Last week Docmorris ($DOCM (+2,02%) ) presented its latest business figures last week and I would like to summarize my impressions of the analysts' conference.

It was an informative event at which CEO Walter Hess and the new CFO Daniel Wüest presented the results and answered the analysts' questions.

Right at the beginning, Walter Hess emphasized the significant milestones that DocMorris has achieved in 2024. Particular emphasis was placed on the five-fold increase in new e-prescription customers since the launch of Cardlink in April 2024. These new customers also showed significantly improved KPIs compared to previous prescription customers.

Another important point was the the achievement of profitability in the non-Rx business (non-prescription medicines ), reflecting the successful implementation of the break-even program in recent years . Overall, a sales growth of 7% was achieved across all business segments. Teleclinic also developed very positively and doubled its sales with attractive profitability. Thanks to effective cash management, DocMorris had a cash position of CHF 95 million at the end of 2024. cash position of CHF 95 million.

For 2025, the focus is on the further expansion of e-prescription growth with the aforementioned customers with improved KPIs. The new marketing campaign "Make it easy for Doc" is intended to raise awareness, increase conversion to e-prescription orders and promote the profitable further development of the non-Rx business. business. Teleclinic is expected to significant growth with increasing profitability margins. continue its significant growth with increasing profitability margins. As already announced, DocMorris is planning a capital capital increase of around CHF 200 millionto support e-prescription growth and secure the refinancing of the 2026 convertible bond.

Since the introduction of e-prescriptions in Germany in the first quarter of 2024, the Rx business has been growing continuously. The Cardlink innovation led to a 2.5-fold increase in e-prescription sales to people with statutory health insurance from the first to the fourth quarter of last year. At the same time, the number of paper prescriptions redeemed by people with statutory health insurance fell significantly, while they rose slightly for privately insured patients. DocMorris expects Rx growth to continue in the first quarter of 2025, albeit at a slightly slower pace.

Particularly pleasing is the consistent growth in new Rx customers. The success is based on continuously improved apps and a better customer experience. The DocMorris brand recorded a three-fold increase in new customers year-on-year and even a five-fold increase from Q4 2023 to Q4 2024.

A look at the e-prescription KPIs shows that the new e-prescription customers (average age 57 years) have a significantly higher customer loyalty and order frequency with Cardlink. The reorder rate of the Cardlink cohorts is 2.5 times higher than previous prescription customers. The average order value (AOV) reached 110 euroswhich is due to a higher AOV of new Rx customers and a growing share of mixed baskets. Over 85% of these customers use the app and Cardlinkwhere over 95% of regular orders being delivered the next day.

The profitability of the non-Rx business in 2024 is an important step towards diversifying revenue streams and strengthening financial health. The main drivers included higher gross margins, the strong growth of Teleclinic, the Retail Media business and the expansion of the marketplace. In addition, an improved operational and marketing performance, higher conversion rates, cost reductions and the integration of brands contributed to profitability.

Teleclinic demonstrates that telemedicine is an important part of healthcare. The addressable market for outpatient care in Germany is estimated at around 55 billion euros, with an online penetration of less than 1%. The introduction of the The introduction of the electronic health card, the e-prescription and the upcoming electronic patient file will catalyze further growth. Teleclinic already showed a doubling of turnover in 2024 doubling of sales to CHF 11 million with an attractive EBITDA of over CHF 3 million . Further strong sales and EBITDA growth is expected for 2025 and beyond. The Teleclinic app has already been downloaded 2.5 million times and has a rating of 4.8 out of 5 stars. Teleclinic is seen as the leading provider in the German telemedicine market.

The digitalization of healthcare in Germany (e-prescription, ePA, eAU) enables seamless digital healthcare pathways, which should lead to better adherence, customer experience and convenience. DocMorris plans to fulfill all healthcare needs by integrating online pharmacy, telemedicine, marketplace for healthcare products and services as well as valuable health information.

In the first two months of 2025 growth continues in all business areas, particularly in Teleclinic and the service business . For the Rx growth of around 50% is expected for the first quarter of 2025 compared to the previous year.

Interesting topics were covered in the analysts' Q&A session that followed, which I would also like to summarize for you:

Olivier Calvet (UBS) asked about Restatements of Rx sales. Daniel Wüest clarified that there were no Rx-specific restatements, but a general adjustment due to a positive legal decision. He confirmed the basis for Q1 Rx growth of 50% with CHF 37 million from the previous year. On the impact of the electronic patient record (ePA) Walter Hess was positive, but saw a longer-term rollout and benefits for the DocMorris ecosystem. With regard to the net working capital in the e-prescription business, Daniel Wüest explained that the average annual figure is 4.7% and that the medium-term target is 4%.

