$DPZ
$HIMS
$KTOS (-1,58 %)
$DOCN
$FME (-0,28 %)
$KDP
$AMT
$HD (-0,24 %)
$WDAY
$FSLR (+0,23 %)
$TEM (-1,61 %)
$O
$MELI (-0,36 %)
$HPQ
$LCID
$DRO (-3,17 %)
$HSBA (+0,34 %)
$FRE (+0,23 %)
$AG1 (+0,79 %)
$CRCL
$UTHR
$LDO (-1,49 %)
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$NTNX
$PARA
$NVDA
$TTD (-0,62 %)
$AI
$CRM (-1,46 %)
$SNPS
$SNOW
$PSTG
$ZIP
$ZM (-0,87 %)
$NU (-0,79 %)
$RR. (-0,84 %)
$MUV2 (+1,2 %)
$BIDU
$CELH
$DTE (+1,16 %)
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$WBD
$HAG (-2,44 %)
$QBTS
$LKNCY
$BABA
$G24 (-0,04 %)
$HTZ
$PUM (+1,02 %)
$AIXA (-0,5 %)
$RUN
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$WULF
$MNST
$SQ
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$MP
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$SOUN
$SMR
$CRWV
$CPNG
$DUOL

The DZ Bank analysts have drawn up two lists of shares that they consider to be particularly attractive. For more defensive investors and for investors who rely on continuous cash flows, they recommend the so-called "dividend aristocrats": In other words, companies that have regularly paid and raised dividends.

Top dividend aristocrats:

Pfizer $PFE (-0,17 %), Verizon $VZ (-0,19 %), BNP Paribas $BNP (+0,96 %)Zurich Insurance $ZURN (+1,61 %), Enel $ENEL (+6,62 %), Sanofi $SAN (+0,49 %), Hannover Re $HNR1 (+0,4 %) , Man and Machine $MUM (-0,77 %), Generali $G (+0,62 %) and Allianz $ALV

Another list has been compiled for investors with a somewhat higher risk appetite: Stocks with attractive dividend yields and additional share price potential. These not only pay a good dividend of at least three percent, but could also increase significantly in price in the future. However, the continuity of dividends in the past plays a lesser role - and this strategy is correspondingly riskier.

Top dividend rockets:

Man and machine $MUM (-0,77 %) , Cancom $COK (+0,73 %), Bastei Lübbe $BST (-3,09 %), Sixt $SIX2 (+0 %), Kontron $KTN (-1,11 %), Fresenius Medical Care $FME (-0,28 %), Vonovia $VNA (-0,71 %), Hawesko $HAW (+0,49 %), ElringKlinger $ZIL2 (+0,59 %) and Hannover Re $HNR1 (+0,4 %)

Source text (excerpt) & graphic: World | AAA, 19.02.2026

With the current price/earnings ratio (P/E ratio), the DAX is overvalued by 25 percent compared to its 20-year average.

However, five of the 40 shares are valued more than 30 percent lower than their long-term average. The valuation discount is 51 percent for one share and as much as 73 percent for one share.

Handelsblatt presents these 5 stocks, the following is an excerpt from the article.

Vonovia $VNA (-0,71 %) : 33 percent valuation discount

Germany's largest housing group is growing again. In the past two years, Vonovia had not started any new construction projects due to the turnaround in interest rates and increased construction costs. Now 3000 new apartments are to be built and unrenovated properties purchased and renovated.

Analysts expect an average net profit of 2.15 billion euros for the year as a whole. The trend is pointing upwards: Six weeks ago it was just over two billion euros, twelve weeks ago it was 1.9 billion euros. Vonovia is forecasting the highest operating result in its history for 2026.

With a P/E ratio of 12.2 based on the profits expected by analysts over the next four quarters, the share is moderately valued and 33 percent lower than the long-term average.

VW $VOW: 35 percent valuation discount

VW was in the red in the third quarter. After a profit of 1.56 billion euros in the same period of the previous year, the Group posted a billion-euro loss.

This was caused by charges of 7.5 billion euros, primarily due to increased customs duties, the adjustment of the product strategy at Porsche $P911 (-1,78 %) and write-downs on Porsche's goodwill.

By contrast, the long-weakening core brand Volkswagen improved. A comprehensive cost-cutting program also had an impact.

For the current full year, analysts are forecasting an average net profit of 6.5 billion euros after 11.35 billion euros last year. The trend is pointing steeply downwards, as three months ago the estimate was just under nine billion euros.

