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 sincere, 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 so on.) is likely to 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 it appears that 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 may look very good particularly for the developer phase.
Regardless of the political uncertainty, I nonetheless suppose that Energiekontor is among 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 truly attend the Fuchs capital markets day that was held at one in all their purchasers factories (DMG Mori in Pfronten). The shows might be discovered right here.
My general take manner was very constructive. Just a few highlights:
- the publicity to (European) ICE car manufacturing could be very restricted, Fuchs has a glbally properly diversified portfolio of purchasers and functions
- 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 functions have excessive obstacles 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 frequent shares provide lots of worth as a result of top 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 compelled to put in writing 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 transport aliance between Maersk and Hapag will direct important site 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 may acquired spooked by the truth that Hermle countercyclically invests extra into R&D and hiring extra folks which is able to clearly decrease the outcome. Personally, I actually like that countercyclical method so much. We’ll see how this seems however Hermle is clearly an incredible firm nevertheless in a really robust setting.
Laurent Perrier
Already some days in the past, Jon Neuscheler revealed a implausible (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 keeping with the business. Since then the inventory recoevered a bit of. General clearly a tougher time however in my view nonetheless a inventory to carry for the long term.
