[HAMP] Hampiðjan: Where Maritime Meets Moore's Law
An Icelandic company's bid to transform fishing gear into high-margin technical systems faces its biggest test
Origins
Ask anyone in business, and they'll tell you the Great Depression wasn't exactly prime time for launching a new venture — unless, apparently, you were in Iceland in 1934.
While the rest of the world was retreating into economic shells, thirteen individuals in Reykjavík saw something different: not just crisis, but opportunity. The problem? Iceland's fishing fleet couldn't get the gear it needed to stay afloat. For a maritime nation, this was more of an existential threat and less of an inconvenience.
Enter Hampiðjan, born from necessity but built for innovation. The company's mission was deceptively simple: manufacture fishing gear locally. (And by fishing gear, we're not talking about rods and reels — think massive nets, industrial-strength ropes, and the kind of equipment that keeps commercial fishing fleets operating).
The mastermind behind this venture was Guðmundur S. Guðmundsson, an engineer who understood that solving Iceland's fishing crisis would take more than just technical know-how. His first brilliant move? Assembling a founding team that looked more like a maritime dream team. 13 co-founders in total! Engineers who could build the machinery. Skippers who knew exactly what the fleet needed. Merchants who could make the numbers work. This was the blueprint for Hampiðjan's future approach to innovation.
Within just one year — yes, during the Depression — they'd completely replaced imports in the Icelandic market. It was resounding proof that local expertise could solve global-scale problems. This belief would become core to Hampiðjan's identity.
The founding team's approach set a pattern that still defines Hampiðjan today: solve complex engineering problems with direct input from end users. Think of it as early-stage user testing, except your test users had their life savings riding on your success. This combination of technical innovation and practical knowledge became Hampiðjan's secret weapon.
1964 marked a pivotal moment in the company's history. When synthetic materials revolutionized the industry, Hampiðjan faced a critical decision point: adapt or die. While others saw obsolescence, Hampiðjan chose complete reinvention, launching an innovation-focused strategy that would define its future, reimagining what was possible in maritime technology.
The synthetic revolution became a catalyst for something even bigger. When the local market proved too small, they didn't retreat; they went global. Hampiðjan pioneered a unique approach to international expansion, systematically acquiring net lofts across different markets and building a global presence gradually but deliberately. Each crisis became a launching pad for innovation.
The strategy paid off spectacularly, particularly in recent years. From 2013 to 2024, the company experienced explosive growth, expanding sixfold in just eleven years. Major acquisitions, including the landmark Mørenot deal, transformed Hampiðjan into a true global leader. The company's 2023 public listing marked the culmination of this growth strategy, while staying true to its innovative roots.
From those desperate days of the Depression to today's operation spanning 21 countries with 2,000 employees, one thing hasn't changed: Hampiðjan's DNA of turning technical challenges into market opportunities. Some corporate cultures are built in boardrooms; this one was forged in the crucible of necessity.
How do they make money
Hampiðjan makes money by manufacturing and selling fishing gear and aquaculture equipment.
The revenue streams are more nuanced than that, of course. At its core, they sell fishing nets, industrial ropes, and equipment to commercial fishing fleets and fish farms. But they also maintain a network of service stations, supply specialized technical ropes to offshore industries, and develop custom solutions for specific maritime challenges. In 2023, this translated to €322 million in revenue — two-thirds from their traditional business and one-third from their newly acquired Mørenot division.
But that's still just scratching the surface. What Hampiðjan really does is solve complex maritime engineering problems, and they've built a remarkably sophisticated business model around this core competency. Think of it as a pyramid: at the base, they manufacture the fundamental components of commercial fishing. But that's just the foundation for something far more interesting.
The company operates across four distinct layers, each with its own economics.
The base layer is commodity manufacturing — basic nets and ropes — which contributes about 40% of revenue but only 2-3% margins. Above this sits their technical products division, where specialized items like their Gloria trawls (think of them as the Ferrari of fishing nets) command premium prices and 11-12% margins.
The third layer consists of solutions and specialties, bringing in roughly 20% of revenue at 15-18% margins. Take their recent acquisition of FiiZK Protection, whose salmon lice skirts (protective barriers that prevent parasites from reaching farmed salmon — yes, that's a real problem worth solving) dominate the Norwegian market with an 80% share.
