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- DEUTSCHE BANK RESEARCH raises the price target for NIKE from USD 82 to USD 84. Buy. $NKE (-6,85%)

- RBC raises the price target for ALPHABET A SHARE from USD 210 to USD 235. Outperform. $GOOGL (+0,94%)

- RBC raises the price target for AMAZON from USD 225 to USD 255. Outperform. $AMZN (+0,26%)

- RBC raises the price target for META from USD 630 to USD 700. Outperform. $META (-2,23%)

- ODDO BHF raises the target price for MUNICH RE from EUR 540 to EUR 555. Outperform. $MUV2 (-1,1%)

- ODDO BHF upgrades HERMES to Neutral. Target price EUR 2315. $RMS (+0,75%)

- ODDO BHF raises the target price for AIRBUS from EUR 168 to EUR 180. Outperform. $AIR (-0,84%)

- ODDO BHF raises the price target for FRAPORT from EUR 58 to EUR 61. Outperform. $FRA (+5,53%)

- JPMORGAN raises the target price for FEDEX from USD 366 to USD 370. Overweight. $FDX (-8,08%)

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- GOLDMAN lowers the price target for NIKE from USD 97 to USD 91. Buy. $NKE (-6,85%)

- BOFA lowers the price target for NIKE from USD 95 to USD 90. Buy. $NKE (-6,85%)

- ODDO BHF downgrades CARBIOS to Neutral. $ALCRB (+3,49%)

- KEPLER CHEUVREUX lowers the price target for LANXESS from EUR 31 to EUR 30. Buy. $LXS (-0,26%)

- HAUCK AUFHÄUSER IB lowers the target price for DEUTZ from EUR 8.50 to EUR 7. Buy. $DEZ (-1,18%)

- BARCLAYS lowers the price target for VERTEX from USD 509 to USD 418. Equal-Weight. $VRTX (-0,44%)

- GOLDMAN lowers the price target for BIRKENSTOCK from 59.10 USD to 57.90 USD. Neutral. $BIRK (+4,23%)

- GOLDMAN downgrades TEAMVIEWER from Buy to Neutral and lowers target price from EUR 17 to EUR 12. $TMV (-2,93%)

Fraport
$FRA (+5,53%) expands its business in Greece 🇬🇷 and takes over Kalamata Airport from the end of 2025 Kalamata on the Peloponnese peninsula.

The Frankfurt airport operator secured the concession for the airport in a tender with a bid of 45.2 million euros.

The concession is valid for 40 years and Fraport is part of a consortium that also includes two Greek companies and the state holding company HCAP.

This holding company also participates in the concession fees.

As part of the project, the partners have undertaken to invest 28.3 million euros in the modernization of the terminal structure within the first three years of operation.

The airport Kalamatawhich handles around 330.000 passengers annually, is located in an important tourist region which, in addition to the famous beaches and mountains, also offers historical sights such as Sparta, Olympia and Mycenae.

With this expansion, Fraport is continuing its strategy of growth in Greece.

Since 2017 the company has already been operating 14 regional airportswhich it has also modernized.

Almost half of the company's operating profit is now generated by its foreign investments is generated by its foreign investments. -Handelsblatt

Graphic: Fraport AG

Analyst updates, 05.12.

