SFS Group 2024 numbers
Portfolio firm SFS printed 2024 numbers final week. Intitially, the inventory reacted very negatively, dropping ~-9% solely to get well absolutely by the point of writing:
Prime line was flat, backside line suffered slightly due to increased rate of interest.
On a phase foundation, the engineered elements did fairly effectively, whereas esp. the distribution phase had some points:
However, if Europe actually ramps up manufacturing for defence, particularly the distribution phase will see vital exercise as all the massive defence producers are shoppers.
On a constructive aspect, Free Money circulate was very robust they usually managed to scale back internet debt considerably:
Total, I do assume that SFS has performed fairly effectively regardless of the general difficult background. So no have to chnage something right here.
Jensen Group 2024 outcomes
Additionally final week, Jensen printed their 2024 outcomes. In essence, the outcomes have been nice, from the highest to backside:
With 4,31 EUR EPS and EBIT of 51 mn EUR, Jensen really did barely higher than I anticipated. That is what I wrote a number of weeks in the past:
The one little disappointment was that free money circulate didn’t attain my assumed 40 mn EUR as receivables elevated by ~20 mn and dealing capital in % of gross sales elevated barely.
Finaly, order consumption has been excellent and accellerating into This fall which ought to assist additional development in 2025. I’m very pleased with these outcomes, the inventory continues to be low-cost on the present stage. I’d add to the place going ahead.