Finally, their service network — 15 stations across the North Atlantic — provides about 10% of revenue with stable margins. This might seem like a small slice, but it's crucial for customer retention and recurring revenue.
This layered approach is supported by a clever geographic strategy. Their Lithuanian operation, one of Europe's most advanced rope factories, handles sophisticated technical products. Meanwhile, they're shifting commodity production to India through their recent Kohinoor acquisition, where manufacturing costs are a fraction of European levels.
This could be interpreted as just seeking out cheap labour. Yet, is that all there is to it? By controlling the entire value chain "from plastic pellets to the most advanced trawls," as they put it, they capture margin at every step. When raw material arrives at their Indian facility, it's worth X. When it leaves as basic rope, it's worth 3X. When that rope becomes part of a specialized fishing system from their Lithuanian facility, it's worth 10X.
What makes this model particularly potent is how it creates multiple revenue capture points. When a fishing fleet needs new gear, Hampiðjan is the place to go — they supply everything from commodity ropes (low margin but high volume) to sophisticated trawl systems (high margin), plus ongoing maintenance and technical support through their service stations.
By creating a sophisticated form of customer lock-in, this approach not only generates immediate sales but also secures long-term revenue streams, moving beyond simple cross-selling. Their recent expansion into aquaculture through Mørenot (€115 million in additional revenue) follows the same playbook — start with essential equipment, add technical innovation (like those lice skirts), and wrap it all in a service envelope that makes them indispensable to their customers.
Even as they push boundaries with expansion, the company's financial health is evident in its 27% gross margins and EBITDA margins surpassing 12%, ensuring consistent profitability. Their newest ventures — like FiiZK Protection with its 18% EBITDA margins — show how technical leadership translates into financial performance. It's a far cry from simply selling fishing nets.
Numbers
Revenue €322M, EBITDA margin 12.5%, net debt/EBITDA 2.73x, and market cap €582M — these are the headline numbers for Hampiðjan in 2023. Let's unpack what they mean and why they matter.
Revenue jumped 66% to €322M in 2023, up from €194M in 2022. Strip out the Mørenot acquisition we discussed earlier, and organic growth sits at 6%. While the fishing equipment industry typically grows with GDP, Hampiðjan's growth outpaces this through technical product expansion and market share gains.
EBITDA hit €40.2M, delivering a 12.5% margin. For every €100 in sales, they keep €12.50 in operating profit. This metric matters particularly in manufacturing because it strips out the noise of depreciation on their substantial fixed assets (€170M in property, plant, and equipment) and focuses on cash-generating ability.
The segment revenues seem pretty stable over time (chart is before inter-segment eliminations1).
The margins though reveal their value chain positioning. Traditional fishing gear operations earn 11-12% margins, while their new FiiZK Protection unit commands 18%. The spread isn't surprising — commodity ropes might sell for €3-4 per kilo, but specialized fishing systems can command €50-100 per kilo. Technical innovation drives margin expansion.
Their balance sheet carries €168M in interest-bearing debt, with a net debt/EBITDA ratio of 2.73x. Interest coverage (EBITDA/interest expense) has declined to 3.11x from 7.23x in 2022, reflecting both higher debt loads and rising interest rates. The debt funds their expansion but requires monitoring, especially with rates where they are.
Working capital demands are substantial. €126M in inventory (151 days) might seem excessive until you consider the consequences of stockouts — a fishing fleet stuck in port can lose €100K+ per day. The finished goods heavy mix (93.8%) reflects the need to maintain every possible configuration their customers might need.
Currency exposure reflects their market presence. Debt denomination splits between EUR (53.3%), NOK (34.8%), and DKK (5.3%). This roughly matches their revenue mix, providing a natural hedge. But with major operations now in India, expect this mix to evolve.
Capital allocation shows disciplined M&A. They're paying 10.86x EBITDA for Kohinoor versus their own 17.2x trading multiple. Each deal has a clear strategic rationale: Mørenot for market consolidation, FiiZK for technical leadership (80% market share in lice skirts), and Kohinoor for cost advantage (labour costs "a fraction" of European levels).
Operational efficiency remains solid. Revenue per employee of €165,433 compares favourably to industrial manufacturing peers. More impressively, this has held steady through acquisitions that added 1,700+ employees across multiple geographies and wage scales.
The cash conversion cycle improvement to 160 days (from 200) came despite supply chain disruptions that pushed many manufacturers to hold more inventory. This suggests better working capital management, particularly in receivables which dropped to 48 days from 58.
