+++ Numbers, numbers, numbers... +++
(from the series: My Investments)
Yesterday was number(s) day!
Three companies from my portfolio reported their figures in the morning. Here we go...
$YSN (+12 %)
Secunet Security Networks AG Q1/2023:
Revenue: EURO 55.2 million (previous year: EURO 65.4 million) 🔻
EBIT: -6.2 million EURO (previous year: 8.5 million EURO) 🔻
Orders on hand as of reporting date: 230.6 million EURO (previous year: 184.3 million EURO) ✅
Expected annual sales 2023: unchanged at 375 million EURO (previous year's result: 347.2 million EURO)
expected EBIT 2023: 50 million EURO (previous year: 47.0 million EURO)
Conclusion: Hesitant start into the fiscal year, due to restrained demand from the public sector (authorities and co.). However, a traditionally strong 2nd half is expected. In the books of #secunet have recorded an increase in orders of over 25%, thus laying the foundation for management to achieve its targets. However, personnel costs will also rise in the course of the year, which is why EBIT, among other things, will increase only slightly.
$COLO B (+2,17 %)
Coloplast A/S half-year report 2022/2023:
Sales: DKK 12.166 million (EURO 1.63 million; previous year: DKK 10.671 million) ✅
EBIT: DKK 3.445 million (EURO 0.46 million; previous year: DKK 2.920 million) ✅
EBIT margin: 28% (prior year: 31%) 🔻
Half-year dividend: DKK 5 🟰
Conclusion: Growing sales and increased EBIT result. However, with decreased margin, decreased cash flow. This is due to the acquisition of ATOS, the increase in net assets and higher income tax payments. The way is the goal and here we are #coloplast on target.
Source: https://ml-eu.globenewswire.com/Resource/Download/09d9c68d-b364-44b0-8954-789e0143db34
$MRK (+2,67 %)
Merck KGaA Q1/2023:
Sales: EURO 5.293 billion (previous year: EURO 5.198) ✅
EBIT: EURO 1.035 billion (previous year: EURO 1.1173 billion) 🔻
EBITDA: EURO 1.491 billion (prior year: EURO 1.603 billion) 🔻 EBITDA.
Earnings per share: EURO 1.83 (prior year: EURO 2.02) 🔻 Earnings per share.
Cash flow: 853 million EURO (prior year: 840 million EURO) ✅
Conclusion: Mixed results. Weak start in the first quarter of the fiscal year due to the slump in pandemic-related sales and the liquid crystal business (the smallest part of the division of #merck ). Nevertheless, analysts' estimates for EBITDA in particular were slightly exceeded. They had expected the result to be weaker. On the whole, the management considers the issued annual targets to be realistic, at least there is talk of a stable achievement of the key figures compared to the previous year. Importantly, the most recent additions to the market in Merck's pharmaceuticals division, namely the cancer drug Bavencio and Mavenclad for the treatment of relapsing-remitting multiple sclerosis, were among the sales drivers in the Group.
Source: https://s3.amazonaws.com/nadq2gcsccs-pro-www/202305/2023-Q1-Report-DE.pdf
Bottom Line Over All:
All three companies reported here are struggling with one or the other problem in the current inflation, wage cost, but also (geo)political situation. Satisfactorily, however, it can be stated that the order situation in particular does not tend to be a problem. Although there are a few problem children, as at Merck, the respective core businesses are on target. What applies to the general market naturally also applies to these companies. Wage costs, increased raw material and procurement prices, as well as possible signs of a recession will also make themselves felt here. Nonetheless, the companies are in a fairly stable position and have their sights set on at least maintaining last year's results this year. Such phases are part of the history of the economy and should therefore be taken into account, but not overestimated.
I remain invested in all three companies and will increase in due course.
