$HOT (+2,03%)

• Consolidated operating profit of EUR 355 million, +18% year-on-year, at the upper end of the forecast growth range, currency-adjusted +22%
• Sales grow by 25% compared to previous year, currency-adj. +29%, to EUR 18.4 billion
• Strong operating cash flow of EUR 2.0 billion in the past twelve months, increase of EUR 500 million compared to the previous year before factoring, continued high cash conversion
• Significant increase in incoming orders adjusted for exchange rate effects of 26% on the previous year to EUR 26.1 billion
• Guidance 2025 confirmed: consolidated operating profit of EUR 680 to 730 million (up to +17% on the previous year)

The USA will now probably deliver urgently needed "Patriot" defense missiles to Ukraine after all. This was announced by the US President last night. According to Trump, the weapons will be paid for by the EU.US President Donald Trump has announced the delivery of "Patriot" anti-aircraft missiles to Ukraine. "We will send them 'Patriots', which they urgently need," said Trump. However, he left open how many systems he wanted to send to reporters at Andrews Air Force Base. The weapons are to be financed by the EU: the people in Ukraine need the protection of the "Patriots", "but the European Union is paying for it. We pay nothing," Trump said verbatim. It was a business deal. With a view to an upcoming meeting with NATO Secretary General Mark Rutte, Trump went on to explain that the defense alliance would buy US military technology: "We're basically going to send them various pieces of sophisticated military equipment and they're going to pay us 100 percent for it." Trump plans to meet with Rutte later this week to discuss Ukraine and other issues

Source and full content:

Trump announces "Patriot" delivery to Ukraine | tagesschau.de https://share.google/jk7iR8mM7Sd3HhYzF

Will the war end soon?

Profiting:

$STR (+2,04%)

$POS (-0,17%)

$HOT (+2,03%)

$NOC (+0,76%)

$LMT (+0,96%)

$RTX (+0,35%)

Good morning to the community.

I would also like to introduce my portfolio and share my thoughts and goals.

First of all, a bit about myself and how I got into trading:

I am 39 years old and have actually NEVER been interested in the stock market/shares. Through a lucky coincidence in the gambling sector, I suddenly had a 5-figure sum in my account. I then went on a kind of overnight interest rate shopping spree. At some point, however, there were no more offers that appealed to me and I ended up with TR call money. At first I didn't want to invest any money in shares or ETFs, but then I decided to take a look. That was in August 2024, when I caught the bug quicker than I would have liked and, thanks to a good friend, I was able to quickly gather some information and recognize the benefits of investing.

I've been invested ever since.

Now to the structure and goals of my portfolio:

The main focus is on an ACWI IMI in order to build up a certain amount of capital through compound interest. I am expecting an investment horizon of 20 - 25 years. The aim is to have built up a certain amount of capital by then so that I can make withdrawals later in and around retirement age and enjoy a good life in retirement without having to worry. The ACWI was the first major building block for diversification. However, I am honest and I was tempted to buy a portfolio with various individual shares. These are mainly dividend-oriented. Most of the positions pay stable dividends and have moderate growth. I deliberately chose many defensive stocks such as $MUV2 (-0,72%)
$ALV (-1,32%) or $JNJ (+0,03%) in my portfolio so as not to be too speculative. Classics like $KO (+0,38%)
$MCD (+0,49%)
$PG (+0,27%) round off the whole thing. I wanted to achieve an inflow of at least €100 per month over the entire year. Currently it's around €2150 for the whole year. I enjoy having a continuous inflow of dividends that I can reinvest freely. I really wanted to take this positive aspect of the investment with me. Accordingly, I also have very strong dividend payers in my portfolio, although they can be quite volatile and operate in a difficult market environment, e.g. $SHEL (+0,49%)
$PETR4 (-0,78%) or $MO (+0,23%) . In December, I invested in shares of $HOT (+2,03%) and $HEI (-0,75%) with the idea that these companies could possibly benefit from the reconstruction of war zones. (I know that's perhaps not the nicest thought and I'm not a friend of wars either, but you have to ignore that when it comes to profits) and the shares of both have done really well for me. That's why I'm also invested in 2 defense ETFs. Another ETF I have in my portfolio is a "tech/software" ETF, AI & Big Data. Individual stocks were too risky for me here and I preferred to take a broadly diversified approach. I also recently added the Germany All Cap to my portfolio, as I think that Germany will be on the rise again in the future. As a small stock with the hope of a real cracker for the future, I have $DEFI (+0,37%) in the portfolio. Let's see what happens. I'm currently running a savings plan of around 200 euros a month, as I don't have the funds to pump huge amounts of fresh money into my portfolio due to a house loan.

