Energiekontor
Energiekontor has been certainly one of 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.) could be unhealthy for renewables, which explains the general unhealthy efficiency to some extent. It didn’t assist both that they announced a 2024 profit warning some days ago.
Nevertheless, they didn’t modify the mid time period steering (2028) and it appears that evidently the revenue warning was clearly only a quick time period timing problem with a required approval of a purchaser for a big UK wind farm. So subsequent yr 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 cost effective and the least leveraged participant:
Fuchs
A couple of days in the past, I had the pleasure to really attend the Fuchs capital markets day that was held at certainly one of their purchasers factories (DMG Mori in Pfronten). The displays may be discovered here.
My total take method was very optimistic. A couple of highlights:
- the publicity to (European) ICE car manufacturing could be very restricted, Fuchs has a glbally effectively diversified portfolio of purchasers and functions
- the corporate tradition appears to be very robust and etnrepreneurial with an extrem buyer fucos (Fuchs Capital market days are at all times held at consumer’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 shouldn’t be tremendous low-cost, I believe that particularly the cheaper frequent shares supply loads of worth as a result of prime quality of the corporate.
Eurokai
Simply 2 days in the past, Eurokai in typical understated Hanseatic vogue released a Positive profit warning. Plainly they’ve been pressured to write down 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 enhancing. I’m very a lot wanting ahead to 2025, when the brand new transport aliance between Maersk and Hapag will direct vital site visitors to the Eurokai terminals.
Hermle
There was an interesting (German language) interview with the CEO in a specialist software publication. A couple of weeks in the past, Hermle also issued a trading update. 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 folks which is able to clearly decrease the end result. Personally, I actually like that countercyclical method so much. We are going to see how this seems however Hermle is clearly an ideal firm nonetheless in a really robust atmosphere.
Laurent Perrier
Already some days in the past, Jon Neuscheler printed a fantastic (German language) write-up on LAurent Perrier. A couple of days in the past, LP issued a trading update, which at a primary gance didn’t look so good however is clearly in step with the trade. Since then the inventory recoevered a bit. Total clearly a harder time however for my part nonetheless a inventory to carry for the long run.