Return on equity (ROE) at 5.6% (down from historical 10%+) reflects their investment phase. With €168M recently deployed capital still ramping up and integration synergies pending, this metric bears watching over the next 24-36 months as acquisitions mature.
A 40.8% dividend payout ratio, combined with 16.1% five-year revenue CAGR, positions them for sustained reinvestment. Their Lithuanian facility expansion (from 4,000m² to 10,000m²) and new 20,000m² Indian project demonstrate where this capital is going.
People
Let's talk about the people who own, run, and work for Hampiðjan. Because behind all those nets, ropes, and technical innovations, this is fundamentally a human story.
Start with ownership. On paper, Hampiðjan is a public company listed on the Nasdaq Iceland exchange. The company's shares are split equally between controlled and publicly traded portions. The largest shareholder, holding 36.6%, is Hvalur hf — a unique piece of Iceland's industrial history. Founded in 1947 as a whaling company, Hvalur evolved into one of Iceland's most influential investment companies, with stakes in major Icelandic corporations. Various Icelandic pension funds collectively own another 25%. This ownership structure gives Hampiðjan remarkable stability; these shareholders measure success in the very long-term, providing the patient capital needed for long-term technical innovation while maintaining the transparency and capital access of a public listing.
The leadership story reveals similar depth. CEO Hjörtur Erlendsson has been with the company for 39 years — a tenure almost unheard of in today's corporate world (some CEOs collect golden parachutes - this one apparently collects silver anniversaries). Before taking the helm in 2014, he ran their Baltic operations, literally building their Lithuanian manufacturing hub from the ground up. When he talks about fiber-optic cables in fishing nets (yes, that's a thing), he speaks from direct experience, having personally guided this technology's development over 25 years.
This brings us to perhaps the most interesting part: the workforce. Here’s a firm, headquartered in Iceland, where only one in twenty employees is based in the country. The majority — about 750 people — work in Lithuania, where they operate what they call "one of the most technically advanced rope factories in the world." Add another 700 workers in India through their recent Kohinoor acquisition, and a clear strategy emerges: technical expertise flourishes in high-wage countries while volume manufacturing thrives where costs run lower.
The company's acquisition philosophy centres on preserving local expertise. The Kohinoor deal illustrates this perfectly: the founding family maintains a 24.9% stake and will stay involved for at least eight years. Their reasoning resonates with practical wisdom: local management understands their staff intimately and knows how to navigate local infrastructure and community relationships.
Their customers shape everything about the company. These are commercial fishing fleets where a single day of downtime can cost €100,000+, and fish farming operations where a failed net could mean losing millions in inventory. When a customer's entire business relies on your product performing flawlessly, the relationship transcends typical vendor dynamics.
Their network of 15 service stations across the North Atlantic serves as relationship hubs, dwarfing competitors who typically maintain just five such stations. This triple-sized presence reflects a deep understanding: proximity to customers drives survival in this business.
Innovation at Hampiðjan springs from hands-on experience. Best example is Guðmundur Gunnarsson, who spent 50 years on their development team, earning recognition as the "Godfather of the Gloria" for pioneering their most successful trawl design. Upon receiving Iceland's Order of the Falcon (the country's highest honour), his words captured the company's essence:
This was where I quickly found that I had opportunities to be innovative in developing, testing and improving fishing gears as part of Hampiðjan's production team.
This highlights something fundamental about Hampiðjan's culture: their engineers work alongside the users of their equipment. Product development happens through direct collaboration with skippers, crews, and owners. And that leads us to their moat.
Competition & the Moat(?)
Imagine you're a commercial fishing fleet owner. Your vessels cost millions, your crew demands salaries whether they catch fish or not, and every day in port means lost revenue. When you need new fishing gear, do you experiment with unknown suppliers? Or stick with proven equipment that keeps your fleet profitable? Because nothing says 'career-limiting move' quite like testing cheap experimental nets on your €20 million vessel.
This reality shapes competition in the fishing gear industry. On paper, it looks simple: companies making nets and ropes competing on price and quality. But that drastically oversimplifies a fascinating competitive landscape.
Start with the local specialists. Every fishing region has them — companies that know their waters, understand local fishing methods, and maintain close relationships with nearby fleets. They're formidable in their home markets but rarely expand beyond them. Think of them as highly specialized boutiques: excellent at what they do but limited in scope.
