Merck backtracks on annual forecast + Deutsche Telekom increases profits significantly + Siemens grows strongly + Mediamarkt parent Ceconomy improves profitability + RWE records losses as expected

Merck $MRK (+1,44%)rows back with annual forecast

• The pharmaceutical and technology group Merck KGaA is lowering its targets for the year due to the recent strong exchange rate fluctuations, for example in the US dollar.
• In addition, the slight adjustment of the forecast in the laboratory business also reflects the "current uncertainties with regard to customs duties", the DAX-listed company announced in Darmstadt on Thursday.
• Nevertheless, Merck remains confident of achieving sustainable growth.
• Management now expects sales for the year as a whole to be in the range of EUR 20.9 to 22.4 billion, compared to the previous forecast of EUR 21.5 to 22.9 billion.
• Earnings before interest, taxes, depreciation and amortization adjusted for special items (adjusted EBITDA) are now expected to come in at 5.8 to 6.4 billion dollars in 2025 instead of the previously targeted 6.1 to 6.6 billion dollars.
• Meanwhile, Merck continued its recovery from a post-corona dip at the start of the year.
• Sales climbed by around three percent year-on-year to 5.28 billion euros, with the Group benefiting from the recovery in the pharmaceutical manufacturing business, particularly in the laboratory sector.
• However, semiconductor materials for AI applications also remained in demand.
• The operating result (adjusted EBITDA) rose by almost six percent to EUR 1.54 billion and exceeded analysts' average expectations.
• Merck earned 738 million euros after taxes, compared to 699 million euros a year earlier.

Deutsche Telekom $DTE (+2,53%)increases profit significantly

• Deutsche Telekom continued to benefit from the growth of its US subsidiary in the first quarter and slightly raised its profit outlook for the year as a whole.
• Thanks in part to the even stronger dollar in the first quarter, the DAX-listed company's revenue increased by 6.5 percent to 29.8 billion euros, as the Bonn-based company announced on Thursday.
• Increasing service revenues in German mobile communications also contributed to this.
• The operating result adjusted for special items (EBITDA AL) rose by 7.9 percent to just under 11.3 billion euros.
• Below the line, special effects in particular led to a significant increase in profit of 43.5 percent to 2.8 billion euros.
• Based on constant exchange rates from the previous year, Deutsche Telekom CEO Tim Höttges now expects an operating result of around 45.0 billion euros and a free cash flow AL of around 20.0 billion euros.
• This is 100 million euros more than before. The reason for this is that the US subsidiary had already slightly increased its forecast due to acquisitions.

Siemens $SIE (-0,34%)grows strongly

• The technology group Siemens grew strongly in the second quarter and performed better than expected.
• The company benefited from robust business in the field of intelligent infrastructure, the Mobility train division and the medical technology subsidiary Healthineers.
• Turnover rose by seven percent to just under 19.8 billion euros at the end of March, as the company announced in Munich on Thursday. Adjusted for currency and portfolio effects, the increase was six percent.
• The result of the industrial business increased by almost 30 percent to 3.24 billion euros.
• Siemens also benefited from the sale of non-core activities at Smart Infrastrucure.
• Order intake grew significantly by ten percent to 21.6 billion euros.
• The Train Division and Siemens Healthineers recorded significantly more new business.
• Incoming orders in the Digitalization division were at the previous year's level.
• There were rays of hope in the automation business, which has been weakening for some time: Siemens recorded significant growth there again thanks to higher demand from China.
• According to Siemens, the excess inventory in the region, which had been persisting for several quarters, was coming to an end.
• In contrast, automation orders in Germany had declined considerably.
• The figures were significantly better than analysts had expected.
• Siemens confirmed its forecast for the current fiscal year.
• The recently completed takeover of the US software group Altair is still not included.

Mediamarkt parent company Ceconomy $CEC (-4,71%)improves profitability

• The Mediamarkt and Saturn parent company Ceconomy has further improved its profitability.
• Adjusted earnings before interest and taxes (EBIT) doubled to ten million euros in the traditionally weaker second quarter, as the retail group announced in Düsseldorf on Thursday.
• "For the ninth time in a row, we are growing sustainably and improving our profitability - proof that our strategy is successful and is being implemented consistently," said interim CEO Kai-Ulrich Deissner.
• The former CFO has taken over the position from Carsten Wildberger, who has moved into politics and is now in charge of the Digital Ministry in the new German government.
• According to the company, it is on course to achieve its medium-term targets.
• "We are focusing on strict cost discipline and adapting quickly to market changes," commented interim CFO Remko Rijnders.
• Turnover fell from 5.3 to 5.2 billion euros in the three months to the end of March.
• Analysts had expected an increase. Adjusted for currency and portfolio effects, Ceconomy achieved growth of 1.3 percent.
• Ceconomy's realignment from a traditional retailer to an omnichannel platform is reportedly progressing.
• Adjusted for currency and portfolio effects, online sales increased by 7.4 percent to just under 1.3 billion euros, accounting for a quarter of total sales.
• Ceconomy confirmed its forecast for 2024/25.

