SFS Group 2024 numbers
Portfolio firm SFS printed 2024 numbers final week. Intitially, the inventory reacted very negatively, dropping ~-9% solely to get well totally by the point of writing:
Prime line was flat, backside line suffered just a little due to larger rate of interest.
On a section foundation, the engineered elements did fairly effectively, whereas esp. the distribution section had some points:
However, if Europe actually ramps up manufacturing for defence, particularly the distribution section will see vital exercise as all the massive defence producers are shoppers.
On a constructive facet, Free Money move was very sturdy they usually managed to cut back web debt considerably:
Total, I do suppose that SFS has performed fairly effectively regardless of the general difficult background. So no have to chnage something right here.
Jensen Group 2024 outcomes
Additionally final week, Jensen printed their 2024 outcomes. In essence, the outcomes have been nice, from the highest to backside:
With 4,31 EUR EPS and EBIT of 51 mn EUR, Jensen truly did barely higher than I anticipated. That is what I wrote just a few weeks in the past:
The one little disappointment was that free money move didn’t attain my assumed 40 mn EUR as receivables elevated by ~20 mn and dealing capital in % of gross sales elevated barely.
Finaly, order consumption has been excellent and accellerating into This autumn which ought to assist additional development in 2025. I’m very proud of these outcomes, the inventory remains to be low-cost on the present stage. I’d add to the place going ahead.