Then you have the global industrial players, companies like Bridon-Bekaert, who excel at mass-producing technical ropes but lack fishing industry specifics. They might make excellent crane cables, but ask them about the optimal mesh size for catching North Atlantic cod, and you'll get blank stares.
The aquaculture specialists form a third group, focused exclusively on fish farming equipment. AKVA Group leads this pack, but they're primarily concerned with fish pens and feeding systems, not the full spectrum of maritime equipment.
This brings us to what makes Hampiðjan unique — and reveals their first real moat.
While competitors typically focus on either manufacturing or service, Hampiðjan built what they call a "technical innovation cycle." Their engineers actually spend time on fishing vessels, seeing how their equipment performs in real conditions. When a North Atlantic storm reveals a weakness in a net design, that information flows directly back to their Lithuanian factory. They went beyond simple customer service; they established a feedback loop that continuously widens their technical lead.
Their second moat emerges from geography. Remember those 15 service stations? That's 3x of their nearest competitor - their words, not mine. In the fishing industry, proximity equals survival. When a damaged net means losing tens of thousands per day in potential catch, having a service station nearby becomes priceless. Each station creates what amounts to a local mini-monopoly, protected by the simple physics of distance and time. This is as 'Amazon Prime delivery' as it gets, in this sector.
The third moat is more subtle but possibly their strongest: switching costs. Once a fishing fleet standardizes on Hampiðjan equipment, changing suppliers becomes remarkably difficult. It's not just about buying new nets; it's about retraining crews, adapting maintenance schedules, and risking compatibility issues between components. The cost of switching often exceeds any potential savings from cheaper alternatives.
Their vertical integration, stretching from "plastic pellets to the most advanced trawls," reinforces these moats. When you control the entire value chain, you can innovate at every step. A minor improvement in fiber composition at their Indian facility cascades into better performance in their finished products. Competitors who source components from multiple suppliers can't match this level of coordination.
This is where their acquisition strategy reveals its brilliance. Each major deal — Mørenot for market consolidation, FiiZK for technical leadership in aquaculture, Kohinoor for manufacturing efficiency — strengthens their existing moats while building new ones. The 80% market share in salmon lice skirts didn't happen by accident.
But moats require maintenance. Technical leads erode without constant innovation. Service networks need continuous investment. Customer relationships demand constant attention. Hampiðjan's recent moves — shifting commodity production to India while expanding technical capabilities in Lithuania, investing in new service stations while developing next-generation products — suggest they understand this deeply.
What they've built isn't impregnable, but it is formidable. A competitor would need to simultaneously match their technical capabilities, replicate their service network density, and overcome established customer relationships. The capital requirements alone would be daunting; the time required to build equivalent expertise, nearly prohibitive.
Mr. Market
The market's view of Hampiðjan, told through its stock price, reads like a story in three acts.
The first chapter, running through 2020-2021, was about operational excellence. The stock climbed from 51 ISK to over 100 ISK (€0.35 to €0.68), with the P/E multiple expanding from 19.7x to 25.4x. The market rewarded consistent execution and organic growth, steadily re-rating the company's valuation multiples to reflect improving operational efficiency.
The second chapter began in November 2022 with the Mørenot acquisition announcement. The stock surged toward 150 ISK (€1.02), and the P/E multiple expanded dramatically to 52x. The market priced in a transformational growth story, with Mørenot doubling the company's size. Revenue indeed doubled to €322.1M in 2023, but margins compressed during integration, setting up the third act.
Today's story, reflected in the current price of 113 ISK (€0.77), implying a market capitalization of €481.0M and enterprise value of €625.9M, is about execution. While the valuation remains elevated at 15.7x EV/EBITDA (compared to 12.2x in 2020), the multiple compression from peak levels signals shifting expectations. February 2025's Kohinoor acquisition announcement received a notably measured response, suggesting Mr. Market wants proof of execution before assigning additional growth premium.
This isn't a case of lost confidence - the current valuation still prices in significant growth potential. Rather, it's about time frames. Management consistently communicated a 5-year integration plan for Mørenot, but the market's initial enthusiasm for rapid synergies has given way to a more patient stance. With EBITDA margins at 10.6% versus a target of >14%, and working capital demands increasing, Mr. Market is saying: "Show me the execution."
