EVS Broadcast
EVS Broadcast reported 2024 numbers this week. After elevating their 2024 steerage 2 occasions throughout 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 most important optimistic 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 massive sporting occasions just like the Olympics or a soccer Worldcup, the analysts had anticipated a major decrease quantity. Based on EVS, round 8% of 2024 gross sales have 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. Prior to now, EVS all the time guided conservatively, so there could be 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 successful new shoppers.
Almost about US tariffs they don’t appear too involved as most of their rivals are from exterior the US:
With Internet Money of round 5,55 EUR per share, a trailing EPS of three,02 EUR, the shares are for my part nonetheless ridicuously low cost in comparison with the standard of the corporate.
Sixt at
Sixt launched 2024 numbers yesterday. At first sight, the lower in EPS from 7,14 EUR to five,20 EUR per share appears to be like unpleasent. Nonetheless, declining residiual automobile values particularly within the US have been the most important dirver of this. Sixt gave a fairly optimistiv outlook for 2025. With an anticipated High-line progress of seven,5% within the midpoint and an anticipated EBT margin of 10% in 2025, this could translate into EPS of round 6,70 EUR and a P/E of 9x for the Pref shares.
One fascinating query is clearly, how tariffs would affect each, leases and used automobile costs within the US. I feel the affect of used vehicles can be clearly optimistic as new vehicles would get (a lot) costlier. The impact on leases as such will not be so clear and relies upon somewhat bit on the general financial scenario within the US.
Amadeus Hearth
There was no information on Amadeus Hearth this week, however I needed to say that I bought my remaining place to create liquidity for brand new concepts. My funding case for Amadeus was sadly far-off from actuality and my conviction on the inventory has suffered. I’ll proceed to look at it, however for the time I see extra convincing alternatives elsewhere.