Taking this sharply lowered profit forecast into account, VW is nevertheless valued extremely low with a P/E ratio of just 4.4. This is a discount of 35 percent compared to the Group's own average. No other DAX stock is cheaper - with the exception of Porsche Holding, which belongs to VW.

FMC $FME (-0,28 %)
: 41 percent valuation discount

No company in the DAX is as dependent on the US market as the dialysis specialist Fresenius Medical Care (FMC). FMC generates around 70 percent of its sales in North America.

However, business on the most important continent for the healthcare specialist is - slightly - under pressure. The treatment figures of the blood purification specialist are merely stagnating.

In the third quarter, however, total sales rose by ten percent to 4.9 billion euros compared to the same period last year, exceeding market expectations by three percent. Currency-adjusted earnings before interest and taxes rose by 28 percent to 574 million euros. This also exceeded the company's expectations.

The rising profits at a share price that has only stagnated for six months mean that the valuation has fallen sharply. With a P/E ratio of 10.1 based on the profits forecast by analysts for the next four quarters, the share is valued 41% lower than the 20-year average.

Bayer $BAYN (-1,48 %) : 51 percent valuation discount

With a P/E ratio of only 5.6 based on the average net profits expected by analysts over the next four quarters, Bayer shares are valued lower than all other major pharmaceutical stocks in the western world. Compared to its own 20-year average, the discount is 51 percent.

The biggest construction site for the Group is a bad decision made ten years ago: the purchase of the controversial US seed and pesticide manufacturer Monsanto. Its weedkiller glyphosate is blamed by patients for their cancer and they are demanding billions in compensation.

The favorable valuation is based on the hope that profit expectations will be fulfilled and that no new write-downs in the billions will be made. However, this is just as uncertain as an end to the lawsuits. Success with new blockbusters in the pharmaceutical division is also by no means a foregone conclusion.

Zalando $ZAL (-1,97 %)
: 73 percent valuation discount

Anyone buying this DAX stock is paying a P/E ratio of 15.4, which is not cheap compared to the DAX, but the share is valued 73 percent lower than its own long-term average.

The share is currently trading more than 70 percent below its record high, although the company is expected to earn more in the current financial year than ever before. After a net profit of 251 million euros in the previous year, analysts are forecasting a good 290 million euros for the current year.

Source text (excerpt) & graphic: Handelsblatt, 07.11.2025

At 53 billion euros, the 40 DAX companies are likely to pay out almost one billion euros more this year than a year ago - more than ever before.

The reason for the strong development is high consolidated profits and unexpectedly rising dividends at a good dozen companies, including $ALV Allianz, $MUV2 (+1,2 %) Munich Re and $RHM (-1,68 %) Rheinmetall.

At 109 billion euros net profit, the DAX companies are likely to have earned as much in 2024 as in the previous year, according to Handelsblatt calculations. Slump in earnings for the three car manufacturers $BMW (-1,86 %) BMW, $MBG (-0,52 %) Mercedes and $VOW VW will be offset by companies in other sectors, in particular the major insurers Allianz, Munich Re and $HNR1 (+0,4 %) Hannover Re, but also $DTE (+1,16 %) Deutsche Telekom, $HEN Henkel and $EOAN Eon.

More than a dozen DAX companies have announced higher dividends than the market had previously expected. For example $ALV 15.40 euros per share after 13.80 euros in the previous year. Analysts had forecast just under 15 euros. The insurer is thus distributing just under six billion euros. This is a record in the German corporate landscape.

The biggest jump is at $MUV2 (+1,2 %) Munich Re: The reinsurer is increasing its dividend by five euros per share to 20 euros.

The two healthcare specialists $FRE (+0,23 %) Fresenius and $FME (-0,28 %) Fresenius Medical Care, the brand manufacturer $HEN Henkel, the automotive supplier $BTR Continental, the $CBK Commerzbank, $RHM (-1,68 %) Rheinmetall and $HNR1 (+0,4 %) Hannover Re have raised their dividends, in some cases significantly more than expected. This is also due to rising profits, which justify a higher profit share for shareholders.

The largest dividend payers in the DAX are

• $ALV
• 
  $DTE (+1,16 %)
• 
  $MBG (-0,52 %)
• 
  $SIE (-0,78 %)
• 
  $VOW

Like the car manufacturers, a number of companies in the DAX remain below the usual international payout ratios, including the family-run groups $BEI Beiersdorf and $MRK Merck. They pass on less than 30 percent of their profits. This leaves enough of a buffer so that dividends do not have to be reduced immediately in more difficult times.