The concentrated ownership structure, with only 50.02% free float and significant holdings by Hvalur hf (37.23%) and pension funds (~25%), suggests a stable, long-term oriented investor base tolerant of the current integration phase. The current valuation prices in both the potential of recent acquisitions and the execution risk inherent in realizing that potential.
Bear Thesis
The bear case for Hampiðjan centres on a critical question: Is this well-run company attempting too much, too fast? While the business model and competitive moats we've explored remain impressive, mounting evidence suggests serious execution risks ahead.
Pay attention to the transformation timeline. Barely halfway through their five-year Mørenot integration — where margins remain stubbornly low at 1% — management has launched two more major initiatives. August 2024 brought the FiiZK acquisition. February 2025 added Kohinoor and a bold production shift to India. Meanwhile, they're building new facilities in Scotland and Denmark. Rather than simple growth, they're undertaking a complete rethinking of their operational strategy, even as their main business encounters major difficulties.
A review of the figures presents a disquieting account. Third quarter 2024 net income collapsed 73% year-over-year to €842K. Interest coverage ratios have deteriorated from a healthy 5.38x in 2022 to a concerning 1.43x in Q3 2024. With €174M in debt, this trend becomes particularly worrying in our current rate environment. Basically, their debt coverage looks about as stable as a rowboat in a hurricane - technically floating, but you wouldn't want to be on board.
Their strategic pivot creates its own risks. Moving high-volume production to India might reduce costs, but it also introduces new operational complexity for a company whose competitive advantage has always been technical leadership and customer proximity. Can they maintain their legendary quality standards and innovation pace while managing production across three continents?
Market conditions exacerbate these challenges. Norwegian fishing quotas face a brutal 45% reduction over 2024-2025. Brexit continues disrupting their Irish operations. Russian competition pressures their Greenland market. The absence of capelin fishing in Iceland impacts their home market. These headwinds strike precisely when management attention is stretched thinnest.
Then there's the governance complexity. Reflect on the arrangement of their subsidiaries: 35% minority interest in Swan Net Gundry, 20% in Cosmos Trawl, various other minority stakes, plus new partnerships in India. Coordinating strategic shifts across this network while maintaining their technical edge and service quality seems like a herculean task.
The valuation offers no margin of safety. At 52x earnings and 17.2x EV/EBITDA (versus peer median of 12.5x), the market still prices them for flawless execution. This premium seems difficult to justify given mounting execution risks and compressed margins.
Perhaps most concerning is the strategic contradiction at play. Their competitive moats, which we explored earlier, rely heavily on technical leadership and intimate customer relationships. Yet their current transformation demands attention and resources be diverted to geographic expansion and operational restructuring. This raises a fundamental question: Can they maintain their core excellence while pursuing such ambitious expansion?
The ingredients for a classic transformation failure are all present: ambitious management, multiple simultaneous initiatives, rising debt, compressed margins, and challenging market conditions. While Hampiðjan's historical execution has been impressive, even the strongest companies can stumble under the weight of too many concurrent changes.
Bull Thesis
Ok, think for a second a world where catching fish requires sophisticated machinery, technical expertise, and an intimate understanding of both maritime engineering and marine biology. Welcome to Hampiðjan's playground.
The bull case here isn't about fishing nets – it's about how a small Icelandic company built a system for turning technical problems into market dominance, and is now scaling that system globally. I’m looking at it as an innovation factory that happens to make fishing equipment.
Let's start with what they've already proven they can do. Take their Gloria trawl system: Yes, it’s a better net. But crucially, they created an entirely new way of deep-sea fishing that became an industry standard. Or consider their fiber-optic equipped nets – they turned fishing gear into a data collection platform. Each time, they solved a technical problem and turned the solution into a market-leading position.
I am more interested in the strategy though. Through their recent acquisitions, they're not simply buying revenue streams – they're acquiring new platforms to replicate this innovation-to-dominance cycle. And they're doing it with remarkable capital discipline: They paid 10.86x EBITDA for Kohinoor versus their own 17.2x trading multiple. That's the kind of math value investors dream about. And I know there’s lots of you reading this.
But the real magic is in their evolving manufacturing strategy. They're building what amounts to a barbell model: commodity production in low-cost India, technical innovation in specialized Lithuania, and customer service everywhere it matters. When your Indian facility can make basic rope at a fraction of European costs, but your Lithuanian operation can turn that same rope into sophisticated fishing systems commanding premium prices, interesting things happen to margins. Ray Dalio would approve.