RWE $RWE (+0,39%)records losses as expected

• As expected, the energy group RWE suffered a decline in operating profit at the start of the year.
• Among other things, the DAX-listed company recorded a rather weak start to the year in energy trading.
• Furthermore, weak wind conditions in Europe led to lower wind power production at sea and on land and thus to a drop in earnings, RWE announced in Essen on Thursday.
• The Executive Board confirmed its forecast for the year and operating earnings before interest, taxes, depreciation and amortization (ber EBITDA) fell by 23.5 percent to 1.3 billion euros in the first quarter.
• Adjusted for special effects, net profit even fell by almost 38 percent to just under half a billion euros.
• The results were thus roughly in line with the analysts' estimates made by the company in advance.

Thursday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• BMW € 4.30
• Microsoft Corp $0.83
• Unilever PLC £ 0.39
• Shell PLC $ 0.36
• BP PLC £ 0.06
• Exxon Mobil Corp $ 0.99
• GSK PLC £ 0.16

• Quarterly figures / company dates USA / Asia
• 13:00 Walmart quarterly figures
• 13:30 Alibaba Group quarterly figures
• 14:00 Blackrock | Morgan Stanley AGM
• 22:30 AT&T AGM
• No time specified: Applied Materials | Deere & Co Quarterly figures

• Quarterly figures / Company dates Europe
• 07:00 TAG Immobilien | Allianz | Ceconomy | Deutsche Telekom | Merck KGaA
• 07:00 RWE | Siemens quarterly figures
• 07:00 Thyssenkrupp | Aareal Bank | Grenke | Schott Pharma | Südzucker
• 07:00 Thyssenkrupp Nucera quarterly figures
• 07:30 Prosiebensat1 | Talanx | Dermapharm | Douglas | Port of Hamburg
• 07:30 MLP quarterly figures
• 07:50 Engie | Energiekontor quarterly figures
• 08:00 RTL Group | Wüstenrot & Württembergische | Villeroy & Boch | Jost Werke
• 08:00 National Grid quarterly figures | Siemens PK
• 09:00 Thyssenkrupp PK | Ceconomy Analyst Conference
• 09:30 Merck KGaA PK | Siemens Analyst Conference
• 10:00 Aixtron | Commerzbank | Eon | Heidelberg Materials | Hugo Boss
• 10:00 Elmos Semiconductor | Redcare Pharmacy | Just Eat Takeaway AGM
• 10:00 Deutsche Telekom | RWE PK
• 11:00 Borussia Dortmund Quarterly Figures | United Internet AGM | Allianz PK
• 11:00 Thyssenkrupp Analyst Conference
• 11:30 Grenke PK
• 13:00 RWE Analyst Conference
• 14:00 Allianz | Merck KGaA Analyst Conference

• Economic data

08:00 DE: Wholesale prices April

08:00 UK: GDP (1st release) | GDP March | Trade Balance March | Industrial Production March

08:45 FR: Consumer prices April

09:00 FR: ECB Director Cipollone, speech at French payments forum

11:00 EU: GDP (2nd release) 1Q Eurozone FORECAST: +0.4% yoy/+1.2% yoy 1st release: +0.4% yoy/+1.2% yoy 4th quarter: +0.2% yoy/+1.2% yoy

11:00 EU: Industrial Production March Eurozone FORECAST: +1.1% yoy/+2.1% yoy Previous: +1.1% yoy/+1.2% yoy

14:30 US: Initial jobless claims (week) PROGNOSE: 226,000 previous: 228,000 | April producer prices PROGNOSE: +0.3% yoy previous: -0.4% yoy | Philadelphia Fed Index May PROGNOSE: -10.5 previous: -26.4

14:30 US: Retail Sales April PROGNOSE: +0.1% yoy previous: +1.4% yoy Retail Sales ex Motor Vehicles PROGNOSE: +0.3% yoy previous: +0.5% yoy 14:30 US: Empire State Manufacturing Index May PROGNOSE: -9.0 previous: -8.1

15:15 US: Industrial Production and Capacity Utilization April Industrial Production PROGNOSE: +0.1% yoy previous: -0.3% yoy Capacity utilization PROGNOSE: 77.8% previous: 77.8%

16:00 US: Inventories March PROGNOSE: +0.2% yoy previous: +0.2% yoy

$CEC (-4,71%)
$HBH (-0,38%)
$HEN (+0,63%)
$HM B (+0,04%)

