A quick update on my absolute top performer in my portfolio:

HOCHTIEF ($HOT (-1,51%) ).

Anyone who’s been with me from the start knows: My initial purchase price back then was a modest

99.30 euros. Over the course of 2026, the price skyrocketed to a record high of just under

550 euros. That means: In just about 3 years, the invested capital quintupled at its peak! Even though the price has fallen noticeably since then, we’re still looking at a hefty gain of around 250%—and that’s without even counting the dividends received so far.

P/E Ratio

The fundamental valuation has, of course, changed as a result of the extreme price rally. Currently (as of September 2026), Hochtief’s P/E ratio ranges from

approximately 32 to 36. When I first bought in, the stock was valued much more favorably. The currently higher P/E ratio reflects the market’s high expectations and also explains why the stock is now taking a breather and undergoing a healthy correction following its rapid surge.

Dividend

Let’s move on to my absolute favorite metric: the personal dividend yield (yield on cost). With the most recent dividend payout of

8.92 euros, I’m looking at a yield on my cost basis of a fantastic 8.9% to 10%.

My long-term strategy here: If I simply let the stock sit in my portfolio and assume an annual return of

>5% on my initial capital, I can refinance

50% of my total original investment over the next few years through dividends alone. A real cash flow machine.

Chart

As is well known in the stock market, where there’s light, there’s also shadow. Since the all-time high of 550 euros, we’ve seen a steep correction of a good 30%. In my portfolio, this translates to an almost five-figure paper loss

(-10,000 euros) in my portfolio. Visually, of course, this is painful at first glance and a significant figure.

Nevertheless, the overall trend remains intact. For the current correction phase, the next key support levels—where the price could stabilize—are:

359.63 / 365.40 EUR

349.60 EUR

339.60 / 341.60 EUR

318.00 / 322.17 EUR

Conclusion

So what is the right course of action in this situation—strategically, tactically, or speculatively? The answer is quite clear: It depends on your own investment strategy!

Those who think strategically and for the long term can sit back and relax. I’m playing with the market’s money here

(+250% paper profit) and let the dividends do the work to reduce my risk to nearly zero over the long term (refinancing).

Those taking a tactical or speculative approach should keep a close eye on the support zones mentioned above for potential rebounds or additional purchases. For me, Hochtief remains an excellent investment, and after the massive rally of recent years, I fully expect it to take a 30% breather.

$HOT (-1,51%) Also because of the ticker 🌶️

The booming demand for data centers is giving Hochtief, Germany’s largest construction group, a boost. The new DAX member raised its profit forecast today. It now expects consolidated operating profit of 1.025 to 1.1 billion euros in 2026, announced the subsidiary of the Spanish infrastructure group

$ACS (-1,52%)

ACS, announced today. This represents an increase of about 30 to 40 percent compared to the previous year.

The company explained that the forecast increase was driven by “positive business performance,” which is primarily attributable to its U.S. subsidiary Turner, “which is seeing very strong demand growth in the data center market.” Accordingly, Hochtief also raised its profit forecast for Turner.

Hochtief is building data centers for Meta in the U.S., among others, and the group is also active in this field in Europe and Germany.

Source: ntv.de

- Global data center capacity

- Market for liquid cooling in data centers

- Cashing in on the AI gold rush

- "Old industry" as the winner

- ABB $ABBN (-1,65%)

- Cisco $CSCO (+0,3%)

- Hochtief $HOT (-1,51%)

- Nokia $NOKIA (-2,73%)

- Schneider Electric $SU (-2,2%)

- Siemens $SIE (-2,14%)

- Siemens Energy $ENR (-3,27%)

Link: https://shorturl.at/BvOA6

The AI boom is usually discussed in terms of chips and software, but the market that’s actually larger lies beneath: data centers, power grids, and cooling systems. According to Gartner, AI infrastructure is expected to grow to over 1.4 trillion U.S. dollars by 2026, accounting for a good 45% of all AI spending. McKinsey even estimates that up to 7 trillion U.S. dollars in investment will be needed by 2030.

And it’s not just the big-name tech companies that are benefiting from this.$ANET (-1,46%) And $CSCO (+0,3%) supply the high-performance networks, $VRT (-1,89%) and the cooling technology for data centers. What’s particularly exciting is that “traditional industry” is also playing a major role.

$ABBN (-1,65%) and $SIE (-2,14%) are seeing double-digit growth in the data center business; $SiemensEnergy provides the power connection, and $HOT (-1,51%) has more than doubled its data center orders within twelve months—result: promotion to the DAX.

Anyone looking for the AI story only among chip manufacturers is overlooking the more exciting part of the physical infrastructure behind it.

