After my first post on humanoid robots received a lot of positive feedback, I went into more detail. I have subsequently added my favorites in each sector.

Extended analysis of the value chain including shovel manufacturers and potential hidden champions

New categorySecondary key sectors (sales, marketing, financing)

AdditionallyTop 25 companies worldwide, as well as Top 10 Europe and Top 10 Asia

I have also added a video link for beginners. This will give you an idea of how far the development of humanoid robotics has already progressed.

https://www.stern.de/panorama/wissen/humanoider-roboter---wie-reagiert-er-auf-beleidigungen--35996156.html

Thank you for your attention and your support 🙏

🌐 1. value chain of humanoid robots (with hidden champions)

1. research & chip design

$ARM (-4,23 %) ARM (UK) - CPU-IP, energy-efficient processors

$SNPS (+11,15 %) Synopsys (US) - EDA software, chip design

$CDNS (+5,34 %) Cadence (US) - EDA & Simulation

$PTC PTC (US) - Engineering Software, CAD/PLM

$DSY (+2,98 %) Dassault Systèmes (FR) - 3D Design & Digital Twin

$SIE (+1,22 %) Siemens (DE) - Industrial Software & Lifecycle Mgmt

$ADBE (+1,15 %) Adobe (US) - Design, AR/UX

ANSYS (US) - multiphysical simulation - acquisition by Synopsis

Altair (US) - CAE, simulation, digital twin - acquisition by Siemens

$HXGBY (+2,24 %)
Hexagon (SE) - Metrology & Simulation

$AWE (+3,19 %) Alphawave IP Group (UK) - High-speed chip IP for AI/robotics

1.Synopsis, 2.Siemens and 3.Adobe are my top 3 in this sector

2. manufacturing technology & equipment

$ASML (+6,89 %) ASML (NL) - Lithography (EUV)

$AMAT (+6,68 %) Applied Materials (US) - Semiconductor equipment

$8035 (+7,27 %) Tokyo Electron (JP) - wafer fabrication

$KEYS (+2,56 %) Keysight Technologies (US) - Metrology

$6857 (+10,04 %) Advantest (JP) - Chip test systems

$TER (+3,32 %) Teradyne (US) - test systems + cobots

$6954 (+2,12 %) Fanuc (JP) - Industrial robots, CNC

$CAT (+3,54 %) Caterpillar (US) - autonomous machines

$KU2G KUKA (DE) - industrial robots

Comau (IT) - automation - not listed on the stock exchange

$ROK Rockwell Automation (US) - industrial automation

$JBL (+5,92 %) Jabil (US) - contract manufacturing (EMS/ODM)

$KIT (+1,1 %) Kitron (NO) - European EMS/ODM manufacturer

$AIXA (+8,59 %) Aixtron (DE) - deposition equipment for compound semiconductors

$LRCX (+5,54 %)
Lam Research (US) - Etch/deposition systems

$MKSI (+9,25 %)
MKS Instruments (US) - Plasma/vacuum technology

$ASM (+8,83 %)
ASM International (NL) - Deposition systems

1.ASML, 2.Keysight Technologies, 3.Fanuc are my top 3 in this sector

3. chip manufacturing (foundries)

$TSM (+2,14 %) TSMC (TW) - leading foundry

$005930 Samsung Electronics (KR) - foundry + memory

$GFS (+3,34 %) GlobalFoundries (US) - specialty chips

$INTC (+26,76 %)
Intel Foundry Services (US) - new western foundry player

$981
SMIC (CN) - largest Chinese foundry

$UMC
UMC (TW) - Power/RF/Embedded chips

1.TSMC, 2.Intel, 3.Samsung Electronics are my top 3 in this sector

4. computing & control unit ("brain")

$NVDA (+3,7 %) Nvidia (US) - GPUs, AI chips

$INTC (+26,76 %) Intel (US) - CPUs, FPGAs

$AMD (-1,92 %) AMD (US) - CPUs, GPUs

$MRVL (+5,02 %) Marvell (US) - network chips

$MU (+5,97 %) Micron (US) - Memory

$DELL (+1,47 %) Dell Technologies (US) - Edge & Infrastructure

Graphcore (UK) - AI chips (IPU) - not a listed company

Cerebras (US) - Wafer-scale engine - not a listed company

SiPearl (FR) - European HPC chip - not a listed company

1.Nvidia, 2.Marvell, 3.Micron are my top 3 in this sector

5. sensors ("senses")

$6758 (+3,91 %) Sony (JP) - image sensors

$6861 (+2,11 %) Keyence (JP) - Industrial sensors

$STM (+4,78 %) STMicroelectronics (FR/IT) - Sensors, MCUs

$TDY Teledyne (US) - optical/infrared sensors

$CGNX (+3,8 %) Cognex (US) - Machine Vision

$HON (+0,61 %) Honeywell (US) - sensor technology, security

ANYbotics (CH) - autonomous sensor fusion - not a listed company

$AMBA (+3,35 %) Ambarella (US) - video & computer vision SoCs for real-time image recognition

$OUST
Velodyne Lidar (US) - Lidar sensors - acquisition by Ouster

$AMS (+4,58 %)
-OSRAM (AT/DE) - optical sensors

1.Teledyne, 2.Keyence, 3.Ouster are my top 3 in this sector

6. actuators & power electronics ("muscles")

$IFX (+3,05 %) Infineon (DE) - Power Electronics

$ON (+3,33 %) onsemi (US) - Power & Sensors

$TXN (+1,06 %) Texas Instruments (US) - Mixed-Signal Chips

$ADI (+2,29 %) Analog Devices (US) - Signal Processing

$PH Parker-Hannifin (US) - Hydraulics/Pneumatics

$MP (+5,98 %) MP Materials (US) - Magnets

$APH (+3,46 %) Amphenol (US) - Connectors

$6481 (+0 %) THK (JP) - Linear guides & actuators

$6324 (+17,14 %)
Harmonic Drive (JP) - Precision gears & servo drives for robotics

$6594 (+0,79 %)
Nidec (JP) - Electric motors

$6506 (+3,24 %)
Yaskawa (JP) - Drives & Robotics

$SU (+2,37 %)
Schneider Electric (FR) - Energy & control solutions

$ZIL2 (-0,27 %)
ElringKlinger (DE) - Battery & fuel cell technology, lightweight construction

1.Parker-Hannifin, 2.MP Materials, 3.Infinion are my top 3 in this sector

7. communication & networking ("nerves")

$QCOM (+1,99 %) Qualcomm (US) - mobile communications, edge AI

$ANET (+3,03 %) Arista Networks (US) - Networks

$CSCO (+1,11 %) Cisco (US) - Networks, Security

$EQIX (+1,02 %) Equinix (US) - Data centers

NTT Docomo (JP) - 5G/6G carrier - not a listed company

$VZ Verizon (US) - Telecommunications

$SFTBY SoftBank (JP) - Carrier + Robotics

$ERIC B (+1,71 %)
Ericsson (SE) - 5G/IoT infrastructure

$NOKIA (+2,16 %)
Nokia (FI) - 5G/6G for industry

$HPE (+2,35 %)
Juniper Networks (US) - Network technology - acquisition by HP

1.Arista Networks, 2.SoftBank, 3.Cisco are my top 3 in this sector

8. energy supply

$3750 (+2,38 %) CATL (CN) - Batteries

$6752 (+3,3 %) Panasonic (JP) - Batteries

$373220 LG Energy (KR) - Batteries

$ALB (+0,8 %) Albemarle (US) - Lithium

$LYC (+1,63 %) Lynas (AU) - Rare earths

$UMICY (+0,64 %) Umicore (BE) - recycling

WiTricity (US) - inductive charging - not a listed company

$ABBN (+0,86 %) Charging (CH) - charging infrastructure

$SLDP
Solid Power (US) - Solid state batteries

Northvolt (SE) - European batteries - not a listed company

$PLUG
Plug Power (US) - fuel cells

$KULR (+1,8 %)
KULR Technology (US) - Thermal management & battery safety for mobile systems

1.Albemarle, 2.CATL, 3.Panasonic are my top 3 in this sector

9. cloud & infrastructure

$AMZN (+0,92 %) Amazon AWS (US) - Cloud, AI

$MSFT (+0,37 %) Microsoft Azure (US) - Cloud, AI

$GOOG (+0,41 %) Alphabet Google Cloud (US) - Cloud, ML

$VRT
Vertiv Holdings (US) - Data center infrastructure (UPS, cooling, edge)

$ORCL (-0,06 %)
Oracle Cloud (US) - ERP + Cloud

$IBM (+1,77 %)
IBM Cloud (US) - Hybrid cloud + AI

$OVH (+4,31 %)
OVHcloud (FR) - European cloud

1.Alphabet, 2.Microsoft, 3.Oracle are my top 3 in this sector

10. software & data platforms

$PLTR (+5,13 %) Palantir (US) - Data integration

$DDOG (+1,73 %) Datadog (US) - Monitoring

$SNOW (+1,49 %) Snowflake (US) - Data Cloud

$ORCL (-0,06 %) Oracle (US) - Databases, ERP

$SAP (+3,92 %) SAP (DE) - ERP systems

$SPGI S&P Global (US) - financial/market data

ROS2 Foundation - robotics middleware - not listed on the stock exchange

$NVDA (+3,7 %) NVIDIA Isaac (US) - robotics development - part of Nvidia

$INOD (+7,84 %) Innodata (US) - data annotation & AI training data

$PATH (+2,03 %)
UiPath (RO/US) - Robotic process automation

$AI (+4,99 %)
C3.ai (US) - AI platform

$ESTC (+2,28 %)
(NL/US) - Search & data analysis

1.S&P Global, 2.Palantir, 3.Datadog are my top 3 in this sector

11. end applications / robots

$ABBN (+0,86 %) ABB (CH/SE) - Industrial Robots

$6954 (+2,12 %) Fanuc (JP) - Industrial robots

$TSLA (+0,22 %) Tesla Optimus (US) - humanoid robot

$9618 (+0,15 %) JD.com (CN) - logistics robot

$AAPL (-0,3 %) Apple (US) - Platform & UX

$700 (-2,87 %) Tencent (CN) - Platform & AI

$9988 (-1,29 %) Alibaba (CN) - logistics & platform

PAL Robotics (ES) - humanoid robots - not a listed company

Neura Robotics (DE) - cognitive humanoid robots - not a listed company

$TER (+3,32 %) Universal Robots (DK) - cobots - belongs to the Teradyne Corporation

Engineered Arts (UK) - humanoid robots - not a listed company

$ISRG (+0,08 %) Intuitive Surgical (US) - surgical robotics

$GMED (+1,05 %)
Globus Medical (US) - surgical robotics (ExcelsiusGPS platform)

$7012 (+0,42 %) Kawasaki Heavy Industries (JP) - industrial robots, automation

$CPNG (+0,75 %) Coupang (KR) - Logistics end user

$IRBT (+10,9 %)
iRobot (US) - consumer robotics (e.g. Roomba), non-humanoid, but navigation/sensor fusion

Boston Dynamics (US) - humanoid & mobile robots-no listed company

Hanson Robotics (HK) - humanoid robots (Sophia) - not a listed company

Agility Robotics (US) - humanoid robot "Digit" - not a listed company

1.Apple, 2.Tencent, 3.Alibaba are my top 3 in this sector

🛠 2. cross enablers (shovel manufacturers) - with hidden champions

Raw materials & battery materials

Albemarle - Lynas - Umicore

$SQM
SQM (CL) - Lithium

$ILU (+1,09 %)
Iluka Resources (AU) - Rare earths

$ARR (-1 %)
American Rare Earths (US/AU) - New supply chains

my number 1 in the sector is Albemarle

manufacturing technology

ASML - Applied Materials - Tokyo Electron

$LRCX (+5,54 %)
Lam Research (US) - Plasma/etching processes

$ASM (+8,83 %)
ASM International (NL) - ALD equipment

$MKSI (+9,25 %)
MKS Instruments (US) - Plasma/vacuum technology

my number 1 in the sector is ASML

Quality assurance

Keysight - Advantest - Teradyne

$EMR (+1,47 %)
National Instruments (US) - Measurement technology - from Emerson Electric adopted

$300567
ATE Test Systems (CN) - test systems

$FORM (+13,01 %)
FormFactor (US) - Wafer probing

my number 1 in the sector is Keysight

Motion & Drive

Parker-Hannifin

Festo (DE) - Pneumatics, Soft Robotics - not a listed company

Bosch Rexroth (DE) - Drives, Controls - not a listed company

$6481 (+0 %)
THK (JP) - Linear guides

my number 1 in the sector is Parker-Hannifin

Sensors/Imaging

$TDY Teledyne

$BSL (-0,05 %) Basler (DE) - Industrial cameras

FLIR (US) - Thermal imaging sensors - acquisition by Teledyne

ISRA Vision (DE) - Machine Vision - not a listed company

my number 1 in the sector is Teledyne

Magnets & Materials

MP Materials

$6501 (+0,55 %)
Hitachi Metals (JP) - Magnetic materials

VacuumSchmelze (DE) - Magnetic materials - not a listed company

$4063 (-0,08 %)
Shin-Etsu Chemical (JP) - Specialty materials

my number 1 in the sector is MP Materials

Chip Design & Simulation

Synopsys - Cadence - ARM

$SIE (+1,22 %)
Siemens EDA (DE/US)-Mentor Graphics-strategic business unit of Siemens AG

Imagination Tech (UK) - GPU-IP - not a listed company

$CEVA (+7,62 %)
CEVA (IL) - Signal Processor IP

my number 1 in the sector is Synopsys

Engineering & Lifecycle

PTC - Dassault - Siemens

Altair (US) - Simulation - no longer a listed company

$HXGBY (+2,24 %)
Hexagon (SE) - Metrology

$SNPS (+11,15 %)
ANSYS (US) - Simulation - takeover by Synopsys

my number 1 in the sector is Siemens

Networks & Data Centers

Arista - Cisco - Equinix

$HPE (+2,35 %)
Juniper (US) - Networks - Acquisition of HPE

$DTE (+0,02 %)
T-Systems (DE) - Industry cloud

$OVH (+4,31 %)
OVHcloud (FR) - European cloud

my number 1 in the sector is Arista

Cloud infrastructure

AWS - Azure - Google Cloud

$ORCL (-0,06 %)
Oracle Cloud (US) - ERP & databases

$IBM (+1,77 %)
IBM Cloud (US) - Hybrid Cloud

$9988 (-1,29 %)
Alibaba Cloud (CN) - Asian Cloud

$VRT
Vertiv Holdings (US) - Cloud/Infra

my number 1 in the sector is Alphabet (Google)

finance/information infra

S&P Global

$MCO
Moody's (US) - Ratings

$MSCI (-3,15 %)
MSCI (US) - Indices

$MORN
Morningstar (US) - Investment Research

my number 1 in the sector is S&P Global

Creative/Experience Infra

Adobe

$ADSK (+1,59 %)
Autodesk (US) - CAD & Design

$U
Unity (US) - 3D/AR simulation

Epic Games (US) - Unreal Engine - not a listed company

my number 1 in the sector is Adobe

Platform & Ecosystem

Apple - Tencent - Alibaba

$META (+1,4 %)
Meta (US) - AR/VR, Social Robotics

ByteDance (CN) - AI & platforms - not a listed company

$9888 (-1,52 %)
Baidu (CN) - AI & Cloud

my number 1 in the sector is Tencent

Infrastructure/Edge

Dell

$HPE (+2,35 %)
HPE (US) - Edge Computing

$SMCI
Supermicro (US) - AI servers

$6702 (+0,75 %)
Fujitsu (JP) - Edge & HPC

my number 1 in the sector is Dell

storage solutions

Micron

$000660
SK Hynix (KR) - Memory

$285A (+4,76 %)
Kioxia (JP) - NAND

$WDC
Western Digital (US) - Storage solutions

my number 1 in the sector is Micron

🏛 3. secondary key sectors with hidden champions

Financing & Capital

$GS (+1,49 %) Goldman Sachs (US) - investment bank; ECM/DCM, M&A, growth financing

$MS Morgan Stanley (US) - investment bank; tech banking, capital markets

$BLK (+1,02 %) BlackRock (US) - asset manager; capital allocation, ETFs/index funds

$9984 (+1,32 %) SoftBank Vision Fund (JP) - mega VC; growth equity in robotics/AI

Sequoia Capital (US) - venture capital; early/growth in AI/robotics - this is a classic venture capital fund

DARPA (US) - government R&D funding (robotics/defense) - independent research and development agency

EU Horizon (EU) - research funding/grants for DeepTech - Innovative Europe pillar

China State Funds (CN) - state industry/technology fund

Lux Capital (US) - VC for DeepTech - Uptake (US) - AI-based predictive maintenance

DCVC (US) - Robotics & AI focus - investing exclusively via VC fund investments

Speedinvest (AT) - EU VC for robotics - access to investment only via fund investments

my number 1 in the sector is Softbank

Maintenance & Service

$SIE (+1,22 %) Siemens (DE) - Industrial Service, Lifecycle & Retrofit

$ABBN (+0,86 %) ABB (CH/SE) - Robotics Service, Spare Parts, Field Support

$GEHC (-1,96 %) GE Healthcare (US) - Medtech service incl. robotic systems

Uptake (US) - AI-based predictive maintenance - not a listed company

Augury (US/IL) - condition monitoring, condition diagnostics - not a listed company

$KU2 KUKA Service (DE) - Robotics maintenance

$6954 (+2,12 %) Fanuc Service (JP) - global service network

Boston Dynamics AI Institute (US) - Robotics longevity - funded by Hyundai Motor Group

my number 1 in the sector is Siemens

Marketing & Advertising

$WPP (-1,79 %) WPP (UK) - global advertising group; branding/communications

$OMC Omnicom (US) - marketing/PR network

$PUB (-1,51 %) Publicis (FR) - communications/advertising group

$META (+1,4 %) Meta (US) - Digital Ads (Facebook/Instagram)

$GOOG (+0,41 %) Google Ads (US) - search & display advertising

TikTok / ByteDance (CN) - social ads & distribution - not a listed company

$AAPL (-0,3 %) Apple (US) - Branding/UX; Acceptance & Platform Marketing

$WPP (-1,79 %)
AKQA (UK/US) - Tech branding - Since 2012 majority owned by the WPP Groupbut continues to operate as an autonomous operating unit

R/GA (US) - Innovation marketing - not a listed company

Serviceplan (DE) - largest independent EU agency - not a listed company

my number 1 in the sector is Meta

Law, Regulation & Ethics

ISO (CH) - international standards, robotics standards

TÜV (DE) - certification & safety tests

UL (US) - safety/conformity testing

EU AI Act (EU) - legal framework for AI & robotics

UNESCO AI Ethics (UN) - global ethics guidelines

Fraunhofer IPA (DE) - Robotics safety standards

ANSI (US) - standards

IEC (CH) - Electrical engineering standards

Training & Talent

MIT (US) - Robotics/AI Research & Education

ETH Zurich (CH) - autonomous systems & robotics

Stanford (US) - AI/Robotics labs & spin-offs

Tsinghua University (CN) - Robotics/AI in Asia

CMU (US) - Robotics Institute

EPFL (CH) - Robotics research

TU Munich (DE) - humanoid robot "Roboy"

🌍 Top 25 companies for humanoid robotics

These companies are central to the development & production of humanoid robotsbecause without them, crucial parts of the chain would be missing:

Chips & computing power (brain of the robots)

$NVDA (+3,7 %) Nvidia (US) - AI GPUs & Isaac platform, foundation for robotic AI

$2330 TSMC (TW) - world's most important foundry, produces the AI chips

$ASML (+6,89 %) ASML (NL) - EUV lithography, indispensable for chip production

$005930 Samsung Electronics (KR) - memory, logic, foundry

$000660 SK Hynix (KR) - DRAM & NAND memory for AI

$MU (+5,97 %) Micron (US) - Memory solutions for AI workloads

my number 1 in the sector is ASML

Sensors & perception (senses of robots)

$SONY Sony (JP) - image sensors, market leader

$6861 (+2,11 %) Keyence (JP) - Industrial sensors & vision systems

$CGNX (+3,8 %) Cognex (US) - Machine Vision, precise image processing

my number 1 in the sector is Keyence

Actuators & motion (muscles of robots)

$IFX (+3,05 %) Infineon (DE) - power electronics, motor control

$6594 (+0,79 %) Nidec (JP) - World market leader for electric motors

$PH Parker-Hannifin (US) - hydraulics/pneumatics, motion technology

$6481 (+0 %) THK (JP) - Linear guides & actuators

my number 1 in the sector is Parker-Hannifin

Communication, cloud & infrastructure (nerves & data flow)

$QCOM (+1,99 %) Qualcomm (US) - Mobile & Edge Chips

$AMZN (+0,92 %) Amazon AWS (US) - Cloud & AI infrastructure

$MSFT (+0,37 %) Microsoft Azure (US) - Cloud, AI services

$CSCO (+1,11 %) Cisco (US) - Networks & Security

$VRT Vertiv Holdings (US) - Data Center Infrastructure

my number 1 in the sector is Microsoft

End Applications & Platforms (robots themselves)

$TSLA (+0,22 %) Tesla (US) - humanoid robot Optimus

$ABBN (+0,86 %) ABB (CH/SE) - Robotics & Automation

$6954 (+2,12 %) Fanuc (JP) - industrial robots & CNC systems

$7012 (+0,42 %) Kawasaki Heavy Industries (JP) - industrial robots

PAL Robotics (ES) - humanoid robots (TALOS, ARI, TIAGo) - not a listed company

Neura Robotics (DE) - cognitive humanoid robots - not a listed company

Universal Robots (DK) - cobots

my number 1 in the sector is Tesla

🇪🇺 Top 10 European key companies for humanoid robotics

$ASML (+6,89 %)
ASML (NL)

World market leader in EUV lithography - no modern chips for AI & robotics without ASML.

$IFX (+3,05 %) Infineon (DE)

Leading in power electronics & motor control - crucial for actuators of humanoid robots.

$STM (+4,78 %)
STMicroelectronics (FR/IT)

Sensors, microcontrollers & power chips - the basis for control & perception.

$SAP (+3,92 %)
SAP (DE)

ERP & data platforms, important for integrating humanoid robots into industrial processes.

$SIE (+1,22 %)
Siemens (DE)

Industrial software, automation, digital twin - key for engineering & lifecycle management.

$KU2 KUKA (EN)

Robotics pioneer, industrial robots & automation - know-how for humanoid motion mechanics.

PAL Robotics (ES) - not a listed company

Specialist for humanoid robots (TALOS, ARI, TIAGo), internationally used in research & service.

Neura Robotics (DE) - Not a listed company

Young high-tech company, develops cognitive humanoid robots with advanced AI (4NE-1).

Universal Robots (DK) - Not a listed company

Market leader for cobots - platform for safe human-robot collaboration.

Engineered Arts (UK) - not a listed company

Develops humanoid robots such as Amecaknown for realistic facial expressions & gestures - important for HRI (Human-Robot Interaction)

🌏 Top 10 Asian key companies for humanoid robotics

$2330
TSMC (Taiwan)

World's largest semiconductor foundry, produces high-end chips (e.g. Nvidia, AMD, Apple) - no AI hardware without TSMC.

$005930
Samsung Electronics (South Korea)

Foundry, memory, logic chips, image sensors - extremely broadly positioned in robotics components.

$000660
SK Hynix (KR) - Memory

$SONY
Sony (Japan)

Market leader in CMOS image sensors, essential for robotic vision & perception.

$6861 (+2,11 %)
Keyence (Japan)

Sensor technology & machine vision for industrial automation, widely used in robotics.

$6954 (+2,12 %)
Fanuc (Japan)

Industrial robots & CNC systems, one of the most important manufacturers of robotics hardware worldwide.

$6506 (+3,24 %)
Yaskawa Electric (Japan)

Drives, motion control & robot arms - relevant for humanoid motion control.

$6594 (+0,79 %)
Nidec (Japan)

World market leader for electric motors (from mini motors to high-performance drives).

$7012 (+0,42 %)
Kawasaki Heavy Industries (JP) - Industrial robots

$9618 (+0,15 %)
JD.com (China)

Driver for robotics in e-commerce & logistics, invests in humanoid robotics applications

$HON (+0,61 %)

Here is a clear overview of the quarterly figures due next week.

$NXPI (+2,4 %)
$CLF (+1,32 %)
$LOGN (-0,63 %)
$KO (-0,22 %)
$GM (+0,86 %)
$LMT (+0,02 %)
$NOC (-0,52 %)
$PM (-2,13 %)
$RYTT34
$UPS (+0,05 %)
$V (-0,95 %)
$T (-0,18 %)
$FCX (+0,66 %)
$GD (-0,09 %)
$GOOGL (+0,38 %)
$IBM (+1,77 %)
$NOW (-0,11 %)
$TSLA (+0,22 %)
$DOW (-2,4 %)
$HON (+0,61 %)
$VLO (-0,74 %)
$BMY (-0,89 %)
$AON (-0,66 %)
$CL (-0,53 %)

SPICK LETTEL

- $IONQ -- The market leader in precision quantum computing uses ion trap technology to deliver scalable, high-precision systems. IonQ is already solving real-world problems, enabling $AMZN and $MSFT to tackle challenges in logistics, AI and materials science.

- $NVDA (+3,7 %) -- A cornerstone of quantum innovation, NVIDIA's CUDA Quantum platform enables developers to simulate quantum algorithms on GPUs, bridging the gap between quantum theory and real-world application across industries.

- $RGTI -- Rigetti focuses on superconducting qubits and aims to compete with industry leaders, but faces scalability and reliability challenges. Its Ankaa-3 system is promising, but the company needs to solve critical problems to remain competitive.

- $QBTS (+8,5 %) -- D-Wave specializes in quantum annealing and is excellent for solving optimization problems, but lacks the broader capabilities of general-purpose quantum systems. Despite decades of experience in this field, its commercial viability remains limited.

- $ARQQ -- As a leader in quantum-safe encryption, Arqit's QuantumCloud provides practical solutions to protect sensitive data from quantum-based threats, making it a cornerstone of innovation in cybersecurity.

- $GOOG (+0,41 %) -- Google Quantum AI, powered by its Willow processor, is advancing superconducting systems to achieve quantum superiority and drive breakthroughs in material simulation and AI optimization.

-$IBM (+1,77 %) -- Delivering accessible quantum systems to the enterprise through the Qiskit platform and cloud-based hardware. IBM is focused on scaling fault-tolerant systems, delivering practical tools today while working to develop cutting-edge processors such as Eagle and Condor.

- $HON (+0,61 %) -- Utilizing Trapped Ion technology, Honeywell delivers unmatched precision for real-world applications in aerospace and logistics. The partnership with Cambridge Quantum positions the company as a leading provider of quantum solutions for the enterprise.

Enclosed is my portfolio with a dividend yield of approx. 2.3 p.p.a.

As of today, only small amounts are saved in individual shares. 1000 euros per month are to be invested in MSCI World, NASDAQ, DAX, US government and corporate bonds.

Nevertheless, I would like to add industrial stocks to my portfolio. What would you recommend? Last week I suggested $HON (+0,61 %) Honeywell, what do you think?

Which stock should leave my portfolio instead ?

Have a nice evening everyone!

Honeywell $HON (+0,61 %) Analysis

Honeywell International Inc. is an American conglomerate founded in 1885 and headquartered in Charlotte, North Carolina. The company operates in a variety of industries, including aerospace, building technology, automation technology, and energy and sustainability solutions. Honeywell is known for its innovative technologies and global presence. In this analysis, we will examine Honeywell in detail, highlight key metrics, estimate guidance and earnings trends, and provide a DCF analysis with a fair value.

