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The former CEO of Siemens AG, Joe Kaeser (now AR of Siemens Energy, among others), was instrumental in initiating the transformation of Siemens and drew an interesting conclusion on LinkedIn two days ago. (Excerpt👇)

================================

A good ten years ago, the Siemens transformation was a bold promise. Yesterday it became a historic stock market value of €200 billion for the "New Siemens AG". Together with €110 billion for Siemens Energy and €50 billion for Healthineers, this represents an immense increase in value.

The transformation strategy introduced at Siemens in the mid-2010s has been a complete success and has far exceeded expectations:

1️⃣ The "industrially" oriented new Siemens AG $SIE (+0.26%) has consistently continued on the path to "Industry 4.0", the 4th Industrial Revolution. The mission statement was first presented by Siemens and the Federation of German Industries (BDI) in 2013 and specified by Siemens from 2017 to 2019. The fact that it was Americanized as the "Industrial Metaverse" is a missed opportunity for Germany's reputation as an industrial nation. Nevertheless, a German company is setting the pace for the global industrial transformation and is therefore a beacon for the industrial future of our country. The acquisition of Altair marks the beginning of this new CEO era. The "Vision 2020+" strategy has taken full effect. If this integration of hardware and software marketing succeeds, Siemens AG will have a market capitalization of €300 billion in 5 years ... at least.

2️⃣ Siemens Energy $ENR (+0.02%) has also reached a historic all-time high with a market capitalization of €111 billion. After initial challenges, this part of the Siemens transformation has also exceeded its targets - significantly so. Compared to the competition, there is considerable potential for increasing value for all stakeholders. With an order backlog of around €140 billion, Energy is nowhere near the peak of what is possible. Even if those responsible are aware that the demand forecasts fueled by "AI mania" are inflated, the age of electrification has only just begun.

The performance of "#TeamPurple" is outstanding and is currently the benchmark in the energy sector.

3️⃣ Siemens Healthineers $SHL (-0.15%) is and remains the leading provider of healthcare technology in the western world. Although the growth in value after initial successes cannot keep pace with the other two Siemens companies, the potential for development is enormous - if the one-sided shareholder dominance can finally be dismantled.

In all cases, these successes were and are possible because the three companies have outstanding leaders. And great teams.

The Siemens transformation is proof of many things. For three things in particular:

1️⃣ Something is possible in Germany if you approach it boldly and correctly.

2️⃣ Focus, innovative strength, impact - and not size - determine relevance.

3️⃣ Nobody is perfect, but a team can be!

"SIEMENS500 by 2030" is the new "Vision2030": €500 billion market value in 2030!

At hospital equipment supplier Siemens Healthineers $SHL (-0.15%) increased its revenue on a comparable basis by 5.9 percent to just under 23.4 billion euros in the past fiscal year 2024/25 (September 30).

Imaging once again developed particularly strongly. The division increased its sales by 8.5 percent to 13.2 billion euros, once again gaining market share. Varian grew by 6.9 percent to 4.1 billion euros. Sales in the diagnostics division only stagnated, but the division was able to further improve its operating result.

The adjusted operating result for the Group as a whole improved by ten percent to almost 3.9 billion euros in the 2024/25 financial year. This was in line with analysts' expectations. In terms of turnover, they had expected an average of 23.5 billion euros.

US tariffs weigh on Healthineers

However, the burdens from US tariffs and currency effects are increasing. The challenges are likely to become even greater in the new financial year. The bottom line profit could therefore fall. The stock market reacted to the cautious forecast with a temporary fall in the share price of more than ten percent to just over 45 euros.

In the final quarter of 2024/25, i.e. from July to September, Healthineers' revenue growth on a comparable basis was slightly weaker at 3.7 percent to 6.3 billion euros. The adjusted operating result fell slightly to 1.1 billion euros.

By way of comparison, the major European competitor Philips $PHIA (-0.08%) increased sales from July to September by three percent to 4.3 billion euros. The adjusted operating result improved from 516 to 531 million euros.

Both manufacturers are struggling with challenges that are likely to intensify in the coming months. US tariffs, for example, cost Healthineers 200 million euros in the past financial year. As they are now taking effect for the full year, this could amount to around 400 million euros in 2025/26. Currency developments are also having a negative impact on business.

