EVS Broadcast
Let’s begin with the not so excellent news: EVS Broadcast, as in Q1, got here out with a barely disappointing 6M press launch:
Gross sales down yoy, EBIT down extra and EPS down fairly considerably:
Nevertheless, on the optimistic facet, orders are up and so they confirmed the steerage they gave in Q1 for 2025. SO 2025 is fairly “backloaded” with regard to gross sales and income, nevertheless EVS does have usually fairly good visibility mid-year on what’s going to occur till 12 months finish.
I wish to level out two attention-grabbing particulars from the press launch. The CEO mentioned the next:
“However, we efficiently reached the milestone of EUR 100.0 million in income on July eighth.“
And earlier within the textual content they point out the next:
“EBIT and web revenue are affected by the short-term weak income: EBIT lands at EUR 14.8 million. The EBIT is closely impacted by the delay in income recognition: at EUR 100.0 million, our simulated EBIT would have been EUR 21.8 million.”
So already one week later, they appear to have been in a position to guide 7 mn EBIT. The share value reacted very negatively initially, however recovered in the course of the day regardless of a weak general market:
As well as, they purchased a moderately small US firm referred to as Telemetrics. At a primary look, it appears to be a (a lot) decrease margin buisness but in addition a complimemntary technolgy (digital camera controö methods). In any case it’s a small acquistion.
General, no have to act for me on EVS in the interim.
Eurokai
Now to the extra optimistic information: Eurokai elevated it’s outlook for 2025 yesterday night. They gave numbers for consolidated gross sales (130 mn, +10mn) which solely covers the Italian terminals.
Nevertheless additionally they supplied 6M EBT numbers which present a rise of ~+45% yoy. This consists of the “at fairness outcome” from Eurogate, the 50% participation that’s the most important beneficiary of the brand new Maersk/Hapag alliance.
My estimate is that the remainder of the 12 months might be even higher. Final 12 months’s EPS of three,74 included a signifcant optimistic one-off impact, I believe this 12 months they’ll earn at the very least the identical quantity with out one-offs.
Enjoyable truth: Bremer Lagerhaus Gesellschaft, the proprietor of the opposite 50% already revised its steerage 5 hours earlier. They do produce other actions and also you don’t wish to personal these shares, however their outcome relies upon to a big extent on Eurogate at fairness earnings.
I added to Eurokai at present costs. It’s now my largest place.
Jensen
Already some days in the past, Jensen got here out with some actually spectacular numbers:
Income progress remained at 16% regardless of the weak greenback, whereas EPS progress accelerated to ~+50 in comparison with 2024. On the optimistic facet, Free money move was superb, which was the ony small situation at Jensen and the Japanese at fairness participation may greater than double its income. In addition they restarted the share repurchase program.
On the damaging facet, they gave a cautious outlok for H2 and guide to invoice for Q2 was barely beneath 1.
In any case, despit the current share value enhance, Jensen nonetheless appears very low cost given the standard and momentum of the enterprise. I added to Jensen, too.