Slowly we’re reaching the top of my Journey via Denmark. One other 10 randomly chosen shares, this time yielding two “watch” candidates. Solely 48 now excellent. Take pleasure in !!!
121. Strategic Investments A/S
Strategic Investments is a 52 mn EUR market cap funding car that invests into securities, non-public fairness and actual property. Investor relations is in Danish solely. Trying on the share worth, there doesn’t appear to occur lots of worth creation right here. “Cross”.
122. Copyright Agent
Copyright Agent is a 2 mn EUR market firm that “is a legal-tech firm that helps skilled content material creators to make sure their unique work in opposition to misuse by different corporations.” This 2021 IPO is definitely rising fairly quick, however losses are rising quicker with an EBIT margin of -50%. Money at June thirtieth on the present burn fee solely lasts till yr finish 2022, so capital enhance will probably be coming quickly (or chapter). “Cross”.
Gyldendal is a 125 mn EUR market cap e book writer and operator of e book shops. After doing nothing for 20 years, the Inventory noticed some attention-grabbing worth motion in 2021 which has now principally reversed:
I don’t know why that occurred. The inventory seems to be costly from any angle and so they confirmed losses for the primary 6M 2022. Perhaps it’s an actual property play however for me it’s a “move”.
124. Dataproces Group A/S
Dataproces (with one s solely) is a ten mn EUR market cap IT guide that went public in 2021. They do have revenues however are burning money and don’t appear to have that a lot money left which appears to elucidate the share worth improvement. “Cross”.
125. NKT A/S
NKT, the two,2 bn EUR market cap cable producer is already an “previous buddy” of the weblog. I invested into them as considered one of my first makes an attempt to develop the electrification theme. I invested into NKT in June 2021 however bought them in early February 2022 for threat administration causes.
The inventory has truly carried out very nicely over the previous months, particularly relative to the market:
This was supported by very stable 6M numbers, particularly the backlog elevated lots. Renewable power requires lots of electrical energy cables and NKT appears to have the ability to take its share. Their latest investor day yielded an attention-grabbing presentation on how they see the long run. Total NKT is clearly a inventory to “watch”.
126. Brdr. A & O Johansen
A&O Johansen is a 211 mn EUR market cap distribution firm that distributes provides for the development trade, primarily to craftsman like plumbers and development corporations.
A&O noticed a speedy enhance in its shareprice from the beginning of the pandemic till finish of 2021, going up virtually 4x:
Much like Photo voltaic, the inventory seems to be low-cost, with a P/E of ~7 and an EV/EBIT of 6x. The difficulty clearly will probably be, how severely they are going to be hit by the anticipated decelerate within the general development sector within the coming months / years.
As for Photo voltaic, the primary 6M 2022 have been superb and A&O was fairly optimistic in regards to the full yr. The one unfavourable, as for Photo voltaic was that they’d considerably into stock.
Being a competitor to Photo voltaic, A&O is clearly one to “watch” carefully.
127. Odico A/S
Odico is an 8 mn EUR market cap firm that appears to be by some means lively in robotics. The corporate does have gross sales, that are rising (~2 mn EUR), however losses are additionally rising. “Cross”.
128. Fynske Financial institution
Fynske is yet one more small, 130 mn EUR market cap financial institution. The inventory did surprisingly nicely in 2021. At first sight, this doesn’t look engaging. “Cross”.
129. Lundbeck AS
Lundbeck is a 3,4 bn EUR market cap biopharmaceutical firm that “engages within the analysis, improvement, manufacturing, and sale of prescription drugs for the therapy of psychiatric and neurological issues”. They appear to supply treatment agains melancholy, schizophrenia and different psychological diseases.
Lundbeck has seen higher days, with the shares down -75% in opposition to their 2018 peak.
Within the first 6M 2022, enterprise has been rising once more, due to a brand new product that treats power migraine. At at the moment 12xEV/EBIT, the corporate doesn’t appear to be costly, nevertheless as I’ve zero competence in assessing the portfolio and pipeline of a pharmaceutical firm, I’ll “move”.
130. Scandinavian Tobacco Group
Scandinavian Tobacco is a 1,5 bn EUR market cap firm, that because the title signifies, sells tobacco merchandise in Scandinavia and different international locations. The corporate appears to focus totally on Cigars and Tobacco as such, much less on cigarettes.
The inventory didn’t do a lot over the previous 10 years:
From a valuation perspective, the inventory seems to be low-cost with a P/E of 8 and a good dividend yield. Earnings have truly doubled over the previous 10 years though the primary 6M 2022 look a little bit bit weak. As many Tobacco corporations, they get pleasure from very good margins (20% EBIT, 15% ROCE). Additionally they appear to play the “flamable hemp” market in North America.
For buyers who’ve an urge for food for “sin shares” this may very well be attention-grabbing. For me it’s a “move” as I favor to remain “out of hassle” .