Cewe Stiftung

DE0005403901

CWC

CWC

Since my $DHL (-1,71 %) limit for the purchase in August did not work out, the choice was now between $CWC (-0,29 %) and $STR (-0,39 %)

The Austrian company Strabag confirmed its forecast for the year with the presentation of its half-year figures on Friday (August 30). With construction output of around EUR 19.4 (previous year: 19.1) billion, the EBIT margin is expected to be at least 4%. A figure of 5% was achieved in the previous year, and the margin is set to rise to 6% by 2030.

Overall, however, the figures for the first six months were solid: With construction output virtually unchanged at EUR 8.3 billion and sales down by 2.9%, EBITDA increased by 2.2%. Higher depreciation and amortization caused EBIT to fall by 6.2%. However, this does not worry us any more than the thin EBIT margin of 1.1%, which was at a similar level in the previous year. This is because the majority of profits are generated in the second half of the year.

The 4% increase in the order backlog to a record level of EUR 25.2 billion is very pleasing. According to CEO Clemens Haselsteiner, Strabag already has "good visibility towards 2026". More than half (53%) of the orders come from Germany, while the home market of Austria only accounts for 10%. And the trend is continuing. For example, Strabag was recently awarded the contract to build a highway bridge on the A7 in Hesse.

The Group is also active in Germany in the area of the energy transition, where it is taking on central civil engineering work on the European energy infrastructure project "SuedOstLink", among other things. This major project aims to efficiently transport wind energy from the north and east to the south of Germany. The share (EUR 39.30; AT0000STR1) has been trading sideways for over three years, which is probably also due to the failed sale of the Rasperia share package (see PB of January 12) to RBI.

Strabag, 2025 P/E of 8 and a dividend yield of 5.7%.

Question: @Freya-Odin
@TomTurboInvest
@TomTurboInvest_100k
@Der_Dividenden_Monteur
@CaYaRo

Are you still invested?

As every Sunday, the news of the last week and the most important dates of the coming week.

The most important dates of the coming week as a video:

https://youtube.com/shorts/XRpmGjw1CJ8?feature=share

Monday:

$G24 (+1,58 %) Scout24 is able to increase its forecast despite the slump in the real estate market. Also due to the acquisition of Sprengnetter (valuation portal), sales can increase by 15%. In a tense market, Scout24 profits above all from marketing and Plus products.

https://app.handelsblatt.com/finanzen/immobilien/immobilien-immobilienportal-scout24-erhoeht-nach-zukauf-prognosen/29306012.html

Catastrophic figures from $ENR (+2,04 %) Siemens Energy - Because of the wind power division, an annual loss of EUR 4.5 billion is expected. The main reason is damage to wind turbines. As a consequence, the company wants to part with certain suppliers.

https://www.manager-magazin.de/unternehmen/industrie/siemens-energy-rechnet-mit-4-5-milliarden-euro-verlust-a-8f6bf488-27b4-4c47-af02-46c0f00ba820

Industrial production in Germany is being cut back more sharply than expected. In June alone, production fell by 1.3% compared with the previous month. Experts had expected a smaller decline.

https://app.handelsblatt.com/politik/konjunktur/konjunktur-deutsche-unternehmen-fahren-produktion-unerwartet-stark-herunter/29306120.html

$TSM (+4,57 %) TSMC is coming to Germany and can expect EUR 5 billion in subsidies. A plant is being built near Dresden, which will be operated jointly with NXP, Infineon and Bosch.

https://www.handelsblatt.com/politik/deutschland/halbleiter-taiwanesischer-chipriese-tsmc-kommt-nach-deutschland/29306926.html

Tuesday:

The trading da#china disappoint. Both exports and imports were below expectations. Year-on-year, exports sank by 14.5% in July. Imports fell by 12.4%. The data are compared in USD. At the same time, however, the renminbi yuan depreciated against the USD.

https://www.wallstreet-online.de/nachricht/17217918-aktien-asien-pazifik-abwaerts-china-daten-handel-enttaeuschen

$SIX2 (+3,5 %) Sixt achieves record earnings, the best quarterly result in the Group's history. Bayer has to take write-downs, as already announced. The loss was slightly lower than expected. RTL has to revise its full-year forecast downward. Fraport becomes more optimistic for the full year.

https://www.handelsblatt.com/unternehmen/industrie/-geschaeftszahlen-im-newsblog-sixt-erzielt-rekordergebnis-rtl-senkt-jahresprognose/24098412.html

The excess profits tax from Italy 🇮🇹 is putting pressure on banks throughout Europe today. This is because the Italian government wants to skim off the banks' higher interest income. This is causing uncertainty about similar legislative projects and dragging the sector down.

https://app.handelsblatt.com/finanzen/maerkte/marktberichte/dax-aktuell-dax-schliesst-unter-15-800-punkten-bankaktien-geraten-unter-druck/29312388.html

Wednesday:

$VOE (+2,64 %) Voestalpine with profit slump, however, there was a corresponding expectation. The forecast was confirmed.

