Sharesunderten observes that financial markets appear to be slowly adjusting to the war in the Middle East. While geopolitical shocks often lead to sharp market declines initially, investors tend to adapt to the new reality over time. This became visible again on the British stock market last week. The FTSE 100 fell by about 0.8%, a significantly smaller move than the nearly 5% drop seen a week earlier. In the United States, sentiment also remained cautiously negative. The S&P 500 lost 0.6% on Friday, while the Nasdaq declined 0.9% and the Dow Jones closed 0.3% lower. The energy market remains at the center of attention. The price of a barrel of WTI crude oil climbed back toward $99 on Friday, partly due to the ongoing blockade of the Strait of Hormuz. On a weekly basis, oil prices rose by more than 8%. This shipping lane is one of the most important chokepoints in global oil trade, and any disruption there almost immediately translates into higher energy prices. The United States temporarily decided to ease oil sanctions on Russia to prevent a potential shortage in the oil market, although analysts expect this move to have only a limited impact on the available supply. Meanwhile, recent U.S. macroeconomic data paint a mixed picture of the economy. Economic growth in the fourth quarter was revised downward to 0.7%, roughly half of the previously reported 1.4%. At the same time, core inflation in January edged up slightly from 3.0% to 3.1%. U.S. consumer income and spending both increased by 0.4% month-over-month, while durable goods orders remained unchanged. The upcoming trading week promises to be busy on the macroeconomic front. In the United States, investors will be closely watching producer price data and the Federal Reserve meeting, including new economic projections and comments from Chairman Jerome Powell. However, a significant part of the attention is shifting toward the United Kingdom. A series of economic releases there could provide more clarity on the future direction of British interest rate policy. Wednesday begins with labor market data, including the Claimant Count Change. Later in the week, markets will focus on the Bank of England’s interest rate decision, the vote within the Monetary Policy Committee, and the official policy statement. For investors, the key question is whether the Bank of England sees room to lower interest rates later this year. British inflation remains relatively persistent and still sits well above the central bank’s 2% target. At the same time, there are signs that the economy is cooling, forcing the central bank to strike a difficult balance between combating inflation and maintaining economic stability. Of course, Sharesunderten stocks tend to be less affected by economic disappointments, but positive surprises can act as a powerful catalyst for low-priced stocks. Our focus is precisely on those companies whose share prices appear undervalued. Below is an overview of key developments among the stocks in the Sharesunderten portfolio. ME Group ME Group was originally expected to release its annual results by March 13, but the company has postponed the publication to March 23. This situation is somewhat unusual, because trading in the stock remains suspended until the results are released. For investors, that can understandably feel uncomfortable. However, at this stage we see no reason to immediately assume the worst. Delays in reporting results occur more often than many people think. In many cases, they are related to finalizing the audit process or conducting additional checks before the results are officially confirmed. Often this is primarily an administrative matter rather than a signal that something is fundamentally wrong with the business. Most importantly, the underlying story of ME Group has not changed. In recent years, the company has demonstrated a robust business model with stable cash flows and a strong position in its niche markets. That fundamental strength does not disappear simply because of a short delay in reporting results. Sharesunderten therefore looks forward with interest to March 23, when we will not only see the financial results themselves but also hear management’s commentary and updated expectations for the coming year. Until then, all we can do is wait patiently.   Envipco Envipco released its annual results last week, and they were honestly somewhat disappointing. Revenue fell by 27% in the fourth quarter to €23.8 million, and margins also came under pressure. Because of the lower sales volume, factories operated below capacity, which further weighed on margins. Ultimately, the quarter ended with an operating loss of €1.0 million and a net loss of €2.1 million. The full-year picture for 2025 was also weaker. Revenue came in at €90.4 million, representing a 21% decline compared with the previous year. The net loss widened to €10.8 million. CEO Simon Bolton therefore described the quarter as weak and emphasized that 2025 should primarily be seen as a transition year. However, this does little to change the broader investment case for the company. Across Europe, more and more countries are introducing deposit-return systems for plastic bottles and cans. Envipco directly benefits from this development, because supermarkets and collection points require the company’s machines and systems to operate these programs. New contracts from countries including Poland and Portugal show that this market continues to expand. For us, Envipco therefore remains a story of patience. Quarterly results can fluctuate significantly, but the structural growth of deposit systems across Europe clearly works in the company’s favor. Meanwhile, our position is already up around 7%. We therefore remain patient and continue to monitor the stock closely. Sunny Optical Sunny Optical is expected to attract renewed attention in the coming weeks. The company has announced that its board will meet on March 30 to approve the final results for 2025 and decide on the dividend. Investors will then receive a full picture of the company’s performance over the past year. Ahead of this meeting, the company already issued a profit alert. Sunny Optical expects net profit for 2025 to increase by roughly 70% to 75%, reaching approximately RMB 4.6 to 4.7