Category Archives: All Danish Shares

Broedr. Hartmann (ISIN DK0010256197): A truly Egg-citing Special situation ?

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Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!

  1. Introduction
  2. “Catalyst”: Lowball bid from Majority shareholder
  3. Delisting in Denmark – what I found so far
  4. Majority Shareholder Thornico
  5. What is Thornico’s ultimate goal ?
  6. Scenario Analysis, Risks & Summary
  1. Introduction

Broeder. Hartmann (not to mistake with Paul Hartmann AG) is a company I looked at during my All Danish Shares series in last July. I think it would be fair to call it a “hidden champion”. Their business model is focused almost 100% on egg packaging which as such is already something I like a lot. Their main product looks like this (only the box, not the content):

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All Danish Shares Part 17 – Nr. 161-175

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All good things come to an end and these are the remaining 15 randomly selected Danish companies. This time, two of the 15 made it onto the preliminary watch list. Before moving on to the next country, I will need to condense the Watchlist to my “Top 10” watch list names for Denmark which I will do in a separate post. Let’s go:

161. Valuer Holdings

Valuer is a 4 mn EUR market cap, 2021 Vintage IPO that does something with AI and has lost more than 90% of its value since IPO. “Pass”.

162. MapsPeople

MapsPeople is again a 2021 Vintage IPO with a market cap of 33 mn EUR. The company has been doing better than other 2021 Tech IPOs, losing only -50% vs. the IPO price. Nevertheless the company is burning money and only has limited runway. “Pass”.

163. Vestjysk Bank

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All Danish part 16 – Nr. 151-160

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And on we go relentlessly. Another 10 randomly selected Danish stocks, with only 16 more to go. This time, 3 of them made it onto the preliminary watch list. Enjoy !!

151. Nordea

Nordea is a 36 bn EUR market cap “full service” bank and asset manager active in the Nordics. As many other Scandinavian financial institutions, Nordea is doing quite well compared to its European peers, managing ROEs of around 7-11% over the past 10 years.

The longer term share price development is nevertheless quite disappointing, showing little to no value creation:

Nordea

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All Danish Shares part 15 – Nr. 141-150

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What is the best way to relax after a crazy day at the stock market ? Exactly, looking at 10 randomly selected stocks from Denmark. This time, two candidates made it onto the watch list. Enjoy !

141. SKAKO

Skako is a 22 mn EUR market cap company that is manufacturing machinery for the cement and construction industry. The company is not expensive (P/E of 11), has Ok returns on capital and OK margins. However, the company seems to stagnate since more than 10 years and the coming construction downturn will clearly not help their business. “Pass”.

142. United Int. Enterprises

UIE is a 844 mn market cap company that holds several minority stakes, the largest being a palm oil and coconut plantation in Malaysia (a listed company named United Plantations) plus a stake in a Swedish company called Schörling. The company is headquartered in Malta.

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Royal Unibrew (ISIN DK0060634707) – A High Quality Beverage Compounder at a reasonable price ?

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Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!!

The company:

Royal Unibrew logo

Royal Unibrew is a Danish Beverage company that I “discovered” during my journey through all Danish shares some weeks ago (too expensive back then but “watch”). I had also seen them some months ago in the Profitlich&Schmidlin portfolio.

The company is mostly active in Scandinavia and the Baltics where they have offerings in all areas (including a contribution agreement with Pepsi), whereas in some countries (France, Germany, Italy), they are running a focused niche strategy. Despite the name, Beer is only around 35% of their offerings (as of 2021), the other 65% are mostly non-alcoholic drinks from soft drinks to water and energy drinks.

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All Danish Shares part 14 – Nr. 131-140

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A new week, a new batch of 10 randomly selected Danish shares. This time two shares made it onto the preliminary “watch” list. I also need to think about which country i will invade look at next.

131. NTR Holding

NTR seems to be a defunct shell with a market cap of 1,5 mn EUR. “Pass”.

132. Orsted

Orsted is a 32,5 bn EUR market cap energy that has already been part of the V&O portfolio. Orsted, which used to be called Dong Energy is a unique story: it is the first Oil and Gas company that divested more or less completely from oil and gas and focuses only on renewable energy.

Orsted is a Pioneer in renewables and is both, developing an running renewables projects with a focus on offshore wind on a global basis. Looking at the stock chart, we can see that the stock had a good run until 2021 but is since then drifting lower:

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All Danish Shares Part 12 – Nr. 111-120

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And on we go with our journey through the danish share universe. This time we have one very strong candidate that already made it into the V&O portfolio recently. Enjoy !!!

111. Boozt AB

Boozt AB is a “Nordic technology company selling fashion, apparel, and beauty online”, currently valued at 342 mn EUR. The chart shows that,as other E-Commerce players, times are tough for E-Commerce:

Boozt chart

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All Danish Shares part 11 – Nr. 101-110

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In volatile times like these, I actually enjoy from time to time to take a “stoic” brake and work through a list of companies. In order to reach my target of finishing Denmark this year, I also need to hurry up a little bit (still more than 70 stocks to go…). Please find another 10 randomly selected Danish stock with one new candidate to “watch”.

101. EAC Invest

EAC Invest is actually a stock I had looked at almost exactly 9 years ago when the company was called “East Asiatic Company”. Back then, their main business was a meat business in Venezuela and a Autralian focused relocation company for miners. Looking at the share price development, it was a good decision to move on despite back then the stock looked ultra cheap:

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All Danish Shares part 10 – Nr. 91-100

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And on we go after a short Summer Break with 10 more, randomly selected Danish stocks. This time, only one stock managed it onto the watch list. Only 79 more stocks to go to “finish off” Denmark from here. Enjoy !!

91. Erria 

Erria is a tiny, 9 mn EUR market cap offshore and shipping service company. They do have some business and made a very small profit in 2021. Nevertheless, this one seem to be too small to bother. “Pass”.

92. DSV A/S

DSV is a 38,3 bn EUR market cap ” transport and logistics company, offering transport services worldwide by road, air, sea, and train, with the bulk of its activities coming from its European trucking network and airfreight and sea freight forwarding businesses. ” One can actually see a lot of DSV trucks on German high- and freeways.

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