Quick Updates: EVS Broadcast, Thermador, Eurokai and Sixt
The last few days are super busy with 8 (or more ?) of my companies reporting 2025 numbers. That’s why I do only the first 4 right now, the others (Jensen, SFS, Bois Sauvage and Italmobiliare) will follow soon.
EVS Broadcast 2025 preliminary results
EVS released preliminary numbers last Friday. At first sight, they were a little bit of a “mixed bag”. Revenue was up which is good for an “odd” year, EPS slightly down.
EVS explained that that they have invested into people to penetrate especially the US market. The second half of the year was really good, the first 6 months were weaker, mainly because of the “Tarif tantrum” from Uncle Donald.
The outlook for 2026 was quite good:
In the call, the CFO mentioned that for 2026 they don’t plan big additional investments into staff and that more M&A could be possible.
According to TIKR, analysts expect EPS of 3,36 for 2026. So far, the development is roughly within the initially expected case from 2024. Knowing EVS, there is also a good chance that they will revise 2026 numbers upwards during the year.
The 1,20 EUR dividend will compensate for waiting a little bit longer although Belgian withholding tax is not nice.
Thermador 2025 preliminary results
Thermador followed this week with 2025 results. As to be expected, sales were slightly negative y-oyy as construction and modernization is still weak in France:
What I find very surprising is how well the result kept up:
They managed to reduce working capital so they have a decent net cash position which should allow them again some M&A. And maybe, maybe the sector looks a little bit better in 2026. Analysts are quite positive. Thermador itself mentions a couple of Government programs which could be positive for them.
Thermador is a “hold” for me at the moment. Nothing to change here.
Eurokai preliminary results 20025
Eurokai also came out with an “Estimate” of the 2025 result. Typically for Eurokai, the result for 2025 will be significantly better than the revised estimates during the year.
They estimate now that 2025 Earnings will be above the 2024 earnings of 88 mn EUR (which included a 19 mn Non-cash positive one off).
Depending on what allocation the Golden share gets at Holdco level, this could result in an EPS of up to 6 EUR . Which means that despite the significant increase in the share price, Eurokai is still very cheap.
Investors should prepare once again for a very cautious outlook for 2026, although in my opinion, there are a lot of factors which indicate that 2026 could be once again better than 2025, even before any “juicy” one-off profits from partial sales to Container shippers.
The share price is now slowly approaching the historical ATHs from 2006/2007.
Eurokai is now by far my largest position but I leave that one untouched.
Sixt Preliminary results 2025
Sixt was the fourth company that week that released 2025 results. Although the results ended up to be a little bit below the forecast from Q3, it clearly seems that analysts have expected worse as Avis and Hertz both showed huge losses and declining revenues.
Sixt in contrast managed to grow also in the US:
And a significant increase in Profits:
What analysts seemed to have really liked was a quite optimistic outlook for 2026:
That seems to have surprised analysts and led to a “decoupling” of the share price from those of the weaker US competitors:
With a trailing P/E of 9 and a dividend yield of 5,8%, the pref shares are really “good value” in my opinion.
To be continued soon….
value and opportunity 
Honestly, I couldn’t disagree more with that take.
A big thank you to mmi for years of thoughtful writing and for openly sharing his thinking about investments. I’ve been following this blog since 2012 (I guess), and it’s still one of the greatest investment blogs out there in my opinion. The articles are well-researched, transparent about successes and mistakes. Just great work!
Not every idea will work for everyone, and that’s perfectly normal in investing. But dismissing years of high-quality analysis and discussion with insults toward readers really misses the point of what this blog has provided to the community.
So again — thanks for all the work, the insights, and the willingness to share your thought process over so many years. Many of us truly appreciate it and have learned a lot along the way.
Thanks a lot !!!
was of course the reply to SEVERINO from Dolomites down in the comments, just missed the reply button when I rewrote my initial reaction … anyway: thx for your work, am pretty sure I am not alone and there’s a lot of calm appreciation for it out there!
Thanks a lot for this Update!
The rise of Eurokai is not at all unexpected, as there has been a steady flow of positive news for Eurokai.
Sixt was at least well reported in Germany. Their rise, while Avis-Budget and Hertz did disappoint and Europcar is very calm due to problems is really impressive.
EVS sounds very interesting, it rises high in my watchlist.
Thermador is not that interesting for me anymore. I am not so happy with their switch from organic to anorganic growth.
As well your post reminded me to look for Jensen. Even while owning the share since some weeks I missed that they published their yearly result. As with EVS broadcast they kind of sail under the radar, their successes are easy to dismiss.
I don’t know if these numbers helps their share prise rising, but at least it helps them not sinking in war times.
I can sleep very well with these companies, knowing that their inner value steadily improves, as does their dividends.
Thank you for the information. EVS and Sixt are both good companies with favorable valuations. Can you explain why EVS has such a much higher weighting in your portfolio?
I do like Sixt a lot, but compared to EVS, Sixt has the more volatile and leveraged business model I might increase the Sixt position at some time if Momentum looks better.
The moment I ignored this blog, was when I started to make reasonable gains. Good luck to the stubborn losers following it !
Ignoring the blog and still commenting doesn’t sound like a coherent strategy. But pls feel free not to read the blog.