Too cheap. Analysts also all say buy with 40% upside. Should yield good returns in the coming years.

Payout ratio below 35

Gross margin 24 at 56

Medical & technology group that is involved in semiconductors, among other things.

Figures were good, but of course the outlook was lowered due to customs uncertainties.

In the S&P 500, 224 out of 500 shares are in the red this year. "Welt" has analyzed which stocks have the potential to catch up.

The criteria:

The stocks must have lost at least 20 percent in price since the beginning of the year, have at least double-digit price potential according to analysts' estimates and also be recommended as a buy by at least 50 percent of augurs.

The candidates (selection):

$UNH (-2,45 %) - United Health

$DECK (+1,34 %) - Deckers Outdoor

$UPS (-1,82 %) - UPS

$HAL (-0,17 %) - Halliburton

$MRK (-0,71 %) - Merck

$NCLH (+4,28 %) - Norwegian Cruise Line

$IQV (-0,6 %) - IQVIA Holdings

Source: Welt, 14.05.25 (excerpt) | Image: ChatGPT

As every Sunday, the most important news from the past week, as well as the dates for the coming week.

Also as a video:

https://youtube.com/shorts/dPPeUQiYKaA?si=J8OBGoP_bVjrvo4T

Monday:

The Darmstadt-based pharmaceutical company $MRK (-0,71 %) Merck buys a biotech cancer specialist from the USA. The acquisition is Springworks. A total of 3 billion euros is said to have been invested.

https://www.handelsblatt.com/unternehmen/industrie/merck-deutscher-pharmakonzern-kauft-us-krebsspezialisten-springworks/100124438.html

As expected $RHM (+2,8 %) Rheinmetall was able to significantly increase its profit. Expectations were even exceeded, with operating profit increasing by 49% to 199 million euros.

https://www.handelsblatt.com/unternehmen/industrie/ruestung-rheinmetall-steigert-seinen-gewinn-erneut-deutlich/100124650.html

Tuesday:

The logistics group $DHL (-0,26 %) DHL can perform better than expected. EBIT rose by 4.5% to 1.37 billion euros in the first quarter. Earnings also increased from 63 (previous year) cents per share to 68 cents.

https://www.handelsblatt.com/unternehmen/dienstleister/dhl-logistikkonzern-startet-besser-als-erwartet-ins-geschaeftsjahr/100124616.html

Wednesday:

Inflation in Germany is falling almost to the ECB target. In April, the inflation rate was probably 2.1% compared to the same month last year. The inflation rate is recorded by Destatis. However, experts had even expected a fall to 2.0%.

https://www.handelsblatt.com/finanzen/geldpolitik/preise-inflationsrate-in-deutschland-sinkt-leicht-auf-21-prozent/100123163.html

Donald Trump's tariff policy is having a full impact on the US economy. While experts expected growth, the US economy is shrinking unexpectedly. GDP shrank by 0.3% (annualized in the USA) in the 1st quarter. In the 4th quarter of 2024, the growth rate was still 2.4 %.

https://www.theguardian.com/business/2025/apr/30/economy-gdp-q1-trump-tariffs

Thursday:

The Bank of Japan leaves the key interest rate at 0.5%. It justifies this with the tariffs imposed by the USA and a lower growth forecast.

https://www.reuters.com/business/boj-keep-rates-steady-cut-growth-forecasts-2025-04-30/

Friday:

A surprisingly strong labor market lifts stock markets worldwide on Friday afternoon. Despite Donald Trump's tariff announcements, many new jobs were created in the USA and the unemployment rate remained constant.

https://www.handelsblatt.com/politik/konjunktur/usa-arbeitsmarkt-waechst-stark-trump-will-dennoch-zinssenkungen/100124915.html

These are the most important dates for the coming week:

Tuesday: 11:00 Producer prices (EUR)

Wednesday: 20:00 Interest rate decision (USA)

Thursday: 13:00 Interest rate decision (UK)

Can you think of any other dates? Write it in the comments 👇

#erzeugerpreise
#leitzins
#fed
#uk

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 (+0,09 %) Allianz, $MUV2 (-0,28 %) Munich Re and $RHM (+2,8 %) 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 (-1,39 %) BMW, $MBG (-0,49 %) Mercedes and $VOW (-1,15 %) VW will be offset by companies in other sectors, in particular the major insurers Allianz, Munich Re and $HNR1 (-0,43 %) Hannover Re, but also $DTE (+0,74 %) Deutsche Telekom, $HEN (-1,36 %) Henkel and $EOAN (-0,7 %) Eon.

