EVS Broadcast

EVS Broadcast reported 2024 numbers this week. After elevating their 2024 steerage 2 instances through the 12 months, they got here out on the higher und of the projected vary. The Spotlight web page speaks for itself:

I believe the key optimistic shock was the comparatively bullish outlook. On the mid level, they count on ~+2% to +3% gross sales development in 2025. That doesn’t sound like a lot, however as 2025 is an “uneven” 12 months with out giant sporting occasions just like the Olympics or a soccer Worldcup, the analysts had anticipated a major decrease quantity. Based on EVS, round 8% of 2024 gross sales had been pushed by this occasions, so the assumed “underlying” natural development price is ~10%. This outlook is supported by a boo-to-bill ratio of clearly above 1. Prior to now, EVS all the time guided conservatively, so there could be nonetheless extra room for surprises.-

The expansion within the enterprise in 2024 primarily cames from the US the place they appear to be profitable in successful new shoppers.

Close to US tariffs they don’t appear too involved as most of their rivals are from outdoors the US:

With Web Money of round 5,55 EUR per share, a trailing EPS of three,02 EUR, the shares are in my view nonetheless ridicuously low cost in comparison with the standard of the corporate.

Sixt AG

Sixt released 2024 numbers yesterday. At first sight, the lower in EPS from 7,14 EUR to five,20 EUR per share appears unpleasent. Nonetheless, declining residiual automotive values particularly within the US had been the key dirver of this. Sixt gave a reasonably optimistiv outlook for 2025. With an anticipated Prime-line development of seven,5% within the midpoint and an anticipated EBT margin of 10% in 2025, this might translate into EPS of round 6,70 EUR and a P/E of 9x for the Pref shares.

One fascinating query is clearly, how tariffs would affect each, leases and used automotive costs within the US. I believe the affect of used automobiles can be clearly optimistic as new automobiles would get (a lot) dearer. The impact on leases as such isn’t so clear and relies upon a bit of bit on the general financial state of affairs within the US.

Amadeus Fireplace

There was no information on Amadeus Fireplace this week, however I wished to say that I offered my remaining place to create liquidity for brand new concepts. My funding case for Amadeus was sadly far-off from actuality and my conviction on the inventory has suffered. I’ll proceed to observe it, however for the time I see extra convincing alternatives elsewhere.