👉 The full analysis with all the numbers and charts is available in verlinkten Artikel.

#KI
#Rechenzentren
#Infrastruktur
#Marktausblick

This article is part of an advertising partnership with Société Générale

Dear Community,

To kick off the week, I’d like to introduce you to my “Pick-and-Shovel” wikifolio “Euro AI Backbone” (in German: Backbone). More detailed information will follow; for now, this is just a rough overview.

_________________________

Background

The market’s focus is primarily on the U.S., while Europe often plays a more subordinate role. Yet recent years in particular have made it clear just how dependent Europe is on other countries such as the U.S., Russia, and China.

By the time the “Orange Man” began his second term, it had become clear:

Europe must become more independent —not only in the field of defense but also in the field of AI.

For nearly five years, Goldman Sachs has maintained an index called “EU AI Capex,” which consists of 64 European stocks. This served as the blueprint for my wikifolio.

The wikifolio was launched on June 18, 2026. For the wikifolio to receive “Investable” status, it needs, among other things, 10 bookmarks. So I’d really appreciate it if you could click “Add to Watchlist” on the wikifolio—thanks in advance.

_________________________

The “Pick-and-Shovel” Approach

The wikifolio aims to cover as much of the value chain for operating modern artificial intelligence as possible.

The focus here is primarily on five areas:

• The Shovels: Semiconductors and machinery (e.g., lithography systems, wafer deposition, chip assembly)
• The Gas: Electricity and energy generation (e.g., wind power, hydroelectric power, solar power plants)
• Highways: Networks and cables (e.g., transformers, high-voltage undersea cables, power grid infrastructure, transmission lines)
• The brain: Automation and data center cooling (e.g., liquid cooling, power distribution cabinets, data networks, control systems)
• The Physical Foundation: Construction, emergency power, and security (e.g., construction of the facilities, emergency power generators, cybersecurity)

_________________________

Investment Universe

The portfolio includes European large-, mid-, and small-cap stocks.

Focus: Technology (semiconductor equipment), utilities (electricity, grids), and industrials (automation, specialty cables, data center construction, cybersecurity).

The Core: European market leaders with global monopolies and competitive moats.

The Tech Specialists: Profitable second-tier suppliers as yield boosters.

The foundation: Energy producers, grid operators, and construction specialists for stable cash flows and risk hedging.

Regular rebalancing, which typically takes place at the beginning of each month, prevents concentration risk. While the foundation remains unchanged, the weightings of individual securities may be adjusted. The replacement of individual stocks, the addition of new stocks, or the exclusion of individual stocks can also take place at the beginning of the month.

Initially, the portfolio consists of 37 stocks. There is no cash reserve.

The current allocation of holdings is as follows:

By sector:

• Industrial: 44%
• Utilities: 29%
• Technology: 26%
• Consumer Discretionary: 1%

By country:

• Germany: 24%
• United Kingdom: 14%
• Switzerland: 13%
• Netherlands: 12%
• France: 12%
• Spain: 10%
• Italy: 9%
• Denmark: 2%
• Finland: 2%
• Austria: 2%

Investments are made exclusively in European stocks. None ETFs, no investment certificates, no funds, no leveraged products.

_________________________

Initial Holdings

At the start, the portfolio comprises the following 37 securities, sorted by their current weighting:

Infineon $IFX (-5,44%) , ASML Holding $ASML (-2,23%) , Siemens $SIE (-2,14%) , Enel $ENEL (-1,15%) , Rolls-Royce $RR. (-0,33%) , Schneider Electric $SU (-2,2%) , Iberdrola $IBE (-0,6%) , ABB $ABBN (-1,65%) , VAT Group $VACN (-2,58%) , Siemens Energy $ENR (-3,27%) , Prysmian $PRY (-4,07%) , ASM International $ASM (-6%) , BE Semiconductor Industries $BESI (-8,63%) , STMicroelectronics $STM (-4,59%) , RWE $RWE (-1,53%) , E.ON $EOAN (-1,1%) , Legrand $LR (-3,28%) , National Grid $NG. (-1,32%) , Nokia $NOKIA (-2,73%) , SSE $SSE (-0,68%) , EDP Renovaveis $EDPR (-1,12%) , Hochtief $HOT (-1,51%) , Red Eléctrica de España $RED (+0,07%) , Nexans $NEX (-3,52%) , United Utilities $UUGRY (+0%) , Enagas $ENG (+1,18%) , Centric $CENTR , Spirax-Sarco Engineering $SPX (-2,01%) , Soitex $SOI (-5,4%) , Geberit $GEBN (+0,35%) , Aixtron $AIXA (-3,23%) , Orsted $ORSTED (-1,95%) , Verbund $VER (-0,24%) , SAFRAN $SAF (-1,81%) , Thales $THALES (-3,42%) , NKT $NKT (-2,82%) , Andritz $ANDR (-5,42%)

_________________________

Holding Period

Since infrastructure development is likely to continue for several more years, the holding period is clearly geared toward the long term. Short-term trading is avoided.

