EVS Broadcast
EVS Broadcast reported 2024 numbers this week. After elevating their 2024 steerage 2 instances in the course of the 12 months, they got here out on the higher und of the projected vary. The Spotlight web page speaks for itself:
I feel the main constructive shock was the comparatively bullish outlook. On the mid level, they anticipate ~+2% to +3% gross sales progress in 2025. That doesn’t sound like a lot, however as 2025 is an “uneven” 12 months with out giant sporting occasions just like the Olympics or a soccer Worldcup, the analysts had anticipated a big decrease quantity. In keeping with EVS, round 8% of 2024 gross sales had been pushed by this occasions, so the assumed “underlying” natural progress fee is ~10%. This outlook is supported by a boo-to-bill ratio of clearly above 1. Up to now, EVS at all times guided conservatively, so there is perhaps nonetheless extra room for surprises.-
The expansion within the enterprise in 2024 primarily cames from the US the place they appear to be profitable in profitable new shoppers.
Close to US tariffs they don’t appear too involved as most of their rivals are from outdoors the US:
With Web Money of round 5,55 EUR per share, a trailing EPS of three,02 EUR, the shares are in my view nonetheless ridicuously low-cost in comparison with the standard of the corporate.
Sixt AG
Sixt launched 2024 numbers yesterday. At first sight, the lower in EPS from 7,14 EUR to five,20 EUR per share seems unpleasent. Nonetheless, declining residiual automobile values particularly within the US had been the main dirver of this. Sixt gave a fairly optimistiv outlook for 2025. With an anticipated Prime-line progress of seven,5% within the midpoint and an anticipated EBT margin of 10% in 2025, this is able to translate into EPS of round 6,70 EUR and a P/E of 9x for the Pref shares.
One attention-grabbing query is clearly, how tariffs would affect each, leases and used automobile costs within the US. I feel the affect of used automobiles could be clearly constructive as new automobiles would get (a lot) dearer. The impact on leases as such will not be so clear and relies upon somewhat bit on the general financial state of affairs within the US.
Amadeus Hearth
There was no information on Amadeus Hearth this week, however I wished to say that I bought my remaining place to create liquidity for brand new concepts. My funding case for Amadeus was sadly distant from actuality and my conviction on the inventory has suffered. I’ll proceed to observe it, however for the time I see extra convincing alternatives elsewhere.