$P911 (+0,16 %)

Yesterday was an exciting day at the trade fair -

The rejuvenation of the audience in particular is an interesting signal for the equity culture.

The fact that the crypto stage is less popular with the older generation fits in with the picture of classic value orientation.

Here are the most frequently discussed stocks of yesterday:

High-Growth & Tech (US & International)

$ANET (+0,8 %) Networks

* Value: Leading provider of cloud networking solutions, benefits massively from the expansion of AI infrastructure.

* P/E ratio: Valued at a rather sporty 48, but reflects the high growth.

* Chart: Shows strong relative strength; first attempts to break out of the consolidation above the 50-day moving average visible.

* Conclusion: A clear beneficiary of the "shovel seller" principle in the AI boom.

@Aktienhauptmeister

$$TTWO (-3,31 %) Interactive

* Value: Gaming giant (GTA VI anticipation). Strong strategic position, but high development costs.

* P/E ratio: Currently negative or extremely high due to special effects/investments; adjusted (forward) at approx. 56.

* Chart: In a correction phase since the all-time high in fall 2025; currently looking for a bottom at approx. 150-160 USD.

* Conclusion: A bet on the release of GTA VI - for patient investors with strong nerves.

@Soprano

$CRWD (-0,32 %)

* Value: Market leader in cloud-based cybersecurity. "Best-in-class platform approach.

* P/E ratio: Very high (over 80 forward), as growth comes before profit maximization.

* Dividend

* Chart: Medium-term trend currently negative, struggling with the USD 400 mark.

* Conclusion: Quality share in the security sector, but valuation leaves little room for disappointment.

@Derspekulant1

$$9618 (-0,28 %)

$9868 (-1,56 %)

(China corner)

* Value: Cyclical China stocks. JD (e-commerce) fundamentally cheap, Xpeng (EV) technologically strong but in a price war.

* P/E ratio: JD very favorable (approx. 8), Xpeng negative (loss zone).

* Chart: Both volatile; strongly dependent on the economic measures from Beijing.

* Conclusion: Only suitable as a speculative portfolio addition.

@Ander89

Established stocks & DAX stocks

$SAP (-1,02 %)

* Value: Europe's cloud heavyweight. The transformation to a subscription model is bearing fruit.

* P/E ratio: approx. 25, which is historically fair for the current profitability.

* Dividend: Reliable payer, yield approx. 1.2 % to 1.6 %.

* Chart: Long-term upward trend intact, recently slight profit-taking at a high level.

* Conclusion: The "basic investment" in the European tech sector.

$BAYN (-0,11 %)

* Value: Restructuring case with legal risks (glyphosate) and high debt.

* P/E ratio: Visually low (single-digit on a cash flow basis), but distorted by losses.

* Chart: In free fall or bottomless mode; no clear trend change in sight.

* Conclusion: Only for turnaround speculators with extreme staying power.

$P911 (+0,16 %) (P911)

* Value: Luxury sports car manufacturer, struggling with the transition to e-mobility and weak demand in China.

* P/E ratio: approx. 10-12, which looks cheap but prices in falling margins.

* Dividend: Currently approx. 6% (note: analysts expect cuts!).

* Chart: Very weak, trading near all-time lows.

* Conclusion: The brand is worth its weight in gold, but the market environment is currently difficult.

Brief check of the remaining stocks:

$ENPH (-4,4 %)

$ILMN (-0,12 %)

Both in the "dog sector" (solar/biotech) - fundamentally under pressure, chart technically in the basement.

@Keineui

$6758 (-2 %) Solid value/entertainment mix, P/E ratio approx. 15, fairly valued.

$TSLA (-3,79 %) Remains the polarizing vehicle between AI hype and weakening sales figures.

sales figures.

@Dirty30

$NBIS (+1,66 %)

$9880 (-0,07 %) robotics :

Highly speculative niche themes (AI infrastructure/robotics), more for the gambler's portfolio.

