It entered my portfolio in October 2023, in the €3 area, as a deliberate bet on a laboratory with a history, operational stability and a risk profile very different from that of binary biotechs. The idea was not to look for a one-time windfall, but to incorporate into the portfolio an asset capable of combining consistency in results with a shareholder remuneration that, over time, would weigh in the total return.

What has happened since then is that FAES has not only fulfilled this role, but has surprised positively: the last few years have shown significant growth in profit and revenues, supported by a diversified business that goes beyond a few star products. This capacity to continue expanding the results base reinforces the feeling of being a mature laboratory that, without great fanfare, continues to generate value year after year.

At the same time, the dividend policy has established itself as one of the pillars of the thesis. With a dividend yield of around 3% on recent prices and a payout that rotates around half of the profit, the cash flow to the shareholder is sufficient to justify the share in a "buy and let work" strategy, without the need for constant tactical movements. Here the dividend is not a cosmetic add-on, but a central part of the expected return.

The strong revaluation from your entry price inevitably introduces the temptation to take profits, especially in an environment where many companies in the continuous market have had irregular trajectories. However, the combination of a business that continues to perform, solid cash generation and stable remuneration means that reducing the position too much can mean giving up a source of calm and predictable returns within the portfolio.

That is why, despite occasional doubts about whether to consolidate earnings, the decision to hold FAES is based on more than just inertia: the stock continues to do exactly what it was bought for. As long as the laboratory maintains its discipline in results and dividends, the position is not just a story of past revaluation, but a coherent part of a strategy that combines moderate growth with recurring collections.