Originally published on 4th of april 2023
ESGFIRE returns since 2018: + 1100 %
ESGFIRE returns year to date 2023: + 12 %
NASDAQ returns year to date 2023: + 20 %
Don’t forget to subscribe to our newsletter since that is our main point of contact with our readers.
Portfolio comment for March 2023
During March the portfolio has remained relatively stable with little changes. We have seen some downward movements in Biofrigas and other portfolio companies that we mainly relate to impatience from investors in anticipation of upcoming triggers. Vicinity Motors has also had a rough time due to dissapointingly low order deliveries in Q2, we hope to see the company make a strong comeback in Q3!
A rising star, Norditek has recently been a major contributor the positive development of the ESGFIRE portfolio and has delivered a wooping 165 % returns since our purchase. Another profitable portfolio company we hope to soon we bring similar returns in Gomero Group which is one of our latest additions.
Finally it should be said that we are bewildered by the valuation of Ekobot which is now currently valued at about $1 million USD if you deduct the current cash reserves of $2,6 million USD. This could also be a very exiting turnaround case for 2023.
The portfolio remains 100 % invested at this point. We have seen many former portfolio companies in pre revenue stage decrease in value by more than our own portfolio. The reasons vary however in this new market condition valuations and a well funded business have become increasingly more important than ever before.
Gladly on the makro front Inflations seems to finally be coming down which should provide a warm welcome from central banks around the world. In turn this definately is good for stocks which has seen major indexes have a great run lately.
Current ESGFIRE portfolio with Monthly performance for March 2023.
March performance: – 9 %
Absolicon were unfortunately only able to raise 43,4 million SEK out of a planned 120 million SEK. On the bright side however this means less dilution for existing shareholders and an increased sales focus for the company. Absolicon have responsibly began some restructuring to lower cash burn and planned less projects in conjunction to delivering the 2 production lines ordered last year by customers.
For 2023 we hope there will be a “ketchup effect”and a potential of 3-4 production lines being sold totalling $20-25 million USD in revenues. Absolicon have signed in total 21 framework agreements and totals a sales pipeline exceeding $120 million USD. One production line should produce one off revenues of 4-5 MUSD and recurrent revenue of 3-4 MUSD annually.
March performance: – 34 %
Biofrigas have had a rough march due to mainly macro related trends which have been negative for Biogas in the European Union. However we think this is an overreaction and have done some additional purchasing of shares. We hope to see a new government support act of Biogas in Sweden shortly which should be positive for the sales of the company. We are also positive that Biofrigas are entering the german market where there is a big need for their products.
March performance : – 13 %
Earthrenew has agreed to part ways with current CEO Keith Driver and have lowered guidance for 2022 from 27 million CAD to 17 million CAD. Although ofcourse extremely dissapointing short term we think this might prove a great buy opportunity for patient investors. To be fair we were extremely dissapointed to learn recently that Keith Driver had signed up as CEO for another ESG company raising funds namely Impact Carbon Capital. We think Keith was probably fired due to this reason and all we can say is good riddance since the CEO performance lately has not been stellar to be frank. We look forward to see what the new CEO Neil Wiens can do !
Vicinity Motor Corp
March performance: – 20 %
Vicinity Motors had a rough financial report for Q4 2022 due to supply chain issues. Looking forward the company still has an impressicve $150 million USD backlog and with a recent credit line of $30 million USD and finally having the new US facility in Ferndale open we hope 2023 will be a great comeback for Vicinity Motors!
March performance: + 40 %
Norditek has had a great start to 2023 with a wooping performance of 165 % returns. The company stock performance has exceeded our expectations. The company is currently trading at EV/EBIT X 11 for 2023 projections according to stock magazine Börsveckan which recently issued a purchase recommendation, still looking cheap in other words!
March performance: +- 0 %
Clean motion during march announced super interesting sales cooperation with one of Israels largest car dealerships. This small Swedish company has a hyper interesting last mile delivery vehicle. There are several peers valued at 10-20 X the market cap of Clean Motion. The company has begun taking orders for their new last mile delivery vehicle which has solar cells on the roof and charges itself! The company currently has capacity for 500 vehicles per year which implies 5-6 MUSD revenues per year however the plan is to scale this up to 5000 vehicles per year before the end of 2023 which equals roughly 50-60 MUSD per year. The company made an update recently that they expect production to begin in March 2023 in parallel with the work for European type approval the latter is expected to be finished in april 2023.
March performance: +- 0 %
This hydrogen and RNG mobility company is set for massive growth and is extremly undervalued with more than 100 % upside. We published a guest article in March at Börsvärlden which can be read here.
March Performance: +- 0 %
Gomero group had an acceptable Q4 and we are hoping to see atleast an organic growth of above 10 % for their Q1 report which is published on may 4th 2023. Our investment case is baed on a growth assumption is a year over year organic growth between 20-30 %.
March Performance: – 23 %
We were not surprised to see Ekobot share price drop a bit after their latest share issue which gave the company 26,8 million SEK. We are however a bit surprised to see the share price trade below the share issue of 2,50 SEK. We think the risk reward on current levels is attractive as the core business deducting cash at hand is valued at only 10 million SEK / $1 million USD.
We have a number of positions in unlisted companies which we anticipate will go public through initial public offerings within the next 6-18 months.
Evanesce packaging solutions
As a sustainable technology innovator,Evansesce is revolutionizing sustainable packaging with 100% compostable and affordable plant-based solutions.
ESGFIRE and those of our readers who invested in the company entered at a valuation of 30 MCAD implying a likely 12-24 X upside to our initial investment.. The company is likely going public in the third quarter of 2023 on one of the Canadian stock exchanges or NASDAQ.
The vision of Captico2 is to be the world leading in offering high impact Carbon Capture Utilisation and Storage technologies (CCUS). Captico2 can capture mineralize and transform carbon dioxide into a valuable and sellable commodity in less than 60 seconds. The company aims to pre-sell 10 full scale units in 2022 creating potential revenues of 160 million EUR. The company currently has a 500 million USD sales pipeline.
Captico2 is currently undergoing restructuring and IPO plans have been postponed for a few months.
OLA MEDIA is a network of interactive touch screens located exclusively in the backseat of Ubers. By leveraging innovative technologies and captivating spaces, they help brands create engaging experiences with a high value audience.
Ola Media is currently closing a capital round which implies a 400 % upside for our initial investment. The company is likely going public during the second quarter of 2022 at either Canadian exchanges or NASDAQ.
Alchemy is developing innovative nanocoating solutions to the challenges faced by many industries. Their coatings are designed to repel water, dirt, and ice while maintaining the high transparency, mechanical durability, and weatherability specifications for advanced sensor systems used in harsh environments. The company has a deal with the Canadian army and this may be further increased during this fall which could imply a 3-5 X valuation of our initial investment.
Most likely going public by Q3 -Q4 of 2022 .
The stock price development above was calculated by taking the opening price at the first day of the month and the closing price at the last day of the month.
We own shares of these companies personally.
Investing in stocks is combined with certain risks and it is possible to lose your entire investment. Our posts are made for Educational purposes only and are not to be interpreted as tips , financial advice or recommendations of any kind to either buy or sell any stocks.
Companies may or may not be paying us for content posted on this website