Puestos
2The main drivers were positions such as Rocket Lab $RKLB (-5,07 %) , SoftBank Group $9984 (+6,71 %) , Tokyo Electron $8035 (+1,41 %) and Kraken Robotics $PNG (-1,95 %) .
A few small positions performed less well, such as Intellego Technologies $INT and Envipco Holding $ENVI (-3,07 %) but these will also pick up again in the medium term.
I have been invested in Tomra Systems $TOM (-24,5 %) (Edit: no longer), the market leader in take-back systems. Recently, they have been moving into more and more new areas, such as the recycling of metals (in my opinion essential for a continent as poor in raw materials as ours) or food sorting.
Tomra Systems:
Country/Region: Norway, Europe
Market capitalization: € 4.1 billion
Turnover: € 1.3 billion (2024)
Profit: € 93 million (2024)
P/E RATIO: ~43
P/E ratio 2029 (forecast): ~14
Debt: ~€ 350 million
The growth prospects are excellent and EU regulation ("In addition, at least 90% of all disposable plastic and metal beverage containers with a volume of up to three liters must be collected separately by 2029") plays into their hands.
I have now also added the company Envipco Holding $ENVI (-3,07 %) which is also active in the take-back systems business. Their systems are cheaper than those of Tomra Systems, which allows them to score particularly well in Eastern European countries. They are growing very strongly, are expected to become profitable this year and the forecast P/E ratio for 2027 is below 10. The algorithm of my favorite analysis tool Simply Wall Street determines that the share is currently around 93% undervalued based on future forecast cash flows, which is rare.
Envipco Holding:
Country/Region: Netherlands, Europe
Market capitalization: ~€400m
Turnover: ~€120m (2024)
Profit: -643k € (2024)
P/E RATIO: /
P/E ratio 2027 (forecast): ~9
Debt: ~20m €
I think a lot of the green tech stuff that is being propagated, especially in Germany, is nonsense, but recycling or the circular economy is not only necessary, but in my opinion also the future standard. Not only for environmental reasons, but also for economic and geopolitical reasons. That's why I think both Tomra Systems (all-rounder) and Envipco Holding (strongly niche) are opportunities to benefit from this trend.
Hope you can get something out of this short article :)
