Readers know that I’m a really sluggish investor, nonetheless some noteworthy information from the porfolio for Q3 in no explicit order;
EVS Broadcast
Only a few days in the past, EVS held their investor day, the presentation will 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 whole lot of fascinating info, particularly concerning the aggressive panorama and the way they need to achieve market share. Total I believe they’re executing extraordinarily nicely and administration eem to have a transparent gorwth path forward of them. As it is a European small cap, the inventory after all did precisely nothing. In response to TIKR analysts anticipate 3,03 EUR EPS for 2024 however solely 2,56 for 2025. Sure, 2025 isn’t an occasion 12 months however I believe that analysts is likely to be too damaging. I’ve been shopping for and it’s now very near a full place.
Eurokai
Some weeks in the past, Eurokai launched a surprisingly constructive Q3 buying and selling replace (German language). Container Quantity is up 10% YTD and income ought to enhance (a lot) greater than that attributable to 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 damaging is that the brand new Egyptian terminal will get on-line a bit 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 steerage 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 constructive. As with many different German Small- and midacpas, the share worth of Amadeus Fireplace continued to declined. I added a bit bit to the place just lately as I believe that the corporate has carried out fairly nicely regardless of the large headwinds.
DCC
DCC stunned me (and everybody else it appears) with a technique replace. They need to give attention to power and exit the 2 different segments Healthcare and Know-how. Wanting on the 6M numbers, it’s also clear that the 2 different sectors had been underperforming:
Total this was clearly a constructive growth and surprisingly on this case, the market rewarded the shareholders with a good enhance within the share worth.
Alimentation Couche-Tard
ATD launched Q2 FY 2024/2025 earnings just some days in the past and numbers weren’t so nice, EPS down -15% vs the earlier 12 months. 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 compared, I’m tempted to swith into extra European trash.
ABO Power
Not totaly shocking, ABO Power adjsuted their 2024 steerage downwards some days in the past. On the constructive aspect, they introduced a complete portoflio evaluate throughout investor conferences:
On the damaging aspect, that is likely to be a bit bit too late after they did the precise reverse up to now months. Personally, I believe they’re weak within the present unsure setting for Renewable Power. due to this fact I offered my place at costs of round 38 EUR per share.
