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
2
4
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 馃槄
2
2
Their core business is not power generation! I love companies that focus on their core. That is where they are at their best
1
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 :)

Oct 16, 2021 路 10:14 AM UTC

1
Replying to @EBE013 @jefke00
Yes but no synergies. By doing such diversification you build a conglom茅rat. Then you need to apply discount to instrinsic value. I鈥檇 rather have a company focused on 2-3 core markets that one extending in adjascent (even if more profitable) markets with no synergies.