The year is drawing to a close. That's why I'm looking at my portfolio again today as a kind of year-end wrap-up. On Monday, another €1000 will be invested in the Community Depot. Nothing else is actually planned.

The reorganization in the main portfolio is largely complete and I am not yet 100% satisfied with the position sizes. Some fine-tuning is still required. In the case of dips, I will probably add to one or two positions.

Still under construction are $FMC (+3,73%)
$SOLB (-0,73%) and $SHEL (-0,74%)

$MAIN (+0,27%)
$O (+1,22%) dividends will continue to be reinvested.

$DTE (-0,92%) will also be kept and increased again at some point. $KO (-0,4%) It's an on-off position for me, I'm actually Team Pepsi, but every time I think the price is right, I buy again.

Everything is going according to plan in the savings plan portfolio. I'm currently putting around €600 per month into it. That's income from my part-time farm. There's enough money in the account in case something breaks down and all the machines are fairly new anyway. A maximum of 10 years old. In other words, they should normally last for the next 20 years. Ok, I still have my old Case 644 from 1968, but it's broken less over the year than the 3-year-old Steyr 😀

Cash reserve for subsequent purchases is about 190k, which is currently at 3.5% interest at the Volksbank.

My company's year-end bonus is probably around 30k, which will go into an ETF in January I'm still thinking about whether Nasdaq, World or dividends.

So and now a few happy holidays to all

$DTE (-0,92%) The US investment bank Goldman Sachs has left its rating for Deutsche Telekom at "Buy" with a target price of 39 euros. According to his industry analysis published on Monday, Andrew Lee believes that the Bonn-based company can achieve more speed in its already superior growth. The return prospects also speak for a revaluation.

https://www.finanzen.net/amp/deutsche-telekom-aktie-goldman-sachs-group-inc-vergibt-bewertung-14078043

Dax dividends fall

In 2025, the 40 DAX companies will be paying out seven percent less than last year, according to a forecast by Handelsblatt. Car manufacturer shareholders will be hit particularly hard.

Many DAX shareholders will have to adjust to lower dividends for the current financial year: According to a forecast by Handelsblatt, the 40 Dax-listed companies will pay out a combined €48.5 billion next spring. That would be seven percent less than in the previous year.

At the same time, 22 companies are likely to further increase their payouts and eight will reduce their dividends. But overall, there will be a decline for the first time since the outbreak of the pandemic. This is mainly due to the car manufacturers, where the dividend total is likely to fall by almost 35% to around ten billion euros. This is due to falling profits at VW $VOW (+1,96%) , BMW $BMW (+0,87%) and Mercedes $MBG (-0,07%) due to poor sales figures in Europe and especially in the former boom country China.

In contrast, the sporting goods manufacturer Adidas $ADS (-0,15%) , the Deutsche Telekom
$DTE (-0,92%) and the arms manufacturer Rheinmetall $RHM (-0,78%) are increasing their dividends particularly sharply. This also applies to Deutsche Bank
$DBK (-1,71%) and Commerzbank $CBK (-1,64%) and the insurers Allianz $ALV (-0,66%) , Munich Re
$MUV2 (-1,1%) and Hannover Re
$HNR1 (-0,97%) . The healthcare group Fresenius $FRE (-0,84%) has not distributed anything for 2023, but is now planning a dividend again.

Commerzbank analyst Andreas Hürkamp sees a rotation: "In 2011, the automotive sector replaced utilities as the sector with the highest dividends. Now it is becoming apparent that after 14 years, insurers will be the new number one dividend payers in the DAX."

Handelsblatt

Once again, I wanted to be smarter than the rest and sell at the high. I love the Telekom share, but in my opinion there urgently needs to be a small correction. I still have 70 shares at Volksbank. This part was with another broker and I didn't feel like transferring it. A new buy order has been placed with Volksbank for another 70 shares. I'm hoping for a price of around €28, which will probably take a while...

After the good figures and outlook, the $DTE (-0,92%) is up nicely and has reached an even 100% in my portfolio.

I took part in the employee share program three times. It was worth it.

Analyst updates, 29.11.