Jan Koch (Deutsche Bank) inquired about the confidence in the capital increase. Daniel Wüest was very confident based on the feedback from the mandated banks and the usual practice of rights issues in Switzerland. The question of a sale of a stake in Teleclinic was considered very unlikely by Daniel Wüest, as this would contradict the ecosystem concept and the value for shareholders is estimated to be higher in the long term. With regard to the sequential Rx growth in the first quarter, Walter Hess Walter Hess confirmed the continuous growth, even if the high proportion of new customers with initially lower order values is impacting sales growth. Daniel Wüest confirmed that growth is expected from Q1 to Q4, as Q4 is usually the strongest quarter.

Gian Werro (ZKB) asked about the reasons for the reduction in inventories Daniel Wüest cited improved order frequencies and more direct relationships with suppliers. To the e-prescription sales forecast in relation to the reorder rate Walter Hess explained that the more cautious marketing spend in the first quarter plays a role, but that the management of customer acquisition costs is also important.

Michael Heider (Warburg Research) asked about the marketing spend in 2024 compared to the guidance. Daniel Wüest corrected that the statement was aimed at doubling the e-prescription marketing spend and not the total marketing spend, which was achieved. With regard to the discrepancy in the AOV figures Walter Hess explained that the 110 euros represents the average order value of mixed shopping baskets, while the 98 euros applies to pure Rx orders and is influenced by new customers with lower initial orders.

Christopher Johnen (HSBC) inquired about the assessment of the ECJ ruling on the bonus ban. Walter Hess assessed the confirmation of the 2016 ruling regarding direct bonuses as positive. The decision regarding OTC-related bonuses is now back in the hands of the German court. In the long term, he sees convenience for the customer as the more important factor. On the status of the recurring prescription Walter Hess stated that the implementation is being defined by doctors and health insurance companies and that a start at the beginning of next year seems realistic. This should further increase convenience and make bonus discussions irrelevant.

DocMorris AG's analyst conference painted a positive picture. The company has achieved important strategic goals, in particular profitability in the non-Rx business and strong growth in the e-prescription segment following the launch of Cardlink. The key figures for new e-prescription customers are promising and indicate a high level of customer loyalty. Teleclinic continues to develop dynamically and underpins the potential of the digital healthcare ecosystem.

Even though the short and medium-term guidance is still outstanding due to the capital market transaction, the management is very confident about future development.

World's largest battery manufacturer CATL plans mega IPO + Siemens with jump in profits + Redcare and DocMorris weak because of renewed fear of Amazon + Tesla with stabilization approach after series of losses + Thyssenkrupp lowers sales forecast and focuses on marine industry + US inflation rate rises surprisingly

World's largest battery manufacturer CATL plans mega IPO

• Chinese battery manufacturer Contemporary Amperex Technology (CATL) is on the verge of a mega IPO.
• The world's largest manufacturer of e-car batteries submitted the corresponding application to the Hong Kong Stock Exchange HKEX on Wednesday, confirming rumors of a secondary listing that have persisted for some time.
• The company from the southern Chinese city of Ningde is already listed on the Shenzhen stock exchange.
• As the news agency Bloomberg reported, CATL could now raise more than five billion US dollars with the listing in Hong Kong.
• The battery company intends to use this money primarily to finance investments in the plant currently under construction in Hungary, according to the listing prospectus.
• https://www.handelsblatt.com/unternehmen/industrie/elektromobilitaet-weltgroesster-batteriehersteller-catl-plant-mega-boersengang/100107367.html

Siemens $SIE (+2,38%)with jump in profits but automation continues to weaken

• Thanks to the sale of its subsidiary Innomotics, the technology group Siemens earned significantly more at the start of the year.
• Earnings after tax rose to 3.9 billion euros in the three months to the end of December, as the company announced in Munich on Thursday.
• Siemens received 3.1 billion euros from the sale.
• In the previous year, the profit amounted to just under 2.6 billion euros.
• In operational terms, however, Siemens recorded a decline due to the continuing weakness in the automation business.
• The result of the industrial business fell by eight percent to 2.5 billion euros.
• The largest contributions to earnings came from the intelligent infrastructure (SI) business and the medical technology subsidiary Siemens Healthineers .
• On a comparable basis, sales rose by three percent to just under 18.4 billion euros.
• This figure excludes currency and portfolio effects.
• Siemens performed slightly better than analysts expected for both key figures.
• The Group confirmed its forecast for the year.

