The Bank BNP Paribas yesterday published its legendary dividend book for the second half of the year.

Ten European stocks were selected and placed on a list called "Best Ideas". All of these stocks have a pretty convincing track record.

What makes a really good dividend stock for BNP? Stable distributions over at least ten years, sustainable dividend growth and a strong free cash flow. In addition, there are qualitative criteria such as reasonable payout ratios, earnings momentum and rapid price recovery after the dividend discount.

Aegon
$AGN (-0,55 %) is a Dutch insurer with a focus on the US market. Dividend yield: 6.8 percent. Added to this is the fantasy of possible deals and greater capital efficiency.

Arkema
$AKE (+1,01 %) is a French specialty chemicals group with a yield of 5.7 percent. It is a spin-off from the chemicals business of the oil company Total. Arkema is one of the leading suppliers of highly developed materials.

Bankinter $BKT (-0,5 %) is a top Spanish address for wealthy clients. The bank has a solid balance sheet and offers a yield of 5.1 percent - although business is being held back slightly by the prospect of falling key interest rates.

Aéroports de Paris
$ADP (-0,85 %) is - as the name suggests - the operator of the Paris airports. Here, investors receive a yield of 3.4 percent, and there is also great rebound potential due to growing air traffic and an exciting investment in GMR in India.

Inditex
$ITX (-0,37 %) is the Zara-parent company. The company impresses with a 3.6% return, but above all with a strong cash flow thanks to falling logistics costs and global expansion.

Intesa Sanpaolo
$ISP (-1,77 %) is Italy's largest financial institution and offers a 7.9 percent dividend. A large part of its success comes from stable segments such as asset management.

Munich Re
$MUV2 (+0,47 %) is one of the stocks from Germany. The reinsurance classic offers investors a yield of 4.2 percent. The company has an enormously strong balance sheet and is a real all-purpose portfolio weapon.

National Grid
$NG. (+0,93 %) is an electricity and gas provider from the UK that pays a dividend of 4.5 percent. The company is strong on the energy transition and is well hedged against inflation.

Publicis
$PUB (-1,28 %) is France's advertising giant with data-driven advertising and pays a dividend of 3.9 percent. The company is also strongly positioned in the field of artificial intelligence.

The last stock to round off Volkswagen
$VOW (-1,64 %) rounds off the list. The car manufacturer offers a full six percent yield. The partnership with Rivian
$RIVN (-3,1 %) is also beginning to generate imagination.

All ten stocks combine above-average dividend yields with reasonable valuations. The average price/earnings ratio (P/E) is around 10, and all companies are well capitalized.

BNP speaks of a "quality-driven dividend portfolio" - so it's not about bargain hunting. For those who prefer a broader approach, there is of course also the dividend ETF Amundi MSCI Europe High Dividend Factor ETF EUR $CD9 (+0,55 %)

Source & picture: "Welt", 02.07.25

I was inspired by a Focus Money article and because many people here are asking.

I won't be investing myself, it's too short-term for me. But there are still some very interesting companies.

Feel free to write in the comments whether such "copied articles" are of any use to the community or are legally correct :)

The signs of a peace process in Ukraine are solidifying. This is triggering a run on the stock market for shares that could benefit from reconstruction

Regardless of the political interpretation, the stock market has been turning its back on the war for several days now and is betting on the coming peace. Stocks that are likely to benefit from the reconstruction in Ukraine have soared. The UBS Ukraine Reconstruction Index, which comprises 25 of these stocks, has been climbing for days and is at an all-time high. "The effects of a possible ceasefire in Ukraine are still being underestimated on the financial markets," says Bernd Meyer, Chief Investment Strategist and Head of Multi Asset at Berenberg, who is convinced that the rally will continue. Reconstruction requires enormous resources. According to estimates by the World Bank, the costs for this amount to a total of 500 billion dollars - the equivalent of Austria's gross domestic product and more than three times Ukraine's annual economic output before the war. The money is likely to benefit construction companies, suppliers, infrastructure companies and banks in particular. European companies could be the main beneficiaries - especially from neighboring countries such as Poland and Hungary, but also the Czech Republic, Austria and Germany.

With Wärtsilä $WRT1V (-2,04 %) a provider of technologies for the shipping and energy markets, and Konecranes $KCR (+2,19 %) a manufacturer of industrial cranes and drive technology, Finnish companies are also on the list of potential peace beneficiaries - as are Italian companies such as the cement and building materials manufacturer Buzzi $BZU (-0,56 %) The list is long. There is a great need for building materials, steel and cables to restore the destroyed infrastructure and energy supply. There is still no thematic fund or ETF on the beneficiaries of the reconstruction in Ukraine. Investors who want to benefit from this are therefore well advised to combine several securities into a portfolio themselves.