@Andiiiii

@Multibagger

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/j--aDNRO-iU?is=sKyIdCnD-ujDiJ2M

Monday:

Industrial production in Germany fell slightly in January, but on a 3-month horizon Germany is in the black. This also has to do with the defense industry, where Germany is now the fourth largest exporter in the world and has overtaken China

https://hasepost.de/industrieproduktion-in-deutschland-sinkt-im-januar-2026-deutlich-689215/

Tuesday:

As was already the case at $MBG (-0,23 %) Mercedes, Volkswagen's profit is halved. Instead of 12.4 billion euros, it was only 6.9 billion euros. Turnover remained largely stable at 322 billion euros. However, the profit margin is now only wafer-thin. In addition to the well-known problems in China and the USA, this is also due to problems at Audi and $P911 (+0,16 %) Porsche.

https://m.bild.de/geld/wirtschaft/konzernbilanz-fuer-2025-vw-gewinn-halbiert-sich-69afb58c64d1f5a2cd5182b3

$BOSS (-1,16 %) HUGO BOSS surprises on the stock market. The Group delivers above expectations in almost all key figures. Sales fell slightly to around 4.27 billion euros. Profit rose by 17% to 249 million euros. The dividend is cut to 4 cents, but the company buys its own shares. The outlook of a slight decline in turnover for 2026 is confirmed.

https://www.boerse.de/nachrichten-amp/Hugo-Boss-verdient-dank-Einsparungen-mehr-Umsatzrueckgang-erwartet/38174967

Wednesday:

The International Energy Agency proposes the release of part of the oil reserve of 400 million barrels. The reason for this is the enormous increase in oil costs and the shortage caused by the war in Iran. However, supply bottlenecks are expected more in Asia than in Europe.

https://www.spiegel.de/wirtschaft/unternehmen/oel-reserven-iea-staaten-wollen-bis-zu-400-millionen-barrel-freigeben-a-5d135629-3740-4011-bb24-390c02d47bdf

Friday:

$VOW3 (-1,13 %) Volkswagen is once again the market leader in China. Because Beijing is cutting subsidies, BYD is losing $1211 (-0,45 %) BYD loses its market leadership again. Without state subsidies, VW's cars seem to be more convincing.

https://www.handelsblatt.com/unternehmen/industrie/autobauer-vw-erobert-marktfuehrerschaft-in-china-zurueck/100208289.html

The most important dates for the coming week:

Wednesday: 20:00 Interest rate decision (USA)

Thursday: 13:00 Interest rate decision (UK)

Thursday: 14:15 Interest rate decision (EUR)

#fed
#ezb
#zinsen
#inflation
#ölpreis

Can you think of any other dates?

https://www.b2ms-tickets.de/event/a09613d8-502b-417e-bc69-2c44e2012432

👆🏻👆🏻👆🏻🖕🏻

Get a free ticket (or 3), last year it was sold out.

Motorworld aside you can see what would be in the garage if not invested or if investments pay off and you live .

What happened to the recommended stocks 9 months ago?

While

$P911 (+0,16 %)

$9888 (-0,32 %)

$9988 (+0,01 %)

$MC (+0,47 %) and

$META (-0,95 %)

ran sideways,

Has one with:

$TTD (-0,05 %) Losses and at:

$NEM (-1,78 %)

$ABX (-1,98 %)

$GOOGL (+1,29 %)

$HPQB34

Very strong performance, sometimes over 50% in 9 months!

Who is coming along, or is also going to the Munich Investors' Day?

Perhaps this is good to know for some of you:

Today I was surprised to see dividend statements suddenly appear in the cash account at TR for $P911 (+0,16 %) suddenly appeared in the cash account. I sold the share months ago and would like to forget about it for reasons.

On closer inspection, it turned out that the dividend paid out in 2025 was without tax deduction. Instead, I now received 2 credit notes. The larger part (65%) without tax deduction, the smaller part with tax deduction. That's probably the case, because after a bit of googling I read on the Porsche website that they paid out dividends partly from equity.

Then I had a look at what else was paid out in dividends around that time and I noticed that the dividends from $ALV (+0,38 %) and $SAP (-1,02 %) there was no tax deduction. I only took random samples, so there could be more shares affected. Let's see if there are more new statements coming soon.

So maybe leave some cash in the account.

Digital Transformation Capital Partners (DTCP) wants to raise EUR 500 million for Europe's largest VC fund and has already attracted several prominent anchor investors.

The Hamburg-based investment firm Digital Transformation Capital Partners (DTCP) is working on the launch of Europe's largest venture capital fund to date specifically for defense start-ups.

The first well-known investors have already been acquired for the fund, which is targeting a volume of 500 million euros. This is according to a report by Bloomberg.

DTCP, which emerged from Deutsche Telekom around ten years ago, has completed the investments of its anchor investors, Managing Partner Thomas Preuß told Bloomberg News.

He confirmed that DTCP is ultimately aiming for a fund volume of 500 million euros.

Well-known anchor investors

As already announced in August, Porsche Automobil Holding SE $PAH3 (-0,87 %)
$P911 (+0,16 %) - the holding company of the billionaire Porsche-Piëch family - and Deutsche Telekom $DTE (+0,42 %) had held talks about joining the new fund as anchor investors.

Both companies are currently awaiting antitrust approval for stakes of between 25.1 and 49.9 percent in the Luxembourg-registered defense fund. This is according to submissions made to the Federal Cartel Office in December.

If DTCP achieves its goal, the fund would be the largest defense fund for start-ups in Europe.

In light of the Russian invasion of Ukraine and US President Donald Trump's wavering support for NATO, European governments have increased their military spending to record levels. Start-up founders and investors are trying to profit from this boom.

Up-and-coming defense companies such as the drone manufacturer Helsing have now reached valuations in the billions.

Many defense funds in launch

Other players such as the French state investment bank Bpifrance, Dutch Keen Venture Partners and Lakestar founder and investor Klaus Hommels are also launching funds for the sector - albeit on a smaller scale, as Bloomberg News reported.

According to Preuß, DTCP plans to make around 30 investments with the new fund, with an average investment volume of around 20 million euros per company.

Investments will primarily be made in European digital defense infrastructure as well as start-ups in areas such as supply chains, connectivity, data centers, materials, robotics, cybersecurity and unmanned systems.

Dual-use strategy dominates

Around a fifth of the investments are to relate exclusively to military technologies, including weapons systems. The remainder will be spent on dual-use technologies with both civilian and military applications.

This represents a noticeable change in sentiment among fund managers and investors, who had long stayed away from investing in military equipment. In August, for example, Porsche dropped its earlier stipulation that investments could only have a dual-use character.

I have looked at my portfolio review of 2025 and my start to 2026 - not just "how much", but above all: why and what I have learned from it. I am happy to share this with you and look forward to discussion & feedback and, above all, your views: what was the result and also your perception of your stock market year 2025 - and what set-up are you starting the new year with?

Time to reflect 🧘‍♂️

1) Change of mood at the end of 2024

After a rather sobering (for me) stock market year 2024, there was a clear turnaround in sentiment in November 24: on the day of Trump's election victory in Nov 24, the market jumped significantly (Dow +3.57 %, S&P 500 +2.53 %, Nasdaq +2.95 %). This made the "risk-on" narrative credible again - and you could see it in the behavior of many portfolios. At least in mine, if I'm honest with myself ;)

2) Q1/Spring 2025: Unusually Europe-friendly

The first few weeks of 2025 were indeed unusually Europe-heavy: in the first six weeks of 2025, the STOXX 600 was up >5.5%, while the S&P 500 was only up +2.7% in the same period.

This also became clear later in hindsight: in 2025, defense and banks were extremely strong drivers in Europe at times. I was also right in this upswing ($DHL (-0,13 %) , $GBF (+0,39 %) , $RIO (+0,51 %) ) but unfortunately also some disastrous ($NESN (+0,58 %) , $MC (+0,47 %) , $NKE (-0,74 %) ,$NOVO B (-1,02 %) ) decisions were made. Partly also trend- and community-driven -> yes, you are to blame ;)

3) Beginning of April: Bad times

Then came the break: The strong start to the year was literally "wiped out" in just a few sessions, partly due to the customs/trade war shock. YTD turned completely negative, and by April 7 the STOXX 600 was around 12% below the closing price on April 2. $TSLA (-3,79 %) and $NVDA (-1,17 %) purchases. I also $PEP (-0,74 %) I bought cheaply, but a real breakout is still a long way off.

4) Shortly afterwards: fireworks

Then a tailwind came back in the US from the middle/end of April, when the market repriced parts of the Trump escalation in the direction of "negotiations/de-escalation". The Donald kept a few election promises that were perhaps not quite official .-)

5) H2/late year: AI + interest rates as a "macro tailwind"

Towards the end of the year, the environment was then more strongly characterized by two factors: AI-driven risk assets and falling interest rates. It was an AI-driven rally, which also supported sentiment and inflows into US equity again.

And on the interest rate side: the Fed set the key interest rate at 3.50 % to 3.75 % in December after a further cut.

At the end of the year, the major benchmarks were also closer together again: STOXX 600 +16.66 % in 2025, S&P 500 ~+17 %.

6) Golden times 🥇🏅

Then there was the beautiful gold (u.W.). 2025 was a real exclamation mark: spot gold was up around 66% over the year (according to Reuters, the strongest increase since 1979).

Silver was even more extreme at around +168 % per year.