Redcare $RDC (-0,8%)and DocMorris $DOCM (+2,02%)weak because fear of Amazon again $AMZN (+6,97%)

• New concerns about powerful competition from Amazon briefly put more pressure on the shares of Redcare Pharmacy and DocMorris on Wednesday afternoon.
• At times, Redcare fell by 4 percent to its low for the year.
• Most recently, it traded at 115.50 euros again, down just under 3 percent.
• DocMorris fell by a good 2 percent in Zurich.
• The reason for this was probably UBS expert Olivier Clavet's comment on the opening of the "Amazon Parafarmacia & Beauty" in Milan city center.
• Although the move itself is relatively insignificant, the license and the intention to expand into beauty and personal care products are not.
• According to Calvet, Redcare does not break down the share within non-prescription products.
• However, he believes that the Beauty and Personal Care (BPC) business is an important earnings driver

Tesla $TSLA (+8,52%)
with stabilization approach after series of losses

• Tesla shares rose noticeably on Wednesday after five consecutive days of weak trading.
• Most recently, the shares were up 3.6 percent at 340.25 US dollars.
• Traders referred to a positive analyst study.
• The experts at Benchmark Research gave the shares a "buy" rating and a target price of 475 dollars.
• Autonomous driving and robotics are seen as growth drivers, as is the further market penetration of electric vehicles.
• Since the presentation of disappointing quarterly figures at the end of January, the shares of the electric car manufacturer led by tech billionaire Elon Musk have lost more than 22% at their peak.
• For the year to date, this still represents a drop of around 16 percent.
• Tesla missed Wall Street's expectations with its sales and earnings figures for the past quarter. In the previous year, the e-car manufacturer had also suffered its first decline in deliveries for more than a decade.
• Musk himself said that he sees Tesla "between two waves of growth".
• He is focusing primarily on autonomous driving technology and presented the prototype of a robotaxi without a steering wheel or pedals in October.
• Since the election of Donald Trump as the new US president at the beginning of November, Tesla shares have been virtually unstoppable and had been rushing from record to record by mid-December.
• This resulted in an annual gain of more than 60 percent.
• Major shareholder Musk had strongly supported Trump during the US election campaign and has since been considered one of the future president's most influential advisors.
• Tesla investors are primarily hoping that the car manufacturer will receive approval for more far-reaching autonomous driving more quickly under Trump.
• Critics of Tesla point to the industry pioneer's ageing model range.

US inflation rate rises surprisingly - to 3.0 percent

• US inflation rose surprisingly at the start of the year.
• Consumer prices rose by 3.0% year-on-year in January, faster than the 2.9% increase in December.
• This was announced by the Department of Labor in Washington on Wednesday.
• Economists polled by Reuters had also expected 2.9 percent for January.
• From December to January, prices rose by 0.5 percent.
• Experts had only expected an increase of 0.3 percent.
• The US Federal Reserve, which is supposed to ensure stable prices and promote full employment, recently left the key interest rate in the range of 4.25 to 4.50 percent.
• This ended, for the time being, the series of cuts that began in September.
• When pausing interest rates, the central bank referred to the increased pace of price rises.
• As Fed Chairman Jerome Powell recently confirmed, the US monetary authorities are in no hurry to lower interest rates further in view of the healthy economy.
• They also want to wait and see what economic consequences the policy of punitive tariffs introduced by US President Donald Trump will have.
• Tariff hurdles harbor a new inflation risk, as they are likely to make imports from the countries affected more expensive.
• According to experts, the sharp rise in the cost of living in the USA in recent years is one of the reasons why Trump is likely to win the White House again on 20 January.
• Trump was able to move into the White House again on January 20.

Thyssenkrupp $TKA (+0,77%)lowers sales forecast due to weak demand and the ray of hope is the marine industry