Company Overview

Honeywell operates in four segments:

* Aerospace Technologies: this segment provides products and services to the aerospace industry, including aircraft engines, avionics, environmental control systems and flight safety systems. Products also include auxiliary power units, engines, integrated avionics, environmental control and electrical power systems, engine controls, flight safety, communications and navigation hardware, data and software applications, radar and surveillance systems, aircraft lighting, advanced systems and instruments, satellite and space components, and aircraft wheels and brakes.

* Honeywell Building Technologies: This segment supplies building automation systems, fire protection systems, security and surveillance systems and energy solutions for buildings. Honeywell offers software applications for building control and optimization, sensors, switches, control systems and instruments for energy management, access control, video surveillance, fire suppression products as well as installation, maintenance and upgrades of systems.

* Performance Materials and Technologies: This segment develops and produces high-performance materials, process technologies and automation systems for various industries. The company offers automation controls, instrumentation, software and related services; catalysts and adsorbents, equipment and consulting; and materials for the manufacture of end products such as bulletproof vests, nylon, computer chips and pharmaceutical packaging, as well as reduced and low global warming potential materials based on fluorocarbon technology.

* Safety and Productivity Solutions: This segment offers products and solutions for occupational safety, productivity and supply chain optimization. The company offers personal protective equipment, apparel, gear and footwear; gas detection technology; cloud-based notification and emergency messaging services; mobile devices and software; equipment and software solutions for supply chain and warehouse automation; custom-engineered sensors, switches and controls; and software solutions for data and asset management productivity.

Honeywell is a global company with a strong market position in many of its businesses. The company is known for its innovation and continuously invests in research and development to create new technologies and products.

Key figures

| Key figure | 2024 | 2023 | 2022 | 2021 | 2020 |

|---|---|---|---|---|---|

| Sales (USD million) | 38,498 | 36,647 | 35,453 | 34,387 | 32,640 |

| Earnings per share (USD) | 8.71 | 8.47 | 7.27 | 7.91 | 6.72 |

| Return on sales (%) | 15.45 | 14.00 | 16.11 | 14.64 | 16.73 |

| Equity ratio (%) | 25.48 | 26.72 | 27.82 | 29.86 | 27.56 |

| Debt/equity ratio (%) | 74.52 | 73.28 | 72.18 | 70.14 | 72.44 |

| Operating cash flow (USD million) | 6,097 | 5,340 | 5,274 | 6,038 | 6,208 |

| Free cash flow (USD million) | 4,933 | 4,301 | 4,917 | 5,729 | 5,302 |

| Dividend per share (USD) | 4.37 | 4.17 | 3.97 | 3.77 | 3.63 |

| Profitability (%) | 12.8 | - | - | - | - | |

| Debt ratio | 0.17 | - | - | - | - | |

Trend analysis:

* Honeywell's sales have risen steadily in recent years, indicating solid growth for the company.

* Earnings per share have also increased, underlining the company's profitability.

* The return on sales shows that Honeywell is profitable, although there have been fluctuations in recent years.

* The equity ratio is relatively stable, which indicates a solid financial basis.

* The gearing ratio is also relatively stable, indicating that Honeywell has its debt under control.

* Operating cash flow has been positive in recent years, demonstrating the company's ability to generate cash.

* The dividend per share has been increased in recent years, which is attractive to shareholders.

Influencing factors:

* The global economic situation has an impact on Honeywell's business development, as the company operates in many different markets. For example, the macroeconomic challenges in 2024 led to a decline in free cash flow in the fourth quarter.

* Technological innovation is an important driver of Honeywell's growth. The company continuously invests in research and development to develop new products and solutions. One example of this is the development of the EnCal 3000 proChain, a gas chromatograph that can measure hydrogen content in natural gas.

* Competition in the various industries in which Honeywell operates also has an impact on the company's key figures. For example, Honeywell competes with companies such as 3M and Johnson Controls International in the area of safety and productivity solutions.

* Regulatory requirements and environmental regulations can increase costs for Honeywell and influence business development. For example, communication modules for use in potentially explosive atmospheres must comply with ATEX directives.

Bombardier Agreement:

In the fourth quarter of 2024, Honeywell entered into an agreement with Bombardier that impacted sales, net income and cash flow. The agreement resulted in a reduction of USD 0.4 billion in revenue, USD 0.3 billion in net income and USD 0.5 billion in cash flow. No further details of this agreement were found.

Industry analysis

Honeywell is active in various industries, each of which is exposed to different trends and competitive situations.

Aerospace: The aerospace industry is a global market with high growth potential. Increasing air traffic and rising demand for new aircraft are driving growth in the industry. Honeywell is a leading provider of products and services for the aerospace industry and benefits from these trends.

Building technology: The building technology sector is characterized by the trend towards energy efficiency and sustainability. Honeywell offers innovative solutions for building automation that help to save energy and reduce CO2 emissions. The company is benefiting from the increasing demand for intelligent buildings and sustainable solutions.