Germany's most valuable group, $SAP (-1,52 %) SAP, with a payout ratio of 85%, is pushing the limit: net profit of 3.1 billion euros in the past year compares with a total dividend payout of 2.7 billion euros. However, the profit was burdened by a one-off effect.

So far, a total of 20 companies have increased their dividends, with only $BAS BASF and the three car manufacturers. Four companies have yet to do so: $RWE RWE, $SY1 Symrise and $VNA (-0,71 %) Vonovia are likely to increase their dividends, while analysts expect $PAH3 (-1,28 %) analysts expect a reduction at Porsche Holding.

Source (excerpt) & chart: Handelsblatt, 15.03.25

As was announced on Monday evening, the healthcare group Fresenius $FRE (+0,23 %) intends to reduce its stake in the dialysis subsidiary Fresenius Medical Care $FME (-0,28 %) (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

The reorganization of the dialysis specialist Fresenius Medical Care $FME (-0,28 %) is finally taking effect! 🚀 Last year, the company, which is listed on the DAX, significantly increased its operating result and also surprised with a higher dividend. Group CEO Helen Giza has focused on cutting costs in order to keep the company on track.

Fresenius Medical Care performed better than expected, particularly in the final quarter. By 2025, Giza plans to permanently reduce costs by 750 million euros - an increase of 100 million euros on the original target. This shows that the strategic reorganization is bearing fruit and efficiency has been increased.

Fresenius Medical Care shares initially rose by 4 percent before giving up some of their gains. Analyst David Adlington of J.P. Morgan described the quarterly figures as unexpectedly strong. The outlook for the operating result for 2025 leaves room for positive surprises.

Shareholders can therefore look forward to a substantial dividend increase and an exciting future for Fresenius Medical Care!

The world's population is getting older and older, an irreversible demographic change with considerable economic consequences.

This article is intended to provide investment ideas and impetus. The stocks mentioned do not, of course, constitute investment advice, but merely serve as examples of potential beneficiaries of demographic change. Historical developments are no guarantee of future returns.

The main source is the short analysis "How to invest as the global population ages" by Goldman Sachs [1], which, however, does not name any specific stocks.

I have also added additional sources and charts.

__________

🌍 Demographic change: growth and ageing of the world's population

The world's population will grow to almost 10 billion people by 2050. But it is not just the number of people that is increasing, their age structure is also changing dramatically. [2]

Increase in the older population:

• The proportion of people aged 60 and over is rising from 8% (1950) to 21.5% (2050).
• In 2050, 2.1 billion people will belong to the over-60 age group.

Source: [2]

Regional differences:

Europe & North America have the oldest populations & remain the most affected demographically.

Latin America, the Caribbean & Asia: The proportion of over-60s will more than double between 2015 and 2050, reaching around 25 %.

Africa remains the youngest region: in 2015, there were 21 countries worldwide with a birth rate of 5 children per woman, 19 of which were in Africa. However, it should be noted that current statistics from 2024 show that the birth rate per woman in Africa was already just 4.07 in 2023 and could fall to 2.79 by 2050. [3]

While industrialized countries are struggling with an ageing society, Africa remains the most dynamic and youngest region in the world. This development can also have an economic impact and open up new investment opportunities. [2]

Goldman Sachs also comments in the article with similar figures, according to which the global population is expected to increase by around 20% by 2050 and senior citizens will make up a disproportionate share. The number of people over the age of 65 is expected to double from 800 million to 1.6 billion during this period. [1]

In view of this demographic development, there are opportunities to benefit from precisely this trend. Opportunities lie in targeted investments in sectors that could benefit from the growing proportion of older people.

🚑 Healthcare: A growing market worth billions

Facts:

• In the USA, people over the age of 65 already account for 36% of healthcare expenditure, although they only make up 18% of the population. Age-related diseases such as cardiovascular disease, diabetes and neurological disorders are driving up costs. [1]
• Alzheimer's cases are even expected to double worldwide by 2050.