I have already written about gold in more detail here on getquin - if you are interested in the topic, you can find the article in my profile.

Personal performance 2025

• Internal rate of return: approx. +10 %
• TTWROR: approx. -33 %
• Dividend yield: approx. 1.3 % p.a.

The figures confirm what I described above: in my opinion, I made very good operational decisions (realized profits, used tax aspects, built up cash flow). At the same time, the TTWROR shows quite clearly that the portfolio structure was too volatile and too strongly growth/trend-oriented in the meantime. Too often, I have taken the "falling knife".

Before the turn of the year, I invested in $NVDA (-1,17 %) , $TSLA (-3,79 %) , $GBF (+0,39 %) and $DHL (-0,13 %) - each with positive returns - for the following reasons:

• Utilize saver's allowance
• Reduce tech-heaviness
• Cash generation (you can read why below)

Starting point Jan 2026:

Brief overview of the 2026 start setup

Asset mix

• Individual shares: 71.4 %
• ETFs: 16.0 %
• Gold: 9.2 %
• Crypto: 3.4 %

Regional breakdown

• North America: approx. 45.7 %
• Europe developed: approx. 26.0
• Rest of the world (including EM/Asia/Australasia): approx. 22.5 %

Sector structure

• Financial services: 20.5 %
• Consumer goods (cyclical): 19,2 %
• Consumer staples: 15.7
• Information technology: 14.8
• Materials: 7.9
• Healthcare: 4.7

Start to the new year

Parallel to the sales at the end of 2025, I reallocated or increased my holdings in January, including in $O (-0,95 %), $VNA (-0,27 %) and $ZAL (-0,78 %)- with the logic:

• Strengthen cash flow/dividend components
• Turnaround opportunities as a limited admixture
• Reduce volatility in the portfolio

Why I am thinking more defensively in 2026

Next week, the purchase of an apartment on beautiful Lake Tegernsee 🏝️ will be notarized. This is a step into a completely new asset class for me, as it's my first property of my own. - In addition to construction financing, it will of course also be a liquidity issue over the next few weeks.

I may make a separate post about this, perhaps some of you are also currently facing this step?

I can mentally cope well with drawdowns. But: being able to bear risk does not automatically mean having to bear risk.

My portfolio should fit in with this new phase of my life.

What I will do differently in 2026

Because a new asset class will be added to my portfolio in 2026 with the purchase of an apartment, I want to position my portfolio more defensively in future - without completely foregoing opportunities for returns : risk. Otherwise we would be completely wrong on the stock market :)

1) ETF core should dominate

I want my portfolio to be dominated by my ETFs in future. My target scenario is therefore

• 60% of the deposits via a savings plan in my 4 core ETFs ($VWRL (-0,17 %) , $COMM (+0,63 %) , $WSML (-0,1 %) , $IEMS (-0,26 %) ).
• 30 % stocks
• 10 % commodities
• Play money: crypto, certificates, pennies (weighting < 5%)

Important! This is a start-in-2026 setup

Of course, as always in life, a plan is there to be thrown overboard - so you have to wait and see how assets perform in the year ahead and reassess regularly.

2) Stocks yes - but with more discipline

Turnaround/opportunity stocks and trends remain part of my approach, but clearly limited. I want these positions to be what they should be again: An addition, not a foundation.

I will reduce (basic) consumption and strengthen healthcare. And tech?

3) Tech: more controlled

Tech will remain a driver of returns in 2025 - but I want to build it up again in a controlled manner after my sales. I will monitor the trend from a distance for the first few weeks and possibly months and bet on corrections. You can't do without it - as you can see from the Mag-7 performance in 2025:

• $GOOGL (+1,29 %) : +65,3 %
• $NVDA (-1,17 %) : +38,9 %
• $MSFT (-0,85 %) : +14,7 %
• $META (-0,95 %) : +12,7 %
• $TSLA (-3,79 %) : +11,4 %
• $AAPL (+0,38 %) : +8,6 %
• $AMZN (+0,78 %) : +5,2 %

On that note, happy new year!

