TL;DR like to roast my deposit, appreciate all opinions!

I always find the many posts here and reading various biographies very interesting, so I've wanted to say a few words for a while now.

Tried early, but started late

I am now 32 and unfortunately started investing seriously far too late, studied far too long, and with the larger salaries finally built up as much as possible and tried to catch up as quickly as possible. "Unfortunately" means for the most part the past calendar year, which is why I put a large part of my money into shares at already high prices and then had very little cash left in the crash to add to it. Fully invested, in other words. During the crash, I mainly reallocated and continued to fully invest what was left over from my monthly salaries.

Yet back in 2011, at the age of 18, I had a share called Facebook and a Starbucks share in my portfolio without much of a clue. I just wanted to know what my mother was actually doing with her shares and how it worked, and with FB and Starbucks I simply chose two companies that "everyone" uses/needs anyway. The idea wasn't that stupid, it worked, and after a short time I was happy about the small profit in absolute terms, sold the shares at DiBa despite the high fees at the time and simply forgot about shares for years - wealth accumulation, a word that wasn't in my vocabulary, the money I had was simply turned upside down as a young adult. Well, young me, just leave the shares lying around or, even better, take a closer look at them and carry on, it "might" have been worth it...

Of priorities and wrong horses

The years went by without any shares, but with lots of fast food and partying, but at least things have changed. At some point, I started to think about the future and wealth accumulation, first taking an interest in interest rates, and then the logical next step was dividends and shares. Unfortunately, it started rather haphazardly. As a student, I started investing small amounts, and of course betting on the wrong horses. Speculative lithium shares were particularly bad in this phase, unfortunately these were large sums even by my standards, from my grandfather's estate. That was bad. However, crypto was a very good horse, more precisely $BTC (-0,75%) and $ETH (-4,27%) which (as a computer scientist) I became interested in early on and exited several times with high profits, also thanks to domestic mining. It's just stupid that back then, in the last decade, I would never have imagined how cryptos would develop. If I had, I would have simply left it all, or at least part of it. You learn and you're always smarter afterwards anyway.

Fully invested - excessive, unhealthy, or simply good housekeeping?

So now I'm 32 - and proud of a portfolio that I think I've built up to a good size in a relatively short time. Which has given me other ideas for some time now. I'm still a long way from reaching my goal, but I have to get back on the "invest 100%" path, which has been completely contrary to my past for a long time now, and strangely enough, I'm finding it difficult to do so - something to reflect on. There are too many (supposed?) opportunities every day. So I simply could not $UNH (+4,71%) after a long period of observation yesterday and of course the savings plans had to run today too. I think I've always been good at budgeting, or let's put it this way, at least good at getting by with the money available to me in a perfectly timed way, but "indulging", not just in company shares, may become a little more prominent again. I don't go without noticeably in everyday life, I need very little, which I don't think is a bad quality to begin with. But I have changed a lot in the area of "consumption" compared to the past. I think it would be good to find a healthy balance. In my opinion, just as you don't just live to work, but work to live, the same applies to saving/investing. I actually read a post here on gq today that described exactly that and I could relate to it very well. So, reflection and taking your foot off the gas is allowed - no, it's a must! I am familiar with frugalists, but I never wanted to be one. I'd be interested to know if anyone else here feels the same way, or did?

Wrong decisions, mistakes... and (hopefully) the right conclusions

Back to the topic! (Not only) on the way to today's portfolio I have made many wrong decisions, as already mentioned, so I thought that a well-kept portfolio roast could do me some good. Other, new opinions and assessments can't be bad!

In particular, in the past I have often missed the opportunity to simply let profits run their course and instead dragged losses around with me for too long (which brings us back to lithium). A thought that I recently had again when I was thinking about when it would make sense to $HIMS (+8,65%) possibly realize, as an example. $PLTR (+0,57%) and $NVDA (+0,4%) are two examples that, like so many others, I naturally had on my radar, but they always seemed too expensive, the setback never came and I really missed the big rallies as a result. At the same time, I also get caught out by FOMO from time to time. So in both good and bad phases, I try not to just see red or green, fear or hope, but simply to evaluate what actually makes sense "from now on". Sometimes you realize a loss in order to try your luck elsewhere, sometimes you should let profits run, sometimes take them, sometimes endure the dip, sometimes be courageous and sometimes defensive. Easier said than done. I find it very nice and helpful to exchange ideas on this platform and how open and "yet" respectful it generally is. Of course, I will most likely never reach some portfolio sizes, but you can always learn something about how some people manage their portfolios, regardless of the absolute figures. You will always make mistakes, but at least you should deal with them correctly and draw the best possible conclusions.

Portfolio restructuring, planned investments / savings plans

And today? After some evaluation, research, regrouping and restructuring, I now have fewer, but still quite a few positions in different sectors, most of which are already of a decent and roughly balanced size. My medium-term plan is now to build up all positions to a certain target size. This is why I am currently running savings plans:

$MPWR (+0,66%)

$AVGO (-2,17%)

$ISRG (+0,41%)

$DXCM (-0,61%)

$DHR (+3,09%)

$ALV (+0,6%)

$9988 (-0,13%)

$BRK.B (+1,26%)

$APH (+0,53%)

$MELI (+0,35%)

$BLK (-0,34%)

$RSG (+1,28%)

$DGE (+0,27%)

$VKTX (+3,85%)

ETF/ETC:

$UBU7 (+0,45%)

$EWG2 (-0,6%)

Partly with small weekly amounts, until enough cash is available to fill the target position evenly. With $AVGO (-2,17%) for example, there is not much left. Also $BRK.B (+1,26%) / $APH (+0,53%) and others are already approaching the target. In some cases with somewhat larger sums for still small but prioritized positions, until opportunities and/or resources for individual purchases arise, such as the $ALV (+0,6%) and $RSG (+1,28%) should be mentioned here, as well as $DGE (+0,27%) as a turnaround candidate.

Once the aforementioned positions are full, I would like to turn my attention to the more defensive candidates that are already in the portfolio but which I am currently prioritizing - $MCD (+1,05%) / $KO (+0,9%) / $CCEP (+0,96%) / $ULVR (+1,3%) and others - and finally increase the ETF and gold share in the long term.

$VKTX (+3,85%) is a bit of a gamble, as I have actually said goodbye to pharma - $ABBV (+1,05%) / $NOVO B (-2,62%) / $LLY (+3,39%) and $MRK (+1,8%) were still part of the inventory until recently. Instead, I decided to go with $DXCM (-0,61%) / $ISRG (+0,41%) / $DHR (+3,09%) on medical technology.

$BTC (-0,75%) remains a fixed value in the portfolio, while I $ETH (-4,27%) (incorrectly entered due to staking - around 0.4 shares or €1000) and $XRP (-3,59%) would/will sell at corresponding prices.

I still lack around €15,000 in individual stocks at current prices to bring all positions to the current desired/dream target. This will take some time, but is foreseeable. And then I would be really quite proud and happy "as things stand now"! In any case, I now feel very comfortable on the path I have chosen and, as I said, I have to stop myself from forgetting that not all money has to be invested all the time.

Savings rate

To put this into figures, I have averaged a savings rate of around €1500 over the last 24 months, with an average of €100 a month in dividends. 1400€ investment, that's about 82% of my monthly budget after deducting all "unavoidable" fixed costs including fuel and household, but not including consumption such as clothes, going out or vacations. Exaggerated, I can't say otherwise myself. But at least I have a good reason to step on the gas and get the compound interest going.

So what is all this for?

In the long term, my girlfriend and I dream of owning a property somewhere on the Croatian Adriatic, her homeland, and where I was able to spend many wonderful weeks with my parents every year as a child. A beautiful region that I consider an important part of my life, with many great moments and memories that may become even more. I hope to get closer to this goal "quickly" with the depot. The language is already halfway there! :)

In the long term, this would probably involve a little reallocation into value dividend payers, which should help with repayment. However, I would also like to lay the foundations for later distributions today, without neglecting growth. There is probably no perfect mix for this, but you are welcome to rate mine.

So, unfortunately I was once again unable to be brief. Thank you for reading, whoever has made it this far, and for your comments! I'm very excited and wish you all a great weekend.

$DHR (+3,09%)
$AJG (+1,37%)
$FICO (+1,18%)
$TPL
$TYL (+0,9%)
$CSU (+0%)
$PH (+1,3%)
$ROP (+1,64%)
$HEI (+1,4%)
$TDG (+1,45%) have now published all their earnings, so a little update. Some could be summarized better than others, I hope the formatting is still bearable.

The Wikifolio https://www.wikifolio.com/de/de/w/wf000natxc has so far reached the necessary capital reservations and the general reservations are already 7/10. If one of you is one of them, I would like to thank you very much for the trust you have placed in me.

The next major update will probably come at the end of the next earnings season.

