Nothing on here is investment advice. Do your own due dilligence.
Datalab reported solid half-year results. Unfortunately, they only grew the top line with profits staying roughly the same year-over-year. Their explanation is temporary additional R&D investments that are supposed to normalize after 2024. No news regarding the potential sale and delisting of the business.
Petrotal finally paid back their bond and are now debt-free paving the way for sigificant capital returns to shareholders. I admit I expected a little bit more than the 10% buyback and roughly 13% dividend yield (as of announcement). There might be room for positive surprises a couple of quarters down the road.
Opera has been developing really well and seems to be gaining popularity on Fintwit since Fairlight Capital announced that they are invested.
Lumine shares, the newest Constellation Software spin-off, have started to trade.
Neurosoft reported consolidated revenue growth in 2022 to € 23,01 million (€15,76 million in 2021), gross profit to €5,29 million (€3,52 million in 2021), EBITDA to € 2,89 million (€ 2,35 million in 2021), EBIT to € 1,58 million (€ 0,80 million in 2021), net profit to € 1,28 million (€ 0,90 million in 2021), net debt to € (2,88) million (€(0,45) million in 2021). All in all solid numbers. Management expects to continue to significantly grow the business in 2023. Current market cap is € 17,65 million.
I slightly trimmed my position in WeCommerce (soon to be “Tiny”). With these proceeds and the NZME dividend, I doubled my position in SUTL Enterprise. SUTL is a Singapore-based marina operator. They recently reported wonderful FY2022 results and are now trading at a 6.26x PE. However, they also have roughly their entire market cap in net cash. In May, they will return some of this cash via a 9% dividend based on current prices.
RCS MediaGroup, is asking the AGM to authorise share buybacks. This is very nice to hear, although I expect the actual amount of shares they can buy back to be little given the very low freefloat / trading volume.
My other media holding, NZME, paid out a sweet dividend.
Current portfolio overview (in order of size):
Sygnity SA
WeCommerce (soon to be “Tiny”)
RCS MediaGroup
Neurosoft Software Production
NZME
Petrotal
Datalab Tehnologije
Opera
Mediqon Group
RCI Hospitality
Onlineformapro
SUTL Enterprise
APi Group
Radcom
Constellation Software (incl. spin-offs Topicus.com & Lumine Group)
PSI Software
Zoomd
4Mass
Glencore