More than a dozen DAX companies have announced higher dividends than the market had previously expected. For example $ALV (+0,09 %) 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 (-0,28 %) Munich Re: The reinsurer is increasing its dividend by five euros per share to 20 euros.

The two healthcare specialists $FRE (+1,08 %) Fresenius and $FME (+1,14 %) Fresenius Medical Care, the brand manufacturer $HEN (-1,36 %) Henkel, the automotive supplier $BTR Continental, the $CBK (+3,49 %) Commerzbank, $RHM (+2,8 %) Rheinmetall and $HNR1 (-0,43 %) 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 (+0,09 %)
• 
  $DTE (+0,74 %)
• 
  $MBG (-0,49 %)
• 
  $SIE (+0,06 %)
• 
  $VOW (-1,15 %)

Like the car manufacturers, a number of companies in the DAX remain below the usual international payout ratios, including the family-run groups $BEI (-0,25 %) Beiersdorf and $MRK (-0,71 %) 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 (-0,54 %) 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 (-0,53 %) BASF and the three car manufacturers. Four companies have yet to do so: $RWE (-0,46 %) RWE, $SY1 (-1,88 %) Symrise and $VNA (-0,48 %) Vonovia are likely to increase their dividends, while analysts expect $PAH3 (-0,19 %) analysts expect a reduction at Porsche Holding.

Source (excerpt) & chart: Handelsblatt, 15.03.25

The CEO of $MRK (-0,71 %)Belén Garijo, expressed her optimism at the #wef2025 optimistic that Europe can strengthen its global competitiveness. Despite growing competition from the USA and China, the pharmaceutical company is continuing to invest in its own region.

"We have invested heavily in Europe because we are convinced that the ship can be turned"

The comments come after Donald Trump voiced plans to punish the EU & China with tariffs to counter what he sees as "unfair trade practices".

Garijo said Merck is prepared for such developments by expanding its presence in the US and pursuing local strategies pursuing local strategiesto counteract potential trade restrictions.

"We have diversified our supply chain to be closer to our customers and better able to respond to potential trade restrictions"

Quarterly figures for EU companies on 01.08.2024

Hugo Boss +++ DHL +++ Symrise +++ BMW +++ Volkswagen +++ and many more

Heidelberger Druck $HDD (-0,56 %) achieves sales of €403 million (previous year: €544 million), EBITDA (adjusted) of -€9 million (previous year: +€41 million) and a net result of -€42 million (previous year: +€10 million) in the 1st quarter. Forecast confirmed.

HUGO BOSS $BOSS (-2,86 %) achieved sales of €1.015 billion in the second quarter (previous year: €1.026 billion, preliminary figures from July 15: €1.015 billion), EBIT (final) of €70 million (previous year: €121 million, preliminary: €70 million) and net profit of €37 million (previous year: €75 million).

Symrise $SY1 (-1,88 %) achieved sales of €2.57 billion in the first half of the year (previous year: €2.41 billion, analyst forecast: €2.56 billion), EBITDA of €529.8 million (previous year: €446 million, forecast: €526.1 million) and net income of €239.5 million (previous year: €187.5 million, forecast: €251.2 million). Outlook for 2024 confirmed.

BMW $BMW (-1,39 %) achieves Q2 revenues of €36.9 billion (previous year: €37.2 billion, analyst forecast: €37.4 billion), EBIT (Group) of €3.88 billion (previous year: €4.34 billion, forecast: €3.95 billion) and Group net profit of €2.71 billion (previous year: €2.96 billion, forecast: €2.62 billion). Outlook for 2024 confirmed.

Volkswagen (VW) $VOW (-1,15 %) achieved sales of €83.3 billion in the second quarter (previous year: €80.1 billion, forecast: €81.9 billion), an operating profit of €5.46 billion (previous year: €5.60 billion, forecast: €5.38 billion) and earnings after tax of €3.63 billion (previous year: €3.79 billion). In the outlook for 2024, VW confirms the forecast for sales and deliveries.

Klöckner & Co $KCO (+0,39 %) achieved sales of 2.3 million tons in the first half of the year (previous year: 2.1 million tons), EBITDA before material special effects of €83 million (previous year: €130 million) and net income from continuing operations of -€26 million (previous year: €39 million). In the outlook for 2024, the company expects a slight decline in sales compared to the previous year and EBITDA before material special effects of €120 million to €180 million.

