Tuesday, November 29, 2022
HomeValue InvestingALL DANISH STOCKS PART 4 – NR. 31-40

ALL DANISH STOCKS PART 4 – NR. 31-40


One factor that I hadn’t managed to say in my Panic sequence is that maintaining the conventional routines as a substitute of regularly staring on the display screen for inventory value motion can be crucial with a purpose to “survive” risky days as an investor.

With that in thoughts, I’m very happy to proceed the all Danish Shares sequence with 10 recent randomly chosen shares. This time 4 shares made it on the “first spherical” watch listing. Denmark appears to end up as a fairly promising looking floor to date.

31. Columbus A/S

Columbus is an IT centered consultancy with a market cap of 160 mn EUR. Taking a look at their numbers, already 2019 was fairly problematic and issues didn’t enhance a lot since then.

In January 2021, they bought a software program subsidiary which resulted in a acquire of round 2/3 of the present market worth however they’ve distributed all of the proceeds as a particular dividend already.

What’s remaining appears to be a troublesome turnaround case. Though I do like IT consulting corporations (Bouvet), Flip- arounds are laborious and particularly if we run into some form of recession, this might grow to be very tough. It may very well be an acquisition goal, however I nonetheless “cross”.

32. Bactiquant A/S

Bactiquant is a 21 mn EUR market cap firm that focuses on offering options for water high quality measurement. The corporate has 7 staff and income beneath 1 mn EUR. The corporate IPOed in February 2021 and trades now roughly at 2/3 of the preliminary value. This seems to be like a comparatively early stage enterprise nonetheless searching for product/market match. “cross”.

33. Danish Aerospace Firm

Regardless of the nice title, the corporate has solely a 7 mn EUR market cap. In line with the OMX website, the “essential exercise of the corporate is to develop revolutionary technological options for area exploration.”. They really do have ~3 mn EUR in gross sales and break even however appear to bleed money within the absence of progress. “Move”.

34. Össur A/S

Össur is a 2,2 bn EUR market cap medtech firm that focuses on prosthetics (synthetic limbs). At first sight it seems to be like a modestly rising firm with fairly OK however not nice margins. The inventory value has been doing fairly Okay till 2019:

Margins are good (13% EBIT), returns on capital comparatively low (10%). However, the corporate trades at 30x 2022 earnings which is clearly not low-cost.

Apparently Demant is proudly owning 52% of the corporate. As I plan to have a look at Demant anyway, I would come with Össur in any deep dive. “Watch”.

35. Moens Financial institution A/S

Moans Financial institution is a small, 61 mn EUR market cap financial institution that appears to focus on the Island of Moen solely. Though the island seems to be fairly, this won’t be a inventory that’s attention-grabbing for. It ought to be seen, that the inventory value has doubled over the past 2 years or so, regardless of flat earnings. “Move”.

36. Gabriel Holding A/S

Gabriel Holdings is a 160 mn EUR market cap producer of primarily materials which are then equipped to furnishings producers plus some associated enterprise strains.

The corporate has been rising strongly between 2014 and 2019, by ~20-25% p.a.  Margins are excessive single digit EBIT , returns on capital look Okay till 2019. The share value mirrored that progress till Covid hit as we will see within the chart:

Gabriel

The corporate appears to commerce at round 25x 2021 earnings and isn’t low-cost at first sight. Nonetheless what I discover very attention-grabbing are their clearly said objectives within the final annual report:

Monetary targets
Gabriel goals, underneath regular market circumstances, to attain:
• return on invested capital (ROIC) averaging no less than 15% earlier than tax;
• an rising common working (EBIT) margin;
• a median annual enhance in earnings per share of no less than 15%; and
• a median annual enhance in income of no less than 15%.

The primary quarter in FY 2021/2022 was already higher than anticipated they usually revised their steerage upwards. This can be a firm I need to study extra about. “Watch”.

37. Pandora A/S

Pandora is a 7,1 bn EUR market cap world retail chain that’s promoting silver jewellery across the globe in ~2600 places. Trying on the share value we will see a form of “camel again” formation:

Pandora

A peak in early 2016 was adopted by an extended decline till the inventory recovered after the Covid-19 crash. This was pushed by a stagnation in gross sales from 2016 on after very fast progress within the years earlier than 2016 and declining margins.

The enterprise continues to be very worthwhile, with gross margins at round 75% and EBIT margins of a wholesome 24%, though they have been 35% some years again.

The valuation is sort of low, with a P/E of round 14. The corporate is guiding to ~4-6% natural progress over the subsequent 2 years and the corporate is planning to purchase again a big quantity of shares. Though I’m not a giant professional in retail, that is definitiv a inventory I’d need to look into deeper. “Watch”.

38. Netcompany Group A/S

Netcompany Group is a 2,6 bn EUR market cap IT/service/Consulting/Software program firm that has been rising properly up to now and is energetic primarily in Europe. In 2021 they made a giant acquisition, doubling their staff. A major a part of the enterprise is with Governments (>x50%). Trying on the share value one can see that the inventory value suffered as many different “progress shares” for the reason that finish of final 12 months:

Netcompany

The corporate IPOed in June 2018 at 155 DKK per share. At 23x EV/EBIT and 25x P/E for 2022, the inventory continues to be not low-cost. Nonetheless I believe the corporate is attention-grabbing as additionally it is a possible competitor to my portfolio firm Bouvet. “Watch”.

39. Brondbyernes I.F.Fodbold A/S

Brondby is the inventory of essentially the most well-known Danish soccer membership, Broendby Copenhagen with a market cap of (solely) 43 mn EUR. The long run chart appears to be proof that additionally in Denmark, soccer golf equipment are often not good companies:

Broendby

As a way to to a correct due diligence, I checked the Danish soccer league how Broendby is doing. They’re presently at third place however nonetheless have an opportunity to win the championship.

Even supposing I like soccer quite a bit, I’ll “cross” on Broendby.

40. Aquaporin A/S

Aquaporin is a 143 mn EUR market cap firm that focuses on “water know-how”.  The corporate was IPOed in 2021 and the share value solely went down since than. The corporate appears to be at a fairly early stage and “product/market match” hasn’t been achieved but. The administration has modified fully for the reason that IPO. “cross”.

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