Redcare Pharmacy returns to profit + Barclays lowers Porsche AG to 'Equal Weight + Zalando starts positively and attracts more customers + Evotec starts the year with a decline in sales + Teamviewer confirms annual targets despite difficult environment

Redcare Pharmacy $RDC (-1.96%)returns to the profit zone operationally as expected

• The online pharmacy Redcare Pharmacy (Shop Apotheke) has made a profitable start to the current year despite investments in growth with e-prescriptions in Germany.
• Unlike in the fourth quarter, the company achieved an operating profit in the first three months.
• Earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for special effects, rose by 14 million euros to 9 million euros compared to the previous quarter, the MDax-listed company announced in Sevenum on Tuesday.
• Experts surveyed by Bloomberg had expected an operating profit at this level.
• Compared to the same quarter of the previous year, Redcare Pharmacy earned slightly less operationally.
• As already known, turnover increased by 28 percent to 717 million euros compared to the same quarter of the previous year.
• The online pharmacy also confirmed its 2025 forecast and its medium to long-term targets.

Barclays lowers Porsche AG $P911 (-1.78%)to 'Equal Weight'; target at 42.50 euros

• The British investment bank Barclays has lowered its target price for Porsche AG shares from 62.50 to 42.50 euros and consequently downgraded the shares from "Overweight" to "Equal Weight".
• According to analyst Henning Cosman's reassessment of the Zuffenhausen-based company on Monday evening, he is returning to the sidelines.
• Both demand and restructuring are weaker than expected, he wrote with a view to the quarterly results.
• His estimates up to 2027 are 5 to 10 percent below the new consensus, according to his own statement.
• He believes the valuation of the shares is still too high.

Zalando $ZAL (-1.53%)gets off to a positive start and attracts more customers

• The online retailer Zalando has started the new financial year with growth.
• The company benefited from a good end-of-season sale, a positive start to the new spring/summer season and its bonus program.
• The number of active customers reached a new high, Zalando announced in Berlin on Tuesday.
• Sales rose by 7.9 percent to 2.4 billion euros in the first quarter.
• The gross merchandise volume increased by 6.5 percent to 3.5 billion euros.
• Adjusted earnings before interest and taxes (EBIT) improved from 28.3 million to 46.7 million euros.
• The figures were in line with analysts' expectations.
• Zalando confirmed its forecast for the current year, despite the uncertain environment.

Evotec $EVT (-2.58%)starts the year with a decline in sales - targets confirmed

• The pharmaceutical drug researcher and developer Evotec has recorded a weaker start to the year.
• Revenues fell by four percent year-on-year to 200 million euros, as the company announced on Tuesday.
• Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) fell by around 60 percent to EUR 3.1 million due to higher selling and administrative expenses.
• On balance, the loss widened from just under 21 million to around 32 million euros. The targets for 2025 were reaffirmed.
• Evotec only recently announced that it would be realigning its focus.
• In future, the company intends to focus on high-value services and therapeutic areas and reduce its project portfolio by around 30 percent.
• The company intends to withdraw from investments and focus on the two pillars of drug discovery & preclinical development and the Just - Evotec Biologics division.
• In addition to the current cost program, the MDax-listed company plans to save more than EUR 50 million by 2028.

Teamviewer $TMV (-1.33%)confirms annual targets despite difficult environment

• Software provider Teamviewer is maintaining its outlook for the year following revenue growth in the first quarter.
• "We are seeing continued high demand for our solutions - despite the very volatile global market environment," said Teamviewer CEO Oliver Steil on Tuesday, according to a press release.
• In the first quarter, the MDax company's reported turnover rose by 11 percent to 178.8 million euros.
• At the bottom line, the net result climbed by a third to 29.6 million euros.
• This was mainly due to falling marketing costs after the sponsorship agreement with English soccer club Manchester United was significantly reduced from the middle of last year.
• The takeover of 1E, which was completed at the end of January, also contributed to the growth in turnover, with the company reporting that its integration is proceeding according to plan.
• There was strong growth in the area of large corporate customers (enterprise segment). Teamviewer confirmed its targets for the year.
• In the annual outlook, the company includes the acquisition "pro forma" for comparison purposes as if it had been part of the Group since January 1, 2024.
• Accordingly, pro forma turnover is expected to increase by a further 5.1 to 7.7 percent to between 778 and 797 million euros.
• The operating profit margin adjusted for one-off effects (adjusted EBITDA) is expected to be around 43%.
• Based on this calculation, Teamviewer achieved an operating margin of 43 percent in the first quarter.