• The industrial group Thyssenkrupp has had a mixed start to the year.
• Demand in the steel and automotive business as well as in trading remained rather weak.
• One bright spot was the marine business, which grew significantly.
• New business in particular developed strongly, as Thyssenkrupp announced in Essen on Thursday.
• Group CEO Miguel López wants to spin off the division.
• Work is continuing "at full speed" on the spin-off "in order to position the business in the best possible way to process the high order backlog and the continuing high level of customer interest in view of the changed security policy environment", he said when publishing the quarterly figures.
• In the three months to the end of December, thyssenkrupp's sales fell by four percent to 7.8 billion euros, which was significantly below expectations.
• In addition to weak demand, lower steel prices also had a negative impact.
• Adjusted earnings before interest and taxes, on the other hand, rose from 84 million to 191 million euros, which was a positive surprise.
• The company benefited from the ongoing restructuring program as well as lower raw material and energy prices.
• Above all, the profitability of the steel business increased.
• On the bottom line, thyssenkrupp posted a loss of 51 million euros and thus performed significantly better than in the same quarter of the previous year, when a loss of 314 million euros was also incurred due to depreciation and amortization.
• Thyssenkrupp lowered its sales forecast for the current financial year 2024/25 due to weak demand and now expects a range of minus three to 0 percent.
• Previously, the company had assumed a range of 0 to plus three percent.
• However, the earnings forecasts were confirmed.
• Due to advance payments in connection with a comprehensive order extension for four submarines at Marine Systems, thyssenkrupp raised its expectations for the cash inflow, which was widely observed by analysts.
• Free cash flow before mergers and acquisitions is expected to reach up to 300 million euros.
• The company had previously forecast an outflow of 200 to 400 million euros.
• Analysts had previously expected a cash inflow of 100 million euros.

Thursday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• Shell USD 0.36
• Equinor NOK 0.35

• Quarterly figures / company dates USA / Asia
• 07:30 Sony annual result
• 08:00 Honda Motor annual results
• 09:25 Nissan quarterly figures
• 12:30 GE Healthcare annual results
• 13:00 Altice quarterly figures
• 21:00 Airbnb annual results
• No time specified: Deere & Co | Baxter International | Applied Materials Quarterly figures

• Quarterly figures / Company dates Europe
• 07:00 Siemens | Thyssenkrupp | Thyssenkrupp Nucera | Nestle | Commerzbank | Schott Pharma | DSM-Firmenich | Bertrandt | KWS Saat | Takkt Annual results
• 07:00 Fraport traffic figures January
• 07:30 Adyen | Douglas | MVV Energie | Orange Annual Results | Delivery Trading Update 4Q | Siemens PK
• 08:00 Barclays Annual Results | British American Tobacco | Unilever | Relx Annual Results
• 08:30 Siemens Analyst Conference
• 09:00 Nestle PK | Commerzbank Analyst Conference
• 10:00 Siemens AGM
• 10:30 Nestle Analyst Conference | Commerzbank BI-PK
• 11:00 Schott Pharma Analyst Conference | Thyssenkrupp Analyst and Press Conference
• 14:30 Commerzbank Capital Markets Day

• Economic data

08:00 DE: Consumer prices (final) January PROGNOSE: -0.2% yoy/+2.3% yoy Preliminary: -0.2% yoy/+2.3% yoy Previous: +0.5% yoy/+2.6% yoy HICP PROGNOSE: -0.2% yoy/+2.8% yoy Preliminary: -0.2% yoy/+2.8% yoy Previous: +0.7% yoy/+2.8% yoy

08:00 UK: GDP (1st release) 4Q FORECAST: 0.0% yoy/+1.2% yoy Q3: +0.1% yoy/+1.0% yoy | GDP month December | Trade Balance December | Industrial Production December

08:30 CH: Consumer prices January FORECAST: +0.4% yoy previously: +0.6% yoy

11:00 EU: Industrial Production December Eurozone OUTLOOK: -0.5% yoy/-3.6% yoy previously: +0.2% yoy/-1.9% yoy

14:30 US: Initial jobless claims (week) FORECAST: 215,000 previous: 219,000

14:30 US: Producer Prices January PROGNOSE: +0.3% yoy previous: +0.2% yoy Core rate (excluding food and energy) PROGNOSE: +0.3% yoy previous: 0.0% yoy

Bitcoin moves away from record high again + Trump announced that he would no longer back electromobility + DocMorris grows 6.7 percent in 2024 + Ørsted makes value adjustments of over 12 billion in Q4

Bitcoin $BTC (+0,28%)with new ATH

• Bitcoin extended its losses from late Monday trading on Tuesday.
• In the morning, one Bitcoin cost around USD 101,500, having climbed to just under USD 109,400 before Donald Trump's inauguration on Monday morning, setting another record.
• The price then gradually crumbled over the course of the day.
• Bitcoin has risen significantly since Trump's election in November, having previously fluctuated between 50,000 and 70,000 dollars for months.
• Trump promised to loosen the regulations for cryptocurrencies.
• He is also in favor of a national Bitcoin reserve for the USA.
• Overall, Bitcoin has been on an upward trend for two years.
• At the beginning of 2023, one Bitcoin still cost less than 20,000 dollars.