With this in mind, I would be grateful for any tips, suggestions and perhaps also positive words. If you have any questions, please let me know.

Kind regards

SMA Solar slumps after Jefferies downgrade

The recovery of SMA Solar that started at the beginning of March $S92 (+4,6%)which was boosted by the planned infrastructure investments in Germany, is now showing clear signs of weakness. On Monday, the share price of the solar technology manufacturer fell by 4.86% to 16.84 euros, its lowest level since the beginning of March. This is already the third trading day in a row with heavy losses. The share price has now retreated by a third from the annual high reached in mid-March. The original annual gain of a good 20 percent has thus been greatly reduced. Jefferies, the investment house, withdrew its buy recommendation on Monday, which put further pressure on the share price. Two weeks ago, the share price appeared to be at a high since August, with an annual gain of up to 82%. Analyst Constantin Hesse attributed the downgrade to the reduced predictability of order development at the inverter manufacturer, in particular due to more cautious demand from US customers. Hesse would like to wait and see until the order situation stabilizes. In 2024, SMA Solar was already the biggest loser in the small-cap index SDax, with a drop of almost 80%. Competition from China and high inventories in particular had caused the company problems. In mid-June, a drastic sales and profit warning led to a massive fall in the share price. In November, the North Hessian company lowered its targets once again and announced the reduction of 1,100 jobs, which brought the share price to its lowest level since 2015.

HOCHTIEF share price setback: gains evaporate after record high

The HOCHTIEF share price $HOT (+2,03%) are living up to the company name these days. After reaching a record high in mid-March on the back of hopes for billions in German infrastructure funding, the share price has now entered a phase of disillusionment, falling for four weeks. On Monday, it fell by almost four percent on XETRA after Jefferies dropped its buy recommendation. The price gains that were achieved after the financial package of the CDU/CSU and SPD have thus almost disappeared again. The approval of the financial package by the Bundestag and Bundesrat around a week and a half ago did not provide any new momentum for the share, which has lost momentum after its rally. In his analysis, Graham Hunt from Jefferies limited the significance of the German infrastructure billions for HOCHTIEF. He noted that the company generates around half of its profits in the USA, while only three percent are generated in Germany. In his sector study, he recommends companies with a stronger focus on Europe, such as Balfour Beatty and Eiffage, as they offer better opportunities and an attractive free cash flow yield. Hunt also sees the priced-in fantasy for the construction of AI data centers as a risk to HOCHTIEF's high valuation.

Sources:

https://www.finanzen.net/nachricht/aktien/deutliche-verluste-sma-solar-aktie-nach-jefferies-abstufung-tiefrot-14355173

https://www.finanzen.net/nachricht/aktien/nach-finanzpaket-beschluss-nach-rekordhoch-hochtief-aktie-egalisiert-gewinne-14355551

Hochtief's share price has already gained almost 30 percent in 2025. Whether network centers in the USA or infrastructure in Europe, investors have been buying into the company with great enthusiasm. But in addition to the fantasy, the company is also fundamentally convincing.

In the 2024 financial year, turnover climbed by 20% to around EUR 33.3 billion. Consolidated operating profit rose by over 17% to EUR 625 million, exceeding the upper end of the forecast range of EUR 560 to 610 million. A further increase of 9% to 17% to EUR 680 to 730 million is planned for 2025.

