Hi Multis
Chapters Group (MDCKF) published its 2025 annual report several weeks ago, and this is the first time I get to walk you through its earnings since the stock became a pick.
As a European company, Chapters Group does not report the way American companies do. There is no quarterly call with a Q&A where eight analysts ask about the next twelve months.
Chapters Group reports a half-year and a full year, under German HGB accounting. The original report is partly in German and the Shareholder Meeting, which will be held in July, is completely in German, as that’s the rule in Germany.
I will be attending the Capital Markets Day and the Shareholder Meeting again next week, just like I did last year. Oh, and if you wonder, yes, there is simultaneous translation from German to English at the Shareholder Meeting, and the Capital Markets Day is fully in English. My German is also good enough to understand what management says on the Shareholder Meeting.
The preliminary figures were already released in March, so the annual report is the detailed version. The stock is up about 11% since I made it a Potential Multibaggers pick. Not great, but I’m in this for the long term. Maybe even more worrying for some Multis, there is no P/E, because the company reported a loss. How come? Let’s find out.