Tuesday: Stock market dates, economic data, quarterly figures

Stock market holiday in Japan and South Korea

• ex-dividend of individual stocks
• Anheuser-Busch InBev EUR 1.00
• Verbund 2.80 EUR

• Quarterly figures / company dates USA / Asia
• 13:00 Marriott International quarterly figures
• 16:00 Bristol Myers Squibb quarterly figures | General Electric AGM
• 18:00 Intel AGM
• 22:15 AMD | Coty quarterly figures
• No time specified: Electronic Arts | The Mosaic Quarterly figures

• Quarterly figures / Company dates Europe
• 07:00 Redcare Pharmacy | Kontron | Evotec | Fresenius Medical Care | Kontron
• 07:00 Evotec | Rational | Teamviewer | Zalando | Axa | Royal Philips
• 07:10 Elmos Semiconductor | Norma Group quarterly figures
• 07:30 Continental | Hugo Boss | Koenig & Bauer | Uniper
• 07:30 Raiffeisen Bank International | Scout24 Quarterly figures
• 08:00 MTU Aero Engines | Vestas Wind Quarterly figures
• 09:00 KSB SE & Co. KGaA, 1Q results | Teamviewer analyst conference | Hugo Boss PK
• 09:30 MTU Aero Engines PK
• 10:00 Deutsche Lufthansa | Nordex AGM
• 11:00 Redcare Pharmacy Conference Call | Hugo Boss Analyst Conference | MTU Aero Engines Analyst Conference
• 12:00 Intesa Sanpaolo quarterly figures
• 12:30 Continental Analyst Conference
• 14:00 Ferrari quarterly figures | Evotec conference call | Fresenius Medical Care analyst conference call
• 15:00 Rational Conference Call | Scou24 Analyst Conference
• Untimed: Amadeus Fire quarterly figures

• Economic data

08:00 DE: Turnover in the service sector February

08:45 FR: Industrial production March FORECAST: +0.2% yoy previous: +0.7% yoy

09:45 IT: Purchasing Managers' Index/PMI non-manufacturing April PROGNOSE: 51.3 previous: 52.0

09:50 FR: Purchasing Managers' Index/PMI non-manufacturing (2nd release) April PROGNOSE: 46.8 1st release: 46.8 PREV: 47.9 Total Purchasing Managers' Index (2nd release) PROGNOSE: 47.3 1st release: 47.3 PREV: 48.0

09:55 DE: Purchasing Managers' Index/PMI non-manufacturing (2nd release) April FORECAST: 48.8 1st release: 48.8 PREV: 50.9 Total Purchasing Managers' Index (2nd release) FORECAST: 49.7 1st release: 49.7 PREV: 51.3

10:00 EU: Purchasing Managers' Index/PMI non-manufacturing Eurozone (2nd release) April FORECAST: 49.7 1st release: 49.7 Previous: 51.0 Total Purchasing Managers' Index (2nd release) FORECAST: 50.1 1st release: 50.1 Previous: 50.9

10:30 UK: Purchasing Managers' Index/PMI non-manufacturing (2nd release) April FORECAST: 48.9 1st release: 48.9 Previous: 52.5

11:00 EU: Producer Prices March Eurozone OUTLOOK: -1.0% yoy/+2.7% yoy previous: +0.2% yoy/+3.0% yoy

Without time data:

