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 →
Well, the portfolio performance the past six months have been depressing and the overall performance is rather poor. On the other hand, it seems that at least for a few of the companies early summer has been a turning point.
In overall, the average share price in the portfolio is down 23 % during the first six months of 2016. In Q2, the average is minus 14.7 %. In comparison, the SPI-index (all Nasdaq-shares in Sweden) is down 4.3 % in 2016 and down 1.3 % in Q2. Compared to the performance of the portfolio in 2015, where the full-year result was +78.6%, 2016 seem dull and depressing. Check the December update for details. Continue reading →
It is an (almost) known fact that investors are nervous people of the species Homo Nervousus. This specises hates uncertainty most of all. When uncertainty is up, they flee and shares are down. Since we cannot predict the result of the British referendum next week, as we could not last summer predict the actions of the Greek minister of finance or the outcome of their sudden referendum in July, it influences the markets. Uncertainty is up and shares are down. Continue reading →
The past months, Recyctec have delivered a steady stream of news, some financial some on business development. On several occasions, I have mentioned Recyctec, and I thought it to be the right time, here halfway through 2016, to sum up the development of the company. It is no secret that I see the present share price far from a fair valuation of the company. On the other hand, it is true that the delays during last autumn did put strings on the company. Continue reading →
The past two post I have focused on issues and IPO. This again will be the topic but from a different angel since A1M Pharma completed their issue this week and BrainCool announced a very peculiar form of private placement. Some issues are at best almost successful issues, which A1M Pharma is an example of. And of course there is the farce of the week: the postponed listing of lauritz.com. That wasn’t even ‘almost successful’ but straight out unsuccessful and made the laugh of the month. Continue reading →
The past months we have seen a huge number of issues and IPOs. As I wrote a week ago, the number is high and almost every day I get offers to participate in IPOs or ongoing issues. Today’s offer was Kontigo Care offering me a chance to invest in treatment of alcoholism – which I will pass. Nevertheless I cannot help wonder if the high number of issues and IPOs affect the share prices of start-ups and small growth companies. Personally, I think it does – negatively – and in this post, I will try to argue why. Unfortunately, I am not a university professor with at computer full of statistics so I cannot back my thoughts with hard evidence, but let me try to persuade you, anyway. Continue reading →
It is August heat in Scandinavia and temperatures above 25 degrees. Perfect weather for sitting on the terrace an read the news on successful small companies – if it wasn’t impossible to read anything on a screen because of the reflecting light. Anyway here are some news. Most important I have sold G5 Entertainment. BrainCool seems back on growth-track, and it seems Dignitana is steering towards an oversubscribed issue ending June 10th. A1M Pharma? The subscription period ended yesterday and we still wait for the result. Continue reading →
The past two or three month I have received an increasing number of mails (and snail mail) where this or that company invites me to invest in issues and IPOs – a public share issue or an Initial Public Offering (IPO) prior to a listing om NASDAQ, Aktietorget or First North. I have wondered if the reason was an increasing activity in listing and issues – or it is just my e-mail being on more lists than before.
Therefore, I decided to dig a bit deeper into the market for issues and IPOs in Sweden. My conclusion: there seems to be more issues and IPOs in 2016 than in 2014 and 2015. Continue reading →