DHL $DHL (-0,26 %) achieved revenue of €20.6 billion in the second quarter (previous year: €20.1 billion, analyst forecast: €20.3 billion), EBIT of €1.4 billion (previous year: €1.7 billion, forecast: €1.3 billion) and net profit of €744 million (previous year: €978 million, forecast: €754 million). Outlook for 2024 and EBIT forecast for 2026 confirmed.

Merck KGaA $MRK (-0,71 %) achieves final Q2 sales of €5.35 billion (preliminary: €5.35 billion), final adjusted EBITDA of €1.509 billion (preliminary: €1.509 billion) and final adjusted earnings per share of €2.20 (preliminary: €2.20). Outlook confirmed.

MTU Aero Engines
$MTX (-1,33 %) achieves Q2 revenues (adjusted) of €1.755 billion (previous year: €1.57 billion), EBIT (adjusted) of €193 million (previous year: €242 million, analyst forecast: €223 million) and net profit of €185 million (previous year: €143 million, forecast: €163 million). Margin forecast for 2024 raised to around 13% (previously: more than 12%) Outlook for sales, adjusted EBIT margin and FCF confirmed.

Daimler Truck
$DTG (-0,47 %) achieved order intake of 92,569 vehicles in Q2 (previous year: -5%), revenue of €13.3 billion (previous year: €13.88 billion), EBIT (adjusted) of €1.17 billion (previous year: €1.43 billion) and earnings per share of €0.93 (previous year: €1.11).

+++ Earnings summary this morning, 01.08. +++

Volkswagen (VW) $VOW (-1,15 %) achieves sales of €83.3 billion (previous year: €80.1 billion, forecast: €81.9 billion), an operating profit of €5.46 billion (previous year: €5.60 billion, forecast: €5.38 billion) and earnings after tax of €3.63 billion (previous year: €3.79 billion) in Q2. In the outlook for 2024, VW confirms the forecast for sales and deliveries.

-

BMW $BMW (-1,39 %) achieves sales of €36.9 billion in the 2nd quarter (previous year: €37.2 billion, analyst forecast: €37.4 billion), EBIT (Group) of €3.88 billion (previous year: €4.34 billion, forecast: €3.95 billion) and Group net profit of €2.71 billion (previous year: €2.96 billion, forecast: €2.62 billion). Outlook for 2024 confirmed.

-

DHL $DHL (-0,26 %) generates Q2 revenue of €20.6 billion (previous year: €20.1 billion, analyst forecast: €20.3 billion), EBIT of €1.4 billion (previous year: €1.7 billion, forecast: €1.3 billion) and net profit of €744 million (previous year: €978 million, forecast: €754 million). Outlook for 2024 and EBIT forecast for 2026 confirmed.

-

Vonovia $VNA (-0,48 %) achieves average rent per square meter of €1. In the first half of 2024, Vonovia generated an average rent per square meter of € 7.86 (previous year: € 7.58); EBITDA (adjusted) from rental activities of € 1.19 billion (previous year: € 1.21 billion), EBT (adjusted) from continuing operations of € 887.2 million (previous year: € 945.8 million); EBITDA (adjusted) from continuing operations of € 1.27 billion (previous year: € 1.30 billion) and net income for the period of € 1.27 billion (previous year: € 1.30 billion): €945.8 million); EBITDA (adjusted) from continuing operations of €1.27 billion (previous year: €1.30 billion) and a net loss for the period of -€529.2 million (previous year: -€4.13 billion). The vacancy rate in the first half of the year was 2.2% (previous year: 2.2%) and the real estate portfolio value (as at the end of June) was €82.5 billion (previous year: €83.9 billion at the end of 2023). In the outlook for 2024, the company now sees adjusted EBITDA at the upper end of the range of €2.55 billion to €2.65 billion and adjusted EBT at the upper end of the range of €1.7 billion to €1.8 billion

-

Elmos Semiconductor $ELG (+0,21 %) achieved sales of €142 million (previous year: €136 million), EBIT of €35.9 million (previous year: €34.1 million) and net profit of €24.3 million (previous year: €23.0 million) in the second quarter. Outlook for 2024 confirmed.

-

Symrise $SY1 (-1,88 %) achieved sales of €2.57 billion in the first half of the year (previous year: €2.41 billion, analyst forecast: €2.56 billion), EBITDA of €529.8 million (previous year: €446 million, forecast: €526.1 million) and net income of €239.5 million (previous year: €187.5 million, forecast: €251.2 million). Outlook for 2024 confirmed.