- PO: Annual meeting of the ECB

- US: US President Trump receives Canada's Prime Minister Carney

Porsche significantly lowers forecast

In China, the sports car manufacturer Porsche $P911 (-1.78%) is facing a serious sales crisis. In the first quarter, the company recorded a 42 percent drop in sales. This decline is not only due to weak demand in China, but also to the US import tariffs, which are weighing heavily on Porsche. As a result, the company has revised its annual targets sharply downwards. The return on sales will now be between 6.5 and 8.5 percent, whereas previously a range of 10 to 12 percent was targeted. Turnover will be reduced by 1 to 2 billion euros, so that it should now be between 37 and 38 billion euros. In the worst case scenario, operating profit could fall to just 2.4 billion euros - a massive drop compared to 5.6 billion euros in the previous year. A key factor in this development is the US tariffs, which force Porsche to import vehicles from North America, increasing costs by 25 percent. In addition, Porsche is currently holding back deliveries to the USA in order to better assess the impact of the tariffs. The planned reorganization of battery production also poses a challenge, as Porsche wants to realign its activities in this area in order to be able to react more flexibly to market changes.

Deutsche Bank reports highest quarterly profit in 14 years

In the USA, Deutsche Bank $DBK (+1.17%) achieved an impressive quarterly profit in the first quarter of 2023, reaching its highest level in 14 years. Pre-tax profit rose by 39% year-on-year to over €2.8 billion, while net profit climbed to around €1.8 billion. This profit growth is the result of better business in all areas as well as targeted savings. Investment banking in particular contributed around 3.4 billion euros to the increase in earnings. CEO Christian Sewing emphasized that the company has already achieved 85 percent of the targeted cost reductions of 2.5 billion euros. The "Deutsche Bank 3.0" restructuring program is intended to increase the company's efficiency, with the aim of achieving a return on equity of over 10 percent by 2025. A figure of 11.9 percent was already achieved in the first quarter, underlining the positive development.

Sources:

https://www.n-tv.de/wirtschaft/Porsche-streicht-seine-Prognose-zusammen-article25733168.html

https://www.n-tv.de/wirtschaft/Deutsche-Bank-meldet-hoechsten-Quartalsgewinn-seit-14-Jahren-article25733619.html

At that time between $P911 (-1.78%) and $RACE (-0.71%) and in retrospect unfortunately made the wrong decision despite Ferrari's high P/E ratio. We used the recent setbacks to make an exchange.

$P911 (-1.78%)

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@ einfach.aktien

No investment advice

What did I take with me?

It is not a crisis because >\=20% down but a good entry into tranches.

Which stocks were discussed?

$P911 (-1.78%) Unfortunately I've been in Porsche since 2023, when luxury comes back, the Chinese will buy Porsche and not locally

$ABX and $NEM (+0.3%) Barrick and Newmont buy the shovels not the gold. Gold is for value preservation, not for speculation. I was invested in mines decades ago.

$MC (-3%) LVMH surprised me, I thought the air was out, will have a look.

$META (-1.42%) I finally understood how Facebook makes money. There's still a lot to come. First purchase?

$GOOGL (-0.48%) Yes, I've been adding to my portfolio since 25.

$H1PE34 Hewlett Packard Enterprise, I only knew it as a hardware manufacturer, here is the shovel for AI Ai chips.

$9988 (-7.79%) and $9888 (-4.62%) Chinese Baidu and Alibaba. I also had it 10 years ago, after the high it went down bloody. But will probably be seen again as a turnaround and cash flow for 2025.

$TTD (-4.1%) I was not aware of Trade Desk until today.

$22U Biontech became known as a corona profiteer, but is looking for the cancer vaccine.

These 10 stocks were discussed as stronger buys on the spot.

Which stocks are of interest to you, or where are you buying now?

This week, we have once again included some titles in our simulation game. At the suggestion of @serkeftin to prepare for Donald Trump's tariff announcements and have reduced our call money position and added short warrants with a 4 - 5 leverage for $VOW (+1.01%) , $MBG (-0.48%) , $P911 (-1.78%) , $BMW (-5.68%) . We are hoping for good returns with a higher risk in a short period of one week.

