The European Deep Value Week – 2025/28
Buybacks, A Few Reports and Deals
Market: 5
Companies mentioned:
· Cofidur (ALCOF) - Completes share buybacks on XPAR between June 30 and July 4, 2025
· Herige (ALHRG) - Authorizes new 18-month share buyback program up to €18m
· Cogra (ALCOG) - Reports FY2024/25 revenue of €34.4m, down 12% in a transitional year
· Upergy (ALUPG) - Reports stable H1 2025 revenue, launches restructuring to restore margins in H2
· Polytec (PYT) - CCO Peter Bernscher steps down following external offer; CEO and CFO contracts extended
· InTiCa Systems (IS7) - Executive board change and AGM confirms all proposals amid strategic realignment
· Groupe JAJ (GJAJ) - Posts strong Q1 2025–2026 revenue growth of +42%, driven by SCHOTT and RIVIERAS brands
· Robit (ROBIT) - issues profit warning for 2025 – lowers net sales and EBIT outlook due to weak construction demand
· K-Fastigheter (KFAST) - Signs SEK 1.89bn property deal in Gothenburg area, secures SEK 592m in expected liquidity
· Metsä Board (METSB) - Issues profit warning – estimates €25m Q2 loss due to weak pulp demand and tariff uncertainty
· Corem Property Group (CORE) - Reports SEK –578m H1 loss – executes major asset disposals and capital measures & signs seven-year lease with Smartoptics in Kista, Stockholm
· Headlam Group (HEAD) - Perpetual Limited increases stake to 11.14%
· IG Design Group (IGR) - Secures £40m debt facility ahead of FY25 results
· CLS Holding (CLI) - CEO and CFO acquire shares through Share Incentive Plan
· MJ Gleeson (GLE) - FIL and BlackRock disclose new major holdings & Director share purchases under employee and personal schemes
“Graham’s Geiger counter”
Benjamin Graham suggested that one way to measure the valuation of the overall market was to assess the number of net-nets available. When many such opportunities exist, it indicates a cheap market overall, while their absence suggests that the market is expensive. Today’s net-nets, however, are not the same as Graham’s net-nets. Many are un-investable being Chinese RTO’s, loss-making biopharma’s etc. But we do think it is interesting to follow this number over time, and what percentage of total listed stocks qualify as a “naked” net-net without any type of quality adjustments to make them investable. Below is a net-net screen from Stockopedia.
Cofidur (ALCOF) - Completes share buybacks on XPAR between June 30 and July 4, 2025
FRA │ P/TB 0.42 │ URL
Between June 30 and July 4, 2025, COFIDUR SA repurchased a total of 33 of its own shares on the Euronext Paris (XPAR) exchange. The daily volumes ranged from 3 to 9 shares, at weighted average prices between €294.00 and €302.00.
Herige (ALHRG) - Authorizes new 18-month share buyback program up to €18m
FRA │ P/TB 0.57 │ URL
On July 7, 2025, HERIGE published the details of a new share buyback program authorized by the General Meeting held on May 23, 2025. As of June 30, 2025, the company held 144,832 treasury shares, representing 4.84% of its capital, primarily allocated for external growth operations (123,242 shares) and to cover equity-linked securities (18,838 shares). The new program allows HERIGE to repurchase up to 10% of its capital at a maximum price of €60 per share, at a total of €18m. The objectives include employee incentive plans, support for convertible instruments, future M&A activity, liquidity enhancement via a liquidity contract, and potential share cancellations. The program is valid until November 22, 2026.
Cogra (ALCOG) - Reports FY2024/25 revenue of €34.4m, down 12% in a transitional year
FRA │ P/TB 0.85 │ URL
On July 8, 2025, COGRA reported unaudited revenue of €34.4m for its fiscal year 2024/25 (ending June 30), representing a 12% decline compared to €39.0m the previous year. Q4 revenue came in at €4.1m (–11% YoY), impacted by policy uncertainty regarding energy transition subsidies and the delayed distribution of the 2025 energy voucher, which typically triggers early purchases. The company faced margin pressure due to falling pellet prices, despite growing sales volumes and stronger activity in pellet stove and boiler installations. COGRA describes the period as a transition year, aiming to return to historical profitability levels in FY2025/26.
Upergy (ALUPG) - Reports stable H1 2025 revenue, launches restructuring to restore margins in H2
FRA │ P/TB 0.81 │ URL
On July 8, 2025, UPERGY reported Q2 2025 revenue of €10.8m, nearly flat versus €10.9m in Q2 2024 (–1.3% YoY). H1 2025 revenue reached €22.9m, up 0.6% year-on-year, driven by a 1.7% increase in B2B sales, which now make up 90% of group revenue. B2C revenue declined 8.3%. Performance was mixed by geography, with slight growth in France, a small decline in the UK, and stable figures elsewhere. Due to continued pressure from supply chain delays and a weak macro environment, the group initiated a targeted reorganization in late Q2. Measures include divestment of six B2C stores (now franchised), relocation of UK production to Tunisia, and operational streamlining across regions. These steps are aimed at returning to operating profitability in H2 2025, with full effects expected in 2026. Full H1 results will be released on October 2, followed by Q3 sales on October 7.