But despite all this bad news, there could be a brilliant buying opportunity for the shares of the DAX company, at least according to analysts. In fact, the majority of market observers are optimistic, recommend buying on average and see share price potential of around 30 percent.

Siemens Healthineers $SHL (-0.15%) intends to present its next strategy phase "Elevating Health Globally" to investors in a few weeks. The "New Ambition" program, which was announced in 2021, has been completed. During this time, Healthineers has, among other things, further expanded its strong position in imaging and established more long-term partnerships with hospital chains. Insiders do not expect a radical change of strategy in the core businesses, but rather a further development of the strategy.

In addition, the management of Siemens $SIE (+0.26%) management will announce in the coming week whether the company will remain involved in medical technology in the long term or whether it will relinquish its majority shareholding. Siemens currently still holds around 70 percent of the shares in Healthineers.

The dividend is to rise from EUR 0.95 to EUR 1.00.

Source text (excerpt) & graphic: Handelsblatt, 05.11.2025

🌤 October review 2025

October was a month of upheaval, adjustment and small decisions with a big impact. With just two months to go until the IPQ's annual target, it currently stands at 97

📊 Performance & markets

An exact monthly performance cannot currently be calculated, but the robo-advisor is holding up well with an overall performance of +33,75 %.

Hot factor favorite
Allianz.

King Midas Factor
Xpeng.

1 Swiss franc quoted at 1.07 euros

₿ Crypto & alternative investments

There were minor adjustments and partial sales in the crypto sector. The share must be further reduced to 10%.

With Timeless was quiet, with only two Pokémon TTBs being sold.

Also with NFTs and music rights remained quiet - no new purchases, no sales, no drama.

🍷 Winery

The vineyard is also at a standstill. No new news, but sometimes calm is also a form of maturity.

📈 Individual shares, ETFs & savings plans

In the equities sector, on the other hand, things have been really busy.

$SLI (-7.2%) and $IBU (+1.32%) went through the roof - reason enough to take a few profits. In return $OTEX (-1.86%) was added to the portfolio. In addition $AAPL (-0.5%)
$MSFT (-0.52%) and $RWE (+0.09%) sold. Back in the depot: $AWK (+0.32%)
$SHL (-0.15%) and $CAKE (-1.49%) received an extra portion of capital.

The $XEON (+0.01%) was sold completely and shifted into the $bnp Paribas Easy Overnight - perhaps a mistake, perhaps a stroke of luck. Time will tell.

🚀 Crowdcube & Startups

It's been quiet here - no new projects.

🧠 Nao - a test run with hurdles

Curiosity is sometimes the best guide. After listening to a podcast about Nao I wanted to test the platform for myself. So I started eight savings plans on various assets on offer.

After just a few days, I had several exchanges with the support team Interest on the clearing account, confusing savings plan overviews and a strange booking logic: instead of being debited from the clearing account, the amounts were debited directly by direct debit.

When I wanted to withdraw the money, it turned out that it would remain blocked for a whole eight weeks. Not ideal.

Nevertheless, Nao remains exciting and the vision is convincing, even if the start was bumpy. Today a new product arrived, tradable via TR, so I sold my overnight rate swap with a yield of 6.2 % and reallocated. Was it the right decision? We'll see.

Do any of you also have experience with Nao?

🌴 Review October

I am currently on vacation for a week between October and November.

I've started my therapy, but I haven't felt any change yet. My biggest concern at the moment is the cost after the trial ends. A monthly dose costs around €250 and health insurance probably won't cover it. The trial will run until January, after which we will see what happens next.

On the positive side: the savings plan and the budget for 2026 are in place! In future, 10% of my gross salary plus reinvestments will go into individual shares. I have to plan a little more carefully because I have an unpaid vacation coming up in March 2026. I'm giving up my salary and 2.5 vacation days for this. I currently have my second readley test subscription in a row thanks to the Lidl app.

And yes, sorry to @christian

@TheRealRapha
@Leonard
@Gqnina I was at a wedding near Berlin and spontaneously spent two days at Tropical Island on the side. The headquarters had to wait, next time it will definitely work out! This week I'm treating myself to the fall fair and good food. And next week I'm off to Bavaria.