Danaher Q1 2025

• Sales: $5.74 billion -1%
• GAAP net income: $1.0 billion
• Operating Profit Margin: 29.6% -50bps
• GAAP EPS: $1,32 -2,1%
• Segment sales: Biotechnology: +7%, Life Sciences: -4%, Diagnostics: -1.5%

Only the year-end report will probably be really interesting

Constellation Software Q1 2025

• Turnover: USD 2.65 bn, +13 %
• Earnings per share: USD 5.44 (previous year: USD 4.95) - Net profit: USD 115 million
• Free cash flow (FCFA2S): USD 510 million, +14 %
• Operating cash flow: USD 827 million, +12%
• Acquisitions: USD 94 million invested, plus USD 39 million in outstanding payments
• Strategic investment: 9.99 % in Asseco Poland acquired for USD 174 million
• Outlook: Continued moderate, profitable growth expected

TransDigm Q2 2025

• Turnover: USD 2.15 billion, +12% year-on-year
• Net profit: USD 479 million, +19%
• Adjusted earnings per share (EPS): USD 9.11, +14 %
• EBITDA (adjusted): USD 1.16 billion, +14%, margin: 54.0%
• Operating cash flow: USD 900 million, +4 %
• Share buy-backs: USD 184 million in the quarter

HEICO Q1 2025

• Net sales: USD 1.03 billion, +15% year-on-year
• Net result: USD 168 million, +46% - Earnings per share: USD 1.20
• Operating result: USD 226.8 million, +26% - operating margin: 22.0
• EBITDA: USD 273.9 million, +22 %
• Flight Support Group (FSG): Sales: USD 713.2 million +15 %, operating result: USD 166.1 million +22 %
• Electronic Technologies Group (ETG): Sales: USD 330.3 million +16 %, operating result: USD 76.5 million +38 %
• Three acquisitions completed, including 90% of Millennium International (avionics repairs)
• Exclusive license and assets acquired from Honeywell for Boeing 777 and 737NG product lines

Parker-Hannifin Q3 2025

• Sales: USD 5.0 billion, organic growth of 1% year-on-year
• Net profit: USD 961 million, +32%
• Adjusted net profit: USD 904 million, +6%
• Earnings per share (EPS): USD 7.37, +33 %
• Adjusted EPS: USD 6.94, +7%
• Segment operating margin: 23.2 %, +170 basis points
• Adjusted segment operating margin: 26.3%, +160 basis points
• Operating cash flow (YTD): USD 2.3 billion, +8%
• Share buybacks: USD 650 million in the quarter

FICO Q2 2025

• Revenue: $498.7m. +15 % compared to previous year
• GAAP net result: $162.6m +25%
• GAAP EPS: $6,59 +27%
• Operating cash flow: $74.9m +5.5%
• Free cash flow (non-GAAP): $65.5m +6.3%
• Scores segment (B2B + B2C): Revenue: $297.0m +25%
• Software segment: Sales: $201.7m +2%

Arthur J. Gallagher Q1 2025

• Turnover (before reimbursements)3.68 billion USD +14.6 %
• Net income (GAAP)708.9 million USD +5.7 %
• Adjusted net resultUSD 1.08 billion +28.7 %
• Brokerage segmentSales: USD 3.31 billion +17.5%, net result: USD 816.1 million +25%
• Risk Management segmentSales: USD 373.4 million +5.8%, net result: USD 41.1 million +4.6%
• Corporate segmentUSD -148.3 million
• Acquisitions11 acquisitions in Q1 2025 with estimated annual sales of around USD 100 million.

Tyler Technologies Q1 2025

• Revenue: $565.2 million +10%
• GAAP operating profit: $89.2m +33,1 %
• GAAP net income: $81.1m +49,6 %
• GAAP EPS: $1,84 → +49,6 %
• Free cash flow: $48.3m -15,6 %
• Subscription revenue: $375.0m +19,7 %
• SaaS revenue: $180.1m +21 %
• Annual Recurring Revenue (ARR): $1.5 bn +20 %
• SaaS share of new software contract value: 96 %

Roper Technologies Q1 2025

• Revenue: $1.88 billion +12 %
• Adjusted EBITDA: $521 million +12 %
• Adjusted earnings per share: $4.74 USD +11%
• Software & Information Services: +14 %
• Industry & Medical Technology: +10 %
• Share of recurring revenue: >70%
• CentralReach acquisition

Texas Pacific Land Q1 2025

• Revenue: $196.0m +12%
• Net profit: $120.7m +5%
• Earnings per share: $5,24 +5,5%
• EBITDA: $169.4m +11%
• Free cash flow: $126.6m +10.5%
• Oil and gas production: 31,100 barrels of oil equivalent per day - company record
• Water segment revenue: $69.4m - also a record

All companies except Danaher, which is still undergoing restructuring, delivered solid quarterly results. I was particularly impressed by $TYL (+0,9%)
$FICO (+1,18%)
$HEI (+1,4%)
$PH (+1,3%) and $TDG (+1,45%) particularly liked. The dear @Tenbagger2024 also shared a great article on Transdigm, which you can find in the comments. $CSU (+0%) and $TPL (+1,14%) are expected to show stronger growth towards the end of Q3, which is related to the acquisition speed, especially I hope the $TPL (+1,14%) acquires new flats.

If you are interested in a detailed earnings review on $TPL (+1,14%) just write a comment.

Enjoy the nice weather <3

First of all, thank you for taking the time to read this post🙄 it's getting a bit long😅

As you know, the market has only gone in one direction in recent weeks and months📉, but now the wind seems to have changed 📈

since my portfolio presentation last year, I have now used the correction to some changes in the portfolio, which I would like to share with you 🙃 "Unfortunately" there was no reduction in the portfolio for the time being because there were too many attractive opportunities🥹

At the beginning of April in particular, I massively reduced my cash reserves and expanded or even doubled my positions. I also made a a few new additions in my portfolio begrüßen✌️(I actually had a few stocks inspired by the dear @Aktienhauptmeister 👀) Greetings go out 😆

In my portfolio introduction post, I mentioned that I would like to $DHR (+3,09%) against $SYK (+1,22%) would exchange. Now it has actually been implemented ✅ necessity is the mother of invention, which is why I have also parted with $OR (-0,8%) I also parted with

I didn't want to share all my purchases now, that would be too much, so I'll list what I bought here 🙂

I tried as best I could to increase "every" position in the portfolio a bit🧐

First of all, I'll mention the positions that were further expanded

$VWCE (+0,41%) + ~10k

$GRAB (+1,5%) + ~1k to (3.38)

$BLK (-0,34%) + ~ 1.3k (678)

$ASML (-1,43%) + ~2.7k (555,45)

$GOOGL (+1,27%) + ~ 1.5k (124,66)

$MPWR (+0,66%) + ~ 1.6k (409,21)

$SOFI (+2,03%) + ~ 0.7k (7,78)

$LIN (+0,84%) + ~ 1.1k (388,20)

$QCOM (-0,23%) + ~ 1.5k (113,62)

$CRWD (+1,73%) + ~ 0.9k (289,75)

$MSCI (-0,31%) + ~1.3k (451)

$V (+0,74%) + ~ 1.4K (274)

$AMZN (+0,1%) + ~ 1.4K (159,74/159,34)

$MSFT (+0,27%) + ~ 1.7k (335/337,75)

$MC (+0,4%) + ~ 1.9k (482,31)

$NOVO B (-2,62%) + ~ 2.5k (51,68)

$ABBV (+1,05%) +~ 1.5k (152)

$NVDA (+0,4%) +~ 2k (85,04)

$UNH (+4,71%) +~ 1.7k (336,30)

$PEP (+0,31%) +~ 1.1k (114,97)

$MRK (+1,8%) +~ 1k (67,70)

------------------

now to the new arrivals 🤩 the ones now mentioned below I opened the positions for the first time 😇

$SYK (+1,22%) ~ 2.1k (305,72)

$META (-0,65%) ~ 1.4k (467,30)

$AVGO (-2,17%) ~ 1.1k (156,76)

$ISRG (+0,41%) ~ 1.6k (398,30)

$SPGI (+0,81%) ~ 1.2k (403,22)

$ANET (-0,2%) ~ 1.8k (70,50/58,65)

$UNP (-0,66%) ~ 0.9k (187,56)

$CAT (+0,96%) ~ 1.5k (246,50)

(I hope I have not forgotten anything)

I have invested a total of about 45k and am absolutely satisfied with my investment case. Now I have no more buffer to add 🥲 in the next few months I will build up cash again 😬

Now I'm curious to see what you've bought, my dear investors?

Like for example @Aktienhauptmeister
@Max095
@Tenbagger2024
@Simpson 🫣

thanks again for reading 🥸

in that sense

have a nice weekend ✌️

🧬 BICO
$BICO (+0,78%) has been on my watchlist since my early days on getquin.

In 2021, the company was on everyone's lips, celebrated as the company of the future in bioprinting.

But what followed was a classic hype cycle: the share price rose rapidly, was cheered by quite a few "finfluencers" and then plummeted just as sharply.

Many people got their fingers burnt back then. What remains is the image of an overvalued tech fantasy, fueled by empty promises and loud voices without substance.

And yet: The company has remained. So has the vision, and in recent months a lot seems to have changed structurally.

Today, more than 80 % below its all-time high, the question arises anew:

Is BICO simply an overrated stock market experiment...

... or is the current valuation realistic for the first time and BICO on the way to translating its technological substance into a genuine business model?

Over the past few weeks, I have been taking a closer look at the company's structure, history and current developments, including the latest figures [1] and the earnings call [2] from 29.04.25.

In this article, I share my collected insights, thoughts and assessments for those who also have the company on their watchlist.

As always:
No investment advice. I don't want to contribute to more burnt fingers, but to encourage reflection.

Have fun!

BICO Group AB (formerly CELLINK) is a Swedish life science company founded in 2016.