Everyone will be able to buy the car they want

• Trump announced that he would no longer rely on electromobility.
• Everyone will be able to buy the car they want.
• He would save the car industry.
• "We're going to build cars in America again, and we're going to do it at a pace that nobody would have dreamed of just a few years ago," said Trump.
• We are looking into the possibility of equipping some of the originally planned electric models with hybrid or combustion engines in the future," said Lutz Meschke, Porsche's $PAH3 (+1,43%) Chief Financial Officer, told Autocar.
• How will the Tesla $TSLA (+8,52%) share react to this, given that Elon Musk is on its board

DocMorris $DOCM (+2,02%)accelerates Rx growth in the fourth quarter

• All divisions contribute to 2024 sales growth
• OTC sales 2024 increase by 6.7 percent
• New Rx customers quintupled and Rx sales up 16.6 percent in the fourth quarter of 2024
• TeleClinic with profitable doubling of sales in 2024
• Cash position of CHF 95 million at the end of 2024

Ørsted $ORSTED (-3,33%)makes value adjustments of over 12 billion in Q4

• The Danish energy company Ørsted recognized impairment losses of DKK 12.1 billion in the fourth quarter, according to a press release.
• The company cites several reasons for the write-downs, including rising interest rates, a lower valuation of its US portfolio and rising costs for the delivery of the Sunrise Wind project off the East Coast on New York's Long Island.
• "The write-downs announced today, and in particular the ongoing construction challenges, are very disappointing," said CEO Mads Nipper.
• "We remain committed to the US market with its potential for renewables to meet the growing demand for electricity and create thousands of industrial jobs in the US over the long term," he continued.
• The company also reports preliminary ebitda for 2024 of DKK 24.8 billion, excluding new partnerships and termination fees, in line with previous guidance.
• Ørsted will publish its full annual report on February 6.

Tuesday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• Colgate-Palmolive USD 0.50

• Quarterly figures / company dates USA / Asia
• 00:30 BHP Group Ltd Production Report 1H
• 22:00 Netflix quarterly figures

• Quarterly figures / Company dates Europe
• 07:00 Docmorris annual turnover
• 17:30 Porsche AG Pre Close Call FY 2024
• 17:45 Alstom Turnover 3Q

• Economic data

08:00 UK: Labor market data January unemployment rate 3 months (ILO) FORECAST: 4.4% previous: 4.3%

11:00 DE: ZEW Economic Sentiment Index January FORECAST: 15.0 points previously: 15.7 points Economic situation FORECAST: -93.0 points previously: -93.1 points

16:15 US: Senate Finance Committee, hearing of Treasury Secretary-designate Bessent

⬆️⬆️⬆️

- GOLDMAN raises the price target for SIEMENS ENERGY from EUR 56 to EUR 60. Buy. $ENR (+1,49%)

- BARCLAYS raises the target price for MERCEDES-BENZ from EUR 48.50 to EUR 50. Underweight. $MBG (+2,4%)

- JEFFERIES upgrades SMA SOLAR from Hold to Buy and raises target price from EUR 14 to EUR 20. $S92 (+4,89%)

- GOLDMAN raises the price target for DEUTSCHE BÖRSE from EUR 226 to EUR 231. Neutral. $DB1 (+0,02%)

- BOFA upgrades BBVA from Neutral to Buy and raises target price from EUR 11 to EUR 13. $BBVA (+2,53%)

- WARBURG RESEARCH upgrades FUCHS SE from Hold to Buy. Target price EUR 50. $FPE

- GOLDMAN raises the price target for FLATEXDEGIRO from EUR 17 to EUR 18. Buy. $FTK (+1,25%)

- BERENBERG raises the target price for IBERDROLA from EUR 12.30 to EUR 14. Hold. $IBE (-3,31%)

- JEFFERIES upgrades PVA TEPLA from Hold to Buy and raises target price from EUR 12 to EUR 19. $TPE (+6,85%)

- JEFFERIES raises the price target for FRIEDRICH VORWERK from EUR 23 to EUR 30. Hold. $VH2 (-3,59%)

- JEFFERIES raises the price target for ZEAL NETWORK from EUR 45 to EUR 58. Buy. $TIMA (+1,6%)

- JEFFERIES raises the price target for ADESSO from EUR 75 to EUR 85. Hold. $ADN1 (+3,09%)

- JEFFERIES upgrades NEL from Underperform to Hold. Target price NOK 3. $NEL (+5,67%)

