Readers know that I’m a really sluggish investor, nonetheless some noteworthy information from the porfolio for Q3 in no explicit order;
EVS Broadcast
Only a few days in the past, EVS held their investor day, the presentation might be discovered here. Enterprise efficiency has been superb, they predict now that they may attain the higher finish of the revised goal. In addition they introduced a (small) share purchase again program. ZThe investor presentation comprises quite a lot of fascinating data, particularly concerning the aggressive panorama and the way they need to achieve market share. Total I believe they’re executing extraordinarily effectively and administration eem to have a transparent gorwth path forward of them. As it is a European small cap, the inventory in fact did precisely nothing. In keeping with TIKR analysts count on 3,03 EUR EPS for 2024 however solely 2,56 for 2025. Sure, 2025 shouldn’t be an occasion yr however I believe that analysts could be too damaging. I’ve been shopping for and it’s now very near a full place.
Eurokai
Some weeks in the past, Eurokai launched a surprisingly positive Q3 trading update (German language). Container Quantity is up 10% YTD and income ought to enhance (a lot) greater than that on account of excessive margin storage charges. If nothing actually unhealthy occurs, 2025 ought to be even higher, as then the brand new Alliance between Maersk and Hapag will shift vital volumes to Eurokai’s terminals. The one small damaging 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 Hearth
Amadeus Hearth had already lowered the steering for 2024 in October because the anticipated restoration within the German economic system didn’t materialize. Only a few weeks later, German activist investor Energetic 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 constructive. As with many different German Small- and midacpas, the share value of Amadeus Hearth 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 large headwinds.
DCC
DCC shocked me (and everybody else it appears) with a strategy update. They need to concentrate on vitality and exit the 2 different segments Healthcare and Expertise. Trying on the 6M numbers, it’s also clear that the 2 different sectors had been underperforming:
Total this was clearly a constructive improvement and surprisingly on this case, the market rewarded the shareholders with an honest enhance 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 the moment nonetheless holding, however wanting how low cost European shares are as compared, I’m tempted to swith into extra European trash.
ABO Power
Not totaly stunning, ABO Power adjsuted their 2024 steering downwards some days in the past. On the constructive facet, they introduced a complete portoflio assessment throughout investor conferences:
On the damaging facet, that could be a little bit bit too late after they did the precise reverse up to now months. Personally, I believe they’re weak within the present unsure atmosphere for Renewable Power. subsequently I offered my place at costs of round 38 EUR per share.
