Sunday, July 17, 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, nevertheless just one made it onto the “watch record”. 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 lively in buying and selling second-hand medical gear that was IPOed in late 2021. Not my space of experience. “move”.

82. ChemoMetec A/S

ChemoMetec is a 1,9 bn EUR market cap MedTech firm that gives Tools 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 nicely during the last 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%). Nevertheless at 40x gross sales and 85x EV/EBIT, there appears to be a number of development priced in. A lot too costly for me, though it seems 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 destructive after the IPO and the share worth declined by greater than -60% type the IPO. “Cross”.

84. EGNSInvest EJD., TYSKLAND

EGNSInvest is a 87 mn EUR market cap actual property firm. Because the title signifies, the corporate invests solely in Germany, principally in Berlin. The share efficiency is kind of spectacular, doing nearly 4x during the last 10 years. Info nevertheless is just in Danish and I’m not such an enormous actual property fan, due to this fact I’ll “move”.

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 evidently this was resulting from 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 prime of that, the corporate can also be lively in fruit packaging in South America and in manufacturing equipment for egg packaging.

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

hartmann eggs

The corporate is majority owned (69%) by a much bigger conglomerate named Thornico. In 2020/2021, the corporate loved additional enterprise and far larger margins resulting from Covid. Nevertheless in 2022, Hartmann appears to have been hit onerous by Ukraine and Russia, the place they appear to have been fairly lively and bought an organization in 2020.

The corporate additionally appears to have been hit in Q1 by rising power prices and enter prices (recycled paper) which they might not move on to shoppers. Hartmann gave a really wide selection for 2022 steerage, wherever between 2-7% internet 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 internet margins between 4-7%, returns on capital additionally regarded fairly okay. So in the event that they handle to return to the historic vary, the inventory would even be cheaper.

On the destructive aspect, natural development could be restricted they usually do have publicity to extra unstable markets (e.g. LatAm).

Total, I feel Hartmann might be an attention-grabbing firm regardless of the present issues, due to this fact I’ll put them on “watch”.

87. Astralis A/S

Astralis is a 17 mn EUR market cap firm that’s lively 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 nicely:

Astralis

After dropping cash, each in 2020 and 2021, the corporate predicts at the least EBITDA break even for 2022. My intestine feeling says that simply proudly owning an E-sports staff won’t be one of the best enterprise on this planet,. Probably sport builders are those that take advantage of cash. Subsequently I’ll “move”.

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 secure and environmentally pleasant manner.”  Nevertheless, the inventory worth has halved since IPO. This may need to do with the truth that gross sales should not rising, however losses are rising. “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, nonetheless they managed some turnaround in 2021. As I don’t like investing into robust headwinds, I’ll “move” right here as nicely.

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