Energiekontor
Energiekontor has been one among my worst performing shares in 2024, the efficiency was a lot worse than the borader renewable peer group. To be sincere, I’m not certain why the inventory carried out so unhealthy. On a part of the reason is clearly that the general political shift to the righ (Trump, Germany and many others.) could be unhealthy for renewables, which explains the general unhealthy efficiency to some extent. It didn’t assist both that they introduced a 2024 revenue warning some days in the past.
Nonetheless, they didn’t alter the mid time period steerage (2028) and evidently the revenue warning was clearly only a brief time period timing difficulty with a required approval of a purchaser for a big UK wind farm. So subsequent yr may look very good particularly for the developer section.
Regardless of the political uncertainty, I nonetheless suppose that Energiekontor is likely one of the greatest bets within the sector. Here’s a desk I did some weeks in the past exhibiting that Energiekontor, amongst a European peer group, is each the most cost effective and the least leveraged participant:
Fuchs
A couple of days in the past, I had the pleasure to really attend the Fuchs capital markets day that was held at one among their purchasers factories (DMG Mori in Pfronten). The shows could be discovered right here.
My general take method was very constructive. A couple of highlights:
- the publicity to (European) ICE vehicle manufacturing could be very restricted, Fuchs has a glbally properly diversified portfolio of purchasers and functions
- the corporate tradition appears to be very robust and etnrepreneurial with an extrem buyer fucos (Fuchs Capital market days are all the time held at shopper’s websites)
- Many functions have excessive limitations of entry to to certification and regulation
- The potential successor of Stefan Fuchs made an excellent impression
Though the inventory will not be tremendous low-cost, I feel that particularly the cheaper frequent shares supply loads of worth as a result of prime quality of the corporate.
Eurokai
Simply 2 days in the past, Eurokai in typical understated Hanseatic style launched a Optimistic revenue warning. It appears that evidently they’ve been pressured to put in writing up the worth of the Wilhelmshaven terminal which they appear to have written all the way down to zero in 2020. Though that is oncly an accounting impact, it clearly reveals that issues are enhancing. I’m very a lot trying ahead to 2025, when the brand new delivery aliance between Maersk and Hapag will direct vital site visitors to the Eurokai terminals.
Hermle
There was an attention-grabbing (German language) interview with the CEO in a specialist software publication. A couple of weeks in the past, Hermle additionally issued a buying and selling replace. Regardless of (a lot) higher numbers than the competitors, buyers would possibly received spooked by the truth that Hermle countercyclically invests extra into R&D and hiring extra individuals which can clearly decrease the outcome. Personally, I actually like that countercyclical strategy so much. We’ll see how this seems however Hermle is clearly an ideal firm nevertheless in a really robust setting.
Laurent Perrier
Already some days in the past, Jon Neuscheler revealed a improbable (German language) write-up on LAurent Perrier. A couple of days in the past, LP issued a buying and selling replace, which at a primary gance didn’t look so good however is clearly according to the trade. Since then the inventory recoevered a bit. Total clearly a harder time however in my view nonetheless a inventory to carry for the long run.