FiiZK Protection's 18% EBITDA margins show what happens when you dominate a technical niche. In this case, keeping sea lice away from farmed salmon – a bigger problem than you might think. Who knew salmon pest control could be so profitable? It's the ultimate pescatarian protection racket.
Their service network, 3 times larger than their nearest competitor's, creates what amounts to a series of local monopolies. Each service station becomes a toll booth on the maritime highway.
Yes, there are integration challenges. Yes, margins are temporarily compressed. That said, their core system for turning technical innovation into market leadership remains intact. They're just running it on a much bigger playing field.
Look at the aquaculture opportunity alone. With wild catch quotas tightening globally (Norwegian quotas are being cut 45% over two years), fish farming is becoming more technically complex and more competitive. When you already dominate key technical niches (like those lice protection systems) and have a manufacturing footprint spanning three continents, you're positioned to shape that competition.
In essence, you're betting on a proven system for creating technical moats, now operating at global scale with structural cost advantages. The current valuation (52x earnings, 17.2x EV/EBITDA) might seem rich, but it's pricing in execution risk while potentially missing the implications of their expanded platform.
It's like they've built a machine that turns technical problems into market dominance, and they just upgraded it from local to global scale. The temporary noise in the numbers? That might just be the sound of gears shifting up.
So what do we make of all this?
Hampiðjan presents a unique investment case that doesn't fit neatly into traditional value or growth frameworks. The core thesis rests on their ability to scale technical moats globally while maintaining the intimate customer relationships that built them. Think ASML in fishing gear - a technical platform disguised as an industrial manufacturer.
This isn't for traditional value investors - the multiples are too rich and the transformation risks too high. It's not for pure growth investors either - the business is too industrial and the margins too compressed. Instead, this is for investors who understand how technical advantages compound at scale and are willing to weather near-term volatility for long-term moat building.
The next 12-24 months will likely be volatile. Margin compression, integration challenges, and debt service costs will dominate headlines. The key metrics to watch aren't just financial - pay attention to new product development cycles and customer retention in acquired businesses. Those will tell you if the technical edge is maintaining during transformation.
The best case scenario requires several dominoes to fall perfectly: Integration synergies materialize early, the India-Lithuania manufacturing barbell creates sustainable cost advantages, and most crucially, their technical innovation accelerates with scale. Watch new product development cycles and technical product margins - they'll tell you if this thesis is playing out.
The base case looks messier but more probable: Integration proceeds gradually, margins remain under pressure, but their technical edge holds. Here, working capital efficiency and debt service coverage become key metrics. The company maintains its advantages but at a higher operational cost - a classic scaling challenge.
The worst case emerges if management bandwidth exhausts before integration completes. Customer churn rates and technical talent retention would be your canaries in this coal mine. Though even here, their established market position and customer relationships provide some floor to the downside.
Here's something to ponder: Most investors are debating whether Hampiðjan can execute their expansion. But maybe that's the wrong question. Perhaps what we should be asking is: In a world where fishing fleets face tightening quotas and increasing technical complexity, can they afford not to have a scaled-up Hampiðjan? What do you think?
LEGAL DISCLAIMER AND DISCLOSURE
© 2025 Silba. All rights reserved.
This analysis is for informational purposes only. The content represents the views and opinions of the author, based on publicly available information. While we strive for accuracy, we make no representations or warranties regarding the completeness or accuracy of the information presented.
This analysis is not investment advice. It is not a recommendation to buy, sell, or hold any security. The author may hold positions in securities mentioned. Future performance of any investment discussed cannot be guaranteed.
All financial figures, unless otherwise noted, are approximations based on publicly available information. Readers should verify all claims, statistics, and analytical processes independently. The information contained herein is not intended to be a complete analysis of any security, company, or industry mentioned.
Market conditions change. Past performance is not indicative of future results. Investments mentioned may not be suitable for all investors. Readers should conduct their own due diligence and consult with professional financial, legal, and tax advisors before making any investment decisions.
By accessing this analysis, you agree that neither Silba nor its affiliates bear any responsibility for investment decisions you make based on this information.
Q1 2024: €11.3M eliminations
H1 2024: €25.1M total eliminations
Q3 2024: mentions €39.3M eliminations for first 9 months