SES Imagotag ::UPDATE:: TRIM

SES Imagotag was up 62% in 2022. We have trimmed SES Imagotag as the margin of safety has decreased and the percentage it constitutes of our portfolio has reached above-healthy levels. SES saw an inflection in demand for their offerings as inflationary worries caused retailers to lean more heavily into electronic shelf labels as a means to increase productivity and profitability. To summarize some events of note in 2022:

   – SES is on track to have revenues of greater than €600mm in 2022-a growth rate of 45%.

   – SES signed a nationwide deal with Walmart; it marks an inflection in social proof of SES’s offering

   – SES is expanding its plant operations to Vietnam and Mexico to diversify operations from China

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Past performance is not necessarily indicative of future results. All investments carry significant risk and all investment decisions of an individual remain the specific responsibility of that individual. There is no guarantee that our research, analysis, and forward-looking price targets will result in profits or that they will not result in a full loss or losses. All investors are advised to fully understand all risks associated with any kind of investing they choose to do.