⬇️⬇️⬇️

- BERENBERG lowers the price target for RWE from EUR 46.50 to EUR 42. Buy. $RWE (-1,33%)

- GOLDMAN lowers target price for EON from EUR 17.50 to EUR 17. Buy. $EOAN (-3,15%)

- HAUCK AUFHÄUSER IB downgrades AIXTRON from Buy to Hold and lowers target price from EUR 26.40 to EUR 13.80. $AIXA (+3,31%)

- METZLER lowers the price target for DWS from EUR 41 to EUR 40.50. Hold. $DWS (+2,43%)

- GOLDMAN lowers the price target for ASTRAZENECA from GBP 159.55 to GBP 155.58. Buy. $AZN (+1,34%)

- TD COWEN downgrades STMICRO to Hold. Target price EUR 24.50. $STM (+5,45%)

- JPMORGAN downgrades CONSTELLATION BRANDS to Neutral. Target price USD 203. $STZ (+0,78%)

- JEFFERIES lowers the price target for DOCMORRIS from CHF 65 to CHF 39. Buy. $DOCM (+2,02%)

- JEFFERIES lowers the price target for ATOSS SOFTWARE from EUR 112 to EUR 108. Hold. $AOF (+2,08%)

- JEFFERIES lowers the price target for JENOPTIK from EUR 34 to EUR 29. Buy. $JEN (+4,09%)

- JEFFERIES lowers the price target for KONTRON from EUR 29 to EUR 27. Buy. $KTN (+0,82%)

- JEFFERIES lowers the price target for SILTRONIC from EUR 95 to EUR 90. Buy. $WAF (+5,41%)

- JEFFERIES downgrades VERBIO from Buy to Hold and lowers target price from EUR 22 to EUR 11. $VBK (+1,47%)

- JEFFERIES downgrades SGL CARBON from Buy to Hold and lowers target price from EUR 9.50 to EUR 4.40. $SGL (+4,34%)

⬆️⬆️⬆️

- BERENBERG raises the price target for SIEMENS from EUR 215 to EUR 245. Buy. $SIE (+2,38%)

- BERNSTEIN raises the price target for SIEMENS ENERGY from EUR 15 to EUR 22. Underperform. $ENR (+1,49%)

- JPMORGAN PUTS SARTORIUS ON 'POSITIVE CATALYST WATCH' - 'OVERWEIGHT' $SRT (+3,42%)

- GOLDMAN raises the price target for FRAPORT from EUR 87 to EUR 90. Buy. $FRA (+0,66%)

- UBS raises the price target for NORDEA from EUR 145 to EUR 146. Buy. $NDA FI (+0,56%)

- BERNSTEIN raises the target price for SCHNEIDER ELECTRIC from EUR 275 to EUR 280. Outperform. $SU (+4,72%)

- UBS raises the target price for WPP from GBP 6.80 to GBP 7.20. Sell. $WPP (+2,38%)

- BERNSTEIN raises the price target for ALSTOM from EUR 17 to EUR 24. Market-Perform. $ALO (+1,36%)

- STIFEL upgrades HERMES from Hold to Buy and raises target price from EUR 2150 to EUR 2560. $RMS (+1,89%)

- INFINEON +4.2% - 'TOP PICK' OF THE UBS $IFX (+3,9%)

⬇️⬇️⬇️

- RBC downgrades UNILEVER from Sector-Perform to Underperform and lowers target price from GBP 48 to GBP 40. $ULVR (-1,49%)

- BERNSTEIN downgrades ABB from Market-Perform to Underperform and lowers price target from CHF 46 to CHF 45. $ABBN (+1,27%)

- BERNSTEIN downgrades SIGNIFY from Outperform to Market-Perform and lowers price target from EUR 30 to EUR 24. $LIGHT (+1,15%)

- DEUTSCHE BANK RESEARCH lowers the price target for UMICORE from EUR 10.50 to EUR 10. Hold. $UMICY (+1,09%)

- DEUTSCHE BANK RESEARCH lowers the price target for DOCMORRIS from CHF 45 to CHF 25. Hold. $DOCM (+2,02%)

- BERENBERG lowers the price target for HORNBACH HOLDING from EUR 100 to EUR 94. Buy. $HBH (+1,2%)

- CITIGROUP downgrades ROLLS-ROYCE from Buy to Neutral. $RR. (+0,82%)

- JEFFERIES lowers the target price for BHP GROUP from GBP 22.50 to GBP 21.50. Hold. $BHP (+3,19%)

