Fuchs SE:
Let’s begin with a detrimental shock: Fuchs launched 2 days in the past that they are going to fall in need of their (downward revised) 2025 forecast.
“For the monetary 12 months 2025, FUCHS now expects gross sales and EBIT on earlier 12 months’s degree (monetary 12 months 2024: Gross sales at €3,525 million, EBIT at €434 million). The earlier outlook for 2025 anticipated gross sales at round €3.7 billion and EBIT at round €460 million. Consensus for the monetary 12 months 2025 stands at
€3,660 million for gross sales and at €459 million for EBIT.”
Final 12 months, once I determined to take a position into Fuchs, the 2025 EBIT forecast was 500 mn EUR:
With the brand new forecast, we at the moment are ~-13% decrease than again then and this already requires a restoration within the second half of the 12 months because the 6M EBIT is round -4,5% under the earlier 12 months.
Together with the 2 Board members that left sudden at first of the 12 months, I made a decision to promote my place at a small revenue together with the dividend and watch from the sidelines how this develops. Fuchs continues to be an excellent firm however this deteriotion within the forecast actually fearful me, particularly contemplating that the inventory just isn’t “tremendous low cost”. To this point it seems to be that I’ve bought too early, however I do see continuig threat for brief time period disappointment right here.
EVS Broadcast
EVS Broadcast had a pleasant little 6% bounce yesterday with no monetary information out there over sources like Euronext or Bloomberg.
Curiously, on their Company Information aspect and on Linkedin they printed that they gained the contract to be the unique supplier for the FiFa Soccer World Championship in 2026.
Though this can be a one-off contract, from a strategic angle it clearly exhibits that they’re able to win such contracts within the North American markets towards their essential rivals there, which is perhaps additionally a touch that their US enlargement might work out fairly effectively.
What I discover moreover fascinating, that on this case as in different instances (i.e. Jensen, Eurokai) these type of information just isn’t picked up by the massive data suppliers.
Though EVS is already one in all my largest positions, I think about including after the 6M numbers, except they disappoint considerably.
STEF SA
STEF printed yesterday very encouraging 6M gross sales numbers, regardless of persistence
What I do like is that the “different activitiws” i.e. Meals companies appear to develop actually properly. This was a part of their technique so as to add companies across the warehouses and it appears to repay properly, a minimum of from a gross sales perspective. The shareprice curiously reacted little or no. STEF is a place the place I’d add within the coming days/weeks.
SFS
SFS is at all times fairly early with their outcomes. They printed their full half 12 months report yesterday. Gross sales in CHF have been fixed vs. 6M 2024, EBIT was decrease, primarily pushed by the distribution segement.The Engineered componetn section did surprisingly effectively, Fastening OK. Curiously, the distribution section did higher than the general market, so they appear to achieve market shares.
Buyers appear to have anticipated worse and the shares gained just a few % yesterday. As well as, SFS introduced fairly vital restructurings, each operationally, but additionally within the administration.
On the plus aspect, cashflow was excellent they usually might additional scale back internet debt. The indsurtry is hard however SFS appears to execute effectively.