$VWRL (-0,17 %)
$EWG2 (-0,48 %)
$O (-0,95 %)
$PEP (-0,74 %)
$MSFT (-0,85 %)
$P911 (+0,16 %)
$BLK (-1,69 %)
$NKE (-0,74 %)
$RIO (+0,51 %)
$MC (+0,47 %)
$NOVO B (-1,02 %)
$NESN (+0,58 %)
$ZAL (-0,78 %)
$COMM (+0,63 %)
$IEMS (-0,26 %)
$BTC (-1,44 %)
$ETH (-2,54 %)
$XRP (-2,2 %)
$PEPE (-2,49 %)

-72% The Trade Desk $TTD (-0,05 %)

-72% Fiserv $FI (+0,12 %)

-65% Dogecoin $DOGE (-1,03 %)

-65% Cardano

-61% Gerresheimer

-60% Enphase Energy $ENPH (-4,4 %)

-59% CarMax $KMX (+3,28 %)

-57% Strategy $MSTR (+3,65 %)

-56% Deckers Outdoor

-56% Alexandria Real Estate

-50% Redcare Pharmacy

-50% PUMA $PUM (+0,14 %)

-50% lululemon

-49% Dow

-49% Novo Nordisk $NOVO B (-1,02 %)

-48% MARA $MARA (+0 %)

-48% Molina Healthcare

-47% FactSet

-47% Charter Communications

-47% HelloFresh

-45% Wolters Kluwer

-43% Solana $SOL (-2,95 %)

-43% Cocoa

-42% UnitedHealth $UNH (+9,42 %)

-41% Atlassian

-41% Li Auto

-40% Copart

-40% Meituan

-38% PayPal

-38% Chipotle Mexican Grill

-36% TeamViewer

-35% GameStop $GME (-1,58 %)

-35% Orsted $ORSTED (+0,4 %)

-33% Pernod Ricard $RI (+0,94 %)

-33% Evotec

-33% Symrise

-31% Marvell Technology $MRVL (-1,02 %)

-30% Comcast

-30% Natural Gas

-30% Kraft Heinz $KHC (+2,99 %)

-30% Adobe $ADBE (+0,08 %)

-29% Salesforce $CRM (-1,31 %)

-28% Nike $NKE (-0,74 %)

-28% Adidas $ADS (-2,04 %)

-27% Sugar

-27% XRP $XRP (-2,2 %)

-26% Stellantis $STLAM (-0,86 %)

-25% JD .com

-24% Procter & Gamble $PG (-0,64 %)

-23% Arm $ARM (-4,56 %)

-22% Ferrari $RACE (-0,86 %)

-22% Porsche AG $P911 (+0,16 %)

-21% Zalando $ZAL (-0,78 %)

-21% NEL ASA $NEL (+0,53 %)

-21% Ethereum $ETH (-2,54 %)

-18% Bitcoin $BTC (-1,44 %)

-16% Brent Oil

-16% Delivery Hero

-13% Vonovia $VNA (-0,27 %)

-12% Coinbase $COIN (+0,15 %)

-11% SAP $SAP (-1,02 %)

-7% Amazon $ (+0,78 %)AMZN (+0,78 %)

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

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

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

Vonovia $VNA (-0,27 %) : 33 percent valuation discount

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

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

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

VW $VOW (-0,62 %): 35 percent valuation discount

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

This was caused by charges of 7.5 billion euros, primarily due to increased customs duties, the adjustment of the product strategy at Porsche $P911 (+0,16 %) and write-downs on Porsche's goodwill.

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

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

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

FMC $FME (+1,41 %)
: 41 percent valuation discount

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

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

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

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

Bayer $BAYN (-0,11 %) : 51 percent valuation discount

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

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

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

Zalando $ZAL (-0,78 %)
: 73 percent valuation discount

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

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

Source text (excerpt) & graphic: Handelsblatt, 07.11.2025

The second "What if" report by climate tech company Right° was published on Thursday. Right° compares company data with the goals of the Paris Climate Agreement. Right° sets the limit value at a global warming of 1.7 degrees by 2100.

None of the 34 DAX companies analyzed would be Paris-compatible if no further measures were taken to reduce emissions. However, according to the data, twelve companies have decoupled their value creation from climate-damaging emissions in recent years to such an extent that they are on a Paris-compatible path.

And five of these companies also have a Paris-compatible climate target.

For companies, doing business in line with Paris means decoupling their value creation from climate-damaging emissions.

According to the "What if" report, the climate pioneers RWE $RWESiemens Healthineers $SHL (+0,04 %)Adidas $ADS (-2,04 %)Deutsche Börse $DB1 (+0,49 %) and Porsche, which was relegated from the DAX $P911 (+0,16 %). Both the climate targets and the track record of these companies are on a Paris-compatible path.

However, there are clear differences between the DAX companies in terms of their track record. Many are a long way off the targets of the Paris Climate Agreement.

Source text (excerpt) & graphic: Handelsblatt, 31.10.25