_________________________

Sources of Information

The following sources of information are primarily used to identify stocks:

Companies’ quarterly reports and financial statements.

Analyst reports and industry studies from global investment banks.

Business media and financial publications.

_________________________

I’m curious to see how the portfolio will perform over the long term. Monthly updates will keep you informed.

Hier geht es zum Euro AI Backbone-wikifolio

Added: Removed:

DAX:

Hochtief $HOT (-1,51%) Porsche $PAH3 (+3,56%)

MDAX:

PORSCHE HOCHTIEF

Elmos Seni $ELG (-4,1%) Redcare $RDC (+6,73%)

Siltronic $WAF (-0,72%) Ströer

SUSS Micro $SMHN (-7,6%) Jungheinrich $JUN3 (-2,35%)

SDAX:

Jungheinrich. SUSS

STRÖER. ELMOS Semi.

Redcare. Adesso $ADN1 (+5,81%)

LPKF Laser $LPK (-5,85%) . Borussia $BVB (-0,72%)

Vincorion $V1NC (-1,41%) Verve $VERVE

Basler $BSL (-0,31%) Pro7 $PSM (+1,07%)

Asta $AT100ASTA001 (-2,27%)

TecDax

PVA $TPE (-3,97%) Nagarro $NA90

I'm always very sector-oriented...

Does a route go past the one that went very well $HOT (-1,51%) , or what would be your favorite?

galigrü

Dear Community,

Throughout last year, I found myself repeatedly wanting to focus on the European market as well. But the same old arguments kept dissuading me: The European market doesn’t deliver; Europe doesn’t meet my desire for a growth-oriented, high-yield portfolio, etc.

I also asked myself: Which sectors and industries do I want to cover? Where do I see enough potential to justify taking the risk? To what extent do I want to align my portfolio with this strategy?

In today’s episode, Alles auf Aktien: Fiese Gewinnwarnung bei BMW und Europas KI-Unabhängigkeitsaktien , something caught my attention:

A basket from Goldman Sachs, consisting of 64 European stocks, with the wonderful name: EU AI Capex.

Performance over the past five years: 17.5 percent annualized, including dividends.

_________________________

And which industries are covered?

• Semiconductors
• Machinery
• Electricity
• Networks
• Cables
• Energy
• Automation

Unfortunately, existing ETFs such as the iShares STOXX Europe 600 Utilities UCITS ETF or the iShares STOXX Europe 600 Technology UCITS ETF do not cover all of these sectors.

"Sounds exactly like what I was looking for," I thought to myself, and used my day off today to create an index tailored to my preferences.

Goldman Sachs has listed 12 of the 64 holdings, including their percentage allocations. The remaining 52 holdings appear to be known only to institutional investors, as the index isn’t publicly available.

So I created my own “Pie” through Trading 212. More specifically, a “Pie” is a personalized investment portfolio in which I can invest in multiple stocks and ETFs according to a percentage allocation I set myself and save toward them simultaneously via a single automated savings plan—with no expense ratio and no order fees.

It would go beyond the scope of this post to write about every individual security, which is why I chose this particular one. I didn’t make these decisions entirely on my own. Gemini helped me with this. In the end, we settled on 37 securities.

_________________________

On Selecting the Holdings

Together, we gradually added European market leaders across the entire value chain. We always kept an eye on the sectors—none should be left out.

_________________________

On the Percentage Allocation

It’s important to note upfront that the “pie” will be funded with 150 euros per month going forward. Since the minimum investment amount at Trading 212 is one euro, the smallest weighting in the “pie” must be at least 0.7%:

1.00 euro / 0.70% = 142.85 euro

The percentage allocation was then based on pricing power and global scalability.

More details on this may follow in a later post.