Nobody currently doubts that these targets will be achieved. When US President Trump announced investments of USD 500 billion for AI infrastructure projects in January 2025, the share price rose significantly. This is because Hochtief has a strong presence in the USA. A data center is already being built in Ohio via the subsidiary Turner. The planned special fund for federal infrastructure projects was also a driver for the share price. However, there are two things to bear in mind here: Firstly, this special fund has not yet been approved by the Federal Council and secondly, Hochtief generates 95 percent of its sales outside Europe. For Germany, we estimate a sales share of only 1 to 2 percent.

But things are going well at Hochtief. The figures are impressive proof of this. It is possible that the planned investments by the German government will ensure that the company can benefit noticeably not only from US investments, but also from those in Germany. That would be the best-case scenario. Investors remain on board.

$HOT (+2,03%)

$STR (+2,04%)

$POS (-0,17%)

$GBF (-1,12%)

$CEMEXCPO (-1,47%)

$HEI (-0,75%)

What is your opinion on the share $HOT (+2,03%)

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- KEPLER CHEUVREUX raises the price target for SAP from EUR 200 to EUR 230. Hold. $SAP (+0,12%)

- UBS upgrades HUGO BOSS from Neutral to Buy and raises target price from EUR 41 to EUR 49. $BOSS (-1,35%)

- BOFA raises the price target for FRAPORT from EUR 55 to EUR 56. Neutral. $FRA (-0,83%)

- UBS raises target price for RICHEMONT from CHF 144 to CHF 150. Buy. $CFR (-2,24%)

- BOFA upgrades HOCHTIEF from Neutral to Buy and raises target price from EUR 112 to EUR 140. $HOT (+2,03%)

- JPMORGAN raises target price for FEDEX from USD 350 to USD 366. Overweight. $FDX (-0,38%)

- JPMORGAN raises the price target for ROCHE from CHF 220 to CHF 230. Underweight. $ROG (+1,49%)

- UBS upgrades BMW from Neutral to Buy and raises target price from EUR 75 to EUR 83. $BMW (-0,52%)

- JEFFERIES raises target price for UNICREDIT from EUR 47 to EUR 49. Buy. $UCG (-1,07%)

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- HAUCK AUFHÄUSER IB lowers the price target for DELIVERY HERO from EUR 61 to EUR 52. Buy. $DHER (+0,88%)

- BARCLAYS lowers the target price for VOLKSWAGEN VORZÜGE from EUR 110 to EUR 100. Overweight. $VOW (-0,2%)

- BARCLAYS lowers the target price for PORSCHE SE from EUR 35 to EUR 30. Underweight. $PAH3 (-0,54%)

- UBS downgrades MERCEDES-BENZ from Buy to Neutral and lowers target price from EUR 72 to EUR 55. $MBG (-0,74%)

- EXANE BNP downgrades HYPOPORT from Outperform to Neutral. $HYQ (-0,55%)

- HAUCK AUFHÄUSER IB lowers the price target for IBU-TEC from EUR 12 to EUR 7.40. Hold. $IBU (+7,92%)

- KEPLER CHEUVREUX downgrades SYMRISE from Buy to Hold and lowers target price from EUR 122 to EUR 114. $SY1 (+0,3%)

- DEUTSCHE BANK RESEARCH lowers the price target for SANOFI from EUR 90 to EUR 85. Sell. $SAN (+0,59%)

- JPMORGAN lowers the price target for CARL ZEISS MEDITEC from EUR 56 to EUR 45. Underweight. $AFX (+1,17%)

- JPMORGAN lowers the price target for SARTORIUS from EUR 290 to EUR 275. Overweight. $SRT (-0,81%)

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 (-0,39%)

- BOFA raises target price for UNDER ARMOUR from USD 9 to USD 13. Neutral. $UAA (-0,11%)

- 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 (+0,04%)

- JEFFERIES raises the price target for HOCHTIEF from EUR 135 to EUR 138. Buy. $HOT (+2,03%)

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS HEALTHINEERS from EUR 60 to EUR 62. Buy. $SHL (+1,11%)