The original innovation: a biocompatible ink for 3D printing of living cells, a small revolution in research.

Today, BICO stands for a big goal: Bioconvergence.

This means merging biology, technology, software and automation to make research, diagnostics and drug development faster, cheaper and more efficient.

What is the vision and how does BICO make money?

The vision: The laboratory of the future. Automated, networked, efficient with AI, robotics and bioprinting.

This is how BICO earns money today:

• Bioprinting3D printing of living cells & tissue (CELLINK) read more...

• Diagnostic solutions & microdosing (SCIENION)

• Lab AutomationFully automated workflows through software such as Green Button Go® (Biosero)

• Consumables & services for laboratories and research facilities

Share of Sales 2024:

Excursus
Bioprinting:

BICO was with CELLINK was one of the first suppliers worldwide to offer bioprinters plus matching "bioinks" commercially.

The basic idea:

• A 3D printer (e.g. the CELLINK BIO X6) prints cells in layers, similar to how a normal 3D printer layers plastic.
• Instead of plastic, a special "ink" is used: Bioink.

Bioink and what it is made of:

Bioink is a gel-like substance that is mixed with living cells. It contains, for example:

• Alginate (from algae)
• gelatine
• collagen
• hyaluronic acid
• Cell nutrient solutions

This matrix keeps the cells alive and makes it possible to print biologically active structures, e.g. tissue samples, tumor models or skin structures.

Is this already being done today or is it all future?

Yes, it is being done, but not clinically.

Bioprinting is currently being used, for example:

• Cell models for drug testing (in research & at pharmaceutical companies)
• printing tumor tissue to better test therapies
• Tissue samples used for toxicology tests (e.g. skin, cartilage, blood vessels)

What is not yet possible:

• Complete organs (hearts, livers, kidneys) for transplants

Because...

• Organs are extremely complex (blood vessels, nerves, functions)
• Currently lack the ability to keep them alive in the long term
• This is also a huge step in regulatory terms

🔮 Future potential: unrealistic or groundbreaking

If bioprinting really breaks through in medicine, we will be talking about one of the biggest breakthroughs of the 21st century:

• organs on demand (no donor needed)
• personalized medicine
• Animal-free drug development

RealisticFirst functional organs could be available in 10 -20 years clinically relevant, but first in small pilot studies or animal models.

Are there any research results or publications on this?

Yes, BICO (especially CELLINK) is a regular co-author or technology partner in publications.

Especially in areas such as:

• Tumor models
• tissue modeling
• biocompatibility
• Skin and cartilage models

Several universities and research institutions use the BIO X printers, including for example MIT and Harvard

Trusted partners:

• Sartorius$SRT (+0,92%) (has taken over MatTek/Visikol, remains cooperation partner)
• AstraZeneca $AZN (+1,98%)
• Pfizer $PFE (+1,19%) (individual case studies)
• Top 20 pharmaceutical companies with Biosero projects (Lab Automation)
• Research centers worldwide
• Cooperation with Sartorius in the APAC region (e.g. Japan, South Korea)

Digression Conclusion

Bioprinting sounds like science fiction and yes, it is a long way from everyday transplantation. But in research and diagnostics it is real, applicable and in demand.

• BICO is not selling promises for the future, but tools that are used in leading laboratories today. The big leap is yet to come, but the foundations have been laid.

__________

History in brief From bioink to platform

• 2016: Founded as CELLINK, the first bioink worldwide

• 2020: Renamed BICO (for Bio Convergence)

• 2021-202315+ acquisitions (including SCIENION, Biosero, MatTek)

• 2024-2025: Streamlining of the structure (sales to Sartorius), withdrawal from non-strategic areas

• 2025: Focus on automation, diagnostics and bioprinting with a clear industry orientation

New CEO since 2024: Maria Forss

• PredecessorErik Gatenholm (co-founder & CEO for many years)

• Change: Gatenholm stepped down in fall 2023, Maria Forss officially became CEO in January 2024

Maria Forss brings decades of experience from leading life science companies:

At Vitrolife (2018 - 2023), she led global expansion and M&A projects, including the billion-euro deal with Igenomix. Prior to that (2014 - 2018), she was at Elekta (radiotherapy, oncology) where she was responsible for global marketing and product strategies.

She started her career at AstraZenecawhere she gained international experience in sales, regulatory affairs and market launch. There she learned what makes large pharmaceutical companies tick, particularly in terms of approval, market launch and regulatory navigation

She is an expert in:

• Business Development
• transformation & strategy
• international expansion

The retirement of founder Gatenholm points to a clear change in strategy, away from visionary, growth-driven development and towards cost control, profitability and integration.

In the Earnings Call Q1 2025 Forss emphasizes several times:

"We have implemented a new operational structure, are harmonizing global functions and are focusing on efficiency and selected growth areas."

📊 Q1 2025 in figures and what's really behind it (Caution currency: Swedish krona, 1 SEK ~ 0.10 USD)

• TurnoverSEK 389 million (-17 %)
• Organic growth: -19 %
• EBITDASEK -12 million
• Cash flow from operating activitiesSEK +77 million
• Net lossSEK -235 million
• Cash positionSEK 684 million
• Convertible bondSEK 1.1 bn outstanding (maturity: March 2026)

Supplement:

Q1 is seasonally weak as many customers (especially in research) do not make large investments at the beginning of the year. At the same time, Q4 was strong, which pulled sales forward.

Comparison of the three previous segments (Q1 2025)

With a view to organic growth:

👩‍🔬 Life Science Solutions:

• SalesSEK 191 million
• Organic growth: +4 % 👀
• ApplicationsDiagnostics, cell research, microdosing

🧬 Bioprinting:

• Sales105 million SEK
• Organic growth: +41 % 👀
• Applications: 3D cell printing, bioinks, in-vitro models

🔬Lab Automation:

• SalesSEK 94 million
• Organic growth: - 58 %
• ApplicationsAutomation of complete laboratory processes

What do the individual divisions do?

👩‍🔬 Life Science Solutions:

This is where BICO develops laboratory technologies for diagnostics and cell research, such as devices for high-precision dosing of tiny quantities of liquids, consumables and special analysis platforms.

Examples:

Cancer diagnostics:

• SCIENION devices help to precisely apply tumor markers to test chips, the basis for modern blood tests for early detection.

Allergy tests:

• Using microdosing technology, mini test fields are loaded with allergens to create personalized skin or blood tests.

Genetic testing & DNA analysis:

• Systems from BICO precisely dose minute amounts of liquid onto gene chips, which then analyze intolerances or genetic risk factors, for example.

Point-of-care diagnostics:

• Production of compact rapid test cartridges (e.g. for influenza, RSV, bacterial infections) for home use or the doctor's surgery.

🧬 Bioprinting (see excursus above)

• BICO sells 3D printers for living cells (e.g. from CELLINK) and bioinks, i.e. cell carrier gels for printing tissue.

• ApplicationResearch, drug testing, animal-free toxicology

🔬 Lab automation

This is about the complete automation of laboratories, e.g. robots that create cell cultures, carry out analyses or coordinate samples. Everything is controlled centrally via the Green Button Go® software from Biosero.

💰 How profitable is BICO currently?

BICO is not yet profitable in the traditional sense, as EBIT (operating result) was clearly negative at SEK -290 million in 2024.

However, the operating cash flow a completely different picture: this was 2024 positive at SEK +259 million, as well as in Q1 2025 at +77 MSEK.

This means that BICO is now earning money in its core business, meaning that liquidity is flowing into the company.

The EBIT is still burdened by high depreciation and amortization on earlier acquisitions, research expenditure and, in some cases, one-off restructuring costs.

Conclusion
up to here:

BICO is not yet "through", but the path to operational profitability is recognizable. The company is heading in the right direction, now it depends on whether it can stabilize its operating base and continue to scale its high-margin business areas.

🤝 Business divisions & restructuring (from Q2 2025)

BICO previously operated in 3 segments:

• Bioprinting (e.g. CELLINK)

• Life Science Solutions (e.g. SCIENION)

• Lab Automation (e.g. Biosero)

New from Q2 2025:

Only two divisions, as Bioprinting will be integrated into "Life Science Solutions". Why?

Because CELLINK & Co. are now closely interlinked with diagnostics and consumables. The new setup is intended to increase efficiency, leverage synergies and simplify reporting.

📊 Classification of the figures and why Lab Automation is not growing, even though it is strategically so important

Bioprinting & Life Science Solutions show positive organic growth, while Lab Automationthe third-largest division, shrank massively (-58%).

Automation in particular is one of the main growth drivers in the bioconvergence strategy.

Explanation according to earnings call:

Q1 2024 (PY) was an upward outlier:

• An exceptionally large order from Biosero was booked at that time (project business).
• This effect distorts the basis for comparison, which exaggerates the decline in 2025.

Fewer project starts and completions in Q1 2025:

• Projects in Lab Automation are not distributed linearly, but are completed in phases
• There were simply fewer completed milestones in Q1 = less sales.

Macro-related reluctance on the part of major customers (pharma):

• Investment decisions were delayed, not canceled.

According to CEO Maria Forss:

"The underlying demand for Lab Automation continues to be strong."

"Project cycles are longer - but demand from pharma remains intact."

Project business is naturally volatile:

• Lab Automation is not recurring, but order-based.
• This leads to strong quarterly fluctuations - even with a stable order backlog.

