October was a fine month. Autumn was at its best and a few mornings with white, frosty grass reminds me that winter will soon be over us with darkness and rain. Still it is mild, and leaves are still on the trees, both green, brown, and yellow. Even a modest storm or a night of frost, may rapidly change this.
Luckily, my portfolio performed better in October than in August and September. Some shares went even exceptionally well – Phase Holographic + 94 % – and others bled – Dignitana 24 % and Recyctec – 20 %. Continue reading →
The Q3-report from the IT-company Fortnox came out this week. It showed high growth compared to 2014 (+31.6 % in turnover). Margins are still under pressure due to investments in a new service, Nox Finance, but this pressure seems to lift, as margins has risen from 9.6 % in Q1 to 13 in Q2 and now 17 % in Q3. The growth rates in turnover has also risen from almost 25 % in Q1 to 35.9 % in Q3. Margins are rising and growth are speeding up. Continue reading →
Danish environmental tech company Photocat is listing at First North in Stockholm in mid-November. The company announced this on Friday October 23. The intention was that the IPO would bring in 22.5 MSEK, but it only raised app. 6 MSEK. Despite this disappointing result were only app. ¼ of the planned shares are issued; the company lists despite this setback and has drawn up a revised plan for growth. The expectation in the memorandum was breakeven at the end 2016. This goal cannot be achieved. The CEO, Frank Humble, says in the press release “With the funds raised in the IPO together with the funds that the company raised through our private placement during the summer we have sufficient working capital resources until the end of 2016 (…)”. Continue reading →
The past two weeks I have been busy with a lot of different things – but not my share portfolio. I tend to monitor it closely, but a vacation in Germany without wifi followed by a week with a seminar leaving three days for five days of work – my share portfolio was not the first thing to check when I got home. Nevertheless there is a handful of portfolio news. Continue reading →
During summer, Nexam rose dramatically. Readers of my blog will remember that during July the share rose 53 %, but fell back from mid-August and onwards. From a level of 8-8.5 SEK in June and July the share rolled up and down again and by August 24 it was back at 8.7 SEK. It must have been a summer-flirt in a very thin market. And there were no real substance behind the rise. Continue reading →
This morning (October 10) G5 Entertainment released the preliminary sales for Q3. The sales went up 50 % from Q3 last year to this year. The sales were (preliminary) 96 MSEK in Q3. Personally, what I checked first, was the growth from Q2 to Q3. The rise were more modest: 7%.
As I earlier have argued, G5 has been caught in a dilemma between high growth and profit. On one hand there is a long term demand for growth in an industry with fierce competition and on the other hand if every penny is invested in further growth, investors will check out – and share price will remain low.
In the Q2-report, the management saw and acknowledged the dilemma and promised lower spending on user acquisition (UA), while keeping up the growth. Still they held the door open for a change of the new course if new games required extra marketing funds.
That precisely was my main reason for checking the growth from Q2 to Q3: could the growth continue with a lower level of UA-spendings? Continue reading →
Another Danish company is listing in Sweden: Photocat. A rising number of Danish companies choose to list in Stockholm instead of Copenhagen. As Dane myself I give these IPOs a little extra attention, but I evaluate them on the same scale as Swedish companies. Readers of my blog will know that IVISYS (IPO in spring 2015) and Oncology Venture (summer 2015) are two of these companies. IVISYS is part of my portfolio at present. Continue reading →
Except for shares, September was a fine month. My apples have ripened and the sun has been a frequent guest. Even on September 30, I sat in the garden enjoying the sun for half an hour after work. I hope that October with its bright red, yellow, and brown colours will prove equally beautiful. In addition, I hope shares will start to rise again as reports starts dripping in.
Portfolio performance in August was worse than September, or was it? In August 7 of my 12 shares fell – and 6 of the 7 with more than 10 %. In September 9 out of 12 fell – but they fell not as heavy as in August. Continue reading →