Energiekontor
Energiekontor has been considered one of my worst performing shares in 2024, the efficiency was a lot worse than the borader renewable peer group. To be sincere, I’m not positive why the inventory carried out so unhealthy. On a part of the reason is clearly that the general political shift to the righ (Trump, Germany and many others.) could be unhealthy for renewables, which explains the general unhealthy efficiency to some extent. It didn’t assist both that they introduced a 2024 revenue warning some days in the past.
Nonetheless, they didn’t modify the mid time period steerage (2028) and plainly the revenue warning was clearly only a quick time period timing subject with a required approval of a purchaser for a big UK wind farm. So subsequent yr may look very good particularly for the developer phase.
Regardless of the political uncertainty, I nonetheless assume that Energiekontor is among the greatest bets within the sector. Here’s a desk I did some weeks in the past displaying that Energiekontor, amongst a European peer group, is each the most cost effective and the least leveraged participant:
Fuchs
Just a few days in the past, I had the pleasure to truly attend the Fuchs capital markets day that was held at considered one of their purchasers factories (DMG Mori in Pfronten). The displays might be discovered right here.
My general take approach was very optimistic. Just a few highlights:
- the publicity to (European) ICE car manufacturing could be very restricted, Fuchs has a glbally nicely diversified portfolio of purchasers and purposes
- the corporate tradition appears to be very robust and etnrepreneurial with an extrem buyer fucos (Fuchs Capital market days are all the time held at consumer’s websites)
- Many purposes have excessive boundaries of entry to to certification and regulation
- The potential successor of Stefan Fuchs made an excellent impression
Though the inventory just isn’t tremendous low-cost, I feel that particularly the cheaper widespread shares supply plenty of worth as a result of prime quality of the corporate.
Eurokai
Simply 2 days in the past, Eurokai in typical understated Hanseatic vogue launched a Optimistic revenue warning. Evidently they’ve been compelled to write down up the worth of the Wilhelmshaven terminal which they appear to have written all the way down to zero in 2020. Though that is oncly an accounting impact, it clearly reveals that issues are bettering. I’m very a lot trying ahead to 2025, when the brand new delivery aliance between Maersk and Hapag will direct vital visitors to the Eurokai terminals.
Hermle
There was an attention-grabbing (German language) interview with the CEO in a specialist instrument publication. Just a few weeks in the past, Hermle additionally issued a buying and selling replace. Regardless of (a lot) higher numbers than the competitors, buyers may acquired spooked by the truth that Hermle countercyclically invests extra into R&D and hiring extra folks which can clearly decrease the end result. Personally, I actually like that countercyclical strategy quite a bit. We’ll see how this seems however Hermle is clearly a terrific firm nevertheless in a really robust surroundings.
Laurent Perrier
Already some days in the past, Jon Neuscheler revealed a unbelievable (German language) write-up on LAurent Perrier. Just a few days in the past, LP issued a buying and selling replace, which at a primary gance didn’t look so good however is clearly in step with the trade. Since then the inventory recoevered slightly. Total clearly a tougher time however in my view nonetheless a inventory to carry for the long term.