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- BOFA raises the price target for SIEMENS ENERGY from EUR 48 to EUR 52. Neutral. $ENR (+2,08%)

- GOLDMAN raises the target price for DEUTSCHE TELEKOM from EUR 37 to EUR 39. Buy. $DTE (-0,92%)

- BERENBERG raises the price target for PFIZER from USD 27 to USD 29. Hold. $PFE (+1,49%)

- JPMORGAN raises the target price for JUST EAT TAKEAWAY from GBP 14.15 to GBP 16.02. Overweight. $TKWY (+0,68%)

- WARBURG RESEARCH raises the target price for RATIONAL from EUR 800 to EUR 810. Hold. $RAA (+1,18%)

- BOFA upgrades SCHNEIDER ELECTRIC from Underperform to Neutral and raises target price from 175 EUR to 255 EUR. $SU (-0,75%)

- BOFA raises the price target for NORDEX from 17.90 EUR to 19.30 EUR. Buy. $NDX1 (+0,57%)

- BERENBERG raises the target price for ZALANDO from EUR 29.70 to EUR 38. Buy. $ZAL (-0,7%)

- WARBURG RESEARCH upgrades WACKER NEUSON from Hold to Buy. Target price EUR 17. $WAC (-0,93%)

- WARBURG RESEARCH raises the price target for ALZCHEM from EUR 75 to EUR 77.50. Buy. $ACT (-1,9%)

- ODDO BHF upgrades NORMA GROUP from Neutral to Outperform. Target price EUR 18.10. $NOEJ (-1,36%)

- BOFA raises the price target for KNORR-BREMSE from EUR 68 to EUR 70. Underperform. $KBX (+0,91%)

- BOFA upgrades ABB to Buy. $ABBNY (+0,22%)

- BOFA upgrades KION from Neutral to Buy and raises target price from EUR 39.50 to EUR 48.50. $KGX (+0,89%)

- BOFA upgrades JUNGHEINRICH from Underperform to Neutral and raises target price from EUR 24 to EUR 26. $JUN3 (-0,4%)

- BERENBERG raises the price target for GLOBAL FASHION GROUP from EUR 0.23 to EUR 0.27. Hold. $GFG (-1,47%)

- HSBC raises the price target for DEUTSCHE BÖRSE from EUR 230 to EUR 236. Buy. $DB1 (-0,38%)

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- KEPLER CHEUVREUX lowers the price target for HUGO BOSS from EUR 59 to EUR 41. Buy. $BOSS (+0,51%)

- BOFA downgrades GENERALI from Neutral to Underperform and raises target price from EUR 26 to EUR 27. $G (-0,26%)

- DEUTSCHE BANK RESEARCH lowers the price target for L'OREAL from EUR 335 to EUR 280. Sell. $OR (-0,71%)

- BOFA lowers the target price for BAE SYSTEMS from GBP 13.75 to GBP 12.40. Underperform. $BA. (-0,57%)

- BERENBERG lowers the price target for ALLGEIER from EUR 22 to EUR 19. Buy. $0RQZ

29.11.2024

Delivery Hero: Talabat offer price at the upper end of the range + Telekom awards major contract to Nokia and Fujitsu

The food delivery service Delivery Hero $DHER (+3,05%) has set the offer price for the IPO of its lucrative Middle East subsidiary Talabat at the upper end of the range, as expected. The issue price is 1.60 dirhams (0.41 euros), the MDax-listed company announced in Berlin on Friday morning. A few days earlier, Delivery Hero had already increased the size of its offering due to strong investor demand. Overall, the competitor of Just Eat Takeaway expects the Talabat initial listing to generate gross proceeds of around 1.9 billion euros. The Talabat shares are to be traded on the Dubai Stock Exchange from December 10. In the long term, Delivery Hero intends to indirectly hold a majority stake in the business, which bundles activities in the United Arab Emirates, the Middle East and North Africa. According to earlier statements, the Berlin-based company wants to be represented on the Board of Directors with half of the members and consolidate Talabat in the consolidated financial statements even after the IPO. Talabat intends to pay its shareholders at least one dividend totaling 100 million US dollars for the current fourth quarter next April. For the full year 2025, no less than USD 400 million is then to be distributed. The dividends are then to be paid in two stages per year in October and the following April.