Closed stores and dormant businesses on Sundays and public holidays are a tradition - but is this still in keeping with the times? For many working people, it means that shopping and errands are concentrated on Saturdays, which are already full. This leads to overcrowded stores, long queues and stress for customers and retail employees. But that's not all: private work is also restricted. Car washing, gardening or minor repairs are not permitted in many places. While online stores are selling around the clock, bricks-and-mortar stores remain closed. Should there be more flexibility to better balance business and everyday life? Or do the advantages of a common day of rest outweigh the disadvantages? What do you think?$

Tui gains at the start of winter + UBS positive on Delivery Hero + Mediamarkt parent Ceconomy significantly increases sales and operating profit

TUI $TUI1 (+0,78%)
grows at the start of winter and reduces losses

• Tui, the world's largest travel group, has started the winter season with clear growth.
• In the first financial quarter to the end of December, the Group counted 3.7 million customers, six percent more than a year earlier, as it announced on Tuesday before the start of its Annual General Meeting in Hanover.
• For the rest of the year, smaller increases are expected so far: Tui has so far registered two percent more bookings than in the previous year for both the winter as a whole and the summer season.
• Prices rose by four percent. "We are on track for further growth for the year as a whole," said Tui CEO Sebastian Ebel.
• In the travel-weak months of October to December, turnover jumped by 13 percent to around 4.9 billion euros.
• Before interest, taxes and special effects (adjusted EBIT), Tui earned around 51 million euros, more than eight times as much as a year earlier.
• The bottom line was a loss of a good 85 million euros for shareholders.
• Tourism companies are usually in the red in winter.
• They make their profits in the peak travel season in summer.

UBS positive on Delivery Hero $DHER (-0,45%)

• Shares in online food delivery services are in demand on Monday.
• MDax leader Delivery Hero made it back above the technically significant 21-day moving average thanks to price gains of 5 percent.
• This is an important trend indicator for the short-term development.
• The same applied to the shares of cooking box mail order company Hellofresh , which rose by 2.6 percent.
• In Amsterdam and London, the shares of industry colleagues Just Eat Takeaway and Deliveroo met with buying interest, as shown by price gains of 2.9 and 1.3 percent respectively.
• The major Swiss bank UBS continues to recommend buying Delivery Hero.
• The confirmed price target of 55 euros implies a doubling of the current share price.
• Analyst Jo Barnet-Lamb wrote that data showed a stabilized market share for the subsidiary Baemin in South Korea in January.
• Market growth there remained in the double-digit percentage range in December.
• The focus remains on a possible gradual recovery story for the company in 2025.
• One trader also saw advance praise for Delivery Hero's upcoming quarterly figures this Thursday as a possible price driver for the sector.

Mediamarkt parent company Ceconomy $CEC (-4,71%)significantly increases turnover and operating profit

• The Mediamarkt and Saturn parent company Ceconomy has achieved a leap in operating profit thanks to a strict cost-cutting program.
• The SDax company increased its earnings before interest and taxes (EBIT) adjusted for special effects by almost 13 percent to 279 million euros in the three months to the end of December compared to the previous year, as it announced in Düsseldorf on Tuesday.
• Analysts had expected roughly that much.
• Currency and portfolio-adjusted sales increased by almost a tenth to 7.6 billion euros, exceeding the average analyst estimates.
• The Executive Board is sticking to its known targets for the current financial year 2024/25 (until the end of September).
• Adjusted for currency and portfolio effects, Group sales are set to increase "moderately".
• Earnings before interest and taxes (EBIT) adjusted for special effects, on the other hand, are expected to increase "significantly".
• Last week, rumors of renewed interest from Chinese e-commerce giant JD.com boosted Ceconomy's share price.

• The news agency Bloomberg reported that the Beijing-based company had recently approached the company and had begun to sound out major shareholders of the Düsseldorf-based company with a view to a possible deal, citing people familiar with the matter.

Tuesday: Stock market dates, economic data, quarterly figures

Japan stock exchange holiday

• ex-dividend of individual stocks
• Visa USD 0.59
• ASML Holding USD 1.59

• Quarterly figures / company dates USA / Asia
• 12:00 DuPont quarterly figures
• 12:30 Humana quarterly figures
• 13:00 Coca-Cola | Marriott International annual results
• No time specified: American International Group | Lyft | Gilead Sciences Quarterly figures

• Quarterly figures / Company dates Europe
• 07:00 Ceconomy | Tui | Unicredit | AMS-Osram annual results
• 07:10 Norma Group preliminary annual results
• 07:45 Kering annual results
• 08:00 Cancom | BP annual results | Tui PK
• 09:00 Ceconomy analyst conference
• 11:00 Tui AGM | Ceconomy PK
• 19:00 Deutsche Börse | Telekom Austria Annual Results

Economic data

• 07:30 FR: Unemployment rate 4Q PROGNOSE: 7.5% Q3: 7.4%
• 08:00 DE: Domestic tourism December and year 2024
• 11:30 DE: Auction of 2.40% German government bonds maturing in April 2030 (volume EUR 5bn)
• 16:00 US: Fed Chairman Powell, hearing in the Senate Banking Committee
• 18:00 DE: ECB Director Schnabel, participation in IAB panel
• 19:00 Deutsche Börse | Telekom Austria annual results
• 21:30 US: Fed New York President Williams, speech at Pace University Economics Society event

No time specified:

• US: President Donald Trump receives Jordan's King Abdullah II at the White House
• EU: End of the two-day international summit on artificial intelligence, Paris

The FED interest rate decision is today at 8 pm + Ceconomy targets significantly higher operating profit + Jefferies ranks SAP among 'Top Picks' in Europe - 'Buy'

The Fed is expected to cut the key interest rate by a further 25 basis points.

cut. "More exciting than the interest rate decision itself is the update of the Fed's

the Fed's forecasts for 2025, 2026 and 2027," wrote market expert

Thomas Altmann from QC Partners. So far, the central bank has avoided

Donald Trump's election as the next US president. But now

Fed members could no longer avoid discussing the effects of Trump's economic

economic policy on inflation, growth and the key interest rate.

Ceconomy $CEC (-4,71%)with new dividend policy

• The MediaMarkt and Saturn parent company Ceconomy intends to earn significantly more operationally in the new financial year.
• It is also realigning its dividend policy. In future, 10 to 25 percent of earnings per share will be passed on to shareholders, the SDax company announced on Wednesday.
• In previous years, there was nothing as a result of the Convergenta transaction.
• Earnings per share (EPS) for the completed financial year 2023/24 amounted to 16 cents after a loss of 8 cents in the same period of the previous year.
• The new target for the payout ratio, which is significantly lower than the previous one, and earnings per share result in a dividend of between 1.6 and 4 cents for the 2023/24 financial year. Analysts surveyed by Bloomberg had previously expected a dividend of 7.5 cents on average.
• Ceconomy last paid a dividend of 17 cents for the 2020/21 financial year.
• Thanks to strict cost control, Ceconomy was back in the black in the past financial year: Net profit amounted to 77 million euros. In the previous year, the company had posted a loss of 37 million euros.
• However, analysts had hoped for more.

SAP $SAP (+2,18%)a top pick for 2025?

• The analyst firm Jefferies ranks SAP among the "top picks" in Europe for 2025.
• As analyst Raj Jilka wrote in a strategy study published on Tuesday, the general argument for investors to invest in the USA in the coming year is well known.
• However, the difference in valuation compared to European companies is simply too great to ignore.
• Against this backdrop, the expert left SAP at "buy" with a target price of 255 euros.
• The software group is in the middle of a sustainable product cycle, which will enable it to escape the generally difficult environment for IT spending.

Wednesday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks

Salesforce USD 0.40

• Quarterly figures / company dates Europe

07:00 Ceconomy detailed annual results

09:00 Ceconomy analyst conference

11:00 Birkenstock quarterly figures | Ceconomy PK

• Economic data

08:00 DE: Manufacturing orders on hand and backlog October | Building permits February

08:00 UK: Consumer prices November Forecast: +0.2% yoy/+2.6% yoy Previous: +0.6% yoy/+2.3% yoy Core Forecast: +0.1% yoy/+3.5% yoy Previous: +0.4% yoy/+3.3% yoy

11:00 EU: Consumer prices November Eurozone PROGNOSE: -0.3%gg FM/+2.3% yoy Previous estimate: -0.3%gg FM/+2.3% yoy Previous estimate: +0.3%gg FM/+2.0% yoy Core rate PROGNOSE: -0.6%gg FM/+2.7% yoy Previous estimate: -0.6%gg FM/+2.7% yoy Previous estimate: +0.2%gg FM/+2.7% yoy

14:30 US: Housing starts/permits November housing starts FORECAST: +2.2% yoy previous: -3.1% yoy Building Permits FORECAST: +1.0% yoy previous: -0.6% yoy

14:30 US: Current account 3Q FORECAST: -286.6 bn USD 2nd quarter: -266.8 bn USD

16:30 US: Crude oil inventory data (week) from the Energy Information Administration (EIA) December

20:00 US: Fed, outcome of FOMC meeting Fed funds target rate FORECAST: 4.25% to 4.50% Previous: 4.50% to 4.75%

20:30 US: Fed Pk

Earnings summary this morning 👇🏼

$BP. (-2,5%)
| BP Q3 2024 Earnings

EPS Adj 13.89C (12.67C)

Adj Net $2.27B (est $2.05B)

Oper Cash Flow $6.16B (est $6.29B)

Net Debt $24.21B (est $23.28)

Plans 1.75B Share Buyback For Third Quarter

Sees 4Q Reported Upstream Production To Be Lower Vs Q3

$OMV (+0,36%) | OMV AG Q3 24 Earnings:

- Clean CCS Oper Profit EU1.10B (est EU1.05B)

- Clean CCS Net Income EU346M (est EU447.8M)

- Still Sees FY Organic CAPEX About EU3.8B (est EU3.68B)

- Sees FY Avg Production 330, 000 To 350, 000 BOE/D

$NOVN (+2,07%) | Novartis Q3 24 Earnings:

- Core EPS $2.06 (est $1.94)

- Net Sales $12.82B (est 12.68B)

- Net Sales Expected To Grow By 'Double Digit'

- Raises FY Outlook

- Now Sees FY Core Oper Income Growth In High Teens

$SAN (-0,43%) | Santander Q3 24 Earnings:

- Net Income EU3.35B (est EU3.17B)

- Net Interest Income EU11.23B (est EU11.57B)

- Net Loan - Loss Provision EU2.98B (est EU3.18B)

- Confident It'll Deliver On All Targets

$HSBA (+0,62%) | HSBC Q3 24 Earnings:

- Div/Shr 10C (est 10C)

- Net Interest Income $7.64B (est $9.25B)

- Sees Div payout Ratio Target Basis of 50% for 2024

- Announces Up $3B Buy Back

$ADS (-1,86%) | Adidas is optimistic after a strong third quarter and confirms a sales increase of 7.3% to 6.4 billion euros. Demand in Europe and growth in China are driving the development, while profits increase by 73.4% to 469 million euros.

$HYQ (-3,54%) | Hypoport increases revenue by 29% to 114 million euros in the third quarter and achieves an operating profit of 3.6 million euros, which is above analysts' expectations. The upturn in real estate finance is driving growth.

$LHA (+2,64%) | Lufthansa announces a savings program to increase adjusted operating profit by EUR 1.5 billion by 2026. Adjusted profit in the third quarter of 2024 falls by 9% to EUR 1.3 billion Deutsche Lufthansa AG expects an operating profit of between EUR 1.4 billion and EUR 1.8 billion for the full year 2024, after focusing on the cost structure in the third quarter. The share is benefiting from hopes of an easing of the Middle East conflict.

$CEC (-4,71%) | Ceconomy exceeds analysts' expectations with adjusted EBIT in the upper half of the range of 290 to 310 million euros. Sales increase by 5.3% to around 22.4 billion euros in the 2023/2024 financial year

$HFG (+1,4%) | HelloFresh Group achieves currency-adjusted revenue growth of 1.9% compared to the previous year and adjusted EBITDA ("AEBITDA") of €72 million

29.10.2024

Electric cars continue to bring Ford high losses + VARTA annual report further delayed + Ceconomy's day-to-day business slightly better than expected + SAP wants to significantly expand its partner network

Ford $F (+0,84%) continues to write deep red figures in the electric car business. In the last quarter, the division posted an operating loss of a good 1.2 billion dollars. In contrast, Ford posted earnings before interest and taxes of 1.6 billion dollars for cars with combustion engines and a further 1.8 billion dollars for commercial vehicles. CFO John Lawler pointed out on Monday after the close of the US stock exchange that Ford would reduce the costs of its electric car division by one billion dollars this year. And when developing new electric models, the company is making sure that expenditure is on a par with the cheapest competitors. It is a tough market in which costs play a decisive role, he said on CNBC. Ford shares fell by more than five percent in after-hours trading. The Group is now only expecting adjusted earnings before interest and taxes of ten billion dollars for this year - after a range of ten to twelve billion had previously been given.

The Varta $VAR1 -annual report for 2023 continues to be delayed. The battery manufacturer, which is struggling to survive and is currently undergoing pre-insolvency restructuring proceedings, is now targeting the end of January 2025 as the publication date. The outstanding quarterly reports for 2024 are also to be presented then. This can be seen in the updated financial calendar on the Swabian company's investor relations website. A company spokesperson justifies the new delay with the financial restructuring in accordance with the German Corporate Stabilization and Restructuring Act (StaRUG). An auditor's certificate and thus a publication are only possible after the completion of this reorganization process. Varta had previously announced the publication for October 30. Information on the first quarter of 2024 should follow in November. (Börsen-Zeitung)

The MediaMarkt and Saturn parent company Ceconomy $CEC (-4,71%) earned slightly more than expected in the past financial year. Based on preliminary figures, earnings before interest and taxes (EBIT) adjusted for special effects were in the upper half of the range of 290 to 310 million euros, the company, which is listed in the second-tier stock index SDax, announced in Düsseldorf on Tuesday. Excluding exchange rate fluctuations and portfolio effects, turnover in the 2023/2024 financial year (as at the end of September) climbed by 5.3 percent to around 22.4 billion euros. On average, analysts had expected slightly less for both key figures. Group CEO Karsten Wildberger is entering the first quarter of the new year "with confidence". In the medium term, he also sees his company on course to achieve its growth targets for the 2025/2026 financial year. According to previous statements, Ceconomy aims to earn more than 500 million euros in day-to-day business (ber EBIT) by then and at the same time grow slightly faster than the market.

