EVS Broadcast
Let’s begin with the not so excellent news: EVS Broadcast, as in Q1, got here out with a barely disappointing 6M press launch:
Gross sales down yoy, EBIT down extra and EPS down fairly considerably:
Nevertheless, on the constructive facet, orders are up they usually confirmed the steering they gave in Q1 for 2025. SO 2025 is fairly “backloaded” with regard to gross sales and income, nonetheless EVS does have usually fairly good visibility mid-year on what’s going to occur till 12 months finish.
I wish to level out two fascinating particulars from the press launch. The CEO stated the next:
“However, we efficiently reached the milestone of EUR 100.0 million in income on July eighth.“
And earlier within the textual content they point out the next:
“EBIT and internet revenue are affected by the momentary weak income: EBIT lands at EUR 14.8 million. The EBIT is closely impacted by the delay in income recognition: at EUR 100.0 million, our simulated EBIT would have been EUR 21.8 million.”
So already one week later, they appear to have been capable of ebook 7 mn EBIT. The share worth reacted very negatively initially, however recovered in the course of the day regardless of a weak general market:
As well as, they purchased a slightly small US firm referred to as Telemetrics. At a primary look, it appears to be a (a lot) decrease margin buisness but additionally a complimemntary technolgy (digicam controö techniques). In any case it’s a small acquistion.
Total, no have to act for me on EVS in the interim.
Eurokai
Now to the extra constructive information: Eurokai elevated it’s outlook for 2025 yesterday night. They gave numbers for consolidated gross sales (130 mn, +10mn) which solely covers the Italian terminals.
Nevertheless additionally they offered 6M EBT numbers which present a rise of ~+45% yoy. This consists of the “at fairness end result” from Eurogate, the 50% participation that’s the major beneficiary of the brand new Maersk/Hapag alliance.
My estimate is that the remainder of the 12 months could possibly be even higher. Final 12 months’s EPS of three,74 included a signifcant constructive one-off impact, I believe this 12 months they’ll earn no less than the identical quantity with out one-offs.
Enjoyable truth: Bremer Lagerhaus Gesellschaft, the proprietor of the opposite 50% already revised its steering 5 hours earlier. They do produce other actions and also you don’t wish to personal these shares, however their end result relies upon to a big extent on Eurogate at fairness earnings.
I added to Eurokai at present costs. It’s now my largest place.
Jensen
Already some days in the past, Jensen got here out with some actually spectacular numbers:
Income development remained at 16% regardless of the weak greenback, whereas EPS development accelerated to ~+50 in comparison with 2024. On the constructive facet, Free money stream was excellent, which was the ony small concern at Jensen and the Japanese at fairness participation might greater than double its income. Additionally they restarted the share repurchase program.
On the unfavourable facet, they gave a cautious outlok for H2 and ebook to invoice for Q2 was barely beneath 1.
In any case, despit the latest share worth improve, Jensen nonetheless appears to be like very low-cost given the standard and momentum of the enterprise. I added to Jensen, too.