BICO's strategic response

Standardization of project packages:

• Shorter durations, modular solutions to cushion order fluctuations

Strengthening project management:

• To better control time delays and resource commitment

Focus on pharmaceutical customers:

• Cooperation with "Top 20 Pharma Companies" is being expanded, geographically flexible (USA, EU, Asia)

➡️ The decline in sales in Lab Automation looks dramatic, but is primarily due to timing and not a structural problem.

BICO is responding with strategic adjustments to its product portfolio and points to continued strong demand, only with longer lead times.

For investors, this means that the decline is unfavorable but explainable, not alarming

Further statements from the earnings call

CEO Maria Forss:

"Despite a decline in sales, Life Science Solutions and Bioprinting are showing positive development. Our strategy adjustment is taking effect."

• Bioprinting is booming: +41 % organic, CELLINK +130 % (on a low basis)

• SCIENION stabilizes Diagnostics: Miniaturization & home testing drive demand

• USA weakness in research: Reluctance to invest among academic customers due to uncertain NIH funding

• Tariffs & macro volatility: BICO has shifted production out of China, flexed supply chain

• Divestments: MatTek & Visikol sold, enables net cash position in Q2 2025

Why is bioprinting booming right now?

• New regulatory trends: FDA allows animal testing alternatives
• Increasing demand for in-vitro tissue models
• International expansion (e.g. India, Asia)
• Favorable product mix (bioinks, consumables)

Excursus in-vitro tissue models:

"In vitro" means: outside the living body, e.g. in a petri dish, on a chip or in a laboratory device.

Tissue models are replicated biological structures that resemble real human (or animal) tissue.

Example:

A skin tissue printed with cells that is used for cosmetic or drug tests, without animal testing.

What's the point?

• Safety & efficacy tests (e.g. for drugs, chemicals)
• Disease models (e.g. tumor tissue for cancer research)
• Personalized medicine (tissue from own cells)

In vitro tissue models are an ethically and scientifically attractive alternative to animal testing and BICO supplies the printing technology for this, among other things.

Is BICO a unique company in bioprinting?

No, but one of the pioneers with a broad portfolio.

There are competitors such as Allevi, Aspect Biosystems and Organovo, but BICO combines hardware, software and services under one roof - a strategic advantage.

Where does the market currently stand and what does the future look like?

• The market for bioconvergence is still young, provocatively speaking perhaps comparable to the cloud in 2010
• Applications such as automated laboratories, in-vitro models and AI-supported diagnostics are in their infancy
• Long-term demand is enormous for personalized medicine, increased efficiency and ethics (e.g. avoidance of animal testing)

Possible future scenarios

1 . BICO becomes a global playerBICO continues to grow, automates laboratories worldwide

2 . BICO becomes a takeover candidate: Groups such as Sartorius $SRT (+0,92%) , Danaher $DHR (+3,09%) or Thermo Fisher $TMO (+2,12%) could strike

3 . BICO remains niche leader: Focused on profitable segments with high innovation density

Risks & critical voices

• Unprofitable: No sustainable EBIT coverage yet
• Convertible bond (SEK 1.1bn, equivalent to USD 114m): Maturity 2026, repayment depends on cash flow & divestments
• Risk of dilution if convertible bond is serviced via shares
• Strong dependence on projects -> sales fluctuations
• Competitive pressure from large corporations

The topic of the convertible bond has made me sit up and take notice again; here are some more deep dives:

What's the deal with BICO's convertible bonds until 2026?

Convertible bonds are a kind of hybrid between a bond and a share. They work like this:

• Investors lend money to BICO (e.g. SEK 1,000)
• BICO pays interest in return

At the end of the term (March 2026), investors receive either:

• the money back
• or can convert the bond into shares - depending on the agreed price

The whole thing is attractive for companies because they:

• only have to pay interest at first, no return of capital
• and can often offer a lower interest rate because the conversion option is attractive

What this means in concrete terms:

• BICO originally had convertible bonds with a volume of over SEK 1.5 billion
• SEK 394 million have already been repurchased in 2024 & 2025
• Currently open (as of Q1 2025): SEK 1.106 billion (114.5 million USD)
• Maturity date: March 2026

Why is this an issue for investors

1 . Repayment or dilution:

If BICO cannot repay the amount, new shares must be issued, this is called dilution because your stake in the company decreases.

2 . Cash flow burden:

If BICO wants to repay the amount from its own resources, it needs a lot of liquidity, which can slow down other investments.

3 . Refinancing risk:

If the market is weak in 2025/26, refinancing could become expensive or not possible at all.

What is the current situation?

Positive:

• BICO currently has SEK 684m in cash (USD 71m)
• The sale of MatTek & Visikol will put BICO in a net cash position in Q2 2025

• Target: Early extinguishment of convertible bond 2026

Statement on financing / repayment

CFO Jacob Thornberg said:

"The closing of the divestment of MatTek and Visikol for USD 80 million is expected to take place during Q2 2025 [...]

The proceeds from the transaction will be used to resolve the outstanding convertible bond, which matures in March 2026."

Translated:

The entire proceeds from the sale of MatTek & Visikol to Sartorius (USD 80 million) are earmarked for the repayment of the convertible bond.

Management's assessment of the financial position:

"We expect to move into a net cash position during Q2 2025."

This means:

• After the transaction, BICO will have more cash and cash equivalents than debt
• These funds should enable repayment in 2026 without further dilution

Assessment: How credible is this?

Positive:

• BICO shows clear plan: repayment of convertible bond is top priority
• Cash position Q1: SEK 684m
• Sale of MatTek & Visikol: approx. SEK 870m (converted)

-> Repayment can be financed if no new setback occurs

But:

• The operating business is not yet making a stable contribution to financing
• New investments or declining sales could jeopardize the plan
• Market environment remains volatile (interest rates, project delays, etc.)

➡️ Management is actively pursuing the plan to redeem the convertible bond in full before maturity in 2026 without dilution.

The sale of MatTek & Visikol has freed up concrete capital for this.

The direction is right, but BICO remains a risky stock with operational debt.

More on profitability:

In the Q1 2025 Earnings Call BICO's management did not give a specific date for break-even or profitability

... which is typical for growth companies with highly volatile project business.

What was said instead?

On profitability in Q1 itself:

EBITDA was negative (SEK -12m), but:

"Adjusted EBITDA was in line with Q1 2024 due to the positive development in Life Science Solutions and Bioprinting."

-> Improvement due to mix effects and operational measures

• The positive margins from Q4 2024 could not be maintained, mainly due to Lab Automation weakness.

Long-term statements?

No specific annual figure or guidance on profitability. But:

"We have launched a new operating model [...] to achieve improved commercial as well as operational efficiencies."

"We will continue to optimize our cost base and drive efficiency through integration."

Interpretation:

• Management is actively working on profitability

The focus is on the short term:

• Cash flow
• Efficiency gains
• Segment focus

Butunfortunately no clear words like: "We plan to be profitable in 2025 or 2026." 😬

Will BICO be the company that prints organs, or is it more likely to be taken over?

Technologically, BICO is very well positioned today when it comes to bioprinting infrastructure:

• Hardware (BIO X printers)
• Bioinks (cell-compatible inks)
• Software & automation
• Worldwide customer base

ButPrinting fully functional organs for clinical applications is a gigantic leap, not only technologically, but also in regulatory, medical and logistical terms. This is what is needed:

• billions in long-term capital
• Clinical studies over many years
• integration into healthcare systems and transplant networks

These are competencies that are more common in corporations like Johnson & Johnson $JJ, Medtronic $MDT (+0,2%) , GE Healthcare $GEHC (+0,16%)
, Siemens Healthineers $SHL (+1,16%) or Thermo Fisher $TMO not a smaller platform provider like BICO.

Which is more likely?

1 . BICO remains the "toolmaker" of the bioprinting world:

Just like ASML for semiconductors or Illumina for genomics, but without building drugs/organs itself.

2 . BICO will be taken over when the topic becomes clinically concrete:

For example, when the first major organ projects enter the clinical phase, it is likely that a giant will strike to secure access to the technology.

3 . BICO remains an enabler, but not the final provider of clinical bioprinted organs

When organs are actually printed, will BICO become the global market leader?

🏷️ Unlikely.

➡️ More realistic is that BICO becomes one of the key technology suppliers or is taken over by one of the big players beforehand.

This can still be highly attractive for investors. After all, whoever supplies technology will be needed, regardless of who ends up operating on the patient.

Should we now focus on BICO or rather on a large corporation with bioprinting potential? 🤔

1 . Buy BICO for speculative returns

Pros:

• Favorable valuation after the "crash/hype" (more than 80 % below all-time high)
• One of the technology leaders in bioprinting
• Strategic focus, efficiency program, divestments, clear direction
• Enabler position in a highly scalable future market
• Possible takeover candidate = extra share price potential

Contra:

• Not yet profitable, operational risks exist
• Market for organs is still many years away
• Capital structure (convertible bond) is a medium-term uncertainty factor
• If large investors fail to materialize, BICO could be technologically overtaken

2 . Alternatively: back a large corporation for more stability

Which big players have the potential to drive bioprinting forward (or take over BICO)?