Polytec (PYT) - CCO Peter Bernscher steps down following external offer; CEO and CFO contracts extended
AUT │ P/TB 0.37 │ URL
On July 7, 2025, POLYTEC Holding AG announced that Chief Commercial Officer Peter Bernscher has informed the supervisory board’s nomination committee of his decision to leave the company due to an attractive external opportunity. He stepped down from the management board with immediate effect. His responsibilities will be redistributed among the remaining board members, with no replacement planned at this time. Meanwhile, the contracts of CEO Markus Huemer and CFO Markus Mühlböck, originally set to expire at the end of 2026, have been extended early through 2029.
InTiCa Systems (IS7) - Executive board change and AGM confirms all proposals amid strategic realignment
DEU │ P/TB 0.76 │ URL
On July 7, 2025, InTiCa Systems SE announced that Bernhard Griesbeck resigned from the management board effective July 3, 2025. He had been responsible for sales, logistics, and quality management. Until a successor is appointed, his duties will be assumed by CEO Dr. Gregor Wasle and the broader management team. Two days later, on July 9, the company held its AGM, where all agenda items were approved by a large majority. Udo Zimmer and Christian Fürst were re-elected to the supervisory board, and Dr. Michael Hönig was newly appointed. Hönig, a lawyer and family office executive, will support the company’s ongoing transformation. The order backlog as of June 30, 2025, stood at €76.7m, down from €82.3m a year earlier. InTiCa highlighted growing traction for its redefined market strategy, including mobility and tailored solutions across defense, medical, and leisure sectors. The H1 2025 results will be published on August 8, 2025.
Groupe JAJ (GJAJ) - Posts strong Q1 2025–2026 revenue growth of +42%, driven by SCHOTT and RIVIERAS brands
FRA │ P/TB 0.78 │ URL
Groupe JAJ reported revenue of €5.08m for Q1 2025–2026 (April–June), marking a 41.7% increase versus €3.58m the previous year. Domestic sales rose 20.8% while exports more than doubled (+116%), driven by the spring–summer success of SCHOTT (+34% YoY) and RIVIERAS (+81% YoY). Notable growth was seen in the UK (+405%), Germany–Austria (+96%), and the US (+169% for RIVIERAS). SCHOTT leather jackets grew +110%, and all owned stores saw double-digit growth. E-commerce also expanded strongly: SCHOTT +17%, RIVIERAS +31%. The group continues to invest in its online platforms, franchise rollout, and international expansion (including a new RIVIERAS pop-up in New York).
Robit (ROBIT) - issues profit warning for 2025 – lowers net sales and EBIT outlook due to weak construction demand
FIN │ P/TB 0.66 │ URL
On July 10, 2025, Robit Plc issued a profit warning, revising down its full-year 2025 guidance. The company now expects net sales to decline compared to 2024 and EBIT (in euros) to remain flat or decrease. The downgrade is attributed to weaker-than-expected demand in the construction sector and adverse currency movements during H1 2025. Robit is taking further cost-cutting measures to protect long-term profitability. The prior guidance (from February 2025) had anticipated improved sales and earnings. The company still assumes solid demand from the mining sector and no major currency or tariff disruptions in H2 2025.
K-Fastigheter (KFAST) - Signs SEK 1.89bn property deal in Gothenburg area, secures SEK 592m in expected liquidity
SWE │ P/TB 0.71 │ URL
On July 13, 2025, K-Fast Holding AB announced that it has signed a binding agreement with an institutional investor regarding the divestment of a residential property portfolio in the Gothenburg area. The deal includes 681 apartments — 264 completed units to be handed over by September 30, 2025, and 417 units under construction to be transferred in phases through Q2 2027. The transaction values the portfolio at SEK 1,888m, with an estimated net book value of SEK 1,856m and a net value (after deferred tax) of SEK 1,839m. K-Fastigheter expects a total liquidity contribution of SEK 592m: SEK 198m in 2025, SEK 104m in 2026, and SEK 290m in 2027. A joint venture will be formed with K-Fastigheter retaining a 40% stake, aiming to expand future property fund activities. The proceeds will be used to strengthen the balance sheet and enable new construction starts.
Metsä Board (METSB) - Issues profit warning – estimates €25m Q2 loss due to weak pulp demand and tariff uncertainty
FIN │ P/TB 0.65 │ URL
On July 7, 2025, Metsä Board announced that its comparable operating result for Q2 2025 is expected to be around –€25m, a sharp drop from the €23m profit recorded in Q1. The downturn is mainly driven by weak market pulp demand in Europe and China, and customer uncertainty linked to U.S. import tariffs. As a result, the company has scaled back paperboard production more than originally planned. Delivery volumes for paperboard also declined slightly versus Q1. Metsä Board will publish its full H1 2025 report on July 31, 2025.