-

HUGO BOSS $BOSS (-2,86 %) achieves sales of €1.015 billion in the second quarter (previous year: €1.026 billion, preliminary figures from July 15: €1.015 billion), EBIT (final) of €70 million (previous year: €121 million, preliminary: €70 million) and net profit of €37 million (previous year: €75 million).

-

Heidelberger Druck $HDDB achieved sales of €403 million (previous year: €544 million), EBITDA (adjusted) of -€9 million (previous year: +€41 million) and a net result of -€42 million (previous year: +€10 million) in the first quarter. Forecast confirmed.

-

Klöckner & Co $KCOB achieved sales of 2.3 million tons in the first half of the year (previous year: 2.1 million tons), EBITDA before material special effects of €83 million (previous year: €130 million) and a consolidated result from continuing operations of -€26 million (previous year: €39 million). In the outlook for 2024, the company expects a slight decline in sales compared to the previous year and EBITDA before material special effects of €120 million to €180 million.

-

Merck KGaA $MRK (-0,71 %) achieves final Q2 sales of €5.35 billion (preliminary: €5.35 billion), final adjusted EBITDA of €1.509 billion (preliminary: €1.509 billion) and final adjusted earnings per share of €2.20 (preliminary: €2.20). Outlook confirmed.

-

MTU Aero Engines $MTX (-1,33 %) achieves Q2 revenues (adjusted) of €1.755 billion (previous year: €1.57 billion), EBIT (adjusted) of €193 million (previous year: €242 million, analyst forecast: €223 million) and net profit of €185 million (previous year: €143 million, forecast: €163 million). Margin forecast for 2024 raised to around 13% (previously: more than 12%) Outlook for sales, adjusted EBIT margin and FCF confirmed.

-

Daimler Truck $DTG (-0,47 %) achieved order intake of 92,569 vehicles in the 2nd quarter (previous year: -5%), revenue of €13.3 billion (previous year: €13.88 billion), EBIT (adjusted) of €1.17 billion (previous year: €1.43 billion) and earnings per share of €0.93 (previous year: €1.11).

As every Sunday, the most important news from the past week, as well as the most important dates for the coming week.

Also as a video:

https://youtube.com/shorts/uWLmaUmA94I?si=Nvgan1ND1bTBDfNJ

Sunday:

Joe Biden resigns and names Kamala Harris as possible successor. Trump has already made a statement. We are curious to see what the markets will do tomorrow. The election campaign in the US seems to be starting all over again.

https://www.handelsblatt.com/politik/international/us-wahlen-joe-biden-verzichtet-auf-kandidatur-und-schlaegt-kamala-harris-vor/100054462.html

Monday:

The battery manufacturer $VAR1 Varta is restructuring at the expense of its shareholders. In addition, Porsche and Michael Tojner secure pre-emptive rights for the issue of new shares. As a result of the StaRUG proceedings, small shareholders at Varta in particular are left empty-handed.

https://www.handelsblatt.com/meinung/kommentare/varta-gau-fuer-kleinaktionaere/100054586.html

Tuesday:

$P911 (-0,67 %) Porsche corrects its forecast. Turnover is expected to be lower than planned and the margin is also likely to fall. This is probably due to flooding at a European supplier.

https://www.handelsblatt.com/unternehmen/industrie/autohersteller-warum-porsche-jetzt-die-jahresziele-fuer-2024-kassieren-muss/100054794.html

Also $ST5 (+0,83 %) Steico also fell significantly. Although turnover and profit increased, the share price fell. The reason is a cautious outlook.

https://www.wallstreet-online.de/nachricht/18294888-steico-se-starkes-erstes-halbjahr-2024-vorsichtiger-ausblick

Wednesday:

Profit at $TSLA (-15,07 %) Tesla falls for the second quarter in a row, Tesla has clearly missed expectations with its figures. Car sales fell by seven percent to 19.9 billion USD. Total sales increased slightly thanks to the strong storage business.

https://www.handelsblatt.com/unternehmen/industrie/elektroautobauer-tesla-gewinn-sinkt-erneut-robotaxi-soll-im-oktober-vorgestellt-werden/100053233.html

$RHM (+2,8 %) Rheinmetall doubled its profit and was even able to exceed expectations. The armaments group is benefiting from numerous orders from the German armed forces. Sales increased by 49% to 2.2 billion euros in the second quarter. Profit doubled to 271 million euros. Rheinmetall is undoubtedly one of the winners of the Ukraine war.