Sartorius

• Already has close cooperation with BICO (and acquired MatTek/Visikol)
• Focus on cell biology, diagnostics & laboratory automation
• Strong in APAC region and with biotech customers

-> Best-case candidate for takeover or joint venture

Thermo Fisher Scientific

• Global leader in laboratory equipment, genomics, diagnostics
• Great financial strength, active M&A strategy
• So far, however, more focused on classic diagnostics

-> Comes into play when bioprinting is more closely integrated into pharmaceutical production

Danaher

• Parent company of brands such as Cytiva and Beckman Coulter
• Very active in diagnostics and research technology
• M&A-driven, high margin focus

-> Could strike when the market matures, but rather late and strategically

3D Systems / Stratasys

• Directly active in 3D printing
• Have already acquired bioprinting units (e.g. Allevi)
• Fluctuating in strategy & implementation

-> Riskier than classic medtechs, but a direct bioprinting play

Personal classification: substance or science fiction on credit?

What makes more strategic sense? Which investment is "the right one"?

• High potential return and very high risk tolerance: Then BICO

• Takeover speculation: Then BICO or e.g. Sartorius

• Stable yield and dividend: Then Sartorius, Dabaher or Thermo Fisher

• Bet on "market leader of the future": Then wait and see, today there is no clear bioprinting world leader

OR

Combination strategy:

I invest a small position in BICO as a "moonshot", combine this with a solid underlying position in Sartorius or Thermo Fisher and cover the technology and protect the capital if BICO fails.

The two underlying positions mentioned can of course also represent a global ETF.

My personal assessment of BICO currently fluctuates between cautious optimism and realistic doubt.

On the one hand, I see a clear technological lead and a strategy that, unlike a year or two ago, now appears more well thought-out and focused. Partnerships with established players such as Sartorius also give me the feeling that BICO is not operating alone in a vacuum.

On the other hand, the operational foundation is still shaky. Profitability has not been achieved and the issue of the 2026 convertible bond hangs over the company.

Without sufficient cash flow or fresh capital, the ambitious vision could stumble, and despite all the enthusiasm for bioprinting and automation, we should always be aware of this.

BICO is not a stock for quiet nights, but for visionaries with patience it may be a ticket to the future of medicine.

I am currently waiting for an entry opportunity with a good feeling. The goal could be a portfolio share of up to approx. 3-4%, which then remains in place and is reduced in the future through portfolio growth without selling.

Thanks for reading! 🤝

______________

Sources:

[1] https://storage.mfn.se/5a3030c0-d13b-4177-80d0-94da59c7302d/bico-q1-2025-eng.pdf

[2] https://bico.events.inderes.com/q1-report-2025/register

/ https://web.quartr.com/link/companies/4484/events/247443/transcript?targetTime=0.0

More:

https://bico.com/investors/

https://www.sartorius.com/en/company/investor-relations

https://www.bloomberg.com/quote/BICO:SS

AHEAD: Starting next month, my Instagram monthly recaps will only show the most important facts and figures on the slides of the Instagram post. The detailed text version will appear here on getquin. This makes it easier to absorb the information and makes the Instagram posts clearer.

I will divide the monthly review into a portfolio update and a review for private finances. I could also create a separate review for dividends and reinvestments. My aim is to motivate people to take responsibility for their own finances and to build up their wealth. The whole thing is based on my experience reports from my personal everyday financial life, tailored to the respective target group for each sub-post. Let's see how well I succeed.

Here is the last All-In-One post.

While many have continued to panic about Trump, I think I have understood that the whole tariff issue is only intended to depress the markets so that the USA can refinance itself at much lower interest rates when a good USD 7 trillion of the USD 36 trillion of national debt matures this year. That's why I preferred to keep on hiking, while the portfolio rewarded me with plenty of dividends for the month.

I present the following points for the past month of April 2025:

➡️ SHARES

➡️ ETFS

➡️ DISTRIBUTIONS

➡️ AFTER-PURCHASES

➡️ CASHBACK

➡️ P2P CREDITS

➡️ CRYPTO

➡️ AND OTHER?

➡️ OUTLOOK

➡️ Shares

So the second of April was the aforementioned day of liberation. And it was indeed one, the day of liberation from the excessive overvaluations in US equities. Unfortunately, there was also other collateral damage, but in the end there will be none, as it is all just book losses.

The trap in the US government budget that I would like to briefly point out is the national debt to GDP ratio of 123%, as of March 2025. In Germany, it is around 63%. This is stiflingly high and means that economic output is not enough to keep the national debt in check! Therefore new new "money" has to be printed for refinancing. And this money reaches us through asset price inflation. The illustration is, of course, highly simplified, but that is why we invest.

A look at my portfolio shows me that my individual shares $NFLX (+1,17%) my previous class leader $AVGO (-2,17%) has at least just caught up in terms of performance. Nevertheless, Broadcom remains the largest position in terms of volume. Who knows for how much longer?

Netflix's performance has recovered to +184%, Broadcom's is +182%. I'm watching the spectacle, but I'm letting the savings plans continue. Nothing more will be done here, as Beate Sander once said: the horses stay in the stable. Behind the two draught horses $WMT (+1,58%) 3rd place in terms of volume and $SAP (+0,67%) in 3rd place in terms of performance with +110%. In the last review, I reported that the waste disposal service provider $RSG (+1,28%) had risen steadily. It is now losing a few places again, but rising $V (+0,74%) and $MA (+0,04%) are rising together and both are already knocking on the door of the top 5 from the outside. The performance of both is similar and decent with +44%/+42%.

As always, the last places in the main stock portfolio are occupied by the same suspects. $NKE (+1,6%) , $TGT (+1,36%) and $HTGC (+1,02%) are the smallest positions. In terms of performance, Nike and Target are the worst performers at -40%.$DHR (+3,09%) as well. But that leaves me cold. In the current macro situation, this is hardly to be expected otherwise. The "neighbor indicator" fits, because most of the shoes on their doorstep (larger family) are Nike shoes. I'm thinking about adjusting my savings plans so that these values receive a higher proportion of my net salary.

➡️ ETFs

The impact of Trump's tariff policy was also clearly felt in the prices of my ETFs in April, leading to significant losses. It is important to remain calm in such volatile times and continue to invest strategically. Such phases are part and parcel of long-term asset accumulation.

➡️ Distributions

In April, I was pleased to receive 19 distributions on 8 payout days. This additional income stream is a valuable addition to my normal earned income, for which I am very grateful. I recommend everyone to build up this kind of additional income in order to become more financially independent from their traditional main job.

Traditionally, April is not a low-distribution month for me. This time, however, the distributions from my three large ETFs were not paid out at the end of March but in April, which distorted the distributions for both months. This effect made April the second-highest distribution month since I started investing. Otherwise, April is always slightly below the distributions of March.

➡️ Additional purchases

From the refunds below, I bought two one-off savings plans on the $GGRP (+0,24%) and $JEGP (+1,19%) executed. I would have liked to buy more, but I still don't want to touch the nest egg or reserves.

➡️ Cashback

In April, I received a cashback on my electricity bill and a travel allowance from my employer. Part of this was used to pre-finance future expenses and to top up sinking funds, while the other part was invested in an old portfolio via the aforementioned one-off savings plans.

➡️ P2P loans

With Mintos, there were no interest or redemption payments. I always withdraw incoming funds with availability. How are you doing with P2P? Are you also withdrawing from the investment?

➡️ Crypto

April was also a very volatile month for crypto investors. The unrest caused by Trump's tariff policy depressed crypto prices, similar to March. However, prices gradually recovered, indicating that the money supply is already increasing again. This is happening through new debt being purchased in the form of government bonds by the FED, which is essentially the equivalent of 'printing' money. Historically, the $BTC (-0,75%) usually follows this development with a delay of just over 10 weeks, as it is strongly correlated to the money supply at 90%.

I am following the whole thing with interest. My preferred theory of cryptocycles still fits in with the current trend. We are moving back towards 100K and I expect a bullish crossover in Bitcoin. The limit orders are still in the market, even if it will be a long time before they trigger. Of course, I hope that the "normal" bear market will then resume. In a few months' time, we will know whether we will have seen another clear double top in the current bull market.

Here are two key figures from my crypto wallets: monthly performance: +5.5%, performance since the beginning: +56%.

➡️ And what else?

I'm continuing to delve deeper into the use of LLMs and am currently working on my prompting technique. The posts on my Instagram channel that I have published since March have been created with the help of AI, I have used AI to give me ideas for image generation, to have them created naturally and many of the quotes are also AI-generated. I use several LLMs and see significant differences in the outputs. This makes it more diverse and even allows me to merge multiple results. The models are also learning my writing style better and better, with longer generated texts you can still clearly read the generic, but I myself understand better and better how I can use the new technology to improve my productivity instead of letting it replace me. This also applies to my job.

As in the previous month, I am also focusing much more intensively on the topic of nutrition. I avoid added sugar as much as possible. So there was no chocolate bunny for me at Easter and I'm not hungry for chocolate or other sweets. That's a real miracle.

I've also increased my weekly exercise routine once again and am paying close attention to how my body is coping. Instead of two weight training sessions at home, I now do three, instead of three running sessions a week I do a lot and every morning I do some general fitness/cardio and core exercises for my stomach to warm up. The clear aim is to continue building muscle and strengthening my heart health. And I enjoy it, even though the temperature in my apartment has already risen towards 25° Celsius on some days.

