All Danish Stocks section 9 – Nr. 81-90


And on we pass, every other 10 randomly decided on Danish shares. Within the present batch, there are some very fascinating and distinctive trade fashions, on the other hand just one made it onto the “watch checklist”. We are actually at ~50% protection of the universe. As soon as once more a snappy reminder: Thanks for any requests to have a look at a particular corporate, however the random generator determines in what order I have a look at firms.

81. Scandinavian Clinical Resolution A/S

Scandinavian Clinical is a 17 mn EUR marketplace cap corporate that appears to be energetic in buying and selling second-hand clinical apparatus that was once IPOed in overdue 2021. No longer my house of experience. “move”.

82. ChemoMetec A/S

ChemoMetec is a 1,9 bn EUR marketplace cap MedTech corporate that provides Apparatus to rely cells which, amongst others is used for  Complex Mobile Research, Counting of Mammalian Cells, Yeast Cells, and Sperm Cells.

The inventory has carried out really well over the past 5 years:


The corporate has been rising 20-50% p.a. over the last few years and may be very winning (Gross margins 90%, working margins 45%). On the other hand at 40x gross sales and 85x EV/EBIT, there appears to be a large number of expansion priced in. A lot too pricey for me, even supposing it seems like a fascinating corporate. “Go”.

83. SameSystem A/S

SameSystem is a 18 mn EUR marketplace cap SaaS corporate providing some roughly HR resolution. The corporate IPOed in 2021 and for some causes, income grew to become extremely damaging after the IPO and the percentage worth declined via greater than -60% shape the IPO. “Go”.


EGNSInvest is a 87 mn EUR marketplace cap actual property corporate. Because the title signifies, the corporate invests best in Germany, most commonly in Berlin. The percentage efficiency is slightly spectacular, doing nearly 4x over the past 10 years. Data on the other hand is best in Danish and I’m really not this sort of giant actual property fan, due to this fact I’ll “move”.


CEMAT is a 29 mn EUR marketplace cap actual property preserving that turns out to possess just one Warsaw assets. The percentage worth jumped considerably closing yr and the corporate confirmed an excessively top benefit in 2021 however it kind of feels that this was once because of a (non-cash) revaluation of the valuables. “Go”.

86. Brdr. Hartmann A/S

Hartmann is a 231 mn EUR marketplace cap corporate that has not anything to do with the German/Swiss Hartmann Workforce. The corporate has an excessively fascinating trade: It’s specialised in generating egg packaging. On best of that, the corporate could also be energetic in fruit packaging in South The united states and in production equipment for egg packaging.

The long run proportion worth building is one way or the other combined as one can see within the chart:

hartmann eggs

The corporate is majority owned (69%) via a larger conglomerate named Thornico. In 2020/2021, the corporate loved additional trade and far upper margins because of Covid. On the other hand in 2022, Hartmann turns out to had been hit arduous via Ukraine and Russia, the place they appear to have been slightly energetic and purchased an organization in 2020.

The corporate additionally turns out to had been hit in Q1 via expanding power prices and enter prices (recycled paper) which they might now not move directly to purchasers. Hartmann gave an excessively wide variety for 2022 steerage, anyplace between 2-7% web margin on ~1,9-3,3 bn DKK gross sales. Taking the midpoint, Hartmann would earn (3,1 bn *4,5%)= 140 mn DKK which interprets right into a P/E of round 12,4x.

Traditionally, the corporate earned round 30% of Gross Margins ~10% EBIT margins and web margins between 4-7%, returns on capital additionally regarded slightly adequate. So in the event that they arrange to return to the ancient vary, the inventory would also be less expensive.

At the damaging facet, natural expansion may well be restricted they usually do have publicity to extra risky markets (e.g. LatAm).

General, I believe Hartmann might be a fascinating corporate regardless of the present issues, due to this fact I’ll put them on “watch”.

87. Astralis A/S

Astralis is a 17 mn EUR marketplace cap corporate this is energetic in Esports and owns 3 esports groups competing in Counter-Strike, League of Legends, and FIFA. The corporate was once IPOed in 2019 and taking a look on the proportion worth, doesn’t appear to take action neatly:


After dropping cash, each in 2020 and 2021, the corporate predicts no less than EBITDA smash even for 2022. My intestine feeling says that simply proudly owning an E-sports workforce is probably not the most efficient trade on the earth,. Possibly recreation builders are those that take advantage of cash. Subsequently I’ll “move”.

88. Re-Fit Retaining A/S

Re-Fit, with a marketplace cap of 27 mn EUR, is every other younger corporate with a slightly fascinating trade type in line with the inventory trade abstract: ” a global recycler of man-made turf fields and is dedicated to environmental sustainability. It supplies sports activities arenas and stadiums with the chance to put off worn-out artificial turf in a secure and environmentally pleasant manner.”  On the other hand, the inventory worth has halved since IPO. This would possibly need to do with the truth that gross sales don’t seem to be rising, however losses are expanding. “Go”.

89. FastPass Corp A/S

FastPass is a 5 mn EUR marketplace cap Tool corporate that appears to be round for a while with out a lot development, they don’t appear to have any gross sales. “Go”.

90. Glunz & Jensen Retaining A/S

Glunz & Jensen is a provider to the printing business with a 19 mn EUR marketplace cap. The corporate has been shrinking persistently over the last 10 years, however they controlled some turnaround in 2021. As I don’t like making an investment into sturdy headwinds, I’ll “move” right here as neatly.


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