 from 2024, however general issues appear to maneuver into the correct course.
Regardless of the share worth enhance in comparison with the preliminary write-up, the inventory continues to be ridiculously low-cost.
And within the meantime, one will get paid nonetheless round a 5,7% dividend yield for ready.
