BLS Capital

Coloplast

Faithful readers of “Our companies” will remember Coloplast, which has been one of our companies since our beginning in 2008. Back then, a new management team was charged with realising the company’s potential, and they certainly succeeded. However, this company from Humlebæk in Denmark is still growing at impressive speeds, and it is constantly focused on improving both the top and bottom lines.

Coloplast is the discrete helper in everyday life around the world. As one of the world’s leading companies in its well-consolidated markets, this company from Humlebæk, Denmark is

DSV

DSV has come a long way since 11 haulage carriers in 1976 joined forces and created a cooperation of hauliers – which abbreviates to DSV in Danish. Following the acquisition of the Swiss company Panalpina, DSV has become one of the world’s four largest freight forwarders, but the journey is far from over. The potential inherent in the acquisition of Panalpina remains to be exploited, but we are absolutely confident that a company with so many talented managers and employees will create the value that has been promised.

In many ways, the story of DSV is a unique tale of growth,

Ringkjøbing Landbobank

Ringkjøbing Landbobank demonstrates how a focused growth strategy and rigid cost discipline can result in high profitability, even when the banking sector remains under pressure. Numbers do not lie, and Landbobank still stands out among all the banks in Europe with its successful business. Two of the fundamental components of the well-run bank are a niche strategy and a centralized approach to credit that operates under no more than one paper sheet policy when assessing credits.

The Danish and European banking sectors are under pressure from a low-interest rate environment, in which

S&P Global

Despite many years of great results, S&P Global continues to find new pockets of growth and add to their already extremely high earnings. And best of all? There are no indications that this great success can’t continue.

S&P Global generates revenue of around 6.5 billion US dollars annually, with impressive operating margins of almost 50 percent. This impressive value creation is a result of the company’s unique market position, where the company’s divisions hold dominant market shares on what are practically oligopoly markets.

When we are talking about benchmarks

Carlsberg

Carlsberg has gone through nothing short of an impressive development over the past 4-5 years, with the new management successfully trimming and streamlining the company to prime it for growth – the organic kind. Today’s Carlsberg is a profitable company with robust market leading positions in several markets where the potential remains high. Success in China is the key to at tractive growth rates.

While the Carlsberg story started with a brewery in Denmark, it is in Asia – particularly China – that we find the growth driver for the Danish brewery these days.

Carlsberg

SimCorp

After an exceptionally strong order intake in 2018, revenue growth was strong throughout 2019. SimCorp is helping set the technological standard in the industry, and by increasing its investments in development, management is doing what it takes to maintain the pole position. SimCorp is a global market leader operating in a long-term interesting industry. We are very familiar with the clients, as their core product is portfolio management systems for asset managers, among others.

However, SimCorp’s clients go beyond asset managers. In fact, the company’s focus is increasingly aimed

InterContinental Hotels Group

A significant change in strategy 15 years ago has resulted in a very unique business model that we are very enthusiastic about. Really, it represents the very essence of the “Asset Light models” that we are always fans of, and at IHG, the return on invested capital is sky-high. On top of that, the top management team is constantly developing the business and setting forth new ambitious targets, so the best days are certainly still ahead.

If one succeeds in creating higher earnings and free cash flows without it requiring capital investments, there is a strong foundation for a value-

Novo Nordisk

This Danish world leader from Bagsværd is an incredibly strong company – measured by almost every conceivable parameter. From the majority owner to the executive management, financially and not least, in terms of product portfolio, Novo Nordisk is extremely well-equipped to succeed in the coming decades. We see a great unrealised potential that the company seems ready to fulfil.

The number of diabetics and overweight people are rapidly growing all over the world. While Novo Nordisk started selling insulin in 1923 and the vast majority of the company’s focus during its lifetime has

Tryg

When an insurance company is well run, it can lead to extremely good results. Tryg is taking strategic steps to preserve and optimise the value creation in Denmark while the part of the business selling industrial insurance products is being downscaled at a slow and steady pace. It is particularly in Norway that the company is pulling back a bit. This pleases us as decreasing the company’s exposure to industrial insurance will result in less tied-up capital and more stability, profitability, and value creation. The expert commercial execution and increased focus on data should result in a bright

Estée Lauder

One of the most beautiful companies in our portfolio. Estée Lauder is ready to seize the future growth opportunities, which are ripe for the taking. The New York based company is growing at impressive growth rates in the East, and we are happy to be along for the journey.

One of the world’s largest cosmetics companies, Estée Lauder Companies (Estée Lauder), is found in the heart of New York. The group has more than 25 brands within the beauty category and these are sold across 150 countries. The group’s four billion-dollar brands, Estée Lauder, Clinique, M•A•C and La Mer,

Expeditors

We have always been quite fond of freight forwarders – and Expeditors is one of the best. The business model, stability and predictability resonate with our investment philosophy, and in addition, the company has an incentive programme with some mechanisms and requirements that are very rare to find. The CEO has to own shares in the company amounting to 60 years’ worth of salaries – so it is fair to say that this makes the top management team’s interests coincide with the interests of shareholders.

Expeditors International of Washington – or simply Expeditors – has been

Mastercard

The strong underlying trend of more and more people around the world choosing to pay for products and services with a payment card rather than with cash is just one of several reasons for us continuing to be satisfied and expectant Mastercard shareholders. The company is part of a de facto duopoly which dominates the market and has a visionary management team constantly searching for new sources of revenue. Our hearts swell with joy as co-owners every time we see a cardholder using a Mastercard.

We take it for granted that we do not need cash when we shop in supermarkets or online in