13.11.2024

Allianz becomes more optimistic for 2024 + Siemens Energy expects further growth and raises medium-term targets + Shopify benefits from positive revenue forecast for Q4 + Tonies increases revenue by 21% in Q3

The insurance group Allianz $ALV (+0,22%) is becoming more optimistic for the current year thanks to strong business and lower catastrophe losses. The operating profit is now expected to reach 14.8 to 15.8 billion euros and thus the upper half of the previously targeted range, as the Dax group announced in Munich on Wednesday. Thanks to higher premiums, Allianz achieved an operating profit of a good 3.9 billion euros in the third quarter, almost 14 percent more than a year earlier. The bottom line for shareholders was a surplus of just under 2.5 billion euros, 22 percent more than in the same period last year. Allianz had to spend almost 650 million euros on the consequences of natural disasters such as the floods in Eastern Europe and several storms in Europe and the USA. In the previous year, however, natural disasters had cost the insurer more than twice as much.

The energy technology group Siemens Energy $ENR (+2,43%) is entering the new financial year with confidence. The company announced in Munich on Tuesday that sales and operating profitability are set to improve significantly in 2024/25. Comparable sales as at the end of September are expected to increase by eight to ten percent. Christian Bruch's management expects the adjusted operating margin to be between three and five percent. The grid and gas technology businesses and further improvements in the Gamesa wind power business are expected to contribute to this. However, Siemens Energy is again expecting a billion-euro loss for the division. Analysts have so far put the margin at 4.2 percent. In the medium term, Siemens Energy was more optimistic than before and raised its targets for fiscal year 2027/28.

Shopify $SHOP (+1,18%) benefits from positive sales forecast for Q4:

• Shopify's US-listed shares are up 14.2% to $102.79 in pre-market trading.
• Shopify forecasts Q4 revenue growth in the mid to high twentieth percent range, versus analyst estimates of 22.7% - data compiled by LSEG
• The company reported Q3 revenue of $2.16 billion, up 26% year-over-year, beating the estimate of $2.11 billion.
• Gross merchandise volume (GMV), a key metric, rose 24% to $69.72 billion in Q3.
• The stock was up 15.5% year over year by the last close

Tonies $TNIE (-1,84%) is on track to achieve its forecast for the 2024 financial year

• Group sales increased by 20.9% year-on-year to EUR 95.3 million in the third quarter, driven by strong international expansion, resulting in sales growth of 26.2% to EUR 242.1 million in the first nine months
• North America drives the strong momentum of international expansion
• Further expansion of product portfolio with new own franchise and new product category strengthens market leadership through margin improvement and target group expansion
• Appointment of Ginny McCormick as Chief Experience Officer (CXO) and member of the Management Board is another important step on the way to developing Tonies into a unique global brand
• The forecast for the 2024 financial year has been confirmed

Wednesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Cheesecake Factory USD 0.27

Paccar USD 0.30

Quarterly figures / company dates USA / Asia

22:05 Cisco Systems Quarterly figures

Quarterly figures / company dates Europe

07:00 Allianz | RWE | Siemens Energy | Ströer | TAG Immobilien | Deutsche Pfandbriefbank | Heidelberger Druckmaschinen | ABN Amro quarterly figures | Fraport traffic figures

07:30 Telecom Italia | Auto1 | Renk Group | Voestalpine | Alstom quarterly figures

08:00 RTL Group 9 months results | Siemens Energy | Ströer PK

09:30 Deutsche Pfandbriefbank PK

10:00 Porsche Automobil Holding Quarterly Figures | RWE | Heidelberger Druckmaschinen PK

10:30 Siemens Energy Analyst Conference

11:00 TAG Immobilien PK

13:00 RWE Analyst Conference

14:30 TAG Immobilien Analyst Conference

Economic data

• 07:30 FR: Unemployment rate 3Q FORECAST: 7.4% 2nd quarter: 7.3%
• 14:30 DE: German Council of Economic Experts (SVR), Pk on the annual report, Berlin
• 14:30 US: Consumer prices October PROGNOSE: +0.2% yoy/+2.5% yoy previous: +0.2% yoy/+2.4% yoy Core consumer prices PROGNOSE: +0.3% yoy/+3.3% yoy previous: +0.3% yoy/+3.3% yoy
• 14:30 US: Real income October
• 15:30 US: New York Fed President Williams, speech at Academy for Teachers Master Class
• 18:00 US: St. Louis Fed President Musalem, speech at Economic Club of Memphis event