Energiekontor

Energiekontor has been considered one of my worst performing shares in 2024, the efficiency was a lot worse than the borader renewable peer group. To be trustworthy, I’m not certain why the inventory carried out so unhealthy. On a part of the reason is clearly that the general political shift to the righ (Trump, Germany and many others.) may be unhealthy for renewables, which explains the general unhealthy efficiency to some extent. It didn’t assist both that they introduced a 2024 revenue warning some days in the past.

Nonetheless, they didn’t regulate the mid time period steerage (2028) and evidently the revenue warning was clearly only a quick time period timing difficulty with a required approval of a purchaser for a big UK wind farm. So subsequent 12 months may look very good particularly for the developer section.

Regardless of the political uncertainty, I nonetheless suppose that Energiekontor is likely one of the greatest bets within the sector. Here’s a desk I did some weeks in the past displaying that Energiekontor, amongst a European peer group, is each the most cost effective and the least leveraged participant:

Fuchs

Just a few days in the past, I had the pleasure to really attend the Fuchs capital markets day that was held at considered one of their shoppers factories (DMG Mori in Pfronten). The displays will be discovered right here.

My general take method was very optimistic. Just a few highlights:

• the publicity to (European) ICE vehicle manufacturing may be very restricted, Fuchs has a glbally properly diversified portfolio of shoppers and functions
• the corporate tradition appears to be very sturdy and etnrepreneurial with an extrem buyer fucos (Fuchs Capital market days are all the time held at consumer’s websites)
• Many functions have excessive boundaries of entry to to certification and regulation
• The potential successor of Stefan Fuchs made an excellent impression

Though the inventory will not be tremendous low cost, I believe that particularly the cheaper widespread shares supply loads of worth as a result of top quality of the corporate.

Eurokai

Simply 2 days in the past, Eurokai in typical understated Hanseatic vogue launched a Constructive revenue warning. Evidently they’ve been pressured to jot down up the worth of the Wilhelmshaven terminal which they appear to have written all the way down to zero in 2020. Though that is oncly an accounting impact, it clearly exhibits that issues are bettering. I’m very a lot wanting ahead to 2025, when the brand new delivery aliance between Maersk and Hapag will direct important site visitors to the Eurokai terminals.

Hermle

There was an attention-grabbing (German language) interview with the CEO in a specialist instrument publication. Just a few weeks in the past, Hermle additionally issued a buying and selling replace. Regardless of (a lot) higher numbers than the competitors, buyers would possibly obtained spooked by the truth that Hermle countercyclically invests extra into R&D and hiring extra individuals which is able to clearly decrease the end result. Personally, I actually like that countercyclical strategy quite a bit. We’ll see how this seems however Hermle is clearly an important firm nonetheless in a really robust setting.

Laurent Perrier

Already some days in the past, Jon Neuscheler printed a improbable (German language) write-up on LAurent Perrier. Just a few days in the past, LP issued a buying and selling replace, which at a primary gance didn’t look so good however is clearly in step with the business. Since then the inventory recoevered a bit. General clearly a harder time however in my view nonetheless a inventory to carry for the long run.