https://www.handelsblatt.com/unternehmen/industrie/ruestung-rheinmetall-verdoppelt-gewinn-im-zweiten-quartal/100055103.html

The Purchasing Managers' Index for Germany 🇩🇪 and the USA are disappointing. The value for Germany fell below 50, and the same applies to industry in the USA. The index thus signals a recession. In the USA, at least the service sector remains above the 50 mark.

https://finanzmarktwelt.de/einkaufsmangerindex-juli-316954/?amp

Thursday:

Yesterday, the building materials group $STO3 (-1,29 %) Sto reported disappointing figures. Earnings will probably be halved and the targets for 2024 and 2027 have been canceled.

There was also weak news from the automotive industry. $7201 (-2,43 %) Nissan's profit collapses by 99%. Opel parent company Stellantnis reports a 40% drop in profits.

Things are also going badly in the luxury goods industry. Gucci's sales shrank by 19%, putting pressure on the profits of its parent company $KER (-0,55 %) Kering.

Even consumer goods giant $NESN (-0,54 %) Nestlé disappointed with a lowered forecast. Turnover fell by 2.7%, partly due to currency effects.

https://www.handelsblatt.com/unternehmen/industrie/geschaeftszahlen-im-newsblog-nissan-gewinn-faellt-um-99-prozent-astrazeneca-erhoeht-jahresziele/24098412.html

Even in Poland 🇵🇱, which is otherwise economically spoiled, the supermarket chain $DNP (-4,15 %) Dino Polska has to report poor figures. Among other things, profits fell by 28% compared to the previous year.

https://www.stockwatch.pl/wiadomosci/slabe-wyniki-biedronki-pociagnely-w-dol-notowania-dino-polska,akcje,329836

The situation was different in the pharmaceutical sector. $SAN (+0,86 %) Sanofi exceeded analysts' expectations in terms of profit and was able to increase its turnover by 8 %. Also $AZN (-1,54 %) Astrazeneca also raised its annual targets. Sales increased by 15 %. However, profits fell slightly due to exchange rate effects.

https://www.handelsblatt.com/unternehmen/industrie/geschaeftszahlen-im-newsblog-nissan-gewinn-faellt-um-99-prozent-astrazeneca-erhoeht-jahresziele/24098412.html

Good economic data from the USA 🇺🇸. GDP growth in the second quarter was probably significantly stronger than expected (2.8 % annualized, expected: 2.0 %). In addition, inflation is unlikely to exceed expectations.

https://www.handelsblatt.com/politik/konjunktur/konjunktur-us-wirtschaft-waechst-im-zweiten-quartal-staerker-als-erwartet/100055373.html

Friday:

$MBG (-0,49 %) Mercedes is able to slightly improve its return on sales again. In addition, there was no profit warning, which many had expected.

https://www.handelsblatt.com/unternehmen/industrie/autoindustrie-mercedes-verliert-an-fahrt-absatz-der-s-klasse-stuerzt-ab/100054892.html

BASF $BAS (-0,53 %) BASF does not have to lower its forecast, but continues to struggle with rather weak figures. Sales fell by 7%, while adjusted profits of 2 billion euros in the second quarter were roughly at the previous year's level.

https://www.handelsblatt.com/unternehmen/industrie/chemiekonzern-basf-macht-weniger-umsatz-als-im-vorjahr-bestaetigt-aber-den-ausblick/100054625.html

Inflation in Japan 🇯🇵 was above expectations. Real interest rate hikes may still have to be made there after all. However, even the price increases for core consumer prices in the capital Tokyo are barely above the BoJ's 2% target.

https://www.fxstreet.com/news/japan-inflation-tokyo-consumer-price-index-rises-22-yoy-in-july-vs-23-prior-202407252333

The German pharmaceutical group $MRK (-0,71 %) Merck also delivered strong figures and raised its forecast slightly. Instead of sales of 20.6 - 22.1 billion euros, the range was raised to 20.7 - 22.1 billion euros. Sales stagnated in the second quarter. The reason for the forecast increase is good figures for the cancer drug Xevinapant.

https://www.handelsblatt.com/unternehmen/industrie/pharma-und-techkonzern-merck-hebt-prognose-fuer-2024-leicht-an/100055694.html

Most important dates in the coming week:

Tuesday: 14:00 Inflation data (Germany)

Wednesday: 05:00 Interest rate decision (BoJ)

Thursday: 13:00 Interest rate decision (BoE)