Clever Plc
Only a few days after my writeup, Clever revealed 6M numbers. On the optimistic facet, with regard to Switch quantity, new prospects and deposits, Clever grew strongly between 18-37% as we are able to see on this chart:
Nevertheless, Revenue earlier than tax and margins went down:
Underlying Revenue, which solely assumes a 1% “take price” on deposits elevated by 13%. That is clearly a mixture of decrease gross curiosity incomes, intentionally low take charges (0,52%) and investments into advertising and know-how.
The inventory reacted initially fairly strongly, however recovered most of this over the subsequent days.
To me this exhibits that the majority buyers appear to grasp the principle story: Taking market share now by reducing costs for purchasers with a purpose to maximise long run worth.
As a brand new proprietor, I’ll proceed to observe their progress. I purchased a number of extra shares at round 9 GBP/share.
Rightmove Plc
Rightmove is an organization I’ve been following for a very long time. It’s a improbable enterprise that monetizes the obsession of the British with Actual property.
The corporate is insanely worthwhile however the share value hasn’t performed a lot over the previous 5 years:
Just a little bit greater than a yr in the past, Australian peer REA had tried to take over Rightmove at ~7,8 GBP per share however administration rejected the bid.
What I discovered particularly fascinating was the big drop (initially -28%) after the latest quarterly replace. Analysts appear to have been particularly spooked by further deliberate investments into AI which might decrease Working revenue till 2028 earlier than development is anticipated to hurry up once more:
“Investing for future development is just not a nasty factor however the scale of the market’s unfavorable response implies actual scepticism about its choice to place a lot cash into AI,” stated Russ Mould, funding director at AJ Bell.
“It’s potential to see how AI may assist Rightmove function extra effectively, make higher use of its rising quantities of knowledge and improve consumer expertise on the location,” he added.
“Nevertheless, there may be clearly concern that Rightmove is leaping on the bandwagon in dialling up its AI spending.”
Evidently the general expectation from analysts is that any AI bills are instantly set-off by financial savings (i.e. firings) and nobody expects that earnings will probably be decrease at first due to AI investments.
That itself to me appears overly optimistic, particularly additionally reflecting on my private expertise in my day job.
Nevertheless, Rightmove is clearly additionally an instance that paying 40 or 50x NTM P/E on a top quality inventory typically results in disappointments. Proper now, the inventory seems extra pretty priced:
In any case, Rightmove is an fascinating firm that I wish to dig in deeper in some unspecified time in the future in time.
Eurokai KgAA
Eurokai got here out with two items of excellent information. First, their 9M buying and selling replace confirmed that 2025 will as soon as once more be an excellent yr with robust development particularly within the Eurogate Section:
And secondly, they introduced that they’ve a time period sheet with Container Shipper CMA CMG to promote 20% of the Eurogate Hamburg Terminal.
Eurogate (by which Eurokai holds 50%) owns the Hamburg Terminal absolutely. A variety of different Eurogate Terminals are already co-owned with shippers, ike MSC, Maersk or Hapag Lloyd.
My again of the envelope calculation signifies that the 20% might be price 100 mn EUR. This might imply 50% of that cash economically belongs to Eurokai and can circulate to a big extent into the P&L for 2026.
As well as, I believe it is usually a superb benchmark for what the entire asset pool is price.
The share value reacted a little bit, however not by that a lot:
Bouvet ASA:
The third quarter is all the time the weakest one for Bouvet, however this years third quarter was particularly weak with EPS down ~10% yoy for the quarter.
In essence, personnel value grew sooner than gross sales. The inventory which was week already for a while dropped even additional,
9M EPS is kind of unchanged towards final yr however buyers appear to have anticipated extra. The inventory trades at present at 15-16x EPS, which is sort of low-cost and signifies solely a restricted quantity of development implied within the present inventory value.
I suppose that perhaps some buyers is perhaps fearful of imminent substitute of consultants by AI, however truthfully I don’t imagine this.
Bombardier
Final however not least, Bombardier launched Q3 numbers some days in the past. Operationally, issues went into the appropriate route. Gross sales, EBITDA, EBIt and so forth. are all up greater than 10%.
The spotlight clearly was that Cashflow improved considerably on this quarter which could permit them in some unspecified time in the future in time to begin shopping for again shares:
Apparently, it took a number of days till the market digested this and the shareprice went above the 200 CAD per share mark.