🎧 Interest rates, podcasts & real estate

With Vivid there was no news.

Podcast is in season 3 episode 1 is about financial goals

And also about real estate a small ray of hope: Service charges will fall by 5 euros in 2026.

🔮 Outlook for November

The coming month will probably be a little more expensive - a few purchases should finally be made. After all, you don't just live to make a profit. 😉

And you? How was your October?

If you want to find out more, feel free to follow me and if you don't like my investments: The block function works wonderfully. 😄

Thanks for reading - until the next review! 🙌

The second "What if" report by climate tech company Right° was published on Thursday. Right° compares company data with the goals of the Paris Climate Agreement. Right° sets the limit value at a global warming of 1.7 degrees by 2100.

None of the 34 DAX companies analyzed would be Paris-compatible if no further measures were taken to reduce emissions. However, according to the data, twelve companies have decoupled their value creation from climate-damaging emissions in recent years to such an extent that they are on a Paris-compatible path.

And five of these companies also have a Paris-compatible climate target.

For companies, doing business in line with Paris means decoupling their value creation from climate-damaging emissions.

According to the "What if" report, the climate pioneers RWE $RWESiemens Healthineers $SHL (-0.15%)Adidas $ADS (+0.85%)Deutsche Börse $DB1 (-0.52%) and Porsche, which was relegated from the DAX $P911 (+0.02%). Both the climate targets and the track record of these companies are on a Paris-compatible path.

However, there are clear differences between the DAX companies in terms of their track record. Many are a long way off the targets of the Paris Climate Agreement.

Source text (excerpt) & graphic: Handelsblatt, 31.10.25

15 of the 40 DAX companies are expected to achieve record profits in 2025.

However, five shares of the record profit groups are trading at least 20 percent below their previous high. This makes these stocks interesting because it reduces their valuation. One share is even trading 75 percent below its record high.

Handelsblatt profiles these five shares with a view to the companies' share valuations and business prospects.

75 percent below record high: Zalando

Zalando is currently trading $ZAL (-0.58%) is currently 75 percent below its all-time high, although the company is expected to earn more in the current financial year than ever before.

23 out of 31 analyses recommend buying the share at the current reduced price level, only two recommend selling.

However, shareholders should not be blinded by the supposedly favorable valuation, as the high average P/E ratio of 60 is distorted by losses and very meager profits from the early days as well as the brief euphoria for online retail shares during the pandemic.

42 percent below record high: Symrise

Analysts forecast for Symrise $SY1 (-0.13%) on average 514 million euros net profit, after the previous record profit of 478 million euros in the previous year. The operating profit before interest and taxes is expected to be 21.5 cents per euro. The previous forecast was 21 cents.

16 out of a total of 24 analysts recommend buying the share. One argument is the high dividend continuity. In spring, the payout increased for the 15th time in a row. Nothing stands in the way of another increase in 2026 in view of rising Group profits.

39 percent below record high: Beiersdorf

With a price loss of 30 percent over the past six months, the shares of consumer goods manufacturer Beiersdorf $BEI (+0.72%) is one of the worst performers in the DAX.

Nevertheless, Beiersdorf is on the verge of another record profit. After a net profit of 912 million euros in the past financial year, analysts are forecasting an average of just under one billion euros for 2025.

17 out of 26 analysts recommend buying the share, two recommend selling. Despite imminent record profits, the share is trading more than a third below its record high. With a P/E ratio of 20 based on the profits expected in the next four quarters, the share is still not cheap. However, it is valued 20 percent lower than the average of the past 20 years.

30 percent below record high: Siemens Healthineers

Hardly any other DAX-listed company is as globalized as the Siemens medical technology subsidiary. Siemens Healthineers generates 95 percent of its sales abroad. $SHL (-0.15%) abroad. This makes the company independent of the German market.

The manufacturer of surgical robots, computer tomographs and radiotherapy equipment posted a net profit of 1.9 billion euros last year. Analysts are forecasting a record profit of 2.2 billion euros for the current financial year.

With a P/E ratio of 18.8 based on the profits expected in the next four quarters, the share is moderately valued and 15 percent lower than the historical average. However, the Siemens subsidiary has only been listed on the stock exchange since 2018.

