Wednesday, September 28, 2022
HomeValue InvestingAll Danish Shares half 9 – Nr. 81-90

All Danish Shares half 9 – Nr. 81-90


And on we go, one other 10 randomly chosen Danish shares. Within the present batch, there are some very attention-grabbing and distinctive enterprise fashions, nonetheless just one made it onto the “watch checklist”. We at the moment are at ~50% protection of the universe. As soon as once more a fast reminder: Thanks for any requests to take a look at a selected firm, however the random generator determines in what order I have a look at corporations.

81. Scandinavian Medical Answer A/S

Scandinavian Medical is a 17 mn EUR market cap firm that appears to be energetic in buying and selling second-hand medical tools that was IPOed in late 2021. Not my space of experience. “cross”.

82. ChemoMetec A/S

ChemoMetec is a 1,9 bn EUR market cap MedTech firm that gives Gear to depend cells which, amongst others is used for  Superior Cell Evaluation, Counting of Mammalian Cells, Yeast Cells, and Sperm Cells.

The inventory has carried out very effectively over the past 5 years:

Chmeometec

The corporate has been rising 20-50% p.a. over the previous few years and could be very worthwhile (Gross margins 90%, working margins 45%). Nonetheless at 40x gross sales and 85x EV/EBIT, there appears to be a whole lot of development priced in. A lot too costly for me, though it seems to be like an attention-grabbing firm. “Cross”.

83. SameSystem A/S

SameSystem is a 18 mn EUR market cap SaaS firm providing some sort of HR answer. The corporate IPOed in 2021 and for some causes, earnings turned extremely unfavorable after the IPO and the share worth declined by greater than -60% kind the IPO. “Cross”.

84. EGNSInvest EJD., TYSKLAND

EGNSInvest is a 87 mn EUR market cap actual property firm. Because the identify signifies, the corporate invests solely in Germany, largely in Berlin. The share efficiency is sort of spectacular, doing virtually 4x over the past 10 years. Data nonetheless is barely in Danish and I’m not such a giant actual property fan, subsequently I’ll “cross”.

85. CEMAT A/S

CEMAT is a 29 mn EUR market cap actual property holding that appears to personal just one Warsaw property. The share worth jumped considerably final yr and the corporate confirmed a really excessive revenue in 2021 however plainly this was as a consequence of a (non-cash) revaluation of the property. “Cross”.

86. Brdr. Hartmann A/S

Hartmann is a 231 mn EUR market cap firm that has nothing to do with the German/Swiss Hartmann Group. The corporate has a really attention-grabbing enterprise: It’s specialised in producing egg packaging. On high of that, the corporate can be energetic in fruit packaging in South America and in manufacturing equipment for egg packaging.

The long run share worth growth is in some way blended as one can see within the chart:

hartmann eggs

The corporate is majority owned (69%) by an even bigger conglomerate named Thornico. In 2020/2021, the corporate loved additional enterprise and far increased margins as a consequence of Covid. Nonetheless in 2022, Hartmann appears to have been hit laborious by Ukraine and Russia, the place they appear to have been fairly energetic and bought an organization in 2020.

The corporate additionally appears to have been hit in Q1 by growing vitality prices and enter prices (recycled paper) which they might not cross on to purchasers. Hartmann gave a really wide selection for 2022 steering, wherever between 2-7% web margin on ~1,9-3,3 bn DKK gross sales. Taking the midpoint, Hartmann would earn (3,1 bn *4,5%)= 140 mn DKK which interprets right into a P/E of round 12,4x.

Traditionally, the corporate earned round 30% of Gross Margins ~10% EBIT margins and web margins between 4-7%, returns on capital additionally seemed fairly okay. So in the event that they handle to return to the historic vary, the inventory would even be cheaper.

On the unfavorable facet, natural development may be restricted they usually do have publicity to extra unstable markets (e.g. LatAm).

Total, I feel Hartmann may very well be an attention-grabbing firm regardless of the present issues, subsequently I’ll put them on “watch”.

87. Astralis A/S

Astralis is a 17 mn EUR market cap firm that’s energetic in Esports and owns three esports groups competing in Counter-Strike, League of Legends, and FIFA. The corporate was IPOed in 2019 and looking out on the share worth, doesn’t appear to take action effectively:

Astralis

After shedding cash, each in 2020 and 2021, the corporate predicts a minimum of EBITDA break even for 2022. My intestine feeling says that simply proudly owning an E-sports crew won’t be one of the best enterprise on this planet,. Almost certainly sport builders are those that take advantage of cash. Subsequently I’ll “cross”.

88. Re-Match Holding A/S

Re-Match, with a market cap of 27 mn EUR, is one other younger firm with a fairly attention-grabbing enterprise mannequin per the inventory trade abstract: ” a world recycler of artificial turf fields and is dedicated to environmental sustainability. It supplies sports activities arenas and stadiums with the chance to get rid of worn-out artificial turf in a protected and environmentally pleasant approach.”  Nonetheless, the inventory worth has halved since IPO. This may need to do with the truth that gross sales should not rising, however losses are growing. “Cross”.

89. FastPass Corp A/S

FastPass is a 5 mn EUR market cap Software program firm that appears to be round for a while with out a lot progress, they don’t appear to have any gross sales. “Cross”.

90. Glunz & Jensen Holding A/S

Glunz & Jensen is a provider to the printing trade with a 19 mn EUR market cap. The corporate has been shrinking persistently over the previous 10 years, however they managed some turnaround in 2021. As I don’t like investing into sturdy headwinds, I’ll “cross” right here as effectively.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments