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 (+1,48 %)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 (+1,83 %)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 (+0,22 %)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 (-3,39 %)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 (+0,05 %)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

If you are interested in shares, ETFs or investing in general, you are definitely not doing anything wrong by reading a few good books on the subject.

On the contrary: books can help you understand the basics, avoid typical mistakes and enter the market with a clear strategy. 🧠📈

I have now read a few books on the stock market, some of which were rather average, but the following ones particularly impressed me and are absolutely worth reading in my opinion:

1️⃣ Without shares will be difficult - by Noah Leidinger & Florian Adomeit

For whom? Ideal for beginners who want to look beyond ETFs and actively engage with individual shares.

What is it about? The book provides a practical introduction to the world of individual shares. Using 25 real company examples (including Coca-Cola $KO (-0,08 %) , Netflix $NFLX (-1,74 %) or Zalando $ZAL (+0,22 %) ), the authors show how to analyze business models, classify company key figures and value shares.

The question of whether ETFs are really always the best choice is also critically examined. The relaxed and easy-to-understand style makes it particularly beginner-friendly and informative at the same time. ✅

2️⃣ Intelligent investing - by Benjamin Graham

For whom? For anyone who wants to invest systematically for the long term, even if this requires a little more patience and reading discipline.

What is it about? The standard work on value investing.

Graham explains how to recognize undervalued stocks and why it pays to invest with a cool head and a rational approach.

Warren Buffett calls it the best book ever written on investing for a reason. 🏆

3️⃣ Investing with confidence - by Gerd Kommer

For whom? For anyone who invests in ETFs and is looking for a scientifically sound, sober view of investing.

What is it about? Kommer shows why a globally diversified ETF portfolio is the best long-term choice for most private investors. 🌍

He disproves many stock market myths with facts, figures and data.

The book is factual, easy to understand and ideal for anyone who wants to build up assets calmly and over the long term. 🧱

4️⃣ One step ahead of the stock market - by Peter Lynch

For whom? For anyone who likes to analyze companies themselves and wants to actively search for exciting stocks.

What is it about? Lynch explains how good investment ideas can be found through everyday observations (e.g. when shopping).

At the same time, he gives deep insights into his way of thinking, his portfolio management and his greatest successes. A practical and motivating book with many aha moments. 💡

5️⃣ Think and Grow Rich - by Napoleon Hill

For whom? For anyone who wants to grow not only financially but also personally.

What is it about? Not a classic stock market book, but a real classic when it comes to success, mindset and determination.

Hill shows how important discipline, self-belief and clear goals are for long-term success, even on the stock market. 🏆

I've read a few other books, but these five stand out for me. 📘

What are your favorite books on the stock market and finance?

Or how you can make a fool of yourself all over the world.

No deal with Putin, no deal with TikTok, no deal with China.... In the end, Trump had to back down again. What hedge fund managers, US industry and high-ranking Republicans had been calling for days ago came true yesterday. Just before his political "suicide", the ripcord was pulled.

My portfolio conclusion: it has once again proven true - everything that falls quickly can also rise quickly again, and vice versa📉📈 Somehow a crash in fast motion.💥 It's not over yet. We are still a long way from the highs.

The last few days around 30k have been invested in the portfolio, even several times due to the nice volatility, as I've been in and out with the whole amount about 3 times in total.

Yesterday morning I went back in with the stocks that were taken out the day before. Orders closed $UBER (+7,67 %)
$RDC (+1,48 %)
$KTN (+0,83 %)
$VER (-0,11 %)
$ZAL (+0,22 %) and also the $WEBG (+3,61 %) was expanded with approx. 5k. I like to invest the trading proceeds in ETFs to steadily expand the core.

How did you get on? Were you brave enough to get in?

$KTN (+0,83 %)
$ZAL (+0,22 %)
$VER (-0,11 %) all companies that I would like to have back in my portfolio.

Even though I $KTN (+0,83 %) Kontron $ZAL (+0,22 %) Zalando and $VER (-0,11 %) Verbund still have potential. With the drop in prices, capital can soon be deployed more profitably. I also expect a backlash from the EU and all other affected countries in the next few days, which could result in another downward jolt.

According to the motto that only realized profits are real profits, I am waiting to see what happens over the next few days...

@Epi I need an insider tip on when would be a good time to top up your certificate😅

Zalando $ZAL (+0,22 %) has big plans and wants to take over its smaller rival About You by the summer. This majority takeover is a strategic step to strengthen its market position and expand its reach in online retail. Zalando intends to squeeze out the remaining shareholders of About You. The amount of cash compensation that will be offered as part of this squeeze-out is still unknown. However, Zalando assures to make an "appropriate offer" after the deal is finalized. On Friday, About You shares remained stable at 6.66 euros, which is higher than Zalando's offer of 6.50 euros. This could make the negotiations even more exciting, as it gives shareholders an incentive to consider whether or not they want to accept the offer.

In the USA, Mercedes-Benz $MBG (+3,06 %) also has big plans and wants to significantly expand its military vehicle business. The head of the Special Trucks division sees huge opportunities in this area and wants to significantly increase market share. The focus is on developing innovative solutions for military applications and expanding the product range. However, details of the specific plans have not yet been published. With this expansion, the company wants to position itself in a growing market that could become increasingly important in the coming years. With these steps, Mercedes-Benz wants to secure its competitiveness in a rapidly changing environment and open up new areas of business.

Sources:

https://www.manager-magazin.de/unternehmen/handel/zalando-uebernahme-von-about-you-soll-im-sommer-abgeschlossen-sein-a-17a3ea76-7de7-421a-894f-d54ab99e140e

https://www.manager-magazin.de/unternehmen/autoindustrie/mercedes-benz-special-trucks-chefin-moechte-geschaeft-mit-militaerfahrzeugen-ausbauen-a-ae007afa-6c16-4b98-a144-2ad64fe43e05

The analyst conference of Zalando ($ZAL (+0,22 %) ) began with a presentation by co-CEOs Robert Gentz and David Schröder.

Robert Gentz emphasized that Zalando had achieved its strategy and financial targets last year, despite a challenging market. He emphasized the adaptation to customer needs and the investments in the platform. Gentz pointed out that Zalando is transforming from a platform to an ecosystem in order to gain a larger market share. In the B2C area, Zalando wants to become the first port of call for high-quality fashion and lifestyle, while strong growth is targeted in the B2B area. David Schröder added that Zalando plans to merge with ABOUT YOU, which is an important step forward.

Gentz mentioned that 2024 is the first year since the pandemic in which e-commerce penetration in Europe returns to its long-term growth trend. He was optimistic about the long-term opportunities in a EUR 450 billion market. The GMV increased by 4.5 % to EUR 15.3 billion and sales by 4.2 % to EUR 10.6 billion. The adjusted EBIT exceeded expectations by more than EUR 30 million and reached EUR 511 million, which corresponds to a margin of 4.8 %.

At the end of the year, 51.8 million active customers were served, an all-time high. Spending per customer remained stable at around EUR 295. The gross margin in the B2C business rose by more than 200 basis points to 43.5%.

Sales of EUR 953 million were achieved in the B2B business, an increase of 11.5 % compared to the previous year. The adjusted EBIT amounted to EUR 23 millionwith a margin of 2.4 %. Schröder emphasized the goal of promoting a more sustainable fashion and lifestyle industry and achieving net-zero emissions in its own operations and private labels by 2040.

Robert Gentz addressed the three strategic pillars for the B2C business: Differentiation through quality, lifestyle expansion and inspiration and entertainment. Zalando aims to be the quality leader in European e-commerce for fashion and lifestyle. The company expanded its range to include new brands such as Versace and On Running. The loyalty program has been improved and rewards customers for commitment and purchases. To date, almost 10% of customers participate in this program.

Gentz mentioned the expansion into new markets such as Portugal, Greece and Bulgaria. Zalando plans to enrich the product detail pages to improve conversions. In the area of lifestyle expansion beauty and sport are highlighted as important growth areas. Beauty recorded strong, double-digit growthand new brands such as Armani are being added to the range. In the sports segment, the focus is on sub-segments such as running, outdoor, fitness and soccer. Zalando plans to deepen its offering in these areas in order to strengthen its credibility and expertise.

In the area of inspiration and entertainment, Zalando is testing various formats, including Stories on Zalando. A personalized discovery feed in the Zalando mobile app is planned for 2025.

