Robertet
After including Robertet to my “collector’s nook” a couple of weeks in the past, Robertet revealed 2024 outcomes 2 weeks in the past.
With 90 mn EUR Web Revenue or 43 EUR EPS, outcomes got here in slightly bit decrease than based mostly on the 6M numbers that I assumed within the submit:
The 2025 outlook was “cautiously optimistic”:
They introduced to extend the dividend to 10 EUR per share. Money stream has been fairly good as properly with ~70 mn EUR free money stream which they used primarily to cut back internet debt additional.
Total I’d say in step with expectations and one thing to look at, particularly if and the way tariffs will have an effect.
DCC Healthcare Disposal
Late final yr, DCC stunned quite a lot of traders with a strategic assessment and the choice to promote each, the healthcare and know-how division.
Initially, the inventory reacted properly, solely to nowe fade again to the extent earlier than the announcement:
Every week in the past, DCC stated that regardless of the at the moment tough circumstances, they managed to promote the Healtcare division for a complete consideration of 1.050 mn GBP to a PE fund.
Apparently, this had no constructive affect in any respect on the share value. I discover that fairly stunning, as they managed to promote this at ~12x 2024 Working revenue and the inventory as such is buying and selling at ~8,8x EV/EBIT.
DCC will return a lot of the proceeds to shareholders after the deal closes in Q3.
Some analysts appear to have anticipated a better promoting value, which I discover attention-grabbing given the present state of the PE business.
Personally, I do assume that DCC seems to be fairly enticing at these ranges.
Eurokai 2024 outcomes
Eurokai was clearly one in all my higher performing concepts since I posted the preliminary write-up in February 2024.
This week they launched the annual report 2024, which at first sight seems to be fairly encouraging:
EPS went up by +60% from 2,33 to three,74 EUR per share, the dividend will likely be elevated by 1,80 EUR to 2 EUR per share.
Operationally, throughout all terminals, Eurokai dealt with round +10% extra containers than in 2023.
The earnings embrace a one time impact as because of elevated site visitors, the beforehand written down terminal in Wilhelmshaven needed to be written again up once more. If I make no mistake, the impact at Eurokai Degree is round 19 mn EUR (50% of 38 mn at Eurogate) or ~1,4 EUR per share.
So at first sight, then a lot of the improve in earnings is principally a one time impact. I had seen some discussions estimating that the “nomralized” EPS can be solely like 2,50 EUR per share.
However not so fast. There’s extra to think about.
This one time constructive impact talked about above truly led to a big adverse one time impact as a result of “Golden Share” construction the place there’s a 15% curiosity on Native GAAP earnings at TopCo degree.
Should you truly divide the said internet revenue by the variety of shares (pre Golden share), one would get 69,5 mn EUR/ 13,47 mn shares = 5,17 EUR per share EPS for 2024.
The distinction to the said 3,74 EUR per share, (i.e. -1,42 EU per share), is the allocation to the Golden Share.
Eurokai exhibits the calculation of EPS on web page 132 of the German report:
Now on this case, it’s a pure coincidence that the 19 mn EUR is identical quantity because the constructive one-off IFRS impact.
I’d calculate the “regular” share for the Golden share as follows: (65,9-19)*0,15= 7 mn EUR or 0,53 EUR per share. This equals a 15% curiosity within the financial (IFRS) results of the Group which in the long run ought to converge with the German GAAP outcome at TopCo degree.
So my normalized EPS for 2024 would look as follows:
((65,9-19)*0,85)/13,47= 3,19 EUR per share for 2024 with out the varied particular results.
I haven’t but had the time to calculate the online liquidity for Eurokai, however based mostly on the operational improvement it more than likely went up. Said liquidity which solely partially exhibits the actual image went up by 30 mn EUR.
Administration (once more) guided conservative:
Clearly, the one time acquire is not going to be repeated, on the opposite aspect, the constructive working results of the brand new Gemini Alliance (Hapag Lloys & Maersk) are solely kicking in from February 2025.
Realizing Eurokai, I’d assume that at an operational degree, issues don’t look too dangerous and the “normalised” results of 2024 of round 3,19 EUR is perhaps fairly simply achieved. And sure, ultimate EPS is perhaps under the three,74 from 2024, however total issues appear to maneuver into the suitable route.
Regardless of the share value improve in comparison with the preliminary write-up, the inventory continues to be ridiculously low cost.
And within the meantime, one will get paid nonetheless round a 5,7% dividend yield for ready.