Do you have any comments or suggestions for the coming weeks?

- 14 positive surprises

- Three negative surprises

- Dividend increases

- Dividend decreases

- Overview of all DAX stocks

Link:

https://shorturl.at/Tdnfw

$ALV (-0.67%)
$MUV2 (+0.89%)
$RHM (+4.34%)
$MBG (-0.48%)
$SAP (+0.99%)
$BMW (-5.68%)
$AIR (-0.08%)
$VOW (-0.98%)
$DBK (+1.17%)
$CBK (-1.3%)
$SIE (-0.77%)
$P911 (-1.78%)
$DTE (+2.55%)
$IFX (-2.13%)

Decline at Tesla: Sales figures in Europe fall by almost half

Tesla can currently only dream of the once flourishing sales figures for electric vehicles in Europe. $TSLA (-2.87%) can only dream of at the moment. Instead, they are experiencing a dramatic decline of almost 50 percent. In the first two months of 2025, the electric car manufacturer sold just 19,046 vehicles, which corresponds to a meagre market share of 1.1 percent. This is a sharp contrast to the positive trends in the e-car market, because while Tesla is struggling, other manufacturers are experiencing growth.

In Germany, the decline is particularly clear: Tesla's new registrations fell by an impressive 76 percent in February compared to the previous year. In January, there was already a decline of 59 percent. The Tesla factory in Brandenburg does not seem to offer enough incentive to convince the German market. The company is also suffering from damage to its image, which is being exacerbated by Elon Musk's controversial role in US politics. Many German companies are withdrawing from Tesla as a provider of company vehicles, and some drivers are showing their distance from Musk with stickers on their cars.

In contrast, other e-vehicles are showing that things can be done differently: their sales figures rose by 28.4 percent in February. Hybrid vehicles dominate with 35.2 percent of new registrations, followed by petrol cars (29.1 percent) and battery electric vehicles (15.2 percent).

Porsche SE lowers dividend and insists on savings program at VW and Porsche

Porsche SE $P911 (-1.78%)the main shareholder of Volkswagen $VOW (-0.98%) and Porsche, has cut its dividend. This is due to lower inflows from its main investments, which is forcing those responsible to call for savings programs. A dividend of just 1.91 euros per preference share will be paid out for the past financial year, compared to 2.56 euros in the previous year. The decline is due to an expected lower dividend inflow from Volkswagen, which is putting pressure on Porsche SE's financial position.

In addition, Porsche SE had to recognize high impairment losses on its investments in VW and Porsche, which led to a consolidated accounting loss of 20 billion euros. Net debt is estimated at between 4.9 and 5.4 billion euros for 2025. CEO Hans Dieter Pötsch is aiming for earnings after tax of between 2.4 and 4.4 billion euros in 2025.

VW and Porsche have invested heavily in cost-cutting programs in response to the challenges in the automotive industry. Pötsch emphasizes the "consistent implementation" of these measures. However, rumors of possible sales of VW shares were firmly denied by Porsche SE. The holding company plans to diversify in the long term and now manages 18 companies in its portfolio.

Sources:

https://www.n-tv.de/wirtschaft/Verkaufszahlen-bei-Tesla-in-Europa-schrumpfen-deutlich-article25653641.html

https://www.n-tv.de/wirtschaft/Porsche-SE-senkt-Dividende-und-pocht-auf-Sparprogramm-bei-Autobauern-VW-und-Porsche-article25657595.html

ASML - One of my favorite European stocks and now finally back in the portfolio ❤️

is still on my "Europe wish list":

Hermés $RMS (-0.81%) (currently not yet in the portfolio)

LVMH $MC (-3%)

Rheinmetall $RHM (+4.34%)

Ferrari $RACE (-0.71%)

Novo Nordisk $NOVO B (+0.39%)

and under €40 the Porsche $P911 (-1.78%) share (also not yet in the portfolio)