Banks: Erste Group Bank $EBS (-0,76 %) Powszechna K. Osz $PKO (-1,3 %) Santander Polska $SPL (-0,19 %) Polska K. Opieki $PEO (-1,19 %) Raiffeisen Bank Int.$RBI (-2,17 %)

Construction: Wienerberger $WIE (+1,86 %) Sniezka Construction $SKA Strabag $STR (-0,1 %)

Insulation: Kingspan Group $KRX (-1,35 %) Rockwool $ROCK B

Glass: Cie de Saint-Gobain $SGO (+0,29 %)

Cranes: Konecranes $KCR (+2,19 %)

Cement: CRH $CRH (-0,38 %) Buzzi $BZU (-0,56 %) Holcim $HOLN (+1,05 %) Heidelberg Mat. $HEI (-0,7 %)

Construction machinery: Caterpillar $CAT (-2,34 %)

Mining: Ferrexpo $FXPO (-1,63 %) Metso $METSO (-0,62 %)

Chemicals: BASF $BAS (+1,89 %)

Industrial gases: Air Liquide $AI (+0,11 %)

Infrastructure: Schneider Electric $SU (-1,38 %) Rexel $RXL (-1,93 %) Wärtsilä $WRT1V (-2,04 %) Weir Group $WEIR (+0,93 %)

Infrastructure (E): Siemens Energy $ENR (-6,08 %) Prysmian $PRY (-5,88 %) NKT $NKT (-1,73 %) Nexans $NEX (-1,83 %)

Agriculture: Kernel $KER (-0,17 %)

Logistics(warehouse): Kion $KGX (+0,07 %)

Steel: Arcelor Mittal $MT (-1,13 %) and for stainless steels Outukompu $OUT1V (-2,45 %)

Sanitary technology: Geberit $GEBN (-0,45 %)

Specialty chemicals: Evonik $EVK (-1,77 %) Arkema $AKE (+1,01 %) Wacker Chemie $WCH (-0,93 %) Lanxess $LXS (+2,69 %)

Dear Community,

A while ago @DividendCop published an article about the withholding tax by French shares. Thereby some queries came to the point 3 of the "direct registered shares".

1. what is currently the problem of German investors?

Dividend payments from groups in our neighboring country are subject to a flat 28% withholding tax. The French tax authorities justify this with the uncertainty about the tax domicile of the investor.

2. what are the solutions?

As is known, there is an agreement between Germany and France. It is therefore possible to reduce the withholding tax to approx. 12.8%.

This works on the one hand via the service of the DKB, which goes in advance, but of course gets the money back itself via a tax equalization.

Consors also offers this service for about €19.95 per income payment.

Another option is offered by the refund forms 5000DE and 5001DE, which are, however, subject to personal appeal to the French tax authorities. A refund thus requires proof of tax residency in Germany.

Now we come to the 3rd possibility of registering French shares, which is the primary topic of this article.

The initial situation:

Here we must distinguish the following points in particular.

• In free trade, we find French bearer shares.
• Registration converts these bearer shares into registered shares.
• In Germany, registration has so far been possible almost exclusively via Consors, as a subsidiary of BNP, and even then it has usually been offered to selected persons. Chosen ones are here really lengthy holders of the positions, which are to receive a Benefit. Meanwhile this costs 24,95€.
• Please weigh therefore whether this is worthwhile at all.
• Further possibilities can be found in capital participation campaigns of the groups. Usually, however, these are not published.
• Registered shares are not tradable without further ado. There are obligations for a holding period of x years in the case of registration.
• Registered shares are not held in the owner's own custody account, but in a custody account administered by the corporation itself or by a third party commissioned by the issuer to do so.
• After this holding period, the owner can dispose of them freely. He can therefore also order a sale or transfer shares to his own securities account. Please bear in mind that this requires conversion into bearer shares again and leads to fees.
• A sale of the registered shares can only be executed on the Paris Stock Exchange "Euronext". The holder merely orders a sale. The timing of the execution is incumbent upon the agent in a proportionate period of time.

Situation:

Let us now assume that registration is to be sought. How does such a thing proceed?

A field report:

My portfolio currently includes 3 corporations in which I own registered shares. Arkema $AKE (+1,01 %) , TotalEnergies $TTE (+0,6 %) and Air Liquide $AI (+0,11 %) .

There was a request for personal data by means of a form and confirmation of tax residency in Germany. (Indication of your tax ID and for confirmation a wage slip with tax deduction is usually also accepted). Otherwise, you must also calculate here for a confirmed tax information again about 20-30 €.

Of course, this depends on the costs of your local tax office.

After a thorough check by the finance department of the respective company, you will receive a notice about the issuance confirmation. Only a short time later you will probably receive a letter with the access data to the securities account from BNP Paribas $BNP (-1,34 %) or CA $ACA (-1,46 %) will be sent to you. Both make up a significant part of the business world in French everyday life.

These founded from themselves the platform "Uptevia", which is a spin-off of the corperate trust services of both banks.

The link to the platform, as well as your ID, access number and password will be sent to you in separate letters.

You will also receive separate access for each group. Therefore, please keep these documents safe.

Now I have received registered shares, and now what?