The software group SAP $SAP (+2,18%) wants to significantly expand its partner network. Business in the cloud brings with it a different sales approach and more new customers, "the only way to reach everyone is with partners," says the responsible "Chief Partner Officer" Karl Fahrbach to the FAZ. The business will also become more financially lucrative for partners. In a "revenue share model", they receive a larger share of the cake. Among other things, they would receive remuneration if customers extend their cloud contracts, and they could also share in revenues through innovations and industry-specific extensions to the largely standardized cloud software. (FAZ)

Tuesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

ASML Holding USD 1.66

Alcoa 0.10 USD

Levi Strauss & Registered (A) USD 0.13

Quarterly figures / company dates USA / Asia

11:45 Pfizer quarterly figures

12:00 EU: ECB, allotment of a 3-month long-term tender

12:00 McDonald's Corp, 3Q results

12:15 Paypal Holdings Inc, 3Q results

21:05 Alphabet | Visa | Mondelez | Stryker quarterly figures

21:15 AMD quarterly figures

Untimed: First Solar | JetBlue | Snap Inc | Stanley Black & Decker | Electronic Arts | Corning Quarterly Results

Quarterly figures / Company dates Europe

05:00 HSBC quarterly figures

07:00 Deutsche Lufthansa | Hellofresh | Novartis | OMV | Covestro | Banco Santander quarterly figures | Ceconomy annual sales

07:30 Adidas | Drägerwerk quarterly figures

08:00 BP quarterly figures

08:30 Hellofresh Earnings-Call | Covestro Interview with CEO

10:00 Deutsche Lufthansa Analyst Conference

11:30 OMV Analyst Conference

13:00 Drägerwerk Investor Conference

14:00 Covestro Analyst Conference

15:00 Adidas Analyst Conference

18:00 ASM International quarterly figures

18:05 Saint-Gobain Turnover 9M

Economic data

• 08:00 DE: GfK consumer climate indicator October FORECAST: -20.5 points previously: -21.2 points
• 15:00 US: Consumer Confidence Index October FORECAST: 99.2 previously: 98.7
• 15:00 US: Number of job openings, quits and layoffs (Jolts) September

27.09.2024

Micron with strong share price gains after figures + Ceconomy share price jumps after buy vote + Commerzbank courted + Evotec and Mutares with news

Micron $MU (+0,09%) reported brisk demand for chips for AI applications and forecast higher profits for the current quarter than the market had expected. "In times of real growth fears, positive company assessments of future profits are welcome news and can easily push share prices higher," says Jan von Gerich, chief analyst at Nordea. The shares of other chip manufacturers are also recording price gains. Nvidia and AMD are up 1.9 percent each. Broadcom gained 1.5 percent and Intel 2.6 percent. Some tailwind is also likely to come from Asia. Following the latest economic stimulus measures by the Chinese central bank, further support measures for the weakening economy of the second-largest national economy are to come from the Chinese government. This caused prices to rise sharply on the stock exchanges in China.

Following a new buy recommendation Ceconomy $CEC (-4,71%) jumped in price on Thursday. With a recent gain of 14.3 percent to 3.24 euros, the electronics retailer secured first place in the small cap index SDax - ahead of the biofuel producer Verbio . Ceconomy shares have now also broken above the 100-day moving average, which is an indicator of the medium to long-term trend. They had already broken above the other trend lines days ago in view of the recent gains. The share price correction since June, when the shares reached their highest level since spring 2022 at EUR 3.39, has thus been virtually ironed out. Since the beginning of the year, the shares have gained a whopping 31%, which also puts them at the top of the index for this period.

For the shares of Commerzbank $CBK (-1,59%) went up by 6.9 percent. There were two reasons for this. Firstly, it intends to increase its return on equity more than previously planned in the coming years. The return on equity is set to rise to over 12 percent in 2027. Previously, the bank had forecast more than 11 percent. It also wants to distribute more money to its shareholders. In addition, a first meeting between the Frankfurt-based bank and Unicredit will take place tomorrow following the latter's share purchase. It is possible that a second acquirer will enter the ring, in which case things could get expensive.

Evotec $EVT (-1,32%) rose by 3.5 percent with the announcement of a technology partnership with the pharmaceutical giant Novo Nordisk. Also in the SDAX Mutares $MUX (-0,75%) fell by a further 14 percent. In trading, reference was made to a report by short-seller Gotham City Research. The report mentions inconsistencies in Mutares' balance sheet. According to the report, Gotham City has built up a position together with partners that is betting on a falling Mutares share price. The share price recovered significantly in the afternoon after Mutares rejected the allegations made by the short seller as misleading.

