30.04.2020
Das „Durchforsten“ der Bestände innerhalb der von uns für Sie investierten Anlagefonds, haben wir die „Stef S.A.“, ein französisches Logistikunternehmen mit Fokus auf den Transport von temperaturempfindlichen Produkten gefunden:
Fakt 1: hier gilt „big is beautiful“, das notwendige Netzwerk an Kühllagerhäusern verursacht hohe Fixkosten und der Anbieter, der hohe Volumina bewegt, hat die beste Auslastung, die höchsten Margen;
Fakt 2: das Geschäft ist ziemlich lokal geprägt, eine Vielzahl von Herstellern (Danone, Nestlé, Tropicana, Unilever, also die „Consumer Staples“) trifft auf sehr viele Abnehmer (insbesondere Supermärkte, Großhandel, Restaurants);
Fakt 3: in Frankreich (Markt > 5,5 Mrd. Euro, 400 Wettbewerber) ist Stef mit > 40% Marktanteil der „Platzhirsch“, deckt das komplette Land ab, liefert 25% selbst, 15% sind an kleinere Transportfirmen ausgelagert;
Fakt 4: Nettoverschuldung ca. 520 Mio., Vermögensgegenstände 1 Mrd. (davon 80% Immobilien) – Abschreibung ca. 110 Mio., Ersatzinvestitionen 75 Mio., freier Cash-Flow ca. 130 Mio., bei einem Aktienkurs von 100 Euro liegt die „Free-Cash-Flow Rendite bei 10%; ca. ein Drittel des Jahresüberschusses wird an die Aktionäre ausgeschüttet;
Fakt 5: über die letzten 10 Jahre stieg der Buchwert je Aktie um 12% p.a., die Dividende um 12% p.a., die Marge (EBITDA) von 6% auf 8,5%, der Umsatz von 1 Mrd. auf 3 Mrd. Euro;
Fakt 6: 56% der Aktien liegen beim Management, weitere 16% bei den Mitarbeitern, die restlichen 28% sind frei handelbar (Free-Float);
Fakt 7: Aktienkurs im Hoch bei 120 Euro (2017) war aufgrund des zwar stetigen, aber auch eher langsamen Wachstums etwas teuer = Abbau der Position, aktuell um 70 Euro das Stück = Wieder-Aufbau der Position;
Fakt 8: die Expansion in Richtung Italien (Markt 4,5 Mrd., Stef aktuell die Nr. 2), Spanien, Portugal, Belgien wird aus einer starken Position heraus vorangetrieben;
Wir mögen hier einerseits das Geschäftsmodell (Stichwort: „System-relevant“) und den Umgang der Fondsmanager mit der Position im Angesicht der Kursentwicklung der vergangenen Jahre. Ja, Risiken gibt es auch, schließlich sind auch in Frankreich/Italien usw. die Restaurants geschlossen, eine negative Umsatzentwicklung führt sicher zu einem Gewinnrückgang (vgl.: 2009, Volumen – 2%, Gewinn – 12%); der aktuelle Aktienkurs spiegelt diese Risiken, die Börse geht davon aus, dass das so bleibt – wir nicht, wir glauben, dass die Welt sich „weiterdrehen“ wird, die Gesellschaft spätestens im Herbst wieder auf den „normalen“ Wachstumspfad zurückkehrt (…);
Herzliche Grüße aus dem Kölner Süden
Ihr Werte Invest Team
Disclaimer Ausarbeitungen / Blogbeiträge
Werte Invest - 16:51 @ Aus der Investmentecke | 118 Kommentare
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