I've been hiking twice in Saxon Switzerland, once just under and once over 30 km. On hiking days, I like to leave at 4 a.m. on the first Saxonia Express train. In the fall and early spring, this is even the perfect time to enjoy the sunrise on the sandstone cliffs. For me personally, this is pure healing for the soul and a real quality of life. I can enjoy it without depressing thoughts in my head because I know that my finances are in order and running on autopilot.

➡️ Outlook

May will be a no-spend month for me, simply because I feel like taking on the next challenge. Later in the year, I want to start a Hartz IV/citizen's allowance experiment. I should be able to do this most of the time, as my expenses in March and April were both under €1,000. I'm already looking forward to the evaluation at the end of the challenge.

Links:

Social media links can be found in my profile, also feel free to check out the Instagram version of my review.

Disclaimer: the portfolio here is only for visualization on Getquin, after the hint of @Epi
I decided to create the whole thing as a wikifolio. Since I am planning to invest in the whole thing myself, I am of course happy about every reservation <3.

Wikifolio: https://www.wikifolio.com/de/de/w/wf000natxc

First of all, this is a short presentation of the companies, I will post more detailed articles in the coming days/weeks, otherwise this would go beyond the scope of this article. I look forward to your questions :)

I hope the formatting is ok so far.

The portfolio focuses on:

• Companies with strong economic moats (market leadership, high switching costs, unique assets and mission-critical products).
• Scalable business models with high/stable margins and strong free cash flow that can be efficiently reinvested (without innovation).
• Management teams with proven capital allocation skills and long-term incentives.
• long-term shareholder value

The Holdings:

Texas Pacific Land Corporation $TPL (+1,14%)

Texas Pacific Land Corporation, based in Texas, is one of the largest private landowners in Texas with approximately 880,000 acres in the Permian Basin. Founded in 1888 from the bankruptcy of the Texas and Pacific Railway, TPL generates revenue from oil and gas royalties, water rights, land leases and infrastructure services without being directly involved in exploration or production.

• Passive, high-margin modelTPL earns royalties from oil and gas production, land leases (solar, wind, pipelines, data centers, Bitcoin mining and many others) and water management (sales and purification), often with operating margins of over 70% as there are virtually no operating costs.
• Scalable growthIncreasing energy production in the Permian Basin drives royalty income without major reinvestment; water rights and infrastructure provide additional prime sources of growth.
• Capital-light modelLow investment requirements enable high payouts (dividends, share buybacks) while participating in rising commodity prices. In addition, land continues to be purchased which contributes to long-term value creation. TPL also has no debt.
• Historical performanceTPL has achieved annualized returns of ~20% over the last 10 years, driven by increasing energy demand and diversification.
• Unique "Moat": Owning non-replicable land in the Permian Basin creates an unassailable competitive advantage.
• Robust cash flowsRoyalty-based revenues are largely protected from operational risks and provide stability.
• Disciplined managementManagement has diversified the business model through water and infrastructure services and remains lean and efficient. Future focus on data centers (the Permian Basin is considered the ultimate hotspot for data centers in the US)
• Shareholder returnsUse of high free cash flows for dividends, special dividends and share buybacks to increase value per share.

Constellation Software $CSU (+0%)

Constellation Software, based in Canada, acquires, manages and develops vertical market software (VMS) serving niches such as local government, healthcare and financial services. With a decentralized model, it has acquired hundreds of small software companies worldwide and is considered the perfect compounder.

• Serial acquisitionsConstellation acquires small, cash-flowing VMS companies (typically USD 5-10m revenue) at attractive valuations, which enables consistent growth (~15-20% annualized returns since IPO in 2006).
• High returns on capitalAcquired companies generate stable, high-margin cash flows, which are reinvested in further acquisitions, creating a compounding effect.
• Stable revenuesVMS products have high switching costs and recurring revenues, which ensures predictability.
• Economic "moat"High switching costs and fragmented competitors in VMS markets protect against competition.
• Decentralized managementAutonomy for acquired companies promotes agility and efficiency.
• Outstanding leadershipFounder Mark Leonard is recognized as a master of capital allocation, with a focus on high ROIC acquisitions:
• Organic growthImprovement of acquired companies through cross-selling, price adjustments and product development.
• Capital efficiencyLow debt and reinvestment of cash flows in acquisitions rather than dividends to maximize long-term growth.

Heico Corporation $HEI (+1,4%)

Heico, based in Florida, is a leading manufacturer of aerospace and defense components, especially spare parts and repair services. It also serves niches in electronics and medical technology and is growing through acquisitions and organic expansion.

• Consistent outperformanceHeico has delivered ~18% annualized returns since 1987, driven by high-margin aerospace parts and strategic acquisitions.
• Acquisition-driven growthAcquisition of complementary companies to expand product offering and geographic reach. Over 70 acquisitions since 1995 have expanded market share in niche aerospace and defense markets.
• Stable demandGlobal growth and modernization in aviation, defense spending as well as the absolute necessity for repairs ensure long-term demand.
• Regulatory "Moat"Strict certifications (e.g. FAA) create high barriers to entry.
• Cost advantage and niche dominanceFocus on high-margin, mission-critical aviation components with limited competition. Heico's spare parts are often cheaper than OEM parts, which secures market share with high margins.
• Family-led management: The Mendelson family ensures long-term focus and discipline.

TransDigm Group $TDG (+1,45%)

TransDigm, based in Ohio, designs and manufactures specialized components for commercial and military aircraft, focusing on proprietary products with high margins and low competition. It is growing through acquisitions and pricing power.

• Excellent returnsTransDigm has generated ~24% annualized returns since 2007, driven by acquisitions, margin expansion and share buybacks.
• High-margin business: Mission critical products (e.g. actuators, sensors) enable pricing power and operating margins of over 40%.
• Capital allocationFree cash flow is used for acquisitions, debt reduction and shareholder returns, which increases the value per share.
• Value-enhancing M&AAcquisition of niche manufacturers, margin improvement through cost reduction and integration.
• Strong "Moat"High switching costs and regulatory barriers (e.g. FAA certifications) protect the market position.
• Pricing powerProprietary products with few competitors allow consistent price increases.
• Proven managementCEO Nick Howley has a disciplined acquisition strategy and is focused on shareholder value.

Parker-Hannifin Corporation $PH (+1,3%)

Parker-Hannifin, based in Ohio, is a global leader in motion and control technologies, including hydraulics, pneumatics and filtration systems for industries such as aerospace, automotive and manufacturing.

• Steady growthParker-Hannifin has achieved ~12% annualized returns over the past two decades, driven by diversification and acquisitions.
• High margins: Focus on high-quality, technical products ensures strong profitability.
• Capital allocationFree cash flow supports acquisitions, dividends (over 50 years of growth) and buybacks.
• Strategic acquisitions: Expansion of product lines and geographic presence through bolt-on acquisitions (e.g. Meggitt 2022).
• Market leadershipParker dominates niche markets in drive technology with a broad product portfolio.
• Diversified end markets: Exposure in aerospace, industry and energy reduces cyclical risks.
• Innovative strength: Investments in IoT, electrification and sustainable technologies ensure future growth.
• Operational efficiency: Use of lean manufacturing and cost discipline to secure high margins and finance growth.

Fair Isaac Corporation $FICO (+1,18%)

Fair Isaac, based in California, is known for the FICO score, the leading credit scoring system in the US. It also provides analytics software and decision-making tools for industries such as banking, insurance and healthcare.

• Stable growthFICO Score generates predictable, recurring revenue while the software segment is growing at double-digit rates (~15% annualized returns over the last 10 years).
• High marginsSoftware and scoring services have low variable costs, enabling operating margins of over 30%.
• Long-term relevance: Credit risk assessment and analytics are essential for the financial industry.
• Dominant "Moat"FICO score has a quasi-monopoly position in the US with high switching costs for lenders.
• Innovation leadership: Investments in AI, machine learning and cloud analytics ensure future growth:
• Software expansion: Expansion of decision management software (e.g. fraud detection, customer analytics) to diversify revenues.
• Global reach: Expansion of scoring and analytics solutions into international markets.

Danaher Corporation $DHR (+3,09%)

Danaher, headquartered in Washington, D.C., is a diversified conglomerate focused on life sciences, diagnostics and environmental solutions. It utilizes the Danaher Business System (DBS), a lean-based management framework, to drive efficiency and growth.

• Outstanding track recordDanaher has achieved ~26% annualized returns since 1978, driven by acquisitions and operational excellence.
• High returns on capitalDBS optimizes acquired businesses, increasing margins and cash flows for reinvestment.
• Resilient markets: Exposure to life sciences and diagnostics ensures stable, long-term demand.
• Market leadershipDanaher is a leader in niches such as laboratory equipment (e.g. Beckman Coulter) and diagnostics (e.g. Cepheid).
• Diversified portfolioBroad exposure reduces dependence on individual markets. Continuous reinvention and further development of the company, positioning Danaher for long-term growth:
• Strategic acquisitionsAcquisition of high-quality life sciences and diagnostics companies, integration with DBS to enhance performance.
• Operational excellence: Use of DBS to increase margins, reduce costs and accelerate growth.
• Innovation focus: Investing in research and development for cutting-edge technologies in genomics, diagnostics and environmental technologies.

Roper Technologies $ROP (+1,64%)

Roper Technologies, based in Florida, is a diversified technology company that provides software and hardware solutions for niche markets such as healthcare, energy and education. It is growing through acquisitions and organic expansion.