Nothing more. I now see my received shares, which are blocked. Now I have to wait until the holding period expires. In the meantime, you can still enjoy the incoming dividend payments on your reference account, which only enjoy a discount of 12.8%. Please note, however, that you will have to declare these dividends on your tax return, as you may have to pay additional capital gains tax. You will receive the respective documents via PDF from this very portal on 01.01 over the past year.

But why should this be worthwhile?

Different companies offer different benefits for registered share holders.

For years, L'Oreal $OR (+1,04 %) for example, has been offering an annual dividend premium of 10% on its dividend. The same applies to Air Liquide.

Valneva $VLA (-0,47 %) offers double voting rights. It is therefore up to the Group itself to decide on the respective benefits.

But please only decide for it if there is a realistic financial advantage!

Hydrogen peroxide - chemistry in everyday life

Everybody likes it, nobody notices it. A new currency besides the euro was created. In the Corona pandemic, nothing was more popular than toilet paper. But paper doesn't have the white sheen you can buy in the supermarket. Bleaching agents are needed for that. An excellent bleaching agent is hydrogen peroxide. It is environmentally friendly, non-toxic and versatile.

What is hydrogen peroxide?

Hydrogen peroxide is a colorless, clear liquid consisting of hydrogen H2 and oxygen O2. In the compound, it is chemically expressed as H2O2. However, it is a very unstable compound, as under natural conditions the reaction of hydrogen and oxygen is more commonly known as an oxyhydrogen reaction. Because of this, direct contact of hydrogen and oxygen must be avoided! By the way, this is also a very good example, why one should perhaps deal more critically with the topic of hydrogen heating and large-scale pipelines, as well as large-scale projects, from safety aspects.

So how is it produced?

There actually exists a large-scale direct contact process via electrolysis. Neither is it really profitable, nor does it find convincing industrial application.

Therefore, to avoid direct contact, a reaction carrier must be used. Anthraquinones are used for this purpose. They are loaded with hydrogen and oxygen in two independent chemical processes and finally washed out with water to produce an aqueous solution of hydrogen peroxide. This must be further processed for the purity of the clear end product.

Where is hydrogen peroxide used?

Important: When hydrogen peroxide is used, its decomposition is inevitable. This produces water and oxygen. The oxygen, in turn, can have a fire-promoting property.

In fact, hydrogen peroxide is a basic chemical in our modern way of life. It is predominantly used in the paper industry as a particularly environmentally friendly variant of bleaching agents. It replaces the former chlorine bleach in the majority of cases, thus protecting both people and the environment. As a result, it is also used in dentistry, especially in tooth whitening for your radiant smile.

It is also very versatile in water technology. It cleans organic impurities and kills bacterial pathogens.

Furthermore, it is also used as a disinfectant due to its disinfecting properties. However, this is only used in very low concentrations of up to 10%. The application of disinfectants is again very versatile and can be found, for example, in agriculture, medicine, biology, forensics and many other fields.

Who plays a decisive role in this?

In particular, there are 3 major notable producers in the industry. These are Solvay $SOLB (+0,28 %) , Arkema $AKE (+1,01 %) and Evonik $EVK (-1,77 %) .

However, hardly anyone needs tons of loose containers, which is why in this area chemical dealers represent a large part of the customers, in addition to paper mills. Other companies listed on the stock exchange include Brenntag $BNR (+1,78 %) and many other companies outside the capital market.

This is subject to the fact that large-scale mass concentrations are usually in the range between 50% and 70%. However, this is too much for general use, so that they are further diluted.

Where are the strengths of these divisions?

Hydrogen peroxide is anything but a niche. It is the basis for the production of many specialty chemicals, which is why the margins are above average for chemicals. Furthermore, it can be committed to sustainability, since the basic chemicals are hydrogen and oxygen. The range of applications is very broad and it is impossible to imagine a modern, hygienic society without them. The use of "green" hydrogen would therefore also result in "green" hydrogen peroxide".

The saturation of the production markets would hardly attract any further competitors into the market, so that the market is largely divided among the top dogs.

What are the weaknesses?

The production of hydrogen peroxide is always linked to hydrogen prices, which in turn are linked to natural gas. Corresponding burdens had to be borne in 2022 and were also evident from the balance sheets.

One has a relatively vulnerable import dependency, since the production of the working solution base materials takes place almost exclusively in India and China.

The weakening paper market in the wake of digitalization is forcing manufacturers to tap into new markets. The specialty market is particularly in demand, also due to the high margins of approx. 20%.

What is the current market situation?

Just yesterday, the VCI (German Chemical Industry Association) published its expectations for the full year. Overall, the chemical industry continues to suffer from persistently high raw material costs. Demand in general is conceivably weak. There is no recovery in sight for the time being.

This indicates that end consumers, i.e. us in the supermarket, are very hesitant. We are obviously no longer reaching for the more expensive products or preferring to take advantage of special offers. We must remember that, although we are talking about large-scale industry here, it can ultimately only earn its revenue from consumers. Uncertainty in our minds and our behavior is therefore causing the industry to suffer.

Therefore, please buy toilet paper, toothpastes and proper white paper, because I am invested in Arkema. 😂