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• HSBC upgrades SIEMENS to Hold. Target price EUR 185. $SIE (-0,29%)
• DEUTSCHE BANK RESEARCH raises the price target for MUNICH RE from EUR 450 to EUR 535. Hold. $MUV2 (-1,1%)
• DEUTSCHE BANK RESEARCH raises the price target for HANNOVER RÜCK from EUR 255 to EUR 294. Buy. $HNR1 (-0,97%)
• DEUTSCHE BANK RESEARCH raises the price target for TALANX from EUR 70 to EUR 76. Hold. $TLX (-0,96%)
• JEFFERIES raises the price target for ORACLE from 190 USD to 220 USD. Buy. $ORCL (-0,32%)
• HAUCK AUFHÄUSER IB raises the target price for MTU from EUR 264 to EUR 280. Sell. $MTX (-0,47%)
• BARCLAYS upgrades AUTO1 from Equal-Weight to Overweight and raises target price from EUR 9 to EUR 19. $AG1 (+3,11%)
• JPMORGAN raises the price target for HELLOFRESH from EUR 14 to EUR 16. Overweight. $HFG (+0,69%)
• JPMORGAN raises the target price for DELIVERY HERO from EUR 42 to EUR 55. Overweight. $DHER (+3,05%)
• JPMORGAN raises the price target for CTS EVENTIM from EUR 104 to EUR 112. Overweight. $EVD (-0,58%)
• JPMORGAN raises the target price for SCOUT24 from EUR 92 to EUR 105. Overweight. $G24 (+0,54%)
• JPMORGAN raises the target price for JUST EAT TAKEAWAY from GBP 16.02 to GBP 18.32. Overweight. $TKWY (+0,68%)
• JPMORGAN upgrades DELIVEROO from Neutral to Overweight and raises target price from GBP 1.70 to GBP 1.92. $ROO (+2,07%)
• JPMORGAN raises the price target for HEIDELBERG MATERIALS from EUR 150 to EUR 151. Overweight. $HEI (-0,69%)
• JPMORGAN raises the price target for FRAPORT from EUR 49 to EUR 59. Neutral. $FRA (+5,53%)

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• METZLER lowers the price target for HYPOPORT from EUR 220 to EUR 185. Sell. $HYQ (-0,35%)
• ODDO BHF lowers the target price for SCHOTT PHARMA from EUR 38 to EUR 37. Outperform. $1SXP (+0,91%)
• BARCLAYS lowers the target price for RIO TINTO from GBP 61 to GBP 60. Overweight. $RIO (-0,87%)
• JPMORGAN downgrades STRÖER from Overweight to Neutral and lowers target price from EUR 79 to EUR 57. $SAX (-1,31%)

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- KEPLER CHEUVREUX raises the price target for SAP from EUR 200 to EUR 230. Hold. $SAP (-0,03%)

- UBS upgrades HUGO BOSS from Neutral to Buy and raises target price from EUR 41 to EUR 49. $BOSS (+0,51%)

- BOFA raises the price target for FRAPORT from EUR 55 to EUR 56. Neutral. $FRA (+5,53%)

- UBS raises target price for RICHEMONT from CHF 144 to CHF 150. Buy. $CFR (+0,21%)

- BOFA upgrades HOCHTIEF from Neutral to Buy and raises target price from EUR 112 to EUR 140. $HOT (+0,35%)

- JPMORGAN raises target price for FEDEX from USD 350 to USD 366. Overweight. $FDX (-8,08%)

- JPMORGAN raises the price target for ROCHE from CHF 220 to CHF 230. Underweight. $ROG (+0,46%)

- UBS upgrades BMW from Neutral to Buy and raises target price from EUR 75 to EUR 83. $BMW (+0,87%)

- JEFFERIES raises target price for UNICREDIT from EUR 47 to EUR 49. Buy. $UCG (+0,05%)

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- HAUCK AUFHÄUSER IB lowers the price target for DELIVERY HERO from EUR 61 to EUR 52. Buy. $DHER (+3,05%)

- BARCLAYS lowers the target price for VOLKSWAGEN VORZÜGE from EUR 110 to EUR 100. Overweight. $VOW (+1,96%)

- BARCLAYS lowers the target price for PORSCHE SE from EUR 35 to EUR 30. Underweight. $PAH3 (+0,42%)

- UBS downgrades MERCEDES-BENZ from Buy to Neutral and lowers target price from EUR 72 to EUR 55. $MBG (-0,07%)

- EXANE BNP downgrades HYPOPORT from Outperform to Neutral. $HYQ (-0,35%)

- HAUCK AUFHÄUSER IB lowers the price target for IBU-TEC from EUR 12 to EUR 7.40. Hold. $IBU (-0,85%)

- KEPLER CHEUVREUX downgrades SYMRISE from Buy to Hold and lowers target price from EUR 122 to EUR 114. $SY1 (-0,34%)

- DEUTSCHE BANK RESEARCH lowers the price target for SANOFI from EUR 90 to EUR 85. Sell. $SAN (-0,6%)

- JPMORGAN lowers the price target for CARL ZEISS MEDITEC from EUR 56 to EUR 45. Underweight. $AFX (+0,2%)

- JPMORGAN lowers the price target for SARTORIUS from EUR 290 to EUR 275. Overweight. $SRT (+2,08%)

Analsyst updates, 08.11.