• Consistent growthRoper has delivered ~15% annualized returns over the last two decades through disciplined acquisitions and stable cash flows.
• High-margin businesses: Software and services generate recurring revenues with margins in excess of 30%.
• Capital efficiencyStrong cash flows finance acquisitions and dividends with high ROIC.
• Niche leadershipRoper dominates fragmented markets with high switching costs (e.g. healthcare software, water management systems).
• Strong management: Management excels at identifying and integrating high value acquisitions.
• Recurring revenuesSubscription-based software models ensure predictable cash flows.
• M&AAcquisition of market-leading companies in high-margin niche markets with stable demand.
• Organic growth: Improvement of acquired companies through product innovation and market expansion.
• Shareholder focus: Balance between acquisitions, consistent dividend growth and opportunistic buybacks.

Tyler Technologies $TYL (+0,9%)

Tyler Technologies, based in Texas, is the leading provider of software solutions for the US public sector, serving municipalities, courts, schools and other government agencies. Its platforms digitize administrative processes.

• Stable growthTyler has achieved ~15% annualized returns over the last 10 years, driven by the digitization of the public sector.
• Recurring revenueSubscription-based software contracts provide stable, high-margin cash flows.
• Scalable model: New solutions can be rolled out to the large customer base with minimal additional costs:
• Market dominanceTyler is a leader in the public sector software market, with high switching costs for customers.
• Economic "Moat"Long-term government contracts and regulatory complexity keep competitors at bay. Deep integration into customer processes minimizes churn.
• Focus on the public sector: Expansion of software offering (e.g. court management, tax systems) to meet growing digitization needs.
• SaaS transformation: Conversion of customers to cloud-based, subscription-based models for higher recurring revenues and margins.
• Strategic acquisitions: Acquisition of complementary software providers to expand the offering and customer base.

Arthur J. Gallagher & Co. $AJG (+1,37%)

Arthur J. Gallagher, based in Illinois, is a global insurance broker and risk management services provider offering customized insurance solutions and advice to businesses and individuals.

• Stable growthGallagher has achieved ~14% annualized returns over the past 10 years, driven by acquisitions and organic growth in the stable insurance sector.
• Recurring revenues: Commission-based income from insurance renewals ensures predictable cash flows.
• Acquisition-driven expansion: Acquisition of small and mid-sized brokers to expand geographic and product reach.
• High return on investmentAcquisitions of small brokers generate immediate cash flows that are reinvested with attractive returns.
• Organic growthDeepen customer relationships through cross-selling and specialized risk management services.
• Scalable modelGallagher's platform enables efficient integration of acquired brokers, expanding client base and capabilities.
• Regulatory "Moat"Complex insurance regulations and client relationships create barriers to entry.
• Strong managementLeadership has a proven track record of disciplined acquisitions and organic growth.
• Operational efficiency: Optimizing operations to maintain high margins and finance further acquisitions.

The portfolio achieves the broadest possible diversification with targeted exposure to first-class compounders. Through acquisition strategies, the companies increasingly cover more and more niches within a sector, which simultaneously promotes diversification and growth.

I know that there are a few companies that would also fit in here, but I particularly wanted to include some that are less well known and not represented in most portfolios. For example, most people here already have Berkshire, Mastercard, Visa or other tech companies in their portfolios anyway.

The portfolio is not a standalone, or rather I see it as an addition to specifically bring compounders (which are also partly uninteresting for "beginners" due to the high share price) into the portfolio and thus directly overweight them, since as far as I know they are also underweighted in every ETF and therefore cannot provide any real added value.

If you want to invest in the Wikifolio, a share should have a weighting of >30% and will be rebalanced.

I am curious about the new ETF from @lawinvest let's see if we have a chance against the Ultimate Homer @Simpson have a chance against the Ultimate Homer.

Tesla with sales decline + SAP maintains cloud growth rate and confirms outlook + Danaher's statements also drive Sartorius, Stedim and Evotec

Tesla $TSLA (+2,05%)with decline in sales

• Tesla recorded a nine percent drop in sales to 19.3 billion dollars and a 71 percent drop in profits to 409 million dollars in the past quarter.
• Analyst Dan Ives from Wedbush Securities estimates that Elon Musk's political activities could permanently reduce demand for Tesla by 15 to 20 percent.
• In its current quarterly report, Tesla refrains from its usual forecast of a return to growth.
• For the first time in its Q1 earnings report, Tesla does not mention when the company intends to return to growth.
• Tesla Inc. misses analysts' estimates of USD 0.42 with earnings per share of USD 0.27 in the first quarter. Revenue of USD 19.34 billion below expectations of USD 21.4 billion.
• Tech billionaire Elon Musk initiates withdrawal from Washington.
• From May, he will spend "considerably" less time in the government apparatus as President Donald Trump's cost-cutter, said the Tesla boss.
• Instead, he will focus more on the interests of the electric car manufacturer.

SAP $SAP (+0,67%)maintains cloud growth rate and confirms outlook

• SAP maintained its cloud growth in the first quarter and significantly increased its operating profit.
• The Walldorf-based software group confirmed its outlook for the current year.
• According to the DAX-listed company, the environment is characterized by high dynamics and uncertainty and further developments are difficult to predict.
• SAP is targeting currency-adjusted cloud growth of 26 to 28 percent to 21.6 to 21.9 billion euros this year.
• Cloud and software combined are expected to grow by 11 to 13 percent to 33.1 to 33.6 billion euros.
• The non-IFRS operating result is expected to reach EUR 10.3 to 10.6 billion after EUR 8.15 billion in 2024.
• In the first quarter, cloud revenue rose by 26% in constant currency to just under EUR 5 billion.
• Analysts had expected a consensus of EUR 5.06 billion from Visible Alpha.
• Currency-adjusted growth had already amounted to 26% in the fourth quarter.
• Non-IFRS operating profit rose by 58% to EUR 2.46 billion.
• The Current Cloud Backlog (CCB), which quantifies secured orders over the course of a year, rose by 29% to EUR 18.2 billion after adjusting for currency effects.
• The initial reaction of the share in after-hours trading in Germany was positive. They rose by more than 5 percent to 231 euros at the broker Lang & Schwarz.
• The SAP share had closed 3.32 percent lower at 218.50 euros on XETRA on Tuesday.
• SAP ADRs traded on the NYSE rose 6.48 percent to 268.75 US dollars in after-hours trading.

Danaher's $DHR (+3,09%)statements also drove Sartorius$SRT (+0,92%)Stedim $DIM (+1,1%)and Evotec $EVT (+1,96%)on

• The quarterly figures of the US pharmaceutical equipment manufacturer Danaher boosted the shares of Sartorius and its subsidiary Sartorius Stedim Biotech on Tuesday.
• The shares of pharmaceutical contract researcher Evotec also benefited.
• The reason for this was not only the better than expected results in the first quarter and the confirmation of the Group's annual targets.
• The fact that Danaher performed particularly well in the bioprocess technology segment, which is also an important pillar of the Göttingen-based Sartorius Group, probably put investors in a good mood.
• In addition, Danaher spoke of continued robust spending on research and development in the pharmaceutical sector.
• In the afternoon, the Sartorius preference share rose 5.9 percent to 221.30 euros at the top of the leading German Dax index and is thus back at its highest level since the end of March.
• The 21-day line, which signals the short-term trend, had already been overcome on Wednesday.
• The 50-day line as an indicator of the medium-term trend at just under EUR 226 and the long-term 200-day line at just over EUR 234 are now the next decisive resistances.
• The shares of French company Stedim Biotech recently rose by 3.9% to EUR 194.35 in Paris.
• In the MDax, the mid-cap index below the Dax, Evotec shares rose by 6.7 percent to 6.82 euros, while in the USA Danaher shares rose by 5.0 percent to 194.09 US dollars.
• Analyst Rachel Vatnsdal from the US bank JPMorgan spoke of Danaher "comfortably exceeding expectations" and "remarkable strength" in the bioprocessing sector.
• The bioprocessing division was the leader in the first quarter, she wrote.
• Compared to the previous quarter, orders there had increased significantly, while the company had also noted that it had not noticed any pull-forward effects in view of impending tariffs.
• According to stock market analysts, this should also have a positive effect on the industry as a whole.
• Like Sartorius, Danaher is broadly positioned in the healthcare sector with businesses in biotechnology and diagnostics.