David Schröder explained the progress made in the B2B area, where Zalando wants to become the operating system for fashion in Europe. In the logistics area, Zalando now serves 12 markets and enables retailers to sell on 10 different channels. He cited Pepe Jeans as an example of the success of ZEOS solutions. Zalando has started a new partnership with NEXT to develop advanced fulfillment capabilities. In the software area, Zalando is working on strategic partnerships with leading sales channels, integrators and store systems.

Robert Gentz addressed the outlook and mentioned the planned acquisition of ABOUT YOU. More than 90% of the shares of ABOUT YOU have already been secured. This takeover will enable Zalando to pursue a dual-brand strategy and expand its B2B offering. In the long term, synergies of around EUR 100 million per year on an EBIT basis are expected. An adjusted EBIT margin of 10% to 13% is targeted for 2028. GMV and sales growth of 4% to 9% is expected for 2025, as well as a further improvement in adjusted EBIT to EUR 530 to 590 million.

In the subsequent Q&A session, the analysts addressed the following topics:

Anne Critchlow from Berenberg asked about the GMV trend in the first quarter compared to the fourth quarter and marketing costs. David Schröder replied that the start of the year showed similar positive momentum to the fourth quarter. Marketing costs of 10% of sales in the fourth quarter are not expected to be the new normal level for 2025. Zalando plans to continue to manage its investments based on ROI and expects marketing costs to be in the higher single-digit range.

Jürgen Kolb asked about the expectations for the gross margin and fulfillment costs in 2025. David Schröder explained that Zalando has made a big step in 2024 towards an adjusted EBIT margin of 6% to 8% in 2028. A smaller step is expected for 2025, with the focus remaining on efficiency improvements and the gross margin.

Luke Holbrook from Morgan Stanley asked about the progress of the loyalty programin which 10% of customers are currently participating. Robert GentzCo-CEO, replied that the program will be expanded to 16 countries this year and marketed more strongly, which will lead to accelerated expansion. Holbrook also asked about performance in the first quarter.

David Schröder clarified that the start of the year was similar to the end of the year, with growth in the fourth quarter amounting to 4.8%.

Another analyst asked about the impact of ZMS (Zalando Marketing Services) on the operating result in 2025. David Schröder replied that the loyalty program will have a positive impact on customer numbers and spend per customer, which will translate into lower marketing spend in the long term. However, there will be a temporary accounting effect in the mid double-digit million range in connection with deferred revenue.

An analyst from Bernstein asked about the drivers for the growth of 4 % to 9 % in 2025. Robert Gentz explained that both active customers and GMV per active customer will contribute to growth. The retail business will remain strong, but an increase in the partner business is also expected. With regard to ZMS, Robert Gentz said that the company will achieve double-digit growth in 2024. double-digit growth and expects the same for 202515 . In the long term, Zalando is aiming for a corridor of 3% to 4% for ZMS. David Schröder emphasized the one-stock-pool strategy in which the entire inventory is pooled in one infrastructure to serve multiple channels. The acquisition of ABOUT YOU makes this concept even more attractive.

Another analyst from Stifel inquired about the effects of the trade conflict between the USA and China. Robert Gentz replied that Zalando does not see any immediate impact due to its European base and its mainly Asia-based supply chains. With regard to Chinese companies operating in Europe, Zalando's focus is on high-quality e-commerce with branded products.

He also asked about TikTok stores. Robert Gentz replied that Zalando is curiously watching this and cooperating with TikTok in the UK to learn.

An analyst from UBS asked about the capacities following the commissioning of the warehouse in Paris and the construction of the warehouse in Frankfurt. David Schröder replied that the capacities are sufficient to cover the growth plan until 2028. The partnership with NEXT helps Zalando to understand the requirements of large customers and to develop additional capabilities.

An analyst from RBC asked about the integration costs and synergies of ABOUT YOU. David Schröder replied that Zalando is aiming for long-term synergies of 100 million euros per year on an EBIT basis.

An analyst from Deutsche Bank asked about major brands in the sports and beauty sectorsthat Zalando would like to have on its website. Robert Gentz replied that in the sports sector it is more about expertise in certain sports, while in the beauty sector it is about attracting new brands.