- JEFFERIES lowers the price target for GLENCORE from GBP 5.50 to GBP 4.50. Buy. $GLEN (+2,97%)

- JEFFERIES lowers the target price for RIO TINTO from GBP 64 to GBP 60. Buy. $RIO (+2,92%)

- BERENBERG lowers the target price for NOVO NORDISK from DKK 975 to DKK 725. Hold. $NOVO B (+3,33%)

25.10.2024

Lilium subsidiaries have to file for insolvency + Shop Apotheke and DocMorris pick up + US parcel service UPS earns more than expected + Bilfinger shares under pressure after tragedy in the USA

After the end of state support, Lilium announces Lilium $LILM (+0%) announces that its most important subsidiaries will file for bankruptcy. The air cab developer's share price then plummets by more than 58 percent.....

https://www.manager-magazin.de/unternehmen/aktien-von-lilium-mit-kurseinbruch-tochtergesellschaften-muessen-insolvenz-anmelden-a-c4e2581f-d5c9-4b8f-b60e-77e4051371ec

On Thursday, market observers pointed to positive signals in a court case involving mail-order pharmacies in the landmark proceedings over price discounts on prescription drugs. The shares of Redcare Pharmacy $RDC (-0,8%) extended their gains by up to five percent and were still up by almost four percent in the afternoon. The competitor DocMorris $DOCM (+2,02%)which at times extended its gains in Zurich to more than ten percent. DocMorris shares thus recovered strongly from the most recent low since June 2023. Redcare shares continued their recent rally. They have gained almost 30 percent since mid-September. However, they once again encountered resistance at the EUR 150 mark. Analyst Thomas Rothäusler from Jefferies pointed out that an attorney general had issued a final opinion in proceedings in which DocMorris is taking on the North Rhine Chamber of Pharmacists. This opinion was very clearly in favor of bonuses on prescription drugs. According to Rothäusler, the final result is likely to have a significant impact on the future growth of online pharmacies. According to the expert, the final ruling of the European Court of Justice is expected in the next two to three months.

The US parcel service UPS $UPS (+2,48%) earned a surprisingly high profit in the third quarter thanks to good business and the sale of a subsidiary. The bottom line was a profit of a good 1.5 billion US dollars (1.4 billion euros), around 37 percent more than a year earlier, as United Parcel Service (UPS) announced in Atlanta on Thursday. Even without the special effect, this was more than analysts had expected on average. For the year as a whole, however, CEO Carol Tomé is now expecting lower turnover because the sold subsidiary Coyote Logistics is no longer included in the figures. According to Tomé, the Group's turnover is only expected to reach around 91.1 billion dollars in 2024. She had previously forecast 93 billion. However, before special effects, a larger share of turnover is expected to remain as operating profit at UPS. The manager is therefore expecting an adjusted operating margin of around 9.6 percent. Previously, she had assumed 9.4 percent. In the third quarter, UPS reported a turnover of 22.2 billion dollars, 5.6 percent more than a year earlier. This was about as much as analysts had expected on average.

The collapse of a ferry dock in the USA caused the shares of Bilfinger $GBF (+0,85%) shares on Thursday. The share price fell by 6.8 percent to 46.25 euros. If this remains the case, it would be the biggest daily loss in almost two years. In a letter of condolence, Group CEO Thomas Schulz and the head of the US subsidiary Centennial Contractors Enterprises, Geoff Preisman, expressed their deepest sympathy to the families of seven people who reportedly lost their lives in the collapse of a ferry dock on October 19. The accident occurred on the island of Sapelo off the coast of the US state of Georgia. Centennial acted as the general contractor for the construction of the dock and pier in question, the statement continued. The company worked with local subcontractors and suppliers to complete the project in November 2021. Should Centennial, as the general contractor, have to assume liability for the accident, a payment of an estimated 50 to 100 million euros is imminent, said a stock market analyst. This scenario is weighing on the Bilfinger share price.

