EVS Broadcast
EVS Broadcast reported 2024 numbers this week. After elevating their 2024 steerage 2 occasions in the course of the yr, they got here out on the higher und of the projected vary. The Spotlight web page speaks for itself:
I believe the main constructive shock was the comparatively bullish outlook. On the mid level, they anticipate ~+2% to +3% gross sales progress in 2025. That doesn’t sound like a lot, however as 2025 is an “uneven” yr with out giant sporting occasions just like the Olympics or a soccer Worldcup, the analysts had anticipated a major decrease quantity. In response to EVS, round 8% of 2024 gross sales had been pushed by this occasions, so the assumed “underlying” natural progress fee is ~10%. This outlook is supported by a boo-to-bill ratio of clearly above 1. Up to now, EVS at all times guided conservatively, so there is perhaps nonetheless extra room for surprises.-
The expansion within the enterprise in 2024 primarily cames from the US the place they appear to be profitable in profitable new purchasers.
Close to US tariffs they don’t appear too involved as most of their opponents are from exterior the US:
With Internet Money of round 5,55 EUR per share, a trailing EPS of three,02 EUR, the shares are in my view nonetheless ridicuously low cost in comparison with the standard of the corporate.
Sixt AG
Sixt launched 2024 numbers yesterday. At first sight, the lower in EPS from 7,14 EUR to five,20 EUR per share seems to be unpleasent. Nonetheless, declining residiual automobile values particularly within the US had been the main dirver of this. Sixt gave a reasonably optimistiv outlook for 2025. With an anticipated Prime-line progress of seven,5% within the midpoint and an anticipated EBT margin of 10% in 2025, this could translate into EPS of round 6,70 EUR and a P/E of 9x for the Pref shares.
One fascinating query is clearly, how tariffs would affect each, leases and used automobile costs within the US. I believe the affect of used vehicles could be clearly constructive as new vehicles would get (a lot) dearer. The impact on leases as such just isn’t so clear and relies upon a bit bit on the general financial scenario within the US.
Amadeus Hearth
There was no information on Amadeus Hearth this week, however I needed to say that I offered my remaining place to create liquidity for brand spanking new concepts. My funding case for Amadeus was sadly far-off from actuality and my conviction on the inventory has suffered. I’ll proceed to look at it, however for the time I see extra convincing alternatives elsewhere.