The Deutsche Telekom $DTE (-0,92%) wants to and must rely more heavily on Open RAN (Radio Access Network) in its mobile access network and has therefore acquired Nokia $NOKIA (-0,2%) and Fujitsu $FUJ a major contract for the conversion of over 3,000 antenna sites by 2027. This will also fulfill the German government's requirements for management systems.

https://www.computerbase.de/news/internet/open-ran-telekom-vergibt-grossauftrag-an-nokia-und-fujitsu.90458/

Friday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Coca-Cola USD 0.49

Tyson Foods (A) USD 0.49

Quarterly figures / company dates Europe

11:00 MTU Aero Engines Strategy Update 2025

Untimed: Delivery Hero - subsidiary Talabat: Expected publication of the final offer price

Economic data

• 08:00 DE: Retail sales October seasonally adjusted real FORECAST: -0.5% yoy previous: +1.3% yoy | Employment | Real Wages November
• 08:00 DE: Import/export prices October import prices FORECAST: n/a previous: -0.4% yoy/-1.3% yoy
• 08:45 FR: Private consumption October FORECAST: n/a previous: +0.1% yoy/-0.1% yoy
• 08:45 FR: Consumer prices (preliminary) November FORECAST: n/a previous: +0.2% yoy/+1.2% yoy HICP FORECAST: n/a/+1.7% yoy previous: +0.3% yoy/+1.6% yoy
• 09:00 CH: GDP FORECAST: n/a previous: +0.7% yoy/+1.8% yoy
• 09:55 DE: Labor market data November seasonally adjusted unemployment rate FORECAST: +20,000 yoy previous: +27,000 yoy Unemployment rate seasonally adjusted FORECAST: 6.2% previous: 6.1%
• 11:00 EU: Eurozone consumer prices (flash estimate) November Eurozone FORECAST: -0.2% yoy/+2.3% yoy PREV: +0.3% yoy/+2.0% yoy Core CPI (excluding energy, food, alcohol, tobacco) FORECAST: n.a./+2.8% yoy PREV: +0.2% yoy/+2.7% yoy
• 11:00 IT: Consumer prices (preliminary) November FORECAST: n/a/+1.3% yoy previous: +0.3% yoy/+1.0% yoy
• 20:00 US: Bond market shortened trading until 20:00

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- GOLDMAN raises the price target for DELL from USD 155 to USD 165. Buy. $DELL (+2,56%)

- GOLDMAN raises the price target for ANALOG DEVICES from USD 247 to USD 261. Buy. $ADI (+2,04%)

- GOLDMAN raises the price target for HP INC from USD 35 to USD 38. Neutral. $HPQ (+0,51%)

- WARBURG RESEARCH raises the price target for VONOVIA from EUR 40.20 to EUR 42.30. Buy. $VNA (+2,37%)

- WARBURG RESEARCH upgrades STRATEC from Hold to Buy. Target price 40 EUR. $SBS4

- DEUTSCHE BANK RESEARCH raises the price target for DEUTSCHE BÖRSE from EUR 235 to EUR 237. Buy. $DB1 (-0,38%)

- MORGAN STANLEY raises the target price for DEUTSCHE TELEKOM from EUR 33 to EUR 38. Overweight. $DTE (-0,92%)

- GOLDMAN raises the price target for TRATON from EUR 31.80 to EUR 35.50. Neutral. $8TRA (-1,87%)

- GOLDMAN raises the price target for BRENNTAG from EUR 94 to EUR 95. Buy. $BNR (+0,14%)

- BERENBERG upgrades EQUINOR from Hold to Buy and raises target price from NOK 290 to NOK 325. $EQNR (-0,22%)

- JPMORGAN raises the target price for BEIERSDORF from EUR 150 to EUR 160. Overweight. $BEI (-0,06%)

- JPMORGAN upgrades HENKEL from Neutral to Overweight and raises target price from EUR 82 to EUR 100. $HEN (+0,54%)

- JPMORGAN upgrades BRITISH AMERICAN TOBACCO to Neutral. $BATS (-0,24%)

- JPMORGAN raises the price target for EON from EUR 15.50 to EUR 16. Overweight. $EOAN (-0,18%)

- JPMORGAN raises the target price for AUTO1 from EUR 12.10 to EUR 17.10. Overweight. $AG1 (+3,11%)

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- STIFEL lowers the price target for SIEMENS from EUR 207 to EUR 202. Buy. $SIE (-0,29%)

- JPMORGAN lowers the price target for HP INC from USD 41 to USD 40. Overweight. $HPQ (+0,51%)

- WARBURG RESEARCH lowers the price target for LANXESS from EUR 40 to EUR 37. Buy. $LXS (-0,26%)

- CITIGROUP lowers the price target for BASF from EUR 49 to EUR 46. Neutral. $BAS (-0,12%)

- RBC lowers the target price for COMMERZBANK from EUR 18 to EUR 17.25. Sector Perform. $CBK (-1,64%)

- RBC lowers the target price for ING from EUR 17.50 to EUR 16.75. Sector-Perform. $ING (-0,67%)

- RBC lowers the price target for BNP PARIBAS from EUR 79 to EUR 78. Outperform. $BNP (-0,42%)

- JPMORGAN lowers the price target for ELRINGKLINGER from EUR 6.70 to EUR 6. Neutral. $ELLRY

- JPMORGAN lowers the price target for SYMRISE from EUR 130 to EUR 120. Overweight. $SY1 (-0,34%)

Market report: Deutsche Telekom

The $DTE (-0,92%) remains a dominant player in the German telecommunications market, supported by strong financial results and ambitious projects. In 2024, the Group achieved strong revenue growth, particularly through fiber and mobile projects, and exceeded forecasts in several segments .