In summary, Zalando is successfully driving forward its ecosystem strategy and has achieved its financial targets for 2024. There are exciting plans for 2025 to further develop the strategy in the areas of B2C and B2B. The planned acquisition of ABOUT YOU fits perfectly into this strategy and offers additional growth opportunities.

I am curious to see how the share will continue after the recent recovery.

Goldman lowers target for Adidas

The US investment bank Goldman Sachs has lowered its target price for Adidas $ADS (+3,76 %) from 280 to 270 euros and left the rating at "Neutral". Analyst Richard Edwards has revised his operating earnings estimates for 2025 and 2026 slightly downwards following the recently published quarterly figures. These adjustments are the result of earnings that did not quite meet expectations. In addition, the risk-free interest rate in its valuation model has been raised, which has also contributed to analysts becoming more cautious. At Adidas, it remains to be seen how the company will react to these new challenges and whether it can succeed in consolidating or even expanding its own market position.

Relief Therapeutics talks ended

In a surprising turn of events, talks about a merger between Relief Therapeutics and Renexxion have been terminated. The biopharmaceutical company has announced in a recent press release that the negotiations have not led to a satisfactory outcome. Relief Therapeutics is known for its innovative therapies, which have attracted considerable interest in the healthcare industry. The termination of these discussions could have far-reaching implications for the company's future strategy and growth. It remains to be seen how Relief Therapeutics plans its next steps and whether other partnerships may be on the horizon to further expand its product range.

Zalando wants to continue its growth course

The online retailer Zalando $ZAL (+0,22 %) is optimistic and expects further growth in sales and operating profit in the current year. The company plans to achieve between four and nine percent more sales and is targeting an increase in adjusted earnings before interest and taxes (EBIT) to between 530 and 590 million euros. These forecasts are slightly above analysts' expectations and reflect solid growth. Last year, Zalando already recorded sales of just under 10.6 billion euros, which corresponds to an increase of over four percent. The operating result also rose by an impressive 46 percent to 511 million euros. The positive growth forecast has encouraged investors, which is reflected in a pre-market rise in Zalando shares of up to 1.99 percent. It will be exciting to see how Zalando can realize its ambitious goals and which strategies will be used to achieve them.

Sources:

https://www.finanzen.net/nachricht/aktien/analyse-flash-goldman-senkt-ziel-fuer-adidas-auf-270-euro-neutral-14295811

https://www.finanzen.net/nachricht/aktien/relief-therapeutics-aktie-gespraeche-ueber-fusion-mit-renexxion-beendet-14295853

https://www.finanzen.net/nachricht/aktien/zuwaechse-zalando-aktie-profitiert-zalando-strebt-weiteres-umsatz-und-gewinnwachstum-an-14295718

The profit forecasts for the current financial year have risen for 21 of the 40 DAX companies.

According to research by Handelsblatt, analysts have raised their profit estimates for these 7 of the 40 DAX companies by at least five percent in the last three months.

Handelsblatt sheds light on the prospects of these seven companies and their shares with a view to their prospects: the development of earnings this year, the resulting changes in valuation - and how analysts are positioning themselves.

Below is a brief overview, details with further information can be found at "Handelsblatt"

$ENR (+0,61 %) The earnings forecasts for Siemens Energy shares are rising most rapidly

$DBK (+1,84 %) Deutsche Bank share: Rising profits cause valuation to fall sharply

For $QGEN Qiagen: Difficult times after the pandemic are over

$VNA (-4,82 %) Vonovia makes billions in profit after billions in losses

$ZAL (+0,22 %) Zalando: Takeover gives new share price potential

$MTX (+1,18 %) MTU: Global market leader generates stable earnings

$DTE (-1,58 %) Deutsche-Telekom: Unusually strong vote from analysts

Source / Graphics: Handelsblatt, 18.02.25

$ZAL (+0,22 %) Zalando's share price has already doubled again in the last 12 months from its low. But there is still plenty of room for improvement 📈

With $YOU (-0,44 %) the market share will be further expanded 👆

https://de.investing.com/news/press-releases/eqsnews-about-you-holding-se-vorstand-und-aufsichtsrat-von-about-you-unterstutzen-offentliches-ubernahmeangebot-von-zalando-deutsch-2858330