As was announced on Monday evening, the healthcare group Fresenius $FRE (-0.15%) intends to reduce its stake in the dialysis subsidiary Fresenius Medical Care $FME (+0.58%) (FMC) in the dialysis subsidiary. Fresenius currently still holds around 32.2 percent. In future, the stake is to be reduced to 25 percent plus one share.

Fresenius announced that it intends to sell approximately 10.5 million shares in Fresenius Medical Care by way of an accelerated bookbuilding process. This corresponds to approximately 3.6 percent of FMC's issued share capital. Fresenius describes the transaction as a further strategic milestone on the way to a more focused and stronger company. A strengthened balance sheet and further deleveraging will increase strategic flexibility and improve the financial profile.

Analysts have recently been positive about Fresenius shares. The US bank JPMorgan praised the company's continued good progress. It has raised its target price for Fresenius from 41.90 euros to 56.90 euros.

Source: Der Aktionär

Good news from the German healthcare industry! Fresenius $FRE (-0.15%) reported adjusted operating profit above market expectations in the fourth quarter. The strong performance of the Kabi and Helios segments contributed to this.

The results show that the company achieved an EBIT (earnings before interest and taxes) of 646 million euros (approx. USD 678 million), which is above the analysts' estimate of 634 million euros. This is a positive signal for investors and underlines the stability of the company.

For 2025, Fresenius expects organic sales growth of 4 % to 6 % before exceptional items and EBIT growth in constant currencies of between 3 % and 7 %. The company also plans to propose a dividend of EUR 1 per share for the 2024 financial year.

The results are also a good sign for the former dialysis division, Fresenius Medical Care, which also exceeded market expectations on Tuesday. An exciting year ahead! 👍

Hello everyone, after passing the 200k mark in my overall portfolio a good two months ago, my pure equity/ETF portfolio has now done the same. The driver is by far $PLTR. (+3.47%) Some problem children should of course not be missing in such a portfolio $P911 (+1.02%)
$NKE (+0.61%) . Both should still need a little time for the turnaround.

I will sell in the near future $FRE (-0.15%) to further reduce the DE share. Otherwise, the ETFs will continue to be fed with a savings plan in order to reach the target of > 60% ETF share.

As always, feedback is welcome

Interview with Clemens Fuest - Germany on the brink? Ifo President finds: "Elon Musk is talking nonsense"

The German economy is stagnating and economic output is not rising above the 2019 level. That is the bitter outcome of a lost half-decade, as Clemens Fuest, President of the Ifo Institute, makes clear in an interview with the FAZ.

"We have real problems," says Fuest, adding that it is not just external circumstances that are weighing on Germany's economy, but also home-grown problems. In this tense economic environment, Fuest voices fierce criticism of Elon Muskthe CEO of Tesla. Musk, known for his sometimes controversial statements and visions, hatte zuletzt Vorschläge gemacht which Fuest describes as "gross nonsense". These proposals relate in particular to Musk's ideas on the industry of the future.

"Germany is not on the brink"

Musk has repeatedly emphasized that Germany must fundamentally change its industrial policy in order to remain competitive. Fuest replied: "Germany is not on the brink, wie er behauptet . Our country is stuck in stagnation, that's something completely different."

Fuest emphasizes in the interview that German economic policy should aim to further promote its strengths. "Depending on the count, there are between 1,000 and 1,500 companies in Germany that are world market leaders in a niche. No other country has this in this form. And that leads to the export strength that continues to characterize Germany."

The Ifo Director calls for political decision-makers in Germany and Europe to rethink and adapt their strategies. "The approach of relying heavily on subsidies to transform the economy" was wrong, he emphasizes. The "traffic light coalition has also failed to find an answer to the decline in investment in companies and housing construction".

"Depending on the count, there are between 1,000 and 1,500 companies in Germany that are world market leaders in a niche. No other country has this in this form. And that leads to the export strength that continues to characterize Germany."

My dears, which world market leaders can you think of here? And which German niche companies are you counting on?

$SIE (-1.47%)
$MUM (-1.15%)
$SAP (-1.76%)
$AIXA (-2.06%)
$ADS (-0.42%)
$RR. (-1.2%)
$FRE (-0.15%)

Interview mit Clemens Fuest - Deutschland am Abgrund? Ifo-Präsident findet: „Elon Musk redet groben Unfug“

Dax dividends fall

In 2025, the 40 DAX companies will be paying out seven percent less than last year, according to a forecast by Handelsblatt. Car manufacturer shareholders will be hit particularly hard.

