Energiekontor
Energiekontor has been one in all my worst performing shares in 2024, the efficiency was a lot worse than the borader renewable peer group. To be trustworthy, I’m not positive 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 so forth.) 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.
Nevertheless, they didn’t modify the mid time period steering (2028) and evidently the revenue warning was clearly only a brief time period timing difficulty with a required approval of a purchaser for a big UK wind farm. So subsequent 12 months might look very good particularly for the developer phase.
Regardless of the political uncertainty, I nonetheless suppose that Energiekontor is likely one of the finest 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 affordable 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 one in all their purchasers factories (DMG Mori in Pfronten). The shows could be discovered right here.
My total take approach was very optimistic. Just a few highlights:
- the publicity to (European) ICE vehicle manufacturing may be very restricted, Fuchs has a glbally nicely diversified portfolio of purchasers and purposes
- the corporate tradition appears to be very sturdy and etnrepreneurial with an extrem buyer fucos (Fuchs Capital market days are at all times held at shopper’s websites)
- Many purposes have excessive obstacles of entry to to certification and regulation
- The potential successor of Stefan Fuchs made an excellent impression
Though the inventory isn’t tremendous low-cost, I believe that particularly the cheaper widespread shares supply loads of worth because of the prime quality of the corporate.
Eurokai
Simply 2 days in the past, Eurokai in typical understated Hanseatic trend launched a Constructive revenue warning. Plainly they’ve been pressured to write down up the worth of the Wilhelmshaven terminal which they appear to have written right down to zero in 2020. Though that is oncly an accounting impact, it clearly reveals that issues are bettering. I’m very a lot trying ahead to 2025, when the brand new delivery aliance between Maersk and Hapag will direct important visitors to the Eurokai terminals.
Hermle
There was an fascinating (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, traders would possibly acquired spooked by the truth that Hermle countercyclically invests extra into R&D and hiring extra individuals which can clearly decrease the outcome. Personally, I actually like that countercyclical strategy lots. We’ll see how this seems however Hermle is clearly an incredible firm nonetheless in a really powerful surroundings.
Laurent Perrier
Already some days in the past, Jon Neuscheler revealed a unbelievable (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 trade. Since then the inventory recoevered a little bit. General clearly a harder time however in my view nonetheless a inventory to carry for the long term.
