Clever Plc
Just some days after my writeup, Clever revealed 6M numbers. On the constructive aspect, with regard to Switch quantity, new clients and deposits, Clever grew strongly between 18-37% as we are able to see on this chart:
Nevertheless, Revenue earlier than tax and margins went down:
Underlying Revenue, which solely assumes a 1% “take fee” on deposits elevated by 13%. That is clearly a mixture of decrease gross curiosity incomes, intentionally low take charges (0,52%) and investments into advertising and expertise.
The inventory reacted initially fairly strongly, however recovered most of this over the following days.
To me this reveals that the majority buyers appear to grasp the primary story: Taking market share now by reducing costs for patrons with a view to maximise long run worth.
As a brand new proprietor, I’ll proceed to watch their progress. I purchased just a few extra shares at round 9 GBP/share.
Rightmove Plc
Rightmove is an organization I’ve been following for a very long time. It’s a unbelievable enterprise that monetizes the obsession of the British with Actual property.
The corporate is insanely worthwhile however the share value hasn’t accomplished a lot over the previous 5 years:
Somewhat bit greater than a 12 months in the past, Australian peer REA had tried to take over Rightmove at ~7,8 GBP per share however administration rejected the bid.
What I discovered particularly attention-grabbing was the big drop (initially -28%) after the latest quarterly replace. Analysts appear to have been particularly spooked by extra deliberate investments into AI which might decrease Working revenue till 2028 earlier than development is predicted to hurry up once more:
“Investing for future development isn’t a nasty factor however the scale of the market’s unfavorable response implies actual scepticism about its choice to place a lot cash into AI,” stated Russ Mould, funding director at AJ Bell.
“It’s doable to see how AI may assist Rightmove function extra effectively, make better use of its growing quantities of information and improve person expertise on the location,” he added.
“Nevertheless, there may be clearly concern that Rightmove is leaping on the bandwagon in dialling up its AI spending.”
Evidently the general expectation from analysts is that any AI bills are instantly set-off by financial savings (i.e. firings) and nobody expects that income shall be decrease at first due to AI investments.
That itself to me appears overly optimistic, particularly additionally reflecting on my private expertise in my day job.
Nevertheless, Rightmove is clearly additionally an instance that paying 40 or 50x NTM P/E on a top quality inventory usually results in disappointments. Proper now, the inventory seems to be extra pretty priced:
In any case, Rightmove is an attention-grabbing firm that I need to dig in deeper sooner or later in time.
Eurokai KgAA
Eurokai got here out with two items of superb information. First, their 9M buying and selling replace confirmed that 2025 will as soon as once more be an excellent 12 months with sturdy development particularly within the Eurogate Section:
And secondly, they introduced that they’ve a time period sheet with Container Shipper CMA CMG to promote 20% of the Eurogate Hamburg Terminal.
Eurogate (wherein Eurokai holds 50%) owns the Hamburg Terminal absolutely. Loads of different Eurogate Terminals are already co-owned with shippers, ike MSC, Maersk or Hapag Lloyd.
My again of the envelope calculation signifies that the 20% might be price 100 mn EUR. This might imply 50% of that cash economically belongs to Eurokai and can circulation to a big extent into the P&L for 2026.
As well as, I feel it’s also a superb benchmark for what the entire asset pool is price.
The share value reacted just a little, however not by that a lot:
Bouvet ASA:
The third quarter is all the time the weakest one for Bouvet, however this years third quarter was particularly weak with EPS down ~10% yoy for the quarter.
In essence, personnel value grew quicker than gross sales. The inventory which was week already for a while dropped even additional,
9M EPS is kind of unchanged in opposition to final 12 months however buyers appear to have anticipated extra. The inventory trades at present at 15-16x EPS, which is sort of low cost and signifies solely a restricted quantity of development implied within the present inventory value.
I assume that possibly some buyers is perhaps afraid of imminent substitute of consultants by AI, however actually I don’t consider this.
Bombardier
Final however not least, Bombardier launched Q3 numbers some days in the past. Operationally, issues went into the precise path. Gross sales, EBITDA, EBIt and many others. are all up greater than 10%.
The spotlight clearly was that Cashflow improved considerably on this quarter which could permit them sooner or later in time to begin shopping for again shares:
Curiously, it took just a few days till the market digested this and the shareprice went above the 200 CAD per share mark.