Many DAX shareholders will have to adjust to lower dividends for the current financial year: According to a forecast by Handelsblatt, the 40 Dax-listed companies will pay out a combined €48.5 billion next spring. That would be seven percent less than in the previous year.

At the same time, 22 companies are likely to further increase their payouts and eight will reduce their dividends. But overall, there will be a decline for the first time since the outbreak of the pandemic. This is mainly due to the car manufacturers, where the dividend total is likely to fall by almost 35% to around ten billion euros. This is due to falling profits at VW $VOW (+0.81%) , BMW $BMW (-2.58%) and Mercedes $MBG (-1.56%) due to poor sales figures in Europe and especially in the former boom country China.

In contrast, the sporting goods manufacturer Adidas $ADS (-0.42%) , the Deutsche Telekom
$DTE (+3.04%) and the arms manufacturer Rheinmetall $RHM (-6.84%) are increasing their dividends particularly sharply. This also applies to Deutsche Bank
$DBK (-0.85%) and Commerzbank $CBK (+2.62%) and the insurers Allianz $ALV (+0.07%) , Munich Re
$MUV2 (+0.23%) and Hannover Re
$HNR1 (+0.98%) . The healthcare group Fresenius $FRE (-0.15%) has not distributed anything for 2023, but is now planning a dividend again.

Commerzbank analyst Andreas Hürkamp sees a rotation: "In 2011, the automotive sector replaced utilities as the sector with the highest dividends. Now it is becoming apparent that after 14 years, insurers will be the new number one dividend payers in the DAX."

Handelsblatt

Analyst updates, 21.11.

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- BERNSTEIN RAISES TARGET FOR NVIDIA TO USD 175 (155) - 'OUTPERFORM' $NVDA (+0.22%)

- JPMORGAN RAISES TARGET FOR NVIDIA TO 170 (155) USD - 'OVERWEIGHT' $NVDA (+0.22%)

- EVERCORE ISI RAISES TARGET FOR NVIDIA TO 190 (189) USD - 'OUTPERFORM' $NVDA (+0.22%)

- JEFFERIES RAISES TARGET FOR SIXT STEMS TO EUR 110 (100) - 'BUY' $SIX2 (+1.63%)

- DEUTSCHE BANK RESEARCH RAISES RHEINMETALL TO 'BUY' (HOLD) - TARGET 700 (550) EUR $RHM (-6.84%)

- BARCLAYS RAISES TARGET FOR FRESENIUS SE TO EUR 40 (38) - 'OVERWEIGHT' $FRE (-0.15%)

- WARBURG RESEARCH raises the target price for ALSTRIA OFFICE from EUR 3.40 to EUR 7.10. Hold. $AOX (-1.07%)

- BERNSTEIN raises the price target for ESSILORLUXOTTICA from EUR 194 to EUR 200. Market-Perform. $EL (+2.83%)

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- DEUTSCHE BANK RESEARCH lowers the price target for NESTLE from CHF 87 to CHF 85. Hold. $NESN (+2.69%)

- DEUTSCHE BANK RESEARCH lowers the price target for MEDIOS from EUR 23 to EUR 18. Buy. $ILM1 (+1.68%)

- ODDO BHF lowers the price target for GRENKE from EUR 27.30 to EUR 18.30. Neutral. $GLJ (-0.71%)

- BERNSTEIN lowers the price target for KERING from EUR 260 to EUR 220. Market Perform. $KER (-2.94%)

- BERNSTEIN lowers the price target for LVMH from EUR 795 to EUR 700. Outperform. $MC (-2.24%)

- BERNSTEIN lowers the price target for VESTAS from DKK 250 to DKK 215. Outperform. $VWS (-1.79%)

- JEFFERIES lowers the price target for SMA SOLAR from EUR 19 to EUR 14. Hold. $S92 (-0.63%)

- JEFFERIES lowers the price target for VERBIO from EUR 27 to EUR 22. Buy. $VBK (+1.1%)

- JEFFERIES lowers the price target for PVA TEPLA from EUR 14.50 to EUR 12. Hold. $TPE (+1.5%)

- HSBC downgrades TARGET to Hold. Target price USD 138. $TGT (-0.38%)

- UBS lowers the price target for BAYER from EUR 30 to EUR 22. Neutral. $BAYN (-6.05%)

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- UBS raises its price target for NVIDIA from USD 150 to USD 185. Buy. $NVDA (+0.22%)

