The Q3 report from Fortnox came on Tuesday 18th. It was fine and even slightly better than I expected. In short the report showed continued high growth, improved and rising margins and the best result ever. After the turmoil following the bid from Norwegian company, Visma and the disagreements within the board along with it, the sun again shines in Vaxjö. Continue reading
CybAero announced an issue on September 14th. Last week the 80-page prospectus came. I have been an investor for some years and can still remember share prices above 25 SEK in the summer of 2014. And the issue in summer 2015 at a price of 7 SEK – and I now consider if I want to participate in the 4 SEK issue next month. Continue reading
The companies in the portfolio have matured over the past year. Rise in turnover is more a topic today than a year ago, and sales becomes increasingly a share price driver. Having just ended third quarter, the report season is up and interim reports will soon start ticking in. In general, smaller companies report later than large cap companies. The majority of the companies in my portfolio will report in the last half of November. Only Heliospectra and Recyctec will report in October. Continue reading
This quarter is the first quarter of 2016 where the average price of the portfolio has gone up. Not much, only 3,4 % compared to a overall portfolio performance of -23.1 % in 2016. The best performing share is Fortnox, fast recovering after the failed take-over bid from Norwegian-based Visma. Fortnox is up 46 % in Q3. The worst performing share is by far CybAero. Q3 more than halved the price of the share. CybAero is down 52 %. The reason is the issue announced mid-September. Continue reading
During the past 1½ week both CybAero and Cantargia announced new issues. CybAero was no surprise, since cash was short after Q2. Their issue was a defensive move to survive. On the other hand, Cantargia announced an issue to speed up development and broaden the business. Continue reading
Last week I announced, I would take a closer look at some companies a reader, Kenneth, had invested in. In this post I’ll take a closer look at Idogen, listed on Aktietorget. The Idogen share has more than doubled the past three months (+ 61% in 2016) and had significant momentum between Mid-June and the first week of August. The momentum seems to have vanished, though. The past month the share has hovered around 12 SEK. My conclusion is that Idogen is a high risk investment and that the present price is a better exit-price than entry-price. Continue reading
The thing for the investor about growth shares or start-ups are news to trigger higher share prices. Milestones or accomplishments triggering a steep rise in share price is what we long for. The main activity in 2016, though, from many companies seems to have been raising money through issues. And this does not trigger higher share prices – on the contrary! Press releases announcing news, causing the share to rise have been too sparse so far. This week was different. There was good news from both BrainCool and Recyctec. Continue reading
The past week Dignitana, BrainCool, Heliospectra and CybAero have issued their half year reports. All four companies have products, on-going sales and are aiming to penetrate their markets. BrainCool have made their first turnover in Q2. For an investor the development of sales, both in terms of turnover and growth are the focal point. To make it short: I’m a bit disappointed.
Furthermore, in 2016 8 out of 11 companies in my portfolio have made issues, and after the reports we will probably see 2 more in the next couple of months. Continue reading
August is the season for H1-reports. For most companies in my portfolio the reports are no-news-events. The most interesting events are mainly non-financial. Companies always communicate these in press releases whenever they occur.
Often the impact of reports on share prices are marginal. Personally, my focus is on how the company describes its development. Consequently, I spend little time on numbers and most on words. Of course, turnover moves into focus as the company progresses and their market penetration starts. Later on, margins and profits moves into focus. Continue reading
And the first to arrive was the half year report from Recyctec. Indications of a terrible report came as a ‘status update’ came out the day before the actual report. The bad news was hidden behind some good. The main point was a postponement of breakeven to fourth quarter 2016. Cause? A piece of equipment with copper, causing a miscolouring of the products. The pieces is replaced, but before the end of August, the production will still be low.
The effect of the production problems was almost no turnover in Q2 – symbolic 1,650 SEK. The no-turnover in Q2 and half of Q3 puts heavy pressure on cash and to compensate that the company announced an private placement of 10 MSEK – the third private placement this year.
To make it short: The share dropped from 8.05 on Wednesday to 6.40 on Friday – down 20.5 %. Continue reading