Automation technology: The automation technology industry is growing rapidly as companies increasingly automate processes to increase efficiency and reduce costs. Honeywell is a leading supplier of automation systems and is benefiting from this trend.

Energy and sustainability solutions: The energy industry is changing. The focus is increasingly on renewable energies and reducing emissions. Honeywell offers energy efficiency solutions that help to reduce energy consumption and CO2 emissions. The company is benefiting from the growing demand for sustainable energy solutions.

Competitors:

Honeywell's main competitors include:

* 3M: A diversified technology company operating in similar industries to Honeywell. 3M is a major competitor in the area of safety and productivity solutions.

* United Technologies: A technology group active in the aerospace, building technology and elevator sectors. United Technologies made a takeover bid for Honeywell in 2020.

* General Electric: A conglomerate operating in various industries such as energy, aerospace and healthcare. General Electric also made a takeover bid for Honeywell in 2020.

* Siemens: A technology company operating in the automation, energy and healthcare sectors. Siemens is a major competitor in the building technology sector.

* Emerson Electric: A technology group active in the fields of automation technology, air conditioning technology and energy. Emerson Electric is an important competitor in the field of process automation.

Forecast and earnings development

Honeywell's future earnings development depends on various factors, including global economic growth, the development of the industries in which the company operates and the company's innovative strength.

Analyst estimates:

| Key figure | 2025 forecast | 2026 forecast | Source |

|---|---|---|---|

| Sales (USD billion) | 40.6 | 42.6 | |

| Earnings per share (USD) | 10.00 | 11.10 | |

Own forecast:

Based on historical data, analyst estimates and industry trends, we expect Honeywell to achieve solid growth in the coming years. The company's innovative strength and its strong market position in many of its business areas point to a positive development.

DCF analysis

The discounted cash flow (DCF) analysis is a method of valuing companies that determines the present value of future cash flows. In order to determine the fair value of Honeywell, we have carried out a DCF analysis.

Assumptions:

| Assumption | Value |

|---|---|

| growth phase | 10 years |

| Annual growth in the growth phase | 5% |

| Terminal value | Perpetual growth of 2% |

| Discount rate | 8% |

Scenarios:

We have created three scenarios for the future development of Honeywell:

* Base scenario: Moderate growth rates and stable margins.

* Optimistic scenario: Higher growth rates and improved margins.

* Pessimistic scenario: Lower growth rates and declining margins.

Fair value:

| Scenario | Fair value per share (USD) |

|---|---|

| Base scenario | 180 |

| Optimistic scenario | 220 |

| Pessimistic scenario | 140 |

Honeywell's CSR activities

Honeywell is actively involved in various CSR activities. The company has set itself the goal of becoming climate-neutral by 2035. Honeywell also supports the "Adarsh Gaon" project, which aims to improve living conditions in rural communities in India. The project focuses on drinking water, solar energy, sanitation and sustainable livelihoods.

Portfolio realignment

Honeywell plans to realign its portfolio and focus on three megatrends: Automation, the future of aviation and the energy transition. This realignment is expected to take effect from the first quarter of 2024 and will lead to accelerated organic sales growth and better capital allocation. The new structure is intended to create synergies, promote innovation and increase value for shareholders.

Quantum computing

Honeywell is active in quantum computing research. Quantum computing is a cutting-edge field with the potential to revolutionize the way we process information and solve problems. Honeywell's involvement in this area could lead to new products and services in the long term and drive the company's growth.

Acquisitions and divestitures

Honeywell has made several acquisitions in recent years to strengthen its portfolio and expand into new markets. Recent acquisitions include Access Solutions, CAES Systems and the LNG business of Air Products. These acquisitions support Honeywell's strategy to grow in building automation, defense technology and energy and sustainability solutions.

At the same time, Honeywell has also made divestments to optimize its portfolio and focus on its core competencies. For example, the company plans to divest its personal protective equipment business.

Analyst Price Targets

| Analyst | Price target (USD) | Source |

|---|---|---|

| Barclays | 251 | |

| RBC Capital | 236 |

The analyst price targets for Honeywell show a certain range, which indicates different assessments of the future growth potential.

Recommendation

Based on our analysis and the DCF valuation, Honeywell currently appears fairly valued. The company has a strong market position, innovative technologies and solid growth potential. The dividend yield is attractive and the company has a long history of dividend increases.

Conclusion

Honeywell is a well-positioned conglomerate with a strong market position in many of its business areas. The company is innovative, profitable and generates a positive cash flow. The DCF analysis shows that Honeywell is currently fairly valued. Investors looking for a long-term investment with solid growth potential should consider Honeywell. Honeywell's commitment to future-oriented technologies such as quantum computing and its active CSR strategy underline the company's long-term potential. The planned portfolio realignment

The planned portfolio realignment could lead to accelerated growth and improved performance.