_________________________

About the Stocks

From EU AI Cortex Basket taken over by Goldman Sachs:

• Infineon ($IFX (-5,44%)): 7.10%
• ASML ($ASML (-2,23%)): 6.80%
• Siemens ($SIE (-2,14%)): 6.00%
• Rolls-Royce ($RR. (-0,33%)): 5.40%
• Enel ($ENEL (-1,15%)): 5.40%
• Schneider Electric ($SU (-2,2%)): 5.40%
• ABB ($ABBN (-1,65%)): 5.00%
• Iberdrola ($IBE (-0,6%)): 4.90%
• Siemens Energy ($ENR (-3,27%)): 4.70%
• ASM International ($ASM (-6%)): 3.70%
• Prysmian ($PRY (-4,07%)): 3.60%
• BE Semiconductor ($BESI (-8,63%)): 3.20%

Supplemented by the following stocks:

• VAT Group ($VACN (-2,58%)): 4.50%
• STMicroelectronics ($STM (-4,59%)): 2.50%
• Legrand ($LR (-3,28%)): 2.00%
• RWE ($RWE (-1,53%)): 1.95%
• Nokia ($NOKIA (-2,73%)): 1.90%
• E.ON ($EOAN (-1,1%)): 1.90%
• National Grid ($NG. (-1,32%)): 1.80%
• SSE plc ($SSE (-0,68%)): 1.70%
• EDP Renováveis ($EDPR (-1,12%)): 1.60%
• Red Eléctrica ($RDEIY (+0%)): 1.50%
• Nexans ($NEX (-3,52%)): 1.50%
• Hochtief ($HOT (-1,51%)): 1.50%
• Enagás ($ENG (+1,18%)): 1.40%
• United Utilities ($UU. (-0,6%)): 1.40%
• Spirax-Sarco ($SPX (-2,01%)): 1.30%
• Centrica ($CNA (-0,29%)): 1.30%
• Aixtron ($AIXA (-3,23%)): 1.30%
• Orsted ($ORSTED (-1,95%)): 1.15%
• Verbund AG ($VER (-0,24%)): 1.10%
• Soitec ($SOI (-5,4%)): 1.10%
• Safran ($SAF (-1,81%)): 1.00%
• Thales ($HO (-0,38%)): 1.00%
• Geberit ($GEBN (+0,35%)): 0.90%
• NKT A/S ($NKT (-2,82%)): 0.80%
• Andritz ($ANDR (-5,42%)): 0.70%

The figures $IG (-0,54%) , $SRG (+0,76%) , $TRN (-0,55%) , $ALFA (-0,86%) , $ATCO B (-1,54%) or $AEMMY can unfortunately only be traded via CFDs on Trading 212. Therefore, these securities could not be included.

_________________________

Trading 212 Pie

The Pie now accounts for about 10% of my portfolio, and I’ll be contributing 150 euros to it each month going forward.

I am convinced that Europe will succeed in becoming more independent. However, in my opinion, a self-sufficient Europe without any dependence whatsoever is simply not possible (keyword: globalization).

_________________________

Pie Composition

By country:

• Germany: 24.35%
• France: 15.4%
• Netherlands: 13.7%
• United Kingdom: 12.9%
• Switzerland: 10.4%
• Italy: 9%
• Spain: 7.8%
• Denmark: 1.95%
• Austria: 1.8%
• Portugal: 1.6%

By sector:

• Technology: 32.3%
• Industrial & Capital Goods: 31.5%
• Utilities & Energy Infrastructure: 36.2%

By industry:

• Semiconductors & Data Center Chips: 27.8%
• Energy Equipment & Grid Technology: 25.5%
• Electricity Generators: 16.1%
• Physical Networks & Storage: 10.1%
• Cable Infrastructure: 5.9%
• Vacuum Technology & Components: 6.5%
• Network Technology & Connectivity: 1.9%
• Data Centers & Industrial Construction: 3.1%
• Cyber and Perimeter Security: 3.1%

_________________________

I’m curious to see how the pie chart will develop.

P.S.: You can find the pie chart on Trading 212 under the name Euro AI Backbone GS to copy.

Dear Getquin community,

As I find the Hochtief company itself very exciting, I have put together a few key facts here.

The HOCHTIEF AG ($HOT (-1,51%) ) has transformed itself from a traditional construction company into one of the world's leading infrastructure managers. With the officially confirmed promotion to the DAX as of June 22, 2026 the company is crowning an impressive phase of realignment and growth.

What does HOCHTIEF actually do?

HOCHTIEF is no longer "just" a traditional construction company. Today, the company operates as a global infrastructure manager.

The business model is focused on "complete infrastructure solutions" in strategic markets of the future:

• Technology & AI: Enormous growth through the construction of data centers (especially in the USA through Turner).
• Energy & Nuclear: Infrastructure for the global energy transition.
• Defense: Participation in multi-billion dollar spending programs (e.g. in Australia).
• Strong performance: Group operating profit increased by 26% to 789 million euros in 2025. Further profit growth of 20-30% is expected for 2026 (forecast: EUR 950 million to EUR 1.025 billion).