Current projects and developments

1.Fiber optic expansion:

- Deutsche Telekom plans to connect around 2.5 million new households to the fiber-optic network (FTTH) every year until 2027. The total number of households that can be connected is set to rise to 17.5 million, with a target take-up rate of 20% .

- A record 131,000 new fiber optic tariffs were already achieved in the third quarter of 2024 .

2.5G network and digitalization:

- The expansion of the 5G network is being systematically driven forward, with a target network coverage of 95% in Europe by 2027. The company is also investing in campus solutions and network slicing.

- Customer care processes and self-service offerings are increasingly being optimized using artificial intelligence to increase efficiency.

3.Business customers and B2B:

- Global business with business customers, particularly via the subsidiary T-Systems, is to be accelerated through cloud-based platforms and ICT solutions. Revenue growth in the billions is expected .

4.Sustainability and financial flexibility:

- In addition to record dividends (90 cents per share), Telekom is planning share buybacks worth up to 2 billion euros .

Competitive situation

Deutsche Telekom faces intense competition from other major providers such as $VOD (-0,74%) , $TEF (-1,07%) (O2) and regional players such as 1&1. While Vodafone and Telefónica are also investing in fiber projects and 5G, Deutsche Telekom stands out due to its dominant market position and global commitment.

Competitors:

-Vodafone: Strong focus on IoT and 5G technologies.

-Telefónica Germany (O2): Aggressive expansion of low-cost offers and regional partnerships.

-Freenet and 1&1: Increasing focus on innovative tariff models and attractive price points .

Prospects and possible new projects

Deutsche Telekom plans to further expand its digital offering, with a focus on payment services, AI-supported solutions for end customers and sustainable infrastructures. In addition, future investments in cloud-based services and partnerships could further increase revenue in the B2B area. Expansion in Europe remains a key area, while growth via T-Mobile US continues to be a key driver in the USA.

Overall, Deutsche Telekom is demonstrating a strong strategic focus on both sustainable infrastructure and digital innovation. It is expected to maintain and further expand its leading position in the German market.

https://www.telekom.com/de/medien/medieninformationen/detail/zwischenbericht-drittes-quartal-2024-1083042

https://www.mordorintelligence.com/de/industry-reports/germany-telecom-market

https://www.telekom.com/de/medien/medieninformationen/detail/deutsche-telekom-will-wachstum-beschleunigen-1080408

Analyst updates, 26.11.

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- ODDO BHF upgrades DEUTSCHE TELEKOM from Neutral to Outperform. Target price EUR 35. $DTE (-0,92%)

- BARCLAYS raises the target price for AIRBUS from EUR 165 to EUR 166. Overweight. $AIR (-0,84%)

- BARCLAYS raises the target price for MTU from EUR 340 to EUR 356. Equal-Weight. $MTX (-0,47%)

- DEUTSCHE BANK RESEARCH raises the target price for ANGLO AMERICAN from GBP 27 to GBP 29. Buy. $AAUKF

- UBS raises the target price for ZURICH from CHF 475 to CHF 532. Neutral. $ZURN (-0,89%)

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- JPMORGAN lowers the price target for BIONTECH from USD 124 to USD 122. Neutral. $BNTX (+0,93%)

- JPMORGAN lowers the price target for MODERNA from USD 59 to USD 45. Underweight. $MRNA (-1,12%)

- UBS lowers the target price for AIR LIQUIDE from EUR 200 to EUR 195. Buy. $AI (-0,22%)

- METZLER lowers the price target for ABO ENERGY from EUR 113 to EUR 96. Buy. $AB9 (-0,28%)

- DEUTSCHE BANK RESEARCH lowers the target price for AIR FRANCE-KLM from EUR 10 to EUR 8.50. Hold. $AF

- UBS lowers the price target for UNITED INTERNET from EUR 24 to EUR 23. Buy. $UTDI (-1,53%)