- DEUTSCHE BANK RESEARCH raises the price target for NORDEX from EUR 18 to EUR 19. Buy. $NDX1 (+0,93%)

- DEUTSCHE BANK RESEARCH raises the price target for RATIONAL from 832 EUR to 841 EUR. Hold. $RAA (-1,09%)

- DEUTSCHE BANK RESEARCH raises the target price for AXA from 37 EUR to 39 EUR. Buy. $CS (-0,45%)

- WARBURG RESEARCH raises the price target for BASTEI LÜBBE from EUR 11.70 to EUR 12.20. Buy. $BST (+0,24%)

- DEUTSCHE BANK RESEARCH raises the price target for ARCELORMITTAL from EUR 28 to EUR 29. Buy. $MT (-1,46%)

- DZ BANK raises the price target for SWISS RE from CHF 130 to CHF 140. Buy. $SREN (+0,03%)

- ODDO BHF raises the price target for HEIDELBERG MATERIALS from EUR 99 to EUR 110. Neutral. $HEI (-0,75%)

- KEPLER CHEUVREUX raises the price target for DAIMLER TRUCK from EUR 35 to EUR 41. Hold. $DTG (+0,24%)

- KEPLER CHEUVREUX upgrades REDCARE PHARMACY from Reduce to Hold. $RDC (+0,29%)

- ODDO BHF raises the price target for HENKEL from EUR 67 to EUR 73. Neutral. $HEN (-0,51%)

- ODDO BHF raises the price target for FREENET from EUR 27 to EUR 28. Neutral. $FNTN (+0,43%)

- BARCLAYS raises the target price for ABOUT YOU from EUR 3.10 to EUR 3.40. Underweight. $YOU (+0,37%)

- BARCLAYS raises the target price for NEMETSCHEK from EUR 108 to EUR 125. Overweight. $NEM (-1,03%)

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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 (+0,24%)

- UBS lowers the price target for JCDECAUX from EUR 21.60 to EUR 18.50. Neutral. $DEC (+2,86%)

- WARBURG RESEARCH lowers the price target for ADTRAN HOLDING from EUR 9.70 to EUR 9.30. Buy. $ADTN (-0,22%)

- ODDO BHF lowers the price target for NORDEX from EUR 18 to EUR 17. Outperform. $NDX1 (+0,93%)

- BARCLAYS lowers the target price for VESTAS from DKK 99 to DKK 80. Underweight. $VWS (+0%)

- KEPLER CHEUVREUX lowers the price target for FRAPORT from EUR 62 to EUR 59. Buy. $FRA (-0,83%)

- 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 (-0,17%)

- BERENBERG lowers the price target for JUNGHEINRICH from EUR 41 to EUR 39. Buy. $JUN3 (-0,86%)

- JEFFERIES lowers the target price for SUSS MICROTEC from EUR 87 to EUR 75. Buy. $SMHN (-0,42%)

Who benefits from the reconstruction of Ukraine?

Yes, it's a macabre topic - but the reconstruction of Ukraine will bring investment and economic opportunities that are already being talked about. The question is: which companies could benefit the most? Will construction companies like $DG (-1,11%) and $HOT (+2,03%) , machine manufacturers such as $CAT (+0,48%) or energy companies like $ENR (+0,7%) get the biggest contracts? Who do you think could play a central role in this reconstruction project?

Hello,

Assuming you believe that the mass of new data center construction is still estimated too conservatively - where do you see potential, taking into account current valuations and thus CRV? Who will still benefit strongly from this, where it is perhaps not yet priced in too extremely?

Chip designers, of course, but I would like to leave them out of the equation, as I am involved with $ASML (+1,62%) and $AVGO (-0,81%) well involved and I assume, for example, that the prices $NVDA (+0,31%) will not be able to maintain prices and that the big techs will continue to push into the market.

I was thinking of construction companies like $HOT (+2,03%) or necessary cooling equipment etc. Companies from the 2nd tier.

Please send me your ideas and reasons. 💪🏼