The Q1 report from Nexam came on Wednesday. This is the first report for a full quarter after the acquisition of Plasticolor. Of course, this makes comparison difficult. Nevertheless, I cannot find reason in the report for a 9.4 % fall. The market reaction seems both hard and unjust. Continue reading
March have been a month of extremes in the portfolio. Overall, the portfolio performance is up by 5% on average, but in one end, Fortnox went up 45% and Nexam 40 %, while on the other hand Dignitana went down 13.5 % and G5 Entertainment 11%. In all, the portfolio has not yet recovered from the onslaught in January and February and is still down 15 %, while the broad OMX-SPI is down 4.3 %. Continue reading
This week’s main news from my portfolio concerns Fortnox. But besides this a number of things are happening. In this short news post I will visit Recyctec, Nexam, Heliospectra, cast an eye on a noteworthy share price development concerning CybAero, and finally I give links to three resent investor meetings.
The main news this week was of course the takeover bid on Fortnox Monday 14th. Norwegian Visma made an offer of +32%, the general meeting was postponed until May, and investors are right now waiting for more information on the bid. During the week rumours of competing bids – nice if the price is up! – resistance from the main owner, pros and cons, etc. was a topic in different forums. And again I wonder: for many of the participants in these debates it seems more like football fans discussing their favourite team, than investors trying to figure out how they make the best investment. Continue reading
The past weeks’ time we have witnessed two private placements of very different nature. On one end, Recyctec made a private placement of 2.76 MSEK and on the other Nexam Chemical took in 129 MSEK, a quite large placement among start-ups at this stage. Recyctec had announced the placement in their year-end report. On the other hand, the private placement of Nexam came as a huge surprise. By end-December, the company had 36 MSEK in cash, and based on Q4-15 a burn rate of approximately 1 MSEK pr. month, leaving plenty of cash. Nevertheless, the company felt the need to make a private placement – the question is of course why. Continue reading
It seems as if February is the month, where I have to adjust to two-digit losses – calculated in percent. Overall, the portfolio performance of February is miserable. On average 10 % down, while OMXSPI is up 2 %. 5 out of 14 shares are two-digits down ranging from 15 to 34 %. Only two shares are up, Dignitana 3.7 % and Heliospectra 6.9 – the two of them is 36 % of my portfolio. Dignitana is by far my largest position, and this fact compensates me partly for the general downfall.
On a scale from ‘awful’ to ‘heavy loss’ comes Photocat (-34 %), Recyctec (-30 %), IVISYS (-24 %), Nexam Chemical (-18 %), and Cantargia (-16 %). Continue reading
Four reports came the past week: IVISYS on Monday, AroCell on Tuesday, Nexam on Thursday, and A1M Pharma on Friday. None of the reports contained large surprises – and for three of them turnover was – as expected none or very close to no turnover. In my post prior to the report season I predicted that Nexam could be a winner after the report, if sales went up in Q4.
Judged by the share price, the market liked the report of A1M Pharma – and disliked the reports from IVISYS – and Nexam.
If I compare the share prices on the two Fridays 12th and 19th, the effects of the reports are visible. During the week, the OMXSPI (Broad Stockholm Index) went up 5.6 %. Compared to that A1M Pharma went up 9.4 % and came out as a winner. AroCell went 2.8 % up – up less than the market. Nexam went down 6.2 % after the report and IVISYS 8.5 %.
In my investments in growth shares, I operate with different position sizes: small positions on my ‘observation list’ – this is companies far away from the market. A1M Pharma is one, Cantargia another. In companies closer to market, I take larger positions. This year both Nexam and Heliospectra are companies were I plan to enlarge my position, since my judgement is that they will get a breakthrough on their markets during this year. Prior to the report, I bought more shares in Nexam, but on the short term, it was the wrong moment. A few words on the individual reports: Continue reading
During January, I have on two occasions dealt with the share price development. The month have been really volatile with huge shifts in share price changing one winner one week to a looser the next. During the first half of the month the portfolio performance was above average, but in the latter below.
In this month, one share has lost a third of its value, two shares a quarter of the value and one a fifth. On an equal weight basis, the portfolio is down 9.6 % – compared to the 7.1 % of the broad Stockholm index (SPI). Continue reading
February is the months for year-end reports. The year circle of many companies follows the calendar, and throughout February, they are published – with a few in January and a few in March.
For growth shares at an early stage of their development the year-end reports is not the main driver of the share price. For lager companies guidance given in reports often have an impact on the share price. The share price development of growth shares are governed more by non-financial press releases: a CE-marking, an initial order, a FDA-approval etc. than by financial results.
Of my portfolio, I expect the share price of Nexam will gain by the report – with Fortnox, G5 Entertainment, Heliospectra, and Recyctec as probable benefactors. Continue reading
December was a green month – in more than one sense. The weather was warm and my lawn seemed to grow in both November and December, but more interesting the predominant colour in my portfolio performance for December is green.
In this post, I will evaluate the portfolio performance in December (and in 2015) and give a few comments of what to expect in 2016. The performance first. Continue reading
In general, November was a fine month. Shares went up and my portfolio performance was good with 9 out of 13 shares rising. Of the 13 shares, 6 were up more that 15%, 4 between app. 0 and 10 % and only 3 fell . On a year-to-date-basis, the portfolio is up 60 %. Continue reading