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- GOLDMAN upgrades BIONTECH from Neutral to Buy and raises price target from USD 90 to USD 137. $BNTX (+0,93%)

- BOFA raises target price for UNDER ARMOUR from USD 9 to USD 13. Neutral. $UAA (-0,24%)

- DEUTSCHE BANK RESEARCH raises the price target for DELIVERY HERO from EUR 29 to EUR 35. Hold. $DHE

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS from EUR 197 to EUR 200. Buy. $SIE (-0,29%)

- JEFFERIES raises the price target for HOCHTIEF from EUR 135 to EUR 138. Buy. $HOT (+0,35%)

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS HEALTHINEERS from EUR 60 to EUR 62. Buy. $SHL (-1,01%)

- DEUTSCHE BANK RESEARCH raises the price target for NORDEX from EUR 18 to EUR 19. Buy. $NDX1 (+0,57%)

- DEUTSCHE BANK RESEARCH raises the price target for RATIONAL from 832 EUR to 841 EUR. Hold. $RAA (+1,18%)

- DEUTSCHE BANK RESEARCH raises the target price for AXA from 37 EUR to 39 EUR. Buy. $CS (-0,84%)

- WARBURG RESEARCH raises the price target for BASTEI LÜBBE from EUR 11.70 to EUR 12.20. Buy. $BST (-6,37%)

- DEUTSCHE BANK RESEARCH raises the price target for ARCELORMITTAL from EUR 28 to EUR 29. Buy. $MT (-0,6%)

- DZ BANK raises the price target for SWISS RE from CHF 130 to CHF 140. Buy. $SREN (+0,04%)

- ODDO BHF raises the price target for HEIDELBERG MATERIALS from EUR 99 to EUR 110. Neutral. $HEI (-0,69%)

- KEPLER CHEUVREUX raises the price target for DAIMLER TRUCK from EUR 35 to EUR 41. Hold. $DTG (-0,16%)

- KEPLER CHEUVREUX upgrades REDCARE PHARMACY from Reduce to Hold. $RDC (+1,71%)

- ODDO BHF raises the price target for HENKEL from EUR 67 to EUR 73. Neutral. $HEN (+0,54%)

- ODDO BHF raises the price target for FREENET from EUR 27 to EUR 28. Neutral. $FNTN (-1,23%)

- BARCLAYS raises the target price for ABOUT YOU from EUR 3.10 to EUR 3.40. Underweight. $YOU (+0,31%)

- BARCLAYS raises the target price for NEMETSCHEK from EUR 108 to EUR 125. Overweight. $NEM (+1,42%)

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- BOFA lowers the price target for PINTEREST from USD 45 to USD 39. Buy. $PINS

- WARBURG RESEARCH lowers the price target for DAIMLER TRUCK from EUR 56 to EUR 55. Buy. $DTG (-0,16%)

- UBS lowers the price target for JCDECAUX from EUR 21.60 to EUR 18.50. Neutral. $DEC (-0,44%)

- WARBURG RESEARCH lowers the price target for ADTRAN HOLDING from EUR 9.70 to EUR 9.30. Buy. $ADTN (-3,05%)

- ODDO BHF lowers the price target for NORDEX from EUR 18 to EUR 17. Outperform. $NDX1 (+0,57%)

- BARCLAYS lowers the target price for VESTAS from DKK 99 to DKK 80. Underweight. $VWS (-2,71%)

- KEPLER CHEUVREUX lowers the price target for FRAPORT from EUR 62 to EUR 59. Buy. $FRA (+5,53%)

- BARCLAYS lowers the target price for GSK from GBP 15.50 to GBP 14.50. Equal-Weight. $GSK

- BERENBERG lowers the price target for COMPUGROUP from EUR 23 to EUR 21. Buy. $COP (+0,05%)