- METZLER raises the price target for MUNICH RE from EUR 535 to EUR 543. Buy. $MUV2 (+0.23%)

- GOLDMAN lowers the target price for NOVO NORDISK from DKK 1040 to DKK 1025. Buy. $NOVO B (-1.34%)

- GOLDMAN upgrades MTU from Neutral to Buy and raises target price from EUR 276 to EUR 400. $MTX (-4.41%)

- GOLDMAN upgrades BASF from Neutral to Buy and raises target price from EUR 45 to EUR 53. $BAS (-0.49%)

- DEUTSCHE BANK RESEARCH raises the price target for FRESENIUS SE from EUR 42 to EUR 44. Buy. $FRE (-0.15%)

- DEUTSCHE BANK RESEARCH raises the price target for EMBRACER from SEK 24 to SEK 28. Hold. $TH9A

- DEUTSCHE BANK RESEARCH raises the price target for AMADEUS IT from EUR 62 to EUR 65. Hold. $AMS (+1.65%)

- DEUTSCHE BANK RESEARCH raises the price target for NEMETSCHEK from EUR 85 to EUR 100. Hold. $NEM (-2.98%)

- WARBURG RESEARCH raises the price target for DÜRR from EUR 32 to EUR 33. Buy. $DURYY (+1.78%)

- HAUCK AUFHÄUSER IB upgrades CANCOM from Hold to Buy. Target price EUR 32. $COK (-1.19%)

- ODDO BHF upgrades GENERALI to Neutral. Target price EUR 26.10. $G (+0.66%)

- METZLER raises the price target for HEIDELBERG MATERIALS from EUR 131 to EUR 138. Buy. $HEI (+1.54%)

- BERENBERG raises the price target for FLATEXDEGIRO from EUR 16 to EUR 18. Buy. $FTK (-0.6%)

- BERENBERG raises the price target for FREENET from EUR 29 to EUR 32. Buy. $FNTN (+0.76%)

- JPMORGAN raises the target price for HEIDELBERG MATERIALS from EUR 108 to EUR 149. Overweight. $HEI (+1.54%)

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- UBS lowers the price target for MUNICH RE from EUR 560 to EUR 540. Buy. $MUV2 (+0.23%)

- ODDO BHF downgrades MODERNA to Outperform. Target price USD 86. $MRNA (+3.1%)

- UBS downgrades VALE from Buy to Neutral and lowers target price from USD 14 to USD 11.50. $VALE (+0.66%)

- DZ BANK lowers target price for DEUTZ from EUR 6.80 to EUR 5.80. Buy. $DEZ (-1.72%)

- DZ BANK lowers the price target for BECHTLE from EUR 51 to EUR 45. Buy. $BC8 (-1.1%)

- BERENBERG lowers the target price for ESTEE LAUDER from USD 87 to USD 76. Hold. $EL (+1.5%)

- RBC lowers the target price for ASOS from GBP 4.60 to GBP 4. Sector Perform. $ASC (+0.37%)

- RBC lowers the price target for EVOTEC from EUR 12 to EUR 11.60. Outperform. $EVT (-3.14%)

- RBC lowers the price target for VESTAS from DKK 222 to DKK 156. Outperform. $VWS (-1.79%)

- BERENBERG lowers the price target for SUSS MICROTEC from EUR 80 to EUR 75. Buy. $SMHN (-0.77%)

- JEFFERIES downgrades NEL from Hold to Underperform and lowers target price from NOK 5.50 to NOK 3. $NEL (-0.47%)

- RBC lowers the price target for BMW from EUR 81 to EUR 80. Sector Perform. $BMW (-2.58%)

- JEFFERIES lowers the price target for KNAUS TABBERT from EUR 26 to EUR 20. Hold. $KTA (-4.41%)

Fresenius Q32024 $FRE (-0.15%)

Financial performance:

• Sales: Fresenius achieved sales of €5.3 billion in the third quarter of 2024, representing strong organic growth of 9%.
• EBIT: EBIT amounted to €552 million in the third quarter, up 9% year-on-year.
• Net profit: Excluding FMC, net profit reached 312 million euros, an increase of 7%.

Key points of the income statement:

• Sales growth was mainly driven by the Kabi and Helios segments, with EBIT growth indicating operational improvements.

Cash flow overview:

• Operating cash flow (OCF): OCF increased to EUR 763 million in the third quarter of 2024, compared to EUR 603 million in the prior-year quarter.
• Free cash flow (FCF): FCF improved significantly and reached 623 million euros, compared to just 102 million euros in the previous year.