Possible profiteers:

Medical technology

• Medtronic ($MDT ) - (cardiac pacemakers, diabetes technology)
• Stryker ($SYK (-0,02 %) ) - (orthopaedic implants, surgical devices)
• Siemens Healthineers ($SHL (-1,01 %) ) - (imaging, diagnostics)

Pharmaceuticals

• Novo Nordisk ($NOVO B (-15,45 %) ) - (Diabetes & Obesity)
• Eli Lilly ($LLY (+3,14 %) ) - (Alzheimer's, Diabetes)
• Roche ($ROG ) - (Oncology, Diagnostics)

🏡 Senior Living & Care: Bottlenecks in nursing homes worldwide

Facts:

The UK has a shortfall of over 30,000 senior units by 2028. [1]

In Germany, France and Italy there is a shortage of nursing home places due to the ageing population. [1]

In the US, only 2% of people over 65 live in nursing homes, leading to an increasing demand for home care and telemedicine. [1]

Potential beneficiaries:

Care providers

• Brookdale Senior Living ($BKD (-0,4 %) ) - (senior living, care facilities)

Homecare

• ResMed ($RMD (-0,77 %) ) - (sleep apnea, ventilators)
• Fresenius Medical Care ($FME (-0,28 %) ) - (dialysis, home therapy)
• Coloplast ($COLO B ) - (ostomy care, incontinence products)

Telemedicine

• Teladoc Health ($TDOC (-0,97 %) ) - (virtual doctor visits, digital health solutions)
• Hims & Hers ($HIMS ) - (telemedicine & e-health)

Anti-Aging

• L'Oréal ($OR ) - (skin care, cosmetics)
• Estee Lauder ($EL (+0,62 %) ) - (luxury cosmetics, skin rejuvenation)
• Revance Therapeutics ($RVNC ) - (Botox alternative, wrinkle treatment)

🚢 Leisure & consumption: The new "silver economy"

The following chart shows the distribution of wealth in Germany depending on the age of the main income earner. [4]

It is clear that older people tend to have higher wealth than younger age groups. This is reflected in the significantly higher values for the percentiles for age groups aged 50 and over. In particular, the groups aged between 50 and 74 have the highest assets.

The trends are also similar internationally:

• The wealth of older people is 3x that of millennials.
• Over-60s control more than 50% of consumer spending in many developed countries.
• The global silver economy could reach a volume of USD 15 trillion by 2030 (Oxford Economics).

This observation underlines the economic importance of the older generations and their central role in wealth distribution and consumer spending.

Possible beneficiaries:

Luxury

• LVMH ($MC (+0,66 %) ) - (fashion, jewelry, wine & spirits)
• Hermès ($RMS (-0,71 %) ) - (Exclusive Fashion & Accessories)
• Richemont ($CFR ) - (Swiss luxury watches & jewelry)

Cruise (Over 60s book a third of all cruises worldwide [1])

• Royal Caribbean ($RCL ) - (Cruises for seniors & families)
• Carnival ($CCL (+0,17 %) ) - (mass market cruises)
• Norwegian Cruise Line ($NCLH ) - (premium cruises)

Motorhome manufacturers/ recreational vehicles (47% of motorhome users are over 55 years old, In the UK, two thirds of over 55s have a motorcycle license, which may indicate a growing market for motorcycles and accessories. [1])

• Thor Industries ($THO (-0,59 %) ) - (motorhomes, campers)
• Winnebago ($WGO (-0,25 %) ) - (motorhomes & caravans)
• Harley-Davidson ($HOG (-0,19 %) ) - (motorcycles and entry-level electric motorcycles)

🤖 Technology & automation: solution to the labor shortage

Facts:

The labor shortage caused by an aging society is becoming a global challenge. Automation, AI and robotics could help close the skills gap. [1]

Profiteers:

• ABB ($ABBNY (-1,3 %) ) - (industrial robotics, automation)
• Fanuc ($6954 ) - (robotics, factory automation)
• Intuitive Surgical ($ISRG (-0,75 %) ) - (robot-assisted surgery)
• Siemens ($SIE (-0,78 %) )- (automation & also medical technology)

🧠 Conclusion:

Demographic change offers long-term investment opportunities. Early investment in the right sectors can benefit from rising spending on health, care, leisure and technology.

I myself am still looking for one or two individual investments and am a little annoyed that I didn't get into Hims & Hers earlier, although I have been on the verge of doing so several times. Apart from the luxury segment with LVMH, the portfolio also includes Siemens as a conglomerate in the field of automation.

Do you explicitly take demographic change into account in your investments, e.g. in the form of individual shares?

Which shares do you have in your portfolio or do you still see them as an opportunity?

Thanks for reading!