Friday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

British American Tobacco USD 0.74

Quarterly figures / company dates Europe

08:30 BASF Capital Market Day Day 2

08:30 Baywa quarterly figures + analyst conference

10:30 Baywa PK

11:00 Borussia Dortmund detailed annual results

Untimed: Commerzbank first meeting with Unicredit SpA after share purchase | Vossloh Capital Markets Day - Innotrans

Economic data

• 08:45 FR: Private consumption August FORECAST: n/a previous: +0.3% yoy/-0.6% yoy
• 08:45 FR: Consumer prices (preliminary) September FORECAST: N/A yoy/+1.6% yoy Previous: +0.5% yoy/+1.8% yoy HICP FORECAST: N/A yoy/+1.9% yoy Previous: +0.6% yoy/+2.2% yoy
• 09:00 ES: HICP and consumer prices (preliminary) September HICP FORECAST: +2.0% yoy previously: +2.4% yoy
• 09:55 DE: Labor market data September seasonally adjusted unemployment rate PROGNOSE: +15,000 yoy previously: +2,000 yoy Unemployment rate seasonally adjusted PROGNOSE: 6.0% previously: 6.0%
• 11:00 EU: Economic Sentiment Index September Eurozone Economic Sentiment Forecast: 96.5 Previous: 96.6 Industrial confidence Eurozone Forecast: -10.3 Previous: -9.7 Consumer confidence Eurozone Forecast: n.a. flash estimate: -12.9 previous: -13.5 | Eurozone Business Climate Index September
• 14:30 US: Personal Spending and Income August Personal Spending PROGNOSE: +0.3% yoy previous: +0.5% yoy Personal Income PROGNOSE: +0.4% yoy previous: +0.3% yoy PCE Price Index / Core Rate PROGNOSE: +0.2% yoy/+2.7% yoy previous: +0.2% yoy/+2.6% yoy
• 16:00 US: Consumer Sentiment Index Uni Michigan (2nd survey) September FORECAST: 69.3 1st survey: 69.0 previous: 68.4

If I were to stop buying the stock at this point, I shouldn't hold it either. Even if the loss hurts, the rest is better invested elsewhere. And I'm also happy about the tax settlement hehe.

Hello GQ Community

I am currently on a vacation tour in Vietnam.🇻🇳

As an interested investor, of course I am watching which companies are active here.

Gladly your observation or remark in the comments 😁

Especially in Vietnam it is interesting mMn. (Politics, history, geographic location).

Political: Socialist Republic with one party state (Communist Party of Vietnam).

Nearly 100Mio inhabitants

GDP per capita 4500$ (estimate for 2023)

Now for my observations so far.

In general, the Vietnamese are very busy and friendly people. Everyone has something to offer and always a friendly face. there is no begging even in the megacities like hanoi or HCMC. instead, food, souveniers or other things are sold from the moped.

The construction sector is booming, especially in the big cities and tourist regions. Hotels are being built from the ground. Office towers and new residential complexes are under construction. i could not identify any construction companies i know. The VinHomes of $VIC (the largest conglomerate in Vietnam). From VinHomes we have seen min 5 geoße housing projects under construction. (we are talking about thousands of apartments in one project).

But the machines in the construction industry come to a large extent from China/Japan/Korea. only logical. my favorites from $CAT (+0%) are unfortunately missing here.

Automotive: as with construction machinery, cars also come from the countries mentioned. toyota and hyundai strong. to mention is VinFast. a Vietnamese brand. Founded in 2017, they make really fancy bodies. owner is $VIC

But the streets are dominated by over 90 million motor scooters. $MBG (-0,47%) or $VOW (-0,56%) or $BMW (-5,16%) are rarely seen.

Consumer goods: in one of the few supermarkets that we have entered so far, I looked at various products that you need every day: Toothpaste, shower gel, detergent - I touched 3 products. all were (by chance) from $ULVR (-0,07%). The toothpaste from $COLG I deliberately did not take.

The 3 best selling water brands are lavie ($NESN (+2,14%) ), Dasani ($KO (+3,43%) ) and Aquafina ($PEP (+2,07%) ).

In addition, we have $MDLZ (+1,47%) , $HEIO (+1,73%) seen

Telecommunications is occupied by Viettel and Mobiphone and vinaphone. mobile phone masts everywhere. also in rural areas well developed.

Internet in general extremely good. in every hotel so far we had very good WIFI. various speed tests showed more than 100MBit down/up.

We also looked at the prices of $AAPL (-0,5%) products. e.g. iPhone 14pro costs about 1150€. not much difference to europe. although the purchasing power is much lower. that's why monthly leases are offered first in the electromarket here.

very sporadically you can find "media mart", looks like it also belongs to $CEC (-4,71%) belong to.

in the hotel sector, 2 things stand out. the big international hotel groups like $MAR (-0,86%) or $HLT (-0,22%) and $AC (-0,26%) are represented at the important locations. also $VIC is getting involved here again.

$MCD (+2,2%) and $SBUX (+0,37%) are also present like everywhere else.

Do any of you have exciting insights about Vietnam?

