EVS Broadcast
Let’s start with the not so good news: EVS Broadcast, as in Q1, came out with a slightly disappointing 6M press release:
Sales down yoy, EBIT down more and EPS down quite significantly:
However, on the positive side, orders are up and they confirmed the guidance they gave in Q1 for 2025. SO 2025 is pretty “backloaded” with regard to sales and profits, however EVS does have normally quite good visibility mid-year on what’s going to happen until year end.
I want to point out two interesting details from the press release. The CEO said the following:
“Nevertheless, we successfully reached the milestone of EUR 100.0 million in revenue on July 8th.“
And earlier in the text they mention the following:
“EBIT and net profit are affected by the temporary weak revenue: EBIT lands at EUR 14.8 million. The EBIT is heavily impacted by the delay in revenue recognition: at EUR 100.0 million, our simulated EBIT would have been EUR 21.8 million.”
So already one week later, they seem to have been able to book 7 mn EBIT. The share price reacted very negatively initially, but recovered during the day despite a weak overall market:
In addition, they bought a rather small US company called Telemetrics. At a first look, it seems to be a (much) lower margin buisness but also a complimemntary technolgy (camera controö systems). In any case it is a small acquistion.
Overall, no need to act for me on EVS for the time being.
Eurokai
Now to the more positive news: Eurokai increased it’s outlook for 2025 yesterday evening. They gave numbers for consolidated sales (130 mn, +10mn) which only covers the Italian terminals.
However they also provided 6M EBT numbers which show an increase of ~+45% yoy. This includes the “at equity result” from Eurogate, the 50% participation that is the main beneficiary of the new Maersk/Hapag alliance.
My estimate is that the rest of the year could be even better. Last year’s EPS of 3,74 included a signifcant positive one-off effect, I think this year they will earn at least the same amount without one-offs.
Fun fact: Bremer Lagerhaus Gesellschaft, the owner of the other 50% already revised its guidance 5 hours earlier. They do have other activities and you don’t want to own these shares, but their result depends to a large extent on Eurogate at equity earnings.
I added to Eurokai at current prices. It is now my largest position.
Jensen
Already some days ago, Jensen came out with some really impressive numbers:
Revenue growth remained at 16% despite the weak dollar, whereas EPS growth accelerated to ~+50 compared to 2024. On the positive side, Free cash flow was very good, which used to be the ony small issue at Jensen and the Japanese at equity participation could more than double its profits. They also restarted the share repurchase program.
On the negative side, they gave a cautious outlok for H2 and book to bill for Q2 was slightly below 1.
In any case, despit the recent share price increase, Jensen still looks very cheap given the quality and momentum of the business. I added to Jensen, too.