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 may be discovered right here. Enterprise efficiency has been superb, they predict now that they’ll attain the higher finish of the revised goal. Additionally they introduced a (small) share purchase again program. ZThe investor presentation comprises a variety of fascinating info, particularly in regards to the aggressive panorama and the way they wish to acquire market share. Total I believe they’re executing extraordinarily properly and administration eem to have a transparent gorwth path forward of them. As this can be a European small cap, the inventory after all did precisely nothing. In response to TIKR analysts count on 3,03 EUR EPS for 2024 however solely 2,56 for 2025. Sure, 2025 isn’t an occasion yr however I believe that analysts is perhaps too detrimental. 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 dangerous occurs, 2025 ought to be even higher, as then the brand new Alliance between Maersk and Hapag will shift vital volumes to Eurokai’s terminals. The one small detrimental 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 Hearth
Amadeus Hearth had already lowered the steerage 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 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 bit of bit to the place not too long ago as I believe that the corporate has carried out fairly properly regardless of the large headwinds.
DCC
DCC stunned me (and everybody else it appears) with a method replace. They wish to concentrate on vitality and exit the 2 different segments Healthcare and Know-how. Trying on the 6M numbers, additionally it is clear that the 2 different sectors had 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 only a few 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 steerage downwards some days in the past. On the optimistic aspect, they introduced a complete portoflio evaluation throughout investor conferences:
On the detrimental aspect, that is perhaps a bit of bit too late after they did the precise reverse previously months. Personally, I believe they’re susceptible within the present unsure atmosphere for Renewable Vitality. due to this fact I bought my place at costs of round 38 EUR per share.