Corem Property Group (CORE) - Reports SEK –578m H1 loss – executes major asset disposals and capital measures & signs seven-year lease with Smartoptics in Kista, Stockholm
In its January–June 2025 interim report, Corem Property Group reported a net loss of –578 msek (vs. 6 msek profit in H1 2024), mainly driven by property revaluation losses (–761 msek) and a negative earnings impact from the sale of its Klövern stake (–238 msek). Revenues declined to 1,792 msek (1,882), and the operating surplus was 1,166 msek (1,223). Net letting in Q2 was +10 msek, while H1 net letting was negative (–27 msek). The company sold or agreed to sell properties worth nearly 3.5 bnsek during H1, including its exit from Örebro and parts of its U.S. portfolio. A directed issue of 192 million B-shares raised 939 msek to strengthen the balance sheet and support repayment of a 1.1 bnsek hybrid bond. NAV per A and B share fell to 13.44 kr (15.97). CEO Rutger Arnhult highlights improved rental activity and strategic focus as positive signs in a still uncertain macro environment.
Corem Property Group has signed a seven-year lease with Smartoptics, a provider of optical networking solutions, for approximately 4,100 sq.m. in the Helgafjäll 2 property on Torshamnsgatan in Kista, Stockholm. The agreement marks a relocation and expansion for Smartoptics, adding around 1,800 sq.m. to its premises. The new space will be tailored to support the company's operations, including offices, labs, warehousing, and training facilities. A technical upgrade of the building will also be carried out to enhance energy efficiency and sustainability. Occupancy is planned for Q2 2026.
Headlam Group (HEAD) - Perpetual Limited increases stake to 11.14%
UK │ P/TB 0.41 │ URL
On July 14, 2025, Headlam Group plc announced that Perpetual Limited, based in Sydney, Australia, had increased its shareholding in the company to 11.14% of voting rights, equivalent to 9,007,692 shares. The threshold was crossed on July 11, 2025. This marks a rise from the previously reported level of 10.93%. Additionally, Perpetual holds a small number of lent shares corresponding to 0.054% of voting rights. The ultimate ownership is attributed through Pendal Group Limited and J O Hambro Capital Management, both of which report the same holding level.
IG Design Group (IGR) - Secures £40m debt facility ahead of FY25 results
UK │ P/TB 0.34 │ URL
IG Design Group has secured a new three-year £40m debt facility from HSBC and NatWest, replacing its previous overdraft and lending lines. The financing is structured as a Recourse Receivables Finance Facility with an initial margin of 1.75% over SONIA, EURIBOR, or SOFR, offering simpler and better-value terms compared to the outgoing facility. The Group states the new arrangement provides ample liquidity for its UK and Netherlands operations. Full-year results for FY2025 will be released on 29 July, accompanied by investor and analyst presentations.
CLS Holding (CLI) - CEO and CFO acquire shares through Share Incentive Plan
UK │ P/TB 0.35 │ URL
CLS Holdings announced that on 8 July 2025, CEO Fredrik Widlund and CFO Andrew Kirkman each acquired 217 ordinary shares under the company’s Share Incentive Plan (SIP), with an additional 217 matching shares awarded at no cost. The shares were purchased at 69.2 pence per share. Following this transaction, Widlund and Kirkman now hold 19,284 and 16,206 shares within the SIP, respectively.
MJ Gleeson (GLE) - FIL and BlackRock disclose new major holdings & Director share purchases under employee and personal schemes
UK │ P/TB 0.73 │ URL
MJ Gleeson PLC has received updated TR-1 notifications of major shareholdings. FIL Limited crossed the 5% threshold on 7 July 2025, disclosing a 5.02% holding corresponding to 2,931,156 voting rights, all held indirectly. Separately, BlackRock reported a marginal decrease in ownership, crossing below its prior 5.12% position to a 5.04% combined holding on 3 July 2025, including 4.92% in direct voting rights and 0.12% via financial instruments.
MJ Gleeson Plc announced several Director and PDMR share purchases in early July 2025. On 7 July, CEO Graham Prothero, CFO Stefan Allanson, and Company Secretary Leanne Johnson each acquired 54 shares at £3.67 per share through the HMRC-approved Employee Share Ownership Scheme. On 9 July, Non-Executive Director Nicola Bruce purchased 2,721 shares at £3.699998 per share on the open market, increasing her total holding to 6,835 shares, equivalent to 0.0117% of the issued share capital.
The writer may own shares of the companies mentioned. This communication is for informational purposes only. AI helped us with this. Check important info.