Robertet
After including Robertet to my “collector’s nook” a number 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 a bit of bit decrease than primarily based on the 6M numbers that I assumed within the submit:
The 2025 outlook was “cautiously optimistic”:
They announced to increase the dividend to 10 EUR per share. Money circulation has been fairly good as nicely with ~70 mn EUR free money circulation which they used primarily to cut back web debt additional.
Total I’d say consistent with expectations and one thing to look at, particularly if and the way tariffs will have an effect.
DCC Healthcare Disposal
Late final 12 months, DCC surprised a lot of investors with a strategic review and the choice to promote each, the healthcare and know-how division.
Initially, the inventory reacted nicely, solely to nowe fade again to the extent earlier than the announcement:
Every week in the past, DCC stated that regardless of the presently tough circumstances, they managed to sell the Healtcare division for a total consideration of 1.050 mn GBP to a PE fund.
Curiously, this had no optimistic affect in any respect on the share worth. I discover that fairly shocking, 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 the next promoting worth, which I discover fascinating given the present state of the PE business.
Personally, I do suppose that DCC seems fairly enticing at these ranges.
Eurokai 2024 outcomes
Eurokai was clearly considered one of my higher performing concepts since I posted the initial write-up in February 2024.
This week they launched the annual report 2024, which at first sight seems fairly encouraging:
EPS went up by +60% from 2,33 to three,74 EUR per share, the dividend can 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 embody a one time impact as resulting from 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 Stage 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 enhance in earnings is mainly a one time impact. I had seen some discussions estimating that the “nomralized” EPS could be solely like 2,50 EUR per share.
However not so fast. There may be extra to think about.
This one time optimistic impact talked about above really led to a major damaging one time impact because of the “Golden Share” construction the place there’s a 15% curiosity on Native GAAP earnings at TopCo stage.
For those who really divide the acknowledged web earnings 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 acknowledged 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 similar quantity because the optimistic 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 stage.
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 assorted particular results.
I haven’t but had the time to calculate the web liquidity for Eurokai, however primarily based on the operational growth it probably went up. Acknowledged liquidity which solely partially exhibits the true image went up by 30 mn EUR.
Administration (once more) guided conservative:
Clearly, the one time achieve won’t be repeated, on the opposite facet, the optimistic working results of the brand new Gemini Alliance (Hapag Lloys & Maersk) are solely kicking in from February 2025.
Figuring out Eurokai, I’d assume that at an operational stage, issues don’t look too dangerous and the “normalised” results of 2024 of round 3,19 EUR may be fairly simply achieved. And sure, remaining EPS may be beneath the three,74 from 2024, however total issues appear to maneuver into the suitable route.
Regardless of the share worth enhance 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.