Tag Archives: Vetropack

Quick updates: Sol SpA, AS Creation, Vetropack

Sol SpA

Sol came out with a “preliminary annual” already end of March. The numbers were not really surprising.

Sales were up 4.9%, EBITDA was up +1.4%, however net result was down -6.8%. I find this surprisingly good especially considering the tough environment for the mostly Italien based industrial gas business.

Most interesting is this part of the statement:

In comparison to 2011, the sales increased slightly in Italy (+0.2%) but much more abroad (+10.8%), which represents 46.8% of the total turnover. The home-care business, in which the Group operates through VIVISOL, marked a growth of 10.9% (sales equal to € 264.9 ml), while the technical gases business increased of 1.3% (sales equal to € 344.9 ml).

I think this is also the reason why the share price is doing quite well at the moment, despite the overall EPS decrease.

AS Creation

Also last week, AS Creation came out with its annual report for 2012. Numbers were ok (EPS 2.67 EUR per share against 1.69 EUR last year. Dividend will be increased to 1.20 EUR.

This is all quite positive, however the shares are now not cheap anymore. With a trailing P/E of 16 and the German economy running on full steam, there seems to be quite a lot of positive expectations for the Russian JV priced in.

AS Creation is one of the stocks where I have to check in more detail if there is still a real “margin of safety” at this level. (Edit: Interestingly, in Bloomberg they show a wrong EPS number for 2012. Here the EPS is 3.22 EUR, this makes the stock look cheaper)

The stock price has great momentum and is on its way to challenge the ATH from 2007 at around 50 EUR:


Last but not least, Vetropack came out with their 2012 report some days ago. Although EPS wass up strongly at 197 CHF per share, operating profit was down. The reason for this was a sale of non used real estate. Vetropack invested significantly more in 2012 than 2011, the question will be if this results in more growth.

In 2012, positive developements in some countires were off set mainly through negative developements in Switzerland and high energy costs.

I still like Vetropack as a very boring, extremely defensive (indirect) consumer play, again one has to monitor if the capital is allocated efficiently. At the moment a solid “hold” position.

The stock price is stagnating clearly, also compared for instance vs. Italian competitor Zignano:

Vetropack is trading at a discount (EV/EBITDA) both to Zignano and Vidrala, the 2 European peers which, in my opnion should be theother way round.

Schweizer Franken Hedge – Update

Am 12 Juli habe ich ja das Schweizer Franken Exposure bei ca. 1,15 CHF/EUR gehedged. Heute früh ging es in der Spitze bis auf 1,08 CHF/EUR rauf, aktuell bei ca. 1.10. Das ist ein Anstieg von ca. 4,5% bzw. -4,5% Performance für die Hedgeposition.

Im gleichen Zeitraum haben sich die Basiswerte (in Franken) wie folgt entwickelt:

Pargesa (-10,9%)
Nestle (-4,81%)
Vetropack (-12,2%)

Bei Vetropack gab es anscheinend Probleme mit einer Charge Bierflaschen die evtl. einen Teil der schlechten Performance erklären könnten.

Durch den Hedge gibt es jetzt kurzfristig natürlich einen “Double Hit”.

Im gleichen Zeitraum (12.07-03.08.) haben sich DAX und SMI wie folgt entwickelt:

– SMI -7.59 % (in CHF)
– DAX -6.18 % (in EUR)
– SMI -1,99 % (in EUR)

D.h. im betrachteten Zeitraum hat sich der SMI fast genau um die Wechselkursbewegung adjustiert besser entwickelt als der DAX. Auf Indexebene schlägt also die Frankenbewegung zumindest kurzfristig auf die Europerformance durch, es gibt keinen “natürlichen” Hedge.

Zwischenfazit: Auch wenn das Timing (wie üblich) nicht besonders gut war, scheint es doch kurzfristig Sinn zu machen, Aktien in einer überbewerteten Währung erstmal zu hedgen, auch wenn beim Einzeltitel das erstmal nicht immer funktioniert.

Ansonsten gibt es jede Menge interessanter Kommentare dazu. Schweizer Einzelhändler will man momentan sicher nicht sein. Die Schweizer Nationalbank hat heute früh mal den Markt erschreckt, allzu lang hat der Effekt aber nicht angehalten (siehe oben).

Fazit: Auch wenn der Markt wohl erst noch die Parität sehen will, lasse ich den Hedge erstmal bestehen.