Also $EOAN (-2,35 %) eon also confirmed the forecast it had raised in July. The company is said to be continuing on its growth course.

https://app.handelsblatt.com/unternehmen/industrie/-geschaeftszahlen-im-newsblog-eon-erhoeht-investitionen-und-bestaetigt-die-prognose-gewinneinbruch-bei-brenntag/24098412.html

$DHER (+3,26 %) Delivery Hero raises its revenue forecast. Revenue is expected to grow by 15% instead of 10%. In addition, the EBITDA margin is to be at least 0.5%.

https://de.finance.yahoo.com/nachrichten/delivery-hero-rechnet-mehr-umsatz-055911738.html?guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAA46eIxcDVPn8WOFs3FBIu5hUZ_H1eIooUZtI9tbGNc7B3PiCBZSTkNXas-XY25lseEuPuBpUpNcGibN2PX34w1n9IcD7RZGyXbw0QnMXz5aGbZQNqq1bY_5GDbwA_PeuyycdyVm1peezJapDgS0NxPN0FHtUlODqNOw51AFdXHt

#deflation instead of inflation in China 🇨🇳. The new data push the markets in Asia into the red on Wednesday. Prices fell by 0.3% compared to the same month last year. Expected were even 0.4%. Nevertheless, the figures did not go down well, because deflation is, like inflation harmful to the economy.

https://www.sueddeutsche.de/wirtschaft/china-wirtschaft-deflation-preise-lohnkuerzung-entlassung-1.6110930

For the first time in 10 years, deposits at Volksbanks and savings banks have fallen. This is good news, because it means that customers are switching to better-interest alternatives. This also puts Volksbanks and savings banks under pressure to finally allow savers to participate in the higher interest rates.

https://www.handelsblatt.com/finanzen/banken-versicherungen/banken/inflation-und-preiskampf-einlagen-bei-sparkassen-und-volksbanken-sinken-/29314296.html

$WE WeWork stands shortly before the insolvency. The share price is plummeting. The only way out would be fresh money. However, commercial real estate is generally not in demand, so the co-working space business is likely to have a hard time.

https://app.handelsblatt.com/finanzen/immobilien/immobilien-buerovermieter-wework-warnt-vor-insolvenz-aktie-bricht-ein/29321066.html

Thursday:

Surprisingly good figures from $ALV (+0,8 %) Allianz, profit exceeded expectations due to fewer natural catastrophes and higher prices.

$HFG (-3,63 %) Hellofresh continues to lose customers, but significantly increases bottom-line profit. The forecast remains unchanged.

$$MUV2 (+1,2 %) Munich Re earns less than expected, but maintains forecast.

Rheinmetall increases sales, but earns less.

https://app.handelsblatt.com/unternehmen/industrie/-geschaeftszahlen-im-newsblog-allianz-ueberrascht-beim-gewinn-telekom-erhoeht-die-ziele/24098412.html

Inflation in the USA 🇺🇸 rises again slightly to 3.2%. However, 3.3% was expected, so this data should be received positively by the stock market and also provide further impetus.

https://rp-online.de/wirtschaft/us-inflationsdruck-nimmt-wieder-zu-teuerungsrate-bei-3-2-prozent_aid-95430155

Friday:

$CWC (-0,29 %) CEWE benefits from higher travel. More people buy photo books. The last two quarters are the most important for the Group. However, sales already increased by 11 % in the second quarter.

https://amp2.handelsblatt.com/unternehmen/industrie/-geschaeftszahlen-im-newsblog-alibaba-mit-ueberraschend-hohem-umsatz/24098412.html

Also $BC8 (+3,29 %) Bechtle can beat expectations. The revenue forecast is reaffirmed. The pre-tax profit of 93.8 million euros was above the expected 90.

https://www.finanzen.net/nachricht/aktien/jahresausblick-bekraeftigt-bechtle-aktie-stark-bechtle-schlaegt-erwartungen-12730615

These are the most important dates for the coming week:

Monday: 14:00 Consumer Prices (India)

Tuesday: 11:00 ZEW Economic Indicator (DE)

Wednesday: 11:00 GDP figures (EU)

Thursday: 14:30 Manufacturing data (USA)

Friday: 11:00 Inflation data (EURO)

$CWC (-0,29 %) Are there any other Cewe shareholders here? At the beginning of the year, the long-standing CEO Rolf Hollander was rather rudely ousted. In my opinion, Hollander actually did a good job - I am unsure what the change will mean for the company. Perhaps one or the other can say something about the background ...

https://www.ce-trade.de/blog/2023/01/02/rolf-hollander-verlaesst-cewe-yvonne-rostock-uebernimmt/