Readers know that I’m a really gradual investor, however some noteworthy information from the porfolio for Q3 in no specific order;
EVS Broadcast
Only a few days in the past, EVS held their investor day, the presentation may be discovered right here. Enterprise efficiency has been excellent, they predict now that they may attain the higher finish of the revised goal. Additionally they introduced a (small) share purchase again program. ZThe investor presentation comprises a number of fascinating data, particularly concerning the aggressive panorama and the way they need to achieve market share. General 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. In response to TIKR analysts anticipate 3,03 EUR EPS for 2024 however solely 2,56 for 2025. Sure, 2025 shouldn’t be an occasion yr however I believe that analysts may be 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 enhance (a lot) greater than that resulting from excessive margin storage charges. If nothing actually unhealthy 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 just a little 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. Only a few 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 value of Amadeus Fireplace continued to declined. I added just a little 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 shocked me (and everybody else it appears) with a technique replace. They need to give attention to vitality and exit the 2 different segments Healthcare and Know-how. Trying on the 6M numbers, it’s also clear that the 2 different sectors had been underperforming:
General this was clearly a optimistic improvement and surprisingly on this case, the market rewarded the shareholders with an honest enhance within the share value.
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 value went up. Possibly additionally as a result of they lastly gave up on shopping for the Japanese proprietor of 7-Eleven. I’m presently nonetheless holding, however trying how low-cost European shares are as compared, I’m tempted to swith into extra European trash.
ABO Power
Not totaly stunning, ABO Power adjsuted their 2024 steering downwards some days in the past. On the optimistic facet, they introduced a complete portoflio evaluate throughout investor conferences:
On the detrimental facet, that may be just a little bit too late after they did the precise reverse prior to now months. Personally, I believe they’re susceptible within the present unsure surroundings for Renewable Power. due to this fact I bought my place at costs of round 38 EUR per share.