Quarterly figures on Valentine's Day (14.02.23)

From Coca-Cola to SFC Energy and AirBNB ⤵️

Today there were again some quarterly figures that are very interesting for us investors. The numbers are one thing but how are the outlooks. On the outlooks we can otherwise like to go into the comments times, from the companies that are interesting.

The consumer figures from the U.S., were not quite so convincing today.

USA: Consumer prices in January +6.4%. Expected +6.2% after +6.5% in the previous month (y/y).

USA: Consumer prices (core rate) in January +0.4%. Expectations were +0.4% after +0.3% in the previous month (m/m).

Perhaps the figures will make us a bit more positive again:

$ABNB (-0,57%)
Airbnb:

Beat analyst estimates of $0.25 in fourth-quarter earnings per share of $0.48. Revenue of $1.9 billion beat expectations of $1.86 billion.

$KO (+3,43%)
The Coca-Cola Co:

Hits analyst estimates with fourth-quarter earnings per share of $0.45. Revenue of $10.1 billion above expectations of $10.01 billion. In the outlook for 2023, Coca-Cola expects organic revenue growth of 7% to 8% (analyst forecast: 7.15%).

$SZU (-1,82%)
Südzucker:

Expects fiscal 2022/2023 group sales of 9.5 billion euros (ate forecast 9.7-10.1 billion), group Ebitda of 1-1.04 billion (old 0.89-0.99 billion), and group operating profit of 640-680 million (old 530-630 million).

$JEN (+0,6%)
Jenoptik:

Expects sales of 1.05-1.1 billion euros and an Ebitda margin of 19-19.5 percent for fiscal year 2023. The forecast is based on preliminary sales in fiscal 2022 of around 980 million euros (last forecast 945-960 million).

$MAR (-0,86%)
Marriott International Inc:

Surpassed analyst estimates of $1.83 in fourth-quarter earnings per share of $1.96. Revenue of $5.92 billion exceeded expectations of $5.39 billion.

$RBD (-1,24%)
Restaurant Brands Intl Inc:

Missed analyst estimates of $0.74 in the fourth quarter with earnings per share of $0.72. Revenue of $1.69 billion exceeded expectations of $1.67 billion.

$MTUAY (+2,52%)
MTU Aero Engines:

Achieves 2022 revenues of €5.33 billion (PY: €4.188 billion, analyst forecast: €5.405 billion), Ebit (adjusted) of €655 million (PY: €468 million, €633 million), Ebit margin of 12.3% (PY: 11.2%, forecast: 11.7%) and net profit (adjusted) of €476 million (PY: €342 million, forecast: €455 million). Proposed dividend 2022 at €3.20 (PY: €2.10, forecast: €2.90). In the outlook for 2023, MTU Aero Engines now expects a higher revenue growth of 10 % and for 2025 still an Ebit (adjusted) of approximately €1 billion (forecast: €1.00 billion).

CFO: Expect 2023 Ebit (adjusted) of €775 to €750 million. Dividend payout ratio for 2023 to increase to 40%. Will have to deal with share buyback issue from 2024.

$KTA (+4,38%)
Knaus Tabbert:

Achieves 2022 consolidated group sales of €1.050 billion (PY: €863 million) according to preliminary figures (driven by strong growth spurt in Q4).

$F3C (-2,15%)
SFC Energy:

2022 sales of €85.2 million (PY: €64.3 million), Ebitda (adjusted) of €8.2 million (PY: €6.2 million) and Ebit (adjusted) of €3.2 million (PY: €1.9 million). For 2023, the company expects revenues of €103 bid €111 million and Ebitda (adjusted) of €8.9 to €14.1 million.

$NEM (+2,41%)
Nemetschek:

Achieves fiscal 2022 revenue and profitability targets, 2022 revenue growth of +17.7% (+12.1% at constant currency) to €801.8 million, 2022 Ebitda growth of +15.8% to €257.0 million, 2022 Ebitda margin at 32.0% (PY: 32.6%), detailed 2022 figures and 2023 outlook on March 23.

$CEC (-4,71%)
CECONOMY:

Reports 1st quarter sales of €7.1 billion (PY: €6.85 billion, analyst forecast: €7.1 billion), Ebit (adjusted) of €224 million (PY: €274 million) and net income of €127 million (PY: €122 million). Forecast 2022/2023 confirmed. CECONOMY sells majority stake in Mediamarkt Sweden to Power International; in return CECONOMY receives 20% stake in Swedish subsidiary Power Sweden from Power International.

$TKA (-12,49%)
ThyssenKrupp:

Reports 1st quarter order intake of €9.2 billion (PY: €10.4 billion), sales of €9 billion (PY: €9 billion, analysts' forecast: €9.1 billion), EBIT (adjusted) of €254 million (PY: €378 million, forecast: €174.6 million) and net income of €75 million (PY: €106 million). Outlook for 2022/2023 confirmed.

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