_________

Sources:

[1] https://www.goldmansachs.com/insights/articles/how-to-invest-as-the-global-population-ages

[2] https://www.bpb.de/kurz-knapp/zahlen-und-fakten/globalisierung/52811/demografischer-wandel/

[3] https://de.statista.com/statistik/daten/studie/1343516/umfrage/entwicklung-der-fertilitaetsrate-in-afrika/

[4]

https://www.iwd.de/artikel/mit-dem-alter-waechst-das-vermoegen-489710/

Analyst updates, 17.12.

⬆️⬆️⬆️

• - UBS raises the price target for AMAZON from USD 230 to USD 264. Buy. $AMZN (-1,02 %)
• - CITIGROUP raises the target price for ALLIANZ SE from EUR 286 to EUR 314.40. Neutral. $ALV
• - BARCLAYS raises the target price for DHL GROUP from EUR 37.50 to EUR 38. Equal-Weight. $DHL (-0,35 %)
• - DEUTSCHE BANK RESEARCH upgrades AIRBUS from Hold to Buy and raises target price from EUR 155 to EUR 185. $AIR (-1,45 %)
• - BERENBERG raises the price target for MUNICH RE from EUR 525 to EUR 552. Hold. $MUV2 (+1,2 %)
• - KEPLER CHEUVREUX raises the price target for ADESSO from EUR 80 to EUR 100. Hold. $ADN1 (+0,08 %)
• - WARBURG RESEARCH raises the price target for FMC from EUR 31 to EUR 36. Sell. $FME (-0,28 %)
• - DEUTSCHE BANK RESEARCH raises the target price for AUTO1 from EUR 12 to EUR 20. Buy. $AG1 (+0,79 %)
• - DEUTSCHE BANK RESEARCH raises the price target for MTU from EUR 329 to EUR 337. Hold. $MTX (-0,83 %)
• - DEUTSCHE BANK RESEARCH raises the price target for HENSOLDT from EUR 37 to EUR 41. Buy. $HAG (-2,44 %)
• - DEUTSCHE BANK RESEARCH raises the target price for ROLLS-ROYCE from GBP 5.55 to GBP 6.30. Buy. $RR. (-0,84 %)
• - BOFA raises the target price for INFINEON from EUR 36 to EUR 40. Buy. $IFX (+1,33 %)
• - BOFA raises the price target for STMICRO from EUR 29 to EUR 30. Buy. $STMPA (+0,14 %)
• - BOFA raises the target price for NOKIA from EUR 4.07 to EUR 4.58. Neutral. $NOKIA (-2,34 %)

⬇️⬇️⬇️

• - JPMORGAN downgrades TRANSMEDICS from Overweight to Neutral and lowers target price from 116 USD to 75 USD. $TMDX (-0,66 %)
• - BOFA lowers the price target for SILTRONIC from EUR 59 to EUR 46. Underperform. $WAF (+0,42 %)
• - HSBC lowers the price target for CARL ZEISS MEDITEC from EUR 66 to EUR 54. Hold. $AFX (-1,8 %)
• - KEPLER CHEUVREUX lowers the price target for HEIDELBERGER DRUCK from EUR 1.25 to EUR 1. Hold. $HBGRY (+0 %)
• - KEPLER CHEUVREUX lowers the price target for EVONIK from EUR 25 to EUR 21. Buy. $EVK (-0,78 %)
• - KEPLER CHEUVREUX lowers the price target for NORDEX from EUR 17 to EUR 14. Buy. $NDX1 (+1,16 %)

22.10.2024

SAP's quarterly figures are better than expected + SHARES IN THE FOCUS: Fresenius and FMC higher - Confidence ahead of quarterly figures + Jefferies lowers Basler to 'Hold' - Target almost halved to 7 euros +

SAP $SAP (-1,52 %) unexpectedly increases adjusted pre-tax profit in the third quarter by 27% to 2.24 billion euros and raises its forecast for the year. The SAP share rises by 4% in after-hours trading.

Investors in Fresenius $FRE (+0,23 %) and Fresenius Medical Care $FME (-0,28 %) seem to be gaining confidence ahead of the quarterly figures due at the beginning of November. In the early afternoon, Fresenius shares, which are listed in the Dax, were the best index stock, gaining 1.4 percent in an attempt to shake off the somewhat weaker trend since mid-September. Fresenius holding FMC rose by 2.1 percent in the MDax, but the shares remained just below their interim high from the beginning of October. Above that, they would cost as much as they last did in mid-June. The third quarter is usually the weakest for the medical group Fresenius, but the management should spread optimism, wrote Berenberg analyst Victoria Lambert. As recently as mid-October, the company was confident of achieving the upper end of the targeted range for the operating result (EBIT) for the full year. According to the expert, the growth in treatment figures at dialysis provider FMC should finally have turned positive in the third quarter and offset the effects of the mortality rate.

