Readers know that I’m a really gradual investor, however some noteworthy information from the porfolio for Q3 in no explicit order;
EVS Broadcast
Just some days in the past, EVS held their investor day, the presentation might be discovered right here. Enterprise efficiency has been superb, they predict now that they may attain the higher finish of the revised goal. In addition they introduced a (small) share purchase again program. ZThe investor presentation incorporates lots of fascinating data, particularly in regards to the aggressive panorama and the way they need to achieve 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 after all did precisely nothing. In line with 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 may be too destructive. 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 improve (a lot) greater than that attributable to excessive margin storage charges. If nothing actually unhealthy occurs, 2025 must be even higher, as then the brand new Alliance between Maersk and Hapag will shift important volumes to Eurokai’s terminals. The one small destructive is that the brand new Egyptian terminal will get on-line a bit of bit later than initially deliberate. Once more, the inventory didn’t react to this information. I added barely to the place.
Amadeus Fireplace
Amadeus Fireplace had already lowered the steering for 2024 in October because the anticipated restoration within the German economic system didn’t materialize. Just some weeks later, German activist investor Energetic 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 may be very optimistic. As with many different German Small- and midacpas, the share worth of Amadeus Fireplace continued to declined. I added a bit of bit to the place just lately as I feel that the corporate has carried out fairly nicely regardless of the large headwinds.
DCC
DCC shocked me (and everybody else it appears) with a method replace. They need to deal with vitality and exit the 2 different segments Healthcare and Expertise. Wanting 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 improve within the share worth.
Alimentation Couche-Tard
ATD launched Q2 FY 2024/2025 earnings just some 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 worth 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 wanting how low-cost European shares are compared, I’m tempted to swith into extra European trash.
ABO Vitality
Not totaly stunning, ABO Vitality adjsuted their 2024 steering downwards some days in the past. On the optimistic aspect, they introduced a complete portoflio assessment throughout investor conferences:
On the destructive aspect, that may be a bit of bit too late after they did the precise reverse prior to now months. Personally, I feel they’re susceptible within the present unsure surroundings for Renewable Vitality. due to this fact I offered my place at costs of round 38 EUR per share.
