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author Olivier Dambrine - June 13, 2017

In May our European portfolio kept up the good work and added a staggering 770 basis points. This brings YTD return (TWR) to +20.2%. The STOXX 600 ended at YTD of +7.4%.

The strongest performers were:

  • Big Ben Interactive(+27.5%) announced a 2.9% increase in revenues for the FY 2016. Net profit was up 130% at €9.0m versus €3.9m last year. Earnings per share was €0.5. The company reduced its net debt by €14m to €13.3m. For 2017, the company hopes to increase revenues by 10-15% in 2018.
  • Groupe Guillin (+19.2%) reported that revenues in Q1 were up 10%. FY operating income came in 29.2% higher (€ 74.3 million) and FY net result increased 32,8% (€ 51.4 million) compared to last year.
  • Holland Colours (+15.2%) announced a 5% increase of FY revenue (€ 77.5 million). FY 2016 net income from continuing operations ended 50% higher at €5.4 million compared with the previous year. A dividend proposal is to be approved on July 11, 2017 (€3.01).

The following position showed a double-digit decline.

  • Subsea 7 Sa (-15.3%) pointed out that the earnings margin level of the company achieved in Q1 is not sustainable in short term.
  • Agfa-Gevaert (-12.7%) reported a surprising 8.5% drop in revenues during the first quarter. EBITDA fell 19%. Management is still convinced that it can keep EBITDA close to 10% of revenues during the coming years.

Each month we add two new companies brought up by our stock screener and decide which older stock can stay or leave our portfolio.

It is never too late to start investing.

Subscriptions to our screener are still available from €18.7/ month.

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