- BERENBERG lowers the price target for JUNGHEINRICH from EUR 41 to EUR 39. Buy. $JUN3 (-0,4%)

- JEFFERIES lowers the target price for SUSS MICROTEC from EUR 87 to EUR 75. Buy. $SMHN (+0,76%)

Fraport Q3 2024 $FRA (+5,53%)

Financial performance

The Fraport Group recorded impressive revenue growth of 12.2% last year, generating total revenue of €4.992.1 million. However, net debt increased by €333.8 million to €8,046.4 million. The operating result (EBIT) increased to €664.9 million, compared to €601.0 million in the previous year. Interest income increased to €105.1 million, while interest expenses rose to €267.4 million.

Cash flow overview

Cash flow from operating activities increased by 22.5% to €896.3 million. At € -318.1 million, free cash flow remained at the previous year's level.

Key figures and profitability ratios

Earnings per share (EPS) improved to €4.11, compared to €3.42 in the previous year. The equity ratio rose slightly from 22.9% to 23.6%.

Segment information

• In the segment Aviation segment, revenue increased by €108.6 million to €929.9 million.
• The segment Retail & Real Estate segment recorded sales growth of €26.2 million and generated a total of €391.9 million.
• In the segment Ground Handling segment, revenue grew by €57.0 million to €559.1 million.

Competitive position

Fraport benefited from the positive passenger development at the Frankfurt site, which recorded growth to 46.7 million passengers (+4.9 %). International sites such as Lima (+17.2 %) and Fraport Greece (+5.9 %) also contributed to growth.

Forecasts and management comments

The Executive Board confirms the annual forecasts for 2024 and expects an improvement in EBITDA and EBIT compared to 2023.

Risks and opportunities

A temporary closure of Porto Alegre Airport due to flooding poses a challenge, with operations expected to be fully restored by December 2024. In addition, Fraport has awarded a new license to Swissport International for ground services in Frankfurt.

Executive summary

The Fraport Group showed a solid financial performance with strong revenue and EBITDA growth. The balance sheet reflects both an increase in assets and equity, but also an increase in net debt. The positive passenger development at key international locations remains a key growth factor, despite challenges such as the temporary closure of Porto Alegre Airport.

Positive aspects

• Sales growth of 12.2% compared to the previous year
• 9.5% increase in Group EBITDA
• Positive passenger development at central locations
• Improved earnings per share
• Successful follow-up financing for the expansion of Antalya Airport

Negative aspects

• Increase in net debt
• Negative free cash flow
• Temporary closure of Porto Alegre Airport affects operations
• Higher operating costs due to increased concession fees
• The Ground Handling segment remains in the negative EBITDA range

Earnings summary this morning (05.11.) 👇🏼

Krones | $KRN (+0,17%) increases both sales and operating profit in the third quarter, with EBITDA growing by almost 22% to almost 135 million euros. The company confirms its forecast and benefits from improved material availability.

Uniper | $UN01 generates a profit of just under EUR 1.3 billion in the first nine months of 2024, but significantly less than in the previous year. The energy group confirms its outlook for the year with an expected net profit of EUR 1.1 to 1.5 billion.

Hugo Boss | $BOSS (+0,51%) recorded a slight increase in sales of 1% to 1.03 billion euros in the third quarter despite a slump in consumption in China, but EBIT fell by 7% to 95 million euros. The Group confirms its annual targets despite higher sales and marketing costs.

Fraport | $FRA (+5,53%) is lowering its expectations for passenger numbers in 2024 to the lower end of the range of 61 million passengers and is targeting EBITDA in the middle of the previous forecast of 1.26 to 1.36 billion euros. In the summer quarter, revenue rose by 11%, while operating profit only increased by 1%.

Fresenius Medical Care | $FRE (-0,84%) increases operating profit in the third quarter by 43 % to 463 million euros, which is attributable to successful cost savings. The company raises its forecast for adjusted operating profit, but expects a slight decline in sales.

Redcare Pharmacy | $RDC (+1,71%) reports a decline in adjusted EBITDA to 11.4 million euros in the third quarter and increases the loss for the first nine months to 20.1 million euros. The company confirms adjusted annual targets and expects a lower operating profit due to higher advertising expenditure for the e-prescription.

DHL | $DHL (+0,13%) reports a decline in profit of almost 7% to 751 million euros for the third quarter and lowers its forecast for operating profit in 2024 and 2026. Revenue increases by 6% to 20.6 billion euros, while EBIT remains stable at 1.4 billion euros.

Norma Group | $NOEJ (-1,36%) is revising its annual targets downwards and now expects sales of around EUR 1.2 billion and an adjusted EBIT margin of around 8.0 percent due to a challenging market environment. In the third quarter, the company recorded a decline in sales of 7.9% to 273.6 million euros and a drop in profit to 6.1 million euros.

Nintendo | $7974 (-2,81%)
Q2 24 Earnings:

- Net Income 27.70B Yen (est 49.4B Yen)

- Sees FY Oper Income 360.00B Yen, Saw 400.00B Yen

- Sees FY Total Switch Sales 12.50M Units, Saw 13.50M

Adecco | $ADEN (+1,86%) 24 Earnings:

- Net Income EU99.0M (est EU86.8M)

- Rev EU5.70B (est EU5.84B)

- Adj EBITA EU186.0M (est EU195M)

- Plans To Repay EU430M Debt Maturing In Dec 24

As every Sunday, the most important news from the past week, as well as the dates for the coming week.

Also as a video:

https://youtube.com/shorts/oVP-1JUmKxg?si=rCpJC26z5ARnLel1

Sunday:

Further deflationary pressure in China 🇨🇳. Inflation is at 0.4%. Producer prices are even falling.

https://www.handelsblatt.com/politik/konjunktur/china-deflationsdruck-nimmt-im-september-zu-verbraucherinflation-kuehlt-ab/100078670.html

Monday:

$FRA (+5,53%) Fraport will probably take over Kalamata Airport, as the operator of Frankfurt Airport is the only bidder. Fraport is paying 1.24 billion euros for the 40-year concession.

https://www.handelsblatt.com/unternehmen/dienstleister/griechenland-fraport-gibt-einziges-gebot-fuer-den-flughafen-kalamata-ab/100078535.html

Tuesday:

Good news from the ZEW economic survey, which is forecasting an upturn. In October, the barometer rose by 9.5 points to 13.1 points after 3 consecutive declines.

https://www.faz.net/aktuell/wirtschaft/mehr-wirtschaft/deutschlands-konjunktur-zew-prognostiziert-ersten-anstieg-110047697.html

$GS (+1,09%) Goldman Sachs was able to increase its profit significantly by 45%. Above all, it was able to achieve significantly higher profits in equity trading. Also $BAC (+1,1%) Bank of America and $C (+0,59%) Citigroup also benefited from a better trading business. The new interest rate environment is making itself felt here.

https://www.handelsblatt.com/finanzen/banken-versicherungen/banken/us-banken-goldman-sachs-steigert-gewinn-um-45-prozent/100079278.html

Thursday:

The ECB cuts the key interest rate again. Once again, the key interest rate is lowered by 25 basis points. The deposit rate is now 3.25%. This makes loans even cheaper. The inflation rate was also revised downwards again today to 1.7%.

https://www.wiwo.de/politik/konjunktur/ezb-entscheid-ezb-senkt-erneut-den-leitzins/30043474.html

Friday:

In August 2024, the EU again achieved a current account surplus. At 31 billion euros, this was slightly less than the 41 billion euros in the previous month. The forecast was around 42.5 billion euros.

https://www.ecb.europa.eu/press/stats/bop/2024/html/ecb.bp241018~016a3487ba.en.html

Most important dates in the coming week:

Wednesday: 15:45 Interest rate decision (Canada)

Thursday: 9:30 Purchasing Managers' Index (DE)

Friday: 10:00 ifo Business Climate (DE)

What other important dates can you think of?

#zinssatzentscheidung
#kanada
#ifo
#sandp

06.08.2024 + Worse averted, Nikkei 225 recovers strongly + Fraport expects fewer passengers as problems at Boeing and Airbus put the brakes on + Zalando posts jump in profits + Rational grows more strongly than expected

After the recent sell-off in the DAX showed signs of stabilizing on Tuesday. Broker IG valued the leading German index 0.78% higher at 17,475 points a good two hours before the Xetra start.

