Tessenderlo $TESB $TESB.BR has NOT been granted a permit to build their new gas-fired power station. There were 2 steps after filing their proposal: 1. Get selected for subsidies, but only if 2. They would get the environmental permit
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To be a bit provocative: not necessarily a bad news. I believe they can better allocate their K on their existing BUs + the market might overreact and give us opportunity to buy some more at a greater discount 😅
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Replying to @BourseRaph @jefke00
Their core business is not power generation! I love companies that focus on their core. That is where they are at their best

8:31 AM · Oct 16, 2021

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Replying to @BourseRaph @jefke00
Not the core business BUT it's the business where the margin % is the higher in TESS business (20% ebit margin) ... L.Tack is a great capital allocator and the T.Power1 project was a proof. Using the cash at a 20% ebit margin is better than using it in the industry sector :)
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Yes but no synergies. By doing such diversification you build a conglomérat. Then you need to apply discount to instrinsic value. I’d rather have a company focused on 2-3 core markets that one extending in adjascent (even if more profitable) markets with no synergies.
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