In May our European portfolio kept up the good work and added a staggering 770 basis points. This brings YTD return (TWR) to +20.2%. The STOXX 600 ended at YTD of +7.4%.
The strongest performers were:
- Big Ben Interactive(+27.5%) announced a 2.9% increase in revenues for the FY 2016. Net profit was up 130% at €9.0m versus €3.9m last year. Earnings per share was €0.5. The company reduced its net debt by €14m to €13.3m. For 2017, the company hopes to increase revenues by 10-15% in 2018.
- Groupe Guillin (+19.2%) reported that revenues in Q1 were up 10%. FY operating income came in 29.2% higher (€ 74.3 million) and FY net result increased 32,8% (€ 51.4 million) compared to last year.
- Holland Colours (+15.2%) announced a 5% increase of FY revenue (€ 77.5 million). FY 2016 net income from continuing operations ended 50% higher at €5.4 million compared with the previous year. A dividend proposal is to be approved on July 11, 2017 (€3.01).
The following position showed a double-digit decline.
- Subsea 7 Sa (-15.3%) pointed out that the earnings margin level of the company achieved in Q1 is not sustainable in short term.
- Agfa-Gevaert (-12.7%) reported a surprising 8.5% drop in revenues during the first quarter. EBITDA fell 19%. Management is still convinced that it can keep EBITDA close to 10% of revenues during the coming years.
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