Friday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Fastenal USD 0.39

Quarterly figures / company dates USA / Asia

13:00 Colgate-Palmolive Quarterly figures

Quarterly figures / company dates Europe

06:30 Sika quarterly figures | Holcim | SGS Trading Update 3Q

07:00 Mercedes-Benz | Stratec | Signify quarterly figures | Safran sales 3Q

07:30 Sanofi quarterly figures | Remy Cointreau Q2 sales

07:45 Eni quarterly figures

08:00 Yara quarterly figures | Mercedes-Benz analyst conference

09:00 Holcim analyst and press conference

09:15 Mercedes-Benz PK

14:00 Sanofi Analyst Conference

17:30 Porsche AG quarterly figures and press conference

Economic data

01:30 JP: Consumer prices Greater Tokyo October core rate (ex food)

FORECAST: +1.7% yoy previously: +2.0% yoy

08:45 FR: Consumer Confidence October FORECAST: 95 previous: 95

10:00 DE: ifo Business Climate Index October PROGNOSE: 85.6 PREVIOUS: 85.4 Situation assessment PROGNOSE: 84.3 PREVIOUS: 84.4 Business expectations

PROGNOSE: 87.0 PREVIOUS: 86.3

10:00 EU: ECB - October consumer survey results | Publication of consumer survey results | ECB, M3 money supply and lending September M3 money supply FORECAST: +3.0% yoy previously: +2.9% yoy

14:30 US: New orders for durable goods September

PROGNOSE: -1.0% yoy previous: 0.0% yoy

16:00 US: Consumer Sentiment Index Uni Michigan (2nd survey) October

FORECAST: 69.0 1st survey: 68.9 previous: 70.1

09.10.2024

Samsung disappoints with weak quarterly figures + PepsiCo Inc. outperforms in the third quarter + SHARES IN THE FOCUS: DocMorris turns positive

The latest business figures from Samsung $SMSD (+1,71%) fall short of market expectations. In its quarterly outlook for the months of July to September, the South Korean electronics giant assumes that the operating profit of 9.1 trillion won (around 6.1 billion euros) has increased fourfold year-on-year. However, compared to the previous second quarter of the year, profits fell by almost 13 percent. The markets reacted with disappointment. Samsung's share price fell by more than 1.3 percent immediately after the publication of the quarterly outlook. Experts attribute the comparatively weak quarterly figures to the fact that the market leader for memory chips, smartphones and televisions is currently lagging behind in the development of high-performance semiconductors in the booming AI market. In particular, direct competitors Nvidia and SK Hynix are putting Samsung under heavy pressure. The business figures are only an initial estimate. The Group will only publish more precise figures at a later date, probably at the end of the month.

The shares of DocMorris $DOCM (+2,02%) turned clearly positive on Tuesday morning in a weak market environment. The shares of the Swiss competitor of Redcare Pharmacy $RDC (-0,8%) gained over 6 percent, while Redcare remained rather inconspicuously in the red. An article in "Apotheke Adhoc" entitled "Is Redcare going after DocMorris?" generated demand for DocMorris. According to the article, Redcare has now "left DocMorris far behind - and could even absorb it sooner or later".

PepsiCo Inc. $PEP (+0,34%) outperformed analysts' estimates of USD 2.29 with earnings per share of USD 2.31 in the third quarter.

• Sales of USD 23.32 billion below expectations of USD 23.9 billion.
• Due to product recalls and geopolitical tensions, Pepsico expects a slower increase in sales in the current financial year and only anticipates low single-digit growth.
• Pepsico is sticking to its earnings forecast and expects adjusted earnings per share of at least eight percent excluding currency effects and at least seven percent including currency effects to USD 8.15.
• Pepsico reported sales of USD 23.3 billion in the third quarter, down 0.6 percent year-on-year, while organic sales increased by 1.3 percent.
• In the third fiscal quarter, Pepsico earned USD 2.9 billion, five percent less than in the same period last year, due to product recalls at Quaker Foods and lower earnings at the snack division Frito-Lay.

Wednesday: Stock market dates, economic data, quarterly figures

Stock exchange holiday in South Korea

ex-dividend of individual stocks

Mastercard Registered (A) USD 0.66

Gap USD 0.15

Quarterly figures / company dates Europe

08:15 Traton Pre-Close Call 3Q

No time specified: Bechtle Capital Markets Day

Economic data

• 08:00 DE: Trade balance August trade balance calendar and seasonally adjusted PROGNOSE: +18.5bn euros previous: +16.8bn euros Exports PROGNOSE: -1.0% yoy previous: +1.7% yoy Imports PROGNOSE: -2.8% yoy previous: +5.4% yoy
• 14:00 US: Atlanta Fed President Bostic to speak at Greater Atlanta Home Builders Association event
• 16:00 US: Wholesale sales 8/24
• 16:30 US: EIA crude oil inventories previous week
• 20:00 US: Fed, minutes of FOMC meeting Sept. 17/18

I sold the share 4 months ago. At the moment, I have to go to the pharmacy all the time anyway (testing, digital vaccination card, etc.) Q2 should be lousy here, too.

At €250, however, the way up is clear again. From 2022, the e-prescription will help.

Should work