23 out of a total of 25 analysts who regularly analyze the Group recommend buying the share. None recommend selling. This gives Siemens Healthineers by far the best rating of the shares portrayed here.

20 percent below record high: SAP

In the past quarter, SAP's earnings before interest and taxes (EBIT), adjusted for special effects $SAP (+0.83%) earnings before interest and taxes (EBIT) adjusted for special items rose by around a third to 2.6 billion euros compared to the same period last year. The cash inflow, which is important for investors, increased by 83 percent to just under 2.4 billion euros.

For the year as a whole, analysts are forecasting an average net profit of 6.8 billion euros. That would be more than ever before and more than twice as much as in 2024. In the previous year, however, provisions worth billions of euros for employee severance programs distorted the balance sheet.

27 buy recommendations are offset by four hold and three sell ratings. One reason for the fairly strong vote despite the high valuation is the high level of resilience: a good 85% of revenue is based on recurring and therefore reliable business. This makes the IT group virtually independent of economic fluctuations.

Source text (excerpt) & graphic: Handelsblatt, 23.09.25

Artificial intelligence (AI) is gaining widespread acceptance in the healthcare sector. "85% of organizations in the healthcare sector are starting to implement AI solutions," says Kristoffer Karl Unterbrunner, portfolio manager at Medical Strategy, a fund provider specializing in the healthcare sector.

The potential of AI in the healthcare sector is immense

While the global market for AI in the healthcare sector was worth around 29 billion US dollars in 2024, according to the market research institute Fortune Business Insights, sales are expected to increase by an average of 44% annually to 504 billion US dollars by 2032.

The potential of AI is particularly high in the field of radiology. Integration into imaging procedures such as MRI makes diagnoses faster and more precise.

The pioneers include Siemens Healthineers
$SHL (-0.15%) from the leading German DAX index .

"The company is benefiting from the sharp rise in demand for AI-supported diagnostics and strict European regulation, which is boosting confidence in its solutions," says Jens Klatt, analyst at online broker XTB.

Analysts rate Siemens Healthineers positively

Siemens Healthineers, the global market leader for CT, MRI and X-ray systems, has access to billions of medical image and laboratory data every day. This anonymized data flows into the company's own AI system "Sherlock". The Erlangen-based company has already integrated more than 80 AI applications into its imaging systems.

Siemens Healthineers exceeded analysts' expectations in the past quarter with a 7.6 percent increase in revenue to 5.7 billion euros compared to the previous year. Net profit rose by 18 percent to 556 million euros.

The analysts' assessment is positive. With an average analyst price target of 62 euros for the next twelve months, there is still potential of around 33 percent. According to the financial data provider LSEG, 20 analysts recommend buying the share, two are neutral and one advises selling.

AI is also finding its way into surgery

This is what the US company Intuitive Surgical
$ISRG (-0.65%) . It is known for its Da Vinci platform. This is a robot-assisted surgical system that supports surgeons in their work. Intuitive Surgical has developed the system over decades and also uses AI.

Da Vinci can even compensate for minimal tremors in the human hand. "The system can process enormous amounts of data and gain insights that improve the training of surgeons, optimize surgical techniques and standardize results," says Tom Riley, Chief Equity Strategist at fund provider Axa Investment Managers.

The global market leader exceeded expectations in the second quarter. Turnover rose by 21 percent to 2.4 billion dollars. Earnings per share increased by 23 percent to 2.19 dollars. However, the share is valued extremely ambitiously with a price/earnings ratio of 58 based on the profits expected for 2025.

According to LSEG, 22 analysts recommend Intuitive Surgical as a buy, eleven recommend holding the stock and one advises selling. With an average target price of 594 US dollars, there is a potential upside of 25 percent.

Source text (excerpt) & graphics: Handelsblatt, 02.09.25

I have been focusing my portfolio for weeks now. So the question arose: what will be the result? Of course, the companies that overlap have to go first. Now the problem arises as to which share is better. With $GEHC (-1.08%) vs. $SHL (-0.15%) After much deliberation, I opted for $SHL (-0.15%) after much deliberation. Now only $GEV (-1.55%) vs. $ENR (+0.02%) . Here the decision is just as difficult for me. One is cheaper than the other, the other is fundamentally better and... Both have pros and cons, so I'm wondering if any of you have any ideas.

.