As promised final week, half 2 of the updates from the very busy week in the past. Let’s go.
Jensen Group
Let’s begin with a particularly constructive one. Jensen Group had a “blowout yr” in 2025.
Gross sales up 19,3%, EPS up +45%. The Dividend can be 1,50 EUR, up 0,50 EUR from the yr earlier than. The one not extraordinarily constructive quantity was order consumption which was solely barely up. I believe it will be silly to suppose that Jensen can develop 20% gross sales yearly, however Administration sounded fairly assured for 2026 as properly:
At a trailing PE of 11, the inventory is now precisely as low-cost (LTM) as after I printed the preliminary evaluation in January 2025, regardless of a 50% plus share worth improve.
I’ve added just a little (0,4% of portfolio) to my place at Friday’s worth as I believe the inventory remains to be method too low-cost given the standard. I ought to have waited till right now, however such is life.
SFS
SFS, the Swiss elements and instruments producer/distributor additionally printed preliminary outcomes final week. Given the tough state of lots of its finish markets, natural progress of ~3% earlier than FX is kind of spectacular.
Sadly, revenue suffered just a little extra as we will see on this desk (earlier than “normalisation”):
To be trustworthy, SFS is kind of behind in opposition to my expectations from 3 years in the past, even factoring in CHF/EUR growth.
I believe again in 2023, I used to be too optimistic about manufacturing in Europe which actually is struggling:
The inventory is now rather more costly regardless of EPS being decrease. So I really want to consider whether or not I ought to proceed to carry the inventory.
Italmobiliare
Italmobiliare’s preliminary 2025 numbers have been a “combined bag”. NAV elevated (incl. dividends) by 6%, however for the 2 largest stakes, Borbone (Ebitda down due to excessive Espresso costs) and Santa Maria Novella (solely single digit progress), the outcomes have been just a little bit disappointing.
On the plus aspect, they managed to accumulate an extra 5% stake in Bene and Casa de Salute grows properly.
The inventory reacted fairly negatively which result in a rise in low cost to NAV.
No less than for Borbone, issues ought to look loads higher in 2026 as Espresso costs have come down once more:
Will probably be attention-grabbing to see if SMN can develop double digit once more.
Cie Bois Sauvage
Lastly, my “particular state of affairs” Cie Bois Sauvage introduced preliminary 2025 earnings and the results of their “strategic evaluation”.
On the plus aspect, the NAV elevated by 10% in 2025, primarily pushed by the Chocolate enterprise:
Additionally constructive is that they are going to purchase the remaining 34% of Jeff De Brugges, their second Chocolate Model.
Much less constructive was the disappointing growth of the Actual property pillar (NAV -10%) and the choice to discontinue industrial participations and make investments into PE funds as a substitute:
That is actually a downer in my view. As a lot as I just like the Chocolate enterprise, I don’t perceive this “new pillar”. As I discussed within the preliminary publish, this was meant to be a brief time period particular state of affairs. Subsequently I made a decision to exit the inventory at present costs (318 EUR). This was a good Quick time period particular state of affairs with a 20% plus return in 3 months.