The previous few days are tremendous busy with 8 (or extra ?) of my corporations reporting 2025 numbers. That’s why I do solely the primary 4 proper now, the others (Jensen, SFS, Bois Sauvage and Italmobiliare) will comply with quickly.
EVS Broadcast 2025 preliminary outcomes
EVS launched preliminary numbers final Friday. At first sight, they have been a bit little bit of a “blended bag”. Income was up which is nice for an “odd” 12 months, EPS barely down.
EVS defined that that they’ve invested into folks to penetrate particularly the US market. The second half of the 12 months was actually good, the primary 6 months have been weaker, primarily due to the “Tarif tantrum” from Uncle Donald.
The outlook for 2026 was fairly good:
Within the name, the CFO talked about that for 2026 they don’t plan large extra investments into employees and that extra M&A could possibly be potential.
Based on TIKR, analysts count on EPS of three,36 for 2026. To this point, the event is roughly throughout the initially anticipated case from 2024. Figuring out EVS, there’s additionally probability that they’ll revise 2026 numbers upwards in the course of the 12 months.
The 1,20 EUR dividend will compensate for ready a bit bit longer though Belgian withholding tax isn’t good.
Thermador 2025 preliminary outcomes
Thermador adopted this week with 2025 outcomes. As to be anticipated, gross sales have been barely unfavorable y-oyy as building and modernization continues to be weak in France:
What I discover very shocking is how effectively the end result saved up:
They managed to scale back working capital so that they have an honest internet money place which ought to enable them once more some M&A. And possibly, possibly the sector seems a bit bit higher in 2026. Analysts are fairly optimistic. Thermador itself mentions a few Authorities applications which could possibly be optimistic for them.
Thermador is a “maintain” for me for the time being. Nothing to vary right here.
Eurokai preliminary outcomes 20025
Eurokai additionally got here out with an “Estimate” of the 2025 end result. Usually for Eurokai, the end result for 2025 shall be considerably higher than the revised estimates in the course of the 12 months.
They estimate now that 2025 Earnings shall be above the 2024 earnings of 88 mn EUR (which included a 19 mn Non-cash optimistic one off).
Relying on what allocation the Golden share will get at Holdco degree, this may end in an EPS of as much as 6 EUR . Which signifies that regardless of the numerous enhance within the share worth, Eurokai continues to be very low cost.
Buyers ought to put together as soon as once more for a really cautious outlook for 2026, though for my part, there are a number of components which point out that 2026 could possibly be as soon as once more higher than 2025, even earlier than any “juicy” one-off income from partial gross sales to Container shippers.
The share worth is now slowly approaching the historic ATHs from 2006/2007.
Eurokai is now by far my largest place however I go away that one untouched.
Sixt Preliminary outcomes 2025
Sixt was the fourth firm that week that launched 2025 outcomes. Though the outcomes ended as much as be a bit bit under the forecast from Q3, it clearly appears that analysts have anticipated worse as Avis and Hertz each confirmed enormous losses and declining revenues.
Sixt in distinction managed to develop additionally within the US:
And a major enhance in Earnings:
What analysts appeared to have actually favored was a fairly optimistic outlook for 2026:
That appears to have shocked analysts and led to a “decoupling” of the share worth from these of the weaker US opponents:
With a trailing P/E of 9 and a dividend yield of 5,8%, the pref shares are actually “good worth” for my part.
To be continued quickly….