Key figures and profitability metrics:

• Net debt/EBITDA: The leverage ratio fell to 3.24x, a decrease of 52 basis points since the end of 2023.
• Interest expenses: Interest expenses increased to 116 million euros in the third quarter of 2024, compared to 102 million euros in the same quarter last year.
• Tax rate: The effective tax rate was 24.5% in the third quarter.

Segment development:

• Kabi: Sales increased by 8%, excluding the impact of currency fluctuations.
• Helios: The Helios segment recorded sales growth of 5 %.

Competitive position:

• Fresenius is implementing its strategy #FutureFresenius to optimize the portfolio and further improve the operating model.

Management forecasts and assessments:

• The company has raised its guidance for the financial year 2024 and now expects to reach the upper end of the EBIT growth range.
• Management remains optimistic of achieving mid to high single-digit organic sales growth.

Risks and opportunities:

• Risks: The economic weakness in China and regulatory changes pose challenges.
• Opportunities: Biopharma continues to show momentum and contribute positively to EBIT.

Summary of results:

Strengths:

• Strong organic sales growth of 9%.
• Significant improvement in free cash flow.
• Operational improvements led to EBIT growth.
• Successful deleveraging measures reduced the debt ratio.
• Positive forecast adjustment for the 2024 financial year.

• Challenges:
• Continued weakness in the Chinese market.
• Higher interest expenses burden profitability.
• Seasonal weaknesses in the hospital business impacted Q3 results.
• Regulatory hurdles in the USA make capacity expansions more difficult.
• Possible impact of elective surgery on parts of the portfolio.

Earnings summary this morning (05.11.) 👇🏼

Krones | $KRN (-1.61%) increases both sales and operating profit in the third quarter, with EBITDA growing by almost 22% to almost 135 million euros. The company confirms its forecast and benefits from improved material availability.

Uniper | $UN01 generates a profit of just under EUR 1.3 billion in the first nine months of 2024, but significantly less than in the previous year. The energy group confirms its outlook for the year with an expected net profit of EUR 1.1 to 1.5 billion.

Hugo Boss | $BOSS (-1.49%) recorded a slight increase in sales of 1% to 1.03 billion euros in the third quarter despite a slump in consumption in China, but EBIT fell by 7% to 95 million euros. The Group confirms its annual targets despite higher sales and marketing costs.

Fraport | $FRA (+0.45%) is lowering its expectations for passenger numbers in 2024 to the lower end of the range of 61 million passengers and is targeting EBITDA in the middle of the previous forecast of 1.26 to 1.36 billion euros. In the summer quarter, revenue rose by 11%, while operating profit only increased by 1%.

Fresenius Medical Care | $FRE (-0.15%) increases operating profit in the third quarter by 43 % to 463 million euros, which is attributable to successful cost savings. The company raises its forecast for adjusted operating profit, but expects a slight decline in sales.

Redcare Pharmacy | $RDC (-2.08%) reports a decline in adjusted EBITDA to 11.4 million euros in the third quarter and increases the loss for the first nine months to 20.1 million euros. The company confirms adjusted annual targets and expects a lower operating profit due to higher advertising expenditure for the e-prescription.

DHL | $DHL (-0.8%) reports a decline in profit of almost 7% to 751 million euros for the third quarter and lowers its forecast for operating profit in 2024 and 2026. Revenue increases by 6% to 20.6 billion euros, while EBIT remains stable at 1.4 billion euros.

Norma Group | $NOEJ (-5.03%) is revising its annual targets downwards and now expects sales of around EUR 1.2 billion and an adjusted EBIT margin of around 8.0 percent due to a challenging market environment. In the third quarter, the company recorded a decline in sales of 7.9% to 273.6 million euros and a drop in profit to 6.1 million euros.

Nintendo | $7974 (-6.88%)
Q2 24 Earnings:

- Net Income 27.70B Yen (est 49.4B Yen)

- Sees FY Oper Income 360.00B Yen, Saw 400.00B Yen

- Sees FY Total Switch Sales 12.50M Units, Saw 13.50M

Adecco | $ADEN (+0.1%) 24 Earnings:

- Net Income EU99.0M (est EU86.8M)

- Rev EU5.70B (est EU5.84B)

- Adj EBITA EU186.0M (est EU195M)

- Plans To Repay EU430M Debt Maturing In Dec 24