The report season is still on. During the past week, reports came from Nexam and AroCell – and investors acted quite differently on the reports. One went up the other went down. Then on Friday, a press release took away yet another trunk of CybAero’s value. The share only just managed to keep above 1 SEK. The past week the share is down 31 % and the investors fleeing. Let us begin with Nexam. Continue reading
Year-end reports from companies with no turnover seldom changes the share price. For AroCell and Nexam it did. For some reason the report from AroCell Thursday this week (16th), showing an expected but very limited turnover, made the share drop almost 5 %. Obvious some investors had hoped for more. Nexam fell 9.4 % after a report that showed almost no growth in turnover – but have regained some of it Friday. Personally, I hoped for a much higher turnover in Q4. Continue reading
Last year did not have the same swung as the portfolio performance of 2015. On average, the portfolio lost 28 % – compared to a plus of 80 % in 2015. There are probably two reasons for this. One is the more moderate growth in share prices during 2016. The broad Stockholm index rose 6 %. The other reason is the very high number of issues among the shares in the portfolio. In general, issues put pressure on the price. Unless some very significant news follow shortly, it takes a long time for the price to recover. Continue reading
During the past 12 months all but one company in my portfolio made issues. This is Fortnox. AroCell did last December and the rest throughout the year – some more than once. Of the 11 shares in the portfolio 6 have made public issues, 2 issues on basis of warrants, and 8 were private placements.
The long term investor has to make choices, then. First, when to participate? Second, how much of my saving will I direct towards high risk investments? Third, if an issue is not fully subscribed, does the long term case still stand? Continue reading
During the past week both Nexam Chemical and BrainCool released their Q3 reports. None of them contained significant news and for both companies’ sales were meagre at best. Nonetheless both shares went up after their reports, but for different reasons. 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
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
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
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