Readers know that I’m a really gradual investor, however some noteworthy information from the porfolio for Q3 in no specific order;
EVS Broadcast
Only a few days in the past, EVS held their investor day, the presentation might be discovered right here. Enterprise efficiency has been excellent, they predict now that they may attain the higher finish of the revised goal. Additionally they introduced a (small) share purchase again program. ZThe investor presentation incorporates numerous fascinating info, particularly in regards to the aggressive panorama and the way they wish to acquire market share. General I believe they’re executing extraordinarily effectively and administration eem to have a transparent gorwth path forward of them. As this can be a European small cap, the inventory in fact did precisely nothing. In line with TIKR analysts anticipate 3,03 EUR EPS for 2024 however solely 2,56 for 2025. Sure, 2025 just isn’t an occasion yr however I believe that analysts is likely to be too destructive. I’ve been shopping for and it’s now very near a full place.
Eurokai
Some weeks in the past, Eurokai launched a surprisingly optimistic Q3 buying and selling replace (German language). Container Quantity is up 10% YTD and income ought to improve (a lot) greater than that as a result of excessive margin storage charges. If nothing actually dangerous occurs, 2025 must be even higher, as then the brand new Alliance between Maersk and Hapag will shift vital volumes to Eurokai’s terminals. The one small destructive is that the brand new Egyptian terminal will get on-line a little 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 financial system didn’t materialize. Only a few weeks later, German activist investor Lively 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 assume that the inveolvment of AOC may be very optimistic. As with many different German Small- and midacpas, the share value of Amadeus Fireplace continued to declined. I added a little bit bit to the place just lately as I believe that the corporate has carried out fairly effectively regardless of the huge headwinds.
DCC
DCC shocked me (and everybody else it appears) with a method replace. They wish to give attention to vitality 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:
General this was clearly a optimistic improvement and surprisingly on this case, the market rewarded the shareholders with an honest improve within the share value.
Alimentation Couche-Tard
ATD launched Q2 FY 2024/2025 earnings only a few days in the past and numbers weren’t so nice, EPS down -15% vs the earlier yr. However as this isn’t a European inventory, the inventory value went up. Possibly additionally as a result of they lastly gave up on shopping for the Japanese proprietor of 7-Eleven. I’m at present nonetheless holding, however wanting how low-cost European shares are compared, I’m tempted to swith into extra European trash.
ABO Vitality
Not totaly shocking, ABO Vitality adjsuted their 2024 steerage downwards some days in the past. On the optimistic facet, they introduced a complete portoflio evaluation throughout investor conferences:
On the destructive facet, that is likely to be a little bit bit too late after they did the precise reverse up to now months. Personally, I believe they’re susceptible within the present unsure atmosphere for Renewable Vitality. subsequently I offered my place at costs of round 38 EUR per share.