Key figures check:

The share has enjoyed an impressive rally (+196% in the last 12 months). This is reflected in the key figures:

• P/E RATIO~45 ; Assessment: High: High expectations already priced in.

• P/B RATIO: ~23 ; Estimate: Very high: Shows the high valuation of the intangible value/growth.

• P/E RATIO: ~0.94 ; Estimate: Favorable: Fairly valued relative to high sales.

• Leverage ratio: "Stable" ; Assessment: Strong operational improvement despite investments.

• Equity ratio: "Moderate" ; Estimation: Normal for the industry for capital-intensive infrastructure projects.

• Dividend yield: 1,9-2%

Long-term investment: Yes or no?

Arguments for a long-term investment (Pro):

• Megatrend exposure: HOCHTIEF is building the physical infrastructure for the digital world (data centers) and the energy transition - both areas with long-term investment pressure.
• DAX inclusion: The index rise is attracting attention and forcing index-oriented funds (ETFs) to buy, which may have a supportive effect in the short to medium term.
• Strong cash conversion: The company generates robust operating cash flows that enable dividends and strategic investments.

Risks & Concerns (Con):

• Valuation level: With a P/E ratio of over 45, the share is no longer a "bargain". A large part of the success is already priced into the share price.
• Volatility: The share is susceptible to profit-taking after the enormous rally. A price setback after the DAX entry would not be unusual according to the "sell the news" rules.
• Cyclicality: Even though the company is diversifying, the construction and infrastructure business remains susceptible to cyclicality.

Share price 04.06.2026 (10:28): €491.20

Share price 04.06.2025: €163.50

Now it's your turn.

What is your assessment of $HOT (-1,51%) ? Is it a buy for you?

#hochtief
#dax
#stockanalysis
#growth
#news

$HOT (-1,51%)

ESSEN (dpa-AFX) - The construction group Hochtief DE0006070006 is sticking to its profit target for 2026 after a mixed quarter. Revenue rose by 5.3 percent to almost 9.4 billion euros in the first three months of the current year, as the company announced on Monday. Group profit adjusted for special effects increased by almost 30 percent year-on-year to 217 million euros. Analysts had expected more revenue and less profit.

The quarterly figures were not initially well received on the stock market. In an initial reaction, the shares slipped to 501 euros. Most recently, the shares traded unchanged at 549 euros. Since the record high of 554 euros last Wednesday, the share price had barely budged.

Hochtief's order books are well filled thanks to the AI boom. Incoming orders grew by more than 17 percent to 15.2 billion euros. It was reported that 60 percent of this came from the growth areas. The order backlog amounted to 79.3 billion euros at the end of March.

"We have made a successful start to 2026, with high profit growth and a record order backlog," said CEO Juan Santamaría Cases, who is also head of Hochtief's parent company ACS ES0167050915 according to the press release.

Expert Graham Hunt from analyst firm Jefferies confirmed that the construction group had made a good start to the year. Thanks to the Australian subsidiary Turner, net profit was 4.6 percent above the average market expectation. Its similarly strong order intake points to a further increase in demand in the wake of the data center boom for artificial intelligence (AI). Against this backdrop, the Group's profit growth target of 20 to 30 percent for 2026 seems conservative.

CEO Santamaría Cases believes his company is particularly well positioned in growth areas such as artificial intelligence, digitalization, defence and the tech sector. Demand for modern infrastructure is increasing in these areas. Tech companies are investing a lot of money in the expansion of computing power due to growing data volumes and the AI trend. But governments around the world have also significantly increased their defense budgets.

In the current year, Hochtief's management continues to expect an adjusted net profit of 950 million to 1.025 billion euros thanks to a good order backlog. In 2025, the adjusted profit had risen by 26.3 percent to 789.3 million euros.

Including special effects, Hochtief reported a profit of 210 million euros in the first three months. This was almost a third less than in the previous year, when Hochtief had benefited from the Flatiron transaction. Hochtief and the Spanish parent company ACS had created the second-largest civil engineering and construction company in the United States by merging the US subsidiary and the ACS subsidiary Dragados North America. Hochtief DE0006070006 holds 38.2 percent of the shares in the company, ACS the remaining 61.8 percent.

The share price of the construction company, which is majority-owned by the Spanish infrastructure group ACS ES0167050915 has broken one record high after another since the summer of 2025. It has been boosted in particular by major orders in the data center sector. Since the turn of the year, the share price has risen by more than half. Over the next twelve months, the share price has more than tripled.

Source: deutsche-boerse.com