Very weak global stock markets in the face of recession worries in the USA had not spared the

the Dax on Monday, but the round mark of 17,000 points had held.

held. The index could now recapture the 200-day line, which is a key indicator of the longer-term trend.

the index could now recapture it, which currently stands at 17,412 points.

In Japan, the leading index Nikkei-225 was on course for recovery on Tuesday. It gained nine percent around an hour before the end of trading there. There were also signs of improvement in the USA on Tuesday after a very weak start to the week.

The online retailer Zalando
$ZAL (-0,7%) continues to benefit from its efficiency measures. Thanks to good inventory management and lower logistics costs, earnings before interest and taxes (EBIT) adjusted for special effects climbed by almost a fifth to 171.6 million euros in the second quarter, as the DAX-listed company announced in Berlin on Tuesday. At the bottom line, profit jumped by almost 70 percent to 95.7 million euros compared to the same period last year. The company confirmed its annual targets. Zalando emphasized that demand had increased strongly, especially in the sports, designer and beauty sectors. The gross merchandise value for the three months to the end of June rose by 2.8 percent to 3.8 billion euros. Sales increased by 3.4 percent to around 2.6 billion euros.

The commercial kitchen equipment supplier Rational
$RAA (+1,18%) benefited from high demand in Asia in the first half of the year. Compared to the previous year, sales increased by four percent to 581 million euros, as the MDax-listed company announced in Landsberg on Tuesday. Sales in the second quarter increased by six percent to a record figure of just under 295 million euros. Earnings before interest and taxes (EBIT) increased by ten percent to 149 million euros in the first half of the year. Rational slightly exceeded the expectations of experts surveyed by Bloomberg in terms of both sales revenue and profit. The forecast for the current year was also confirmed.

The Frankfurt airport operator Fraport
$FRA (+5,53%) is feeling the effects of the problems at Boeing. Due to delivery bottlenecks for aircraft for its main customer Lufthansa, fewer passengers will be handled in Frankfurt this year than previously hoped for, as Fraport announced in Frankfurt on Tuesday. The Executive Board now expects only the lower half of the previously announced range of 61 to 65 million passengers at Germany's largest airport. Another reason is further maintenance intervals for the Airbus 320 . Meanwhile, Fraport performed better than analysts had expected in the second quarter. In the three months to the end of June, revenue rose by almost 11 percent to around 1.15 billion euros. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to just under 355 million euros. Fraport reported a Group result of around 148 million euros and the bottom line profit amounted to 134 million euros. A year earlier, this had amounted to 102 million euros. The management headed by Stefan Schulte confirmed the forecasts for the operating profit. The US aircraft manufacturer Boeing is no longer allowed to ramp up production of its medium-haul jets due to quality defects. And hundreds of Airbus planes will have to stay on the ground longer because engine manufacturer Pratt & Whitney has ordered their turbines back to the workshops ahead of schedule.

Economic data

• 08:00 DE: New orders June seasonally adjusted FORECAST: +0.5% yoy previous: -1.6% yoy
• 11:00 EU: Retail Sales June Eurozone PROGNOSE: +0.2% yoy previous: +0.1% yoy
• 14:30 US: Trade Balance June FORECAST: -72.50 bn USD previously: -75.07 bn USD

Quarterly figures / company dates USA / Asia

12:30 Caterpillar quarterly figures

13:00 Uber quarterly figures

22:01 Amgen quarterly figures

22:05 Airbnb quarterly figures

Untimed: The Mosaic quarterly figures

Quarterly figures / Company dates Europe

07:00 Carl Zeiss Meditec | Fraport | Rational Quarterly figures

07:00 Zalando | Adecco Quarterly figures

07:30 Bayer | Manz half-year figures

08:00 Schaeffler | Banca Monte dei Paschi Quarterly figures

08:00 Cherry | New Work quarterly figures

09:30 Zalando Analyst Conference

14:00 Bayer | Fraport Analyst Conference

15:00 Rational Analyst Conference

$FRA (+5,53%) and development is going according to plan.