Wednesday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• Lenzing EUR 3.00
• Heineken EUR 1.17
• Proximus EUR 0.10
• Adecco Group 1.00 CHF

• Quarterly figures / company dates USA / Asia
• 12:30 AT&T | GE Vernova | Boston Scientific quarterly figures
• 13:00 Philip Morris quarterly figures
• 13:30 Boeing quarterly figures
• 15:30 Goldman Sachs AGM
• 16:00 Cigna AGM
• 22:00 IBM | Texas Instruments | Lam Research
• 22:00 ResMed | Whirlpool quarterly figures
• No time specified: BYD quarterly figures

• Quarterly figures / Company dates Europe
• 07:30 Danone | Essilor-Luxottica 1Q sales
• 07:30 Volvo AB | Akzo Nobel quarterly figures
• 08:00 Reckitt Benckiser Trading Update 1Q
• 09:00 Just Eat Takeaway Trading Update 1Q
• 10:00 ASML | Sulzer Holding AGM
• 17:45 Kering quarterly figures

• Economic data

09:15 FR: Purchasing Managers' Index/PMI non-manufacturing | Purchasing Managers' Index/PMI manufacturing (1st release)

09:30 DE: Purchasing Managers' Index/PMI non-manufacturing (1st release) April PROGNOSE: 50.3 PREVIOUS: 50.9 Total Purchasing Managers' Index (1st release) PROGNOSE: 51.0 PREVIOUS: 51.3

09:30 DE: Purchasing Managers' Index/PMI manufacturing (1st release) April FORECAST: 47.6 PREVIOUS: 48.3

10:00 EU: Purchasing Managers' Index/PMI non-manufacturing Eurozone (1st release) April FORECAST: 50.5 PREVIOUS: 51.0

10:00 EU: Purchasing Managers' Index/PMI Manufacturing Eurozone (1st release) April FORECAST: 47.5 previously: 48.6 Total Purchasing Managers' Index (1st release) FORECAST: 50.4 previously: 50.9

10:30 UK: Purchasing Managers' Index/PMI non-manufacturing (1st release) Apri PROGNOSE: 51.6 previous: 52.5 | Purchasing Managers' Index/PMI manufacturing (1st release) April PROGNOSE: 44.2 previous: 44.9

11:00 EU: Trade Balance February

15:00 US: IMF, Fiscal Monitor

15:30 US: Fed St. Louis President Musalem and Fed Governor Waller, participate in Fed Listens Event

15:45 US: Purchasing Managers' Index/PMI Services (1st release) April Forecast: 52.8 Previous: 54.4 | Purchasing Managers' Index/PMI Manufacturing (1st release) April Forecast: 49.5 Previous: 50.2

16:00 US: New Home Sales March FORECAST: +1.3% yoy previous: +1.8% yoy

16:30 US: Crude oil inventories data (week) from the Energy Information Administration (EIA) previous week

18:00 US: Governing Council member Knot, speech at Peterson Institute conference

20:00 US: Fed, Beige Book

21:15 US: ECB Chief Economist Lane, participation in panel at IMF Spring Meetings

21:45 US: ECB Director Cipollone, participation in panel at IMF Spring Meetings

No time specified: CN: Auto Shanghai 2025 exhibition in Shanghai

The first quarter of 2025 is over. In March, real assets recorded declines, both in equities and ETFs and especially in cryptocurrencies. The markets have become increasingly volatile. While many are panicking, I have been enjoying the first signs of spring, hiking and continuing to winter bathe diligently.

For the past month of March 2025, I present the following points:

➡️ SHARES

➡️ ETFS

➡️ DISTRIBUTIONS

➡️ CASHBACK

➡️ AFTER-PURCHASES

➡️ P2P CREDITS

➡️ CRYPTO

➡️ AND OTHER?

➡️ OUTLOOK

➡️ Shares

There was a considerable setback in March, and not just in equities. The reason for this is the customs issue, on which I have already formulated my thesis, which many believe to be correct. To summarize briefly: Markets are being depressed to get investors into bonds, which lowers bond yields and allows US debt to be refinanced at a lower interest rate. After the refinancing of short-term US government bonds, the tariffs are put into perspective and the next upswing follows, which Trump can boast about. Whether this assumption is correct remains to be seen. However, it would make sense in the long term to slash US spending. Even if the D.O.G.E. does a good job, you can't cut everything without incurring the displeasure of the population.

A look at the depot shows the front-runner $AVGO (-2,17%) and its companion $NFLX (+1,17%) both currently only 150% up, despite a significant setback. I am unimpressed by this development, as the capital market is always facing worse times, which will be followed by better ones. According to André Kostolany, it is now the "shaky hands" that are significantly triggering the sell-off. Yes, change your perspective: the red sign in your portfolio is irrelevant, now is the time to buy more. Enormous overvaluations in tech stocks have been reduced and they may now be available at a fairer price. There are also attractive defensive value stocks on offer, ideal for a dividend portfolio.

Second and fourth place in my individual share portfolio are still occupied by $WMT (+1,58%) and $SAP (+0,67%) . Walmart can now prove that it acts as a stable anchor in the portfolio even in bad times. In sixth place is a stock that I did not expect to be in the top 10. Like me, many of you have shares in $WM (+1,1%) but the stock I am looking for is its competitor: $RSG (+2,33%) . I have been watching the rise of this stock even before the pressure from Trump and I am happy about it. This is an example of a defensive stock. Garbage collection is necessary and Republic Services, like Waste Management, will literally turn garbage into gold for shareholders 50 years from now. Anyone complaining about their portfolio being down 50% probably has too much tech and too little defensive. My overall portfolio currently stands at around -12%. That's OK in the current macro environment.

Which brings us to the subject of performance: $NKE0 and $DHR (+3,09%) returned around -39% at the end of March.

➡️ ETFs

They are also recording significant losses. It is important to remain calm and continue investing. Such phases are part of the game. I will not repeat further details.

➡️ Distributions

In March, I received 31 distributions on 15 payout days. I am grateful for this additional income stream. Everyone should build up such additional income.

This time, the distributions from my three large ETFs were not made on March 31, but in the first few days of April. This means that there should theoretically be 34 distributions. Numerous corrections and cancellations of dividends from REITs were not taken into account. With $O (+1,62%) , $OHI (+2,31%) , $LTC (+1,77%) and $STAG (+1,26%) there were therefore some cancellations and new dividend distributions. Although this was a major bureaucratic effort, it was usually a cause for celebration. This is because the REITs initially distribute dividends from current net income. If there are then corrections in the following year, it is determined that a distribution is also made from the already taxed retained earnings. This subsequently reduces the company's tax burden and I have noticed that I pay less capital gains tax and solidarity surcharge. So more cash in my pocket for reinvestment.

➡️ Cashback

In March, I received a small amount of income from an expense report, which I invested directly in my custody account. More on this under subsequent purchases.

➡️ Subsequent purchases

The additional purchases were financed from the expense report and, above all, from the bonus paid out by my employer. I am grateful for this, as my employer is not doing well at the moment.

I made numerous additional purchases in several ETFs that are in my small old portfolios. I invested smaller sums $GGRP (+0,24%) , $JEGP (+1,19%) , $SPYW (+0,5%) , $FGEQ (-0,16%) and $SPYD (+0,67%) and bought a larger sum in shares of the $IWDP. On the last Friday in March, I checked my portfolio and realized that, despite careful use of the surplus, there was more cash left than I had expected. I therefore made a small additional purchase in the $VNA (+1,44%) . For me, Vonovia (like the REITs) is a kind of hedge against my own rising rent.

➡️ P2P loans

With my last P2P platform, Mintos, there were no interest or redemption payments. I still intend to withdraw all funds where released. I would even accept a full write-off to get out of the platform. The remaining amount is no longer relevant to me.

➡️ Crypto

Crypto investors continued to experience significant volatility in March. The double top predicted by some does not seem to be materializing and the indicators do not currently point to a steep rise. I am studying the charting and the macro environment for crypto, although I still have a lot to learn here. Patience and calm are still required. I am sticking to my cycle strategy, the macro situation confirms me, so there is no need for me to take any action.

➡️ And what else?

I'm currently deepening my knowledge of AI. The posts on my Instagram channel that I published in March (and others that will follow in April) were created with the help of AI. I explained my approaches, beliefs about finance and the frugal lifestyle, and my goals to AI. The AI then created suggestions for Instagram posts, including prompts and allowing for a week break at the end of the month.

There is still a lot for me to learn. I am using AI more and more intensively and deeply in my professional and private life. While colleagues are happy that an AI can write emails for them, I use it much more extensively, for example to have technical content and its effects on departments and companies explained to me at work or to have economic relationships explained to me in my private life. In addition to ChatGPT, I particularly like Grok by X, as this AI always asks questions and thus enables a fluid conversation. The AI doesn't just reproduce facts, but also evaluates my ideas and classifies them, for example whether I should already use part of my nest egg to buy more quality stocks at favorable prices. Her suggestion was perhaps to wait until after the refinancing of short-term US government debt, when there might be less downward volatility in the market. This recommendation is based on my thesis mentioned above.

March was also a month of fasting for me, not for religious reasons, but because I want to and always intend to. I like to use the time after fasting to change my habits, adjust my diet and vary my sports units and routines. For me, this is particularly easy after fasting - the time afterwards generally feels like a new beginning.

➡️ Outlook

In April we will continue to see negative signs in the portfolio. I have now placed a limit order, which I hope will be triggered. The annual electricity bill is also due. I'm curious to see how much will be returned, the refund will certainly go into the custody account. It will also become clear whether I will increase my discount due to higher electricity costs. Until then!

Links:

Social media links can be found in my profile, you can also take a look at the Instagram version of my review.

$DHR (+3,09%) is now back at the level of 4 years ago and has been moving more or less sideways at this level for around 6 weeks. The development of the last few quarters was not good, but the forecast is positive again. EPS is expected to rise in the higher double-digit percentage range in Q1 and even more strongly in the further course of the year. Out of 18 analysts (yes, I know) there are 13x Buy/Strong Buy and 5x Hold.

Would the share now be a buy for you, or would you rather go for other candidates (which ones?). Of course, in the medical (technology) sector $ISRG (+0,41%) which have also recently corrected considerably, but are still valued much higher with a notoriously different chart trend. I'm planning to add further here anyway.

https://stockanalysis.com/stocks/dhr/forecast/