The analyst firm Jefferies has Basler $BSL (+0,2 %) from "buy" to "hold" after the figures and almost halved its target price from 13.50 to 7 euros. The machine vision specialist surprised with a comparatively significant weakening of the order situation, wrote analyst Martin Comtesse in a study published on Tuesday. This was preceded by three quarters of improvements. A profit warning, restructuring and management changes were the consequences of the third quarter.

Tuesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Dell USD 0.45

Quarterly figures / company dates USA / Asia

12:30 3M | GE Aerospace, | General Motors | RTX quarterly figures

13:00 Philip Morris | Verizon Communications quarterly figures

13:30 Lockheed Martin quarterly figures

22:00 Texas Instruments quarterly figures

Untimed: Paccar quarterly figures

Quarterly figures / Company dates Europe

03:00 Logitech quarterly figures

14:0 Logitech Call

18:00 Flatexdegiro | Vivendi quarterly figures | LOreal SA, sales 3Q

19:00 Deutsche Börse quarterly figures

Untimed: Givaudan SA: Start of Investor Day (until 23.10.) | Randstad quarterly figures | Tecan: Capital Markets Day

Economic data

11:00 EU: Public finances (2nd publication) 2023 | Government debt 2Q

11:00 DE: German Savings Banks and Giro Association (DSGV), Pk on the Wealth Barometer 2024

14:30 US: Philadelphia Fed services index 10/24

15:00 USInternational Monetary Fund (IMF), World Economic Outlook

15:15 US: Governing Council member Nagel, speech at Harvard University

16:00 US: Richmond Fed manufacturing index 10/24

16:00 US: ECB President Lagarde, interview with Bloomberg TV

16:30 US: US Treasury Secretary Yellen, press conference at the start of the IMF and World Bank Annual Meetings

17:00 US: ECB Chief Economist Lane, interview at New York Fed central banking seminar

+++Summary of earnings this morning, 30.07.+++

$BP. (+0,71 %) achieves an EBIT (adjusted) of $5.41 billion (analyst forecast: $5.52 billion) and a net profit of $2.76 billion (forecast: $2.69 billion) in Q2. The dividend for the 2nd quarter is expected to be 8 cents per share (forecast: 7.8 cents). BP plans to buy back shares with a volume of $3.5 bn in the second half of the year.

-

Redcare Pharma $RDC (+1,08 %) achieved sales of €560.67 million in the 2nd quarter (previous year: €419.9 million) and EBITDA (adjusted) of €15.04 million (previous year: €13.25 million). A net profit of €12.57 million (previous year: -€14.4 million) was reported in the first half of the year. Outlook confirmed.

-

Fuchs $FPE (+0,16 %) achieved sales of €1.76 billion (previous year: €1.82 billion, analyst forecast: €1.76 billion), EBIT of €218 million (previous year: €200 million, forecast: €217.6 million) and net profit of €155 million (previous year: €141 million) in the first half of the year. Outlook confirmed.

-

Covestro $1COV (-0,05 %) achieved sales of €3.69 billion in the second quarter (previous year: €3.72 billion, analyst forecast: €3.69 billion), EBITDA of €320 million (previous year: €385 million, forecast: €311 million) and a net result of -€72 million (previous year: €46 million, forecast: €14 million). In the outlook for 2024, Covestro is adjusting its forecast and now sees free operating cash flow of -€100 to +€100 million (previously: €0 to €300 million, analyst forecast: €173 million) and EBITDA of €1.0 to €1.4 billion (previously: €1.0 to €1.6 billion, forecast: €1.25 billion).

-

Heidelberg Materials $HEI (+0,34 %) achieved sales of €5.51 billion in Q2 (previous year: €5.58 billion, analyst forecast: €5.55 billion) and EBIT (adjusted) of €971 million (previous year: €931 million, forecast: €981 million). Outlook for 2024 confirmed.

-

Fresenius Medical Care $FME (-0,28 %) achieves sales (adjusted) of €4.74 billion (previous year: €4.74 billion), operating income (adjusted) of €433 million (previous year: €400 million, forecast: €433 million) and net income (adjusted) of €207 million (previous year: €176 million, forecast: €201 million) in the second quarter. Forecast confirmed.