Readers know that I’m a really sluggish investor, nonetheless 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 could be discovered right here. Enterprise efficiency has been excellent, they predict now that they’ll attain the higher finish of the revised goal. In addition they introduced a (small) share purchase again program. ZThe investor presentation accommodates a variety of fascinating info, particularly in regards to the aggressive panorama and the way they wish to achieve market share. Total I believe they’re executing extraordinarily effectively and administration eem to have a transparent gorwth path forward of them. As it is a European small cap, the inventory in fact did precisely nothing. Based on TIKR analysts anticipate 3,03 EUR EPS for 2024 however solely 2,56 for 2025. Sure, 2025 just isn’t an occasion yr however I believe that analysts is perhaps too unfavourable. 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 as a consequence of 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 unfavourable is that the brand new Egyptian terminal will get on-line a little bit bit later than initially deliberate. Once more, the inventory didn’t react to this information. I added barely to the place.
Amadeus Hearth
Amadeus Hearth had already lowered the steering for 2024 in October because the anticipated restoration within the German financial 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 assume that the inveolvment of AOC could be very optimistic. As with many different German Small- and midacpas, the share worth of Amadeus Hearth continued to declined. I added a little bit bit to the place not too long ago as I believe that the corporate has carried out fairly effectively regardless of the large headwinds.
DCC
DCC stunned me (and everybody else it appears) with a method replace. They wish to concentrate on power and exit the 2 different segments Healthcare and Expertise. Wanting on the 6M numbers, additionally it is clear that the 2 different sectors have been underperforming:
Total this was clearly a optimistic improvement and surprisingly on this case, the market rewarded the shareholders with a good 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 yr. However as this isn’t a European inventory, the inventory worth went up. Possibly additionally as a result of they lastly gave up on shopping for the Japanese proprietor of 7-Eleven. I’m at the moment nonetheless holding, however trying how low-cost European shares are as 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 evaluate throughout investor conferences:
On the unfavourable aspect, that is perhaps a little bit bit too late after they did the precise reverse previously months. Personally, I believe they’re weak within the present unsure atmosphere for Renewable Vitality. due to this fact I bought my place at costs of round 38 EUR per share.
