Lufthansa Azione Forum

Analyst updates, 05.11.

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- ODDO BHF raises the price target for BIONTECH from USD 110 to USD 130. Outperform. $BNTX (+1,42%)

- BARCLAYS raises the price target for AIRBUS from EUR 161 to EUR 165. Overweight. $AIR (-0,02%)

- CITIGROUP raises the price target for SCOUT24 from EUR 91 to EUR 94.50. Buy. $G24 (+1,56%)

- WARBURG RESEARCH raises the price target for REDCARE PHARMACY from EUR 174 to EUR 176. Buy. $RDC (-4,75%)

- DEUTSCHE BANK RESEARCH raises the price target for RYANAIR from EUR 17 to EUR 17.50. Hold. $RYA (+2,4%)

- BERNSTEIN rates EBAY from Market-Perform to Outperform. Target price USD 70. $EBAY (+0,17%)

- ODDO BHF raises the price target for SALZGITTER from EUR 14 to EUR 15.50. Underperform. $SZG (+1,72%)

- BARCLAYS raises the target price for COMMERZBANK from EUR 16 to EUR 17. Equal-Weight. $CBK (+1,22%)

- BARCLAYS raises the target price for MTU from EUR 295 to EUR 340. Equal-Weight. $MTX (+0,92%)

- MORGAN STANLEY rates LUFTHANSA to Equal-Weight. Target price EUR 7. $LHA (+1,15%)

- BERENBERG raises the price target for DEUTSCHE KONSUM REIT from EUR 3.50 to EUR 5. Hold.

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- GOLDMAN lowers the price target for MERCEDES-BENZ from EUR 65 to EUR 63. Buy. $MBG (+1,93%)

- UBS lowers target price for 1&1 from EUR 21.60 to EUR 21. Buy.

- WARBURG RESEARCH lowers the price target for GFT TECHNOLOGIES from EUR 40 to EUR 37.50. Buy. $GFT (+4,99%)

- HAUCK AUFHÄUSER IB lowers the price target for ECKERT & ZIEGLER from EUR 63.50 to EUR 55. Buy. $EUZ (+1,82%)

- BARCLAYS lowers the price target for BNP PARIBAS from EUR 90 to EUR 85. Overweight. $BNP (+0,55%)

- BERENBERG downgrades SCHNEIDER ELECTRIC from Buy to Hold and lowers price target from EUR 261 to EUR 255. $SU (+1,75%)

- BERENBERG lowers the price target for BEFESA from EUR 41 to EUR 31. Buy. $BFSA (-1,7%)

Analyst updates, 29.10. 👇🏼

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• JEFFERIES raises the price target for SAP $SAP (+0,86%) from EUR 230 to EUR 255. Buy.
• DEUTSCHE BANK RESEARCH raises the price target for DEUTSCHE TELEKOM $DTE (+3,21%) from EUR 33 to EUR 39. Buy.
• ODDO BHF raises the target price for ALLIANZ
  SE
  $ALV (-0,26%) from EUR 288 to EUR 324. Outperform.
• ODDO BHF raises the price target for DWS
  $DWS (+0,7%) from EUR 38 to EUR 39. Neutral.
• METZLER raises the price target for LUFTHANSA $LHA (+1,15%) from EUR 5.70 to EUR 6.40. Hold.
• METZLER raises the price target for NEMETSCHEK
  $NEM (-0,44%) from EUR 89 to EUR 91. Hold.
• METZLER raises the price target for FRIEDRICH
  VORWERK $VH2 (-10,8%) from EUR 29.20 to EUR 38. Buy.
• GOLDMAN raises the price target for SYMRISE $SY1 (-0,57%) from EUR 127 to EUR 131. Neutral.

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• BOFA lowers the price target for MUNICH
  RE
  $MUV2 (+0,75%) from EUR 550 to EUR 535. Buy.
• WARBURG RESEARCH lowers the price target for WACKER
  CHEMICALS $WCH (+1,71%) from EUR 136 to EUR 133. Buy.
• WARBURG RESEARCH downgrades STEICO
  $ST5 (+2,1%) from Buy to Hold and lowers target price from EUR 42 to EUR 29.
• METZLER lowers the price target for SALZGITTER $SZG (+1,72%) from EUR 17 to EUR 15.50. Hold.
• DEUTSCHE BANK RESEARCH lowers the price target for SGL
  CARBON $SGL (+1,19%) from EUR 10.80 to EUR 10.60. Buy.
• LBBW downgrades PHILIPS $PHIA (-0,24%) from Buy to Hold and lowers target price from EUR 30 to EUR 26.
• GOLDMAN downgrades ABB
  $ABBNY (+1,09%) from Buy to Neutral. Target price CHF 52.
• UBS lowers the price target for CARL ZEISS MEDITEC $AFX (+2,13%) from EUR 71 to EUR 65. Neutral.
• JPMORGAN lowers the price target for STMICRO
  $STMPA (+2,53%) from EUR 42 to EUR 35. Overweight.

Earnings summary this morning 👇🏼

$BP. (+1,18%)
| 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 (+1,13%) | 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 (+0,68%) | 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 (+1,89%) | 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 (+0,64%) | 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 (+0,67%) | 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 (-0,77%) | 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 (+1,15%) | 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 (+1,36%) | 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 (-2,98%) | HelloFresh Group achieves currency-adjusted revenue growth of 1.9% compared to the previous year and adjusted EBITDA ("AEBITDA") of €72 million

16.10.2024

Relief rally for airlines thanks to oil price + ASML more pessimistic for 2025 after disappointing order intake + Adidas and Puma in demand - strong quarterly figures expected + LVMH records a decline in sales in the third quarter + Ericsson share price jumps after figures

Airline shares were among the day's winners. Oil prices fell by up to 5 percent at the peak, leading to a relief rally. Lufthansa $LHA (+1,15%) rose by 3.2 percent. Oil prices were driven by reports that Israel would not target oil facilities in the event of a retaliatory attack on Iran. In the DAX MTU $MTX (+0,92%) jumped to an all-time high with a 4.9 percent gain. As hoped, the engine manufacturer raised its annual profit forecast slightly to over 1 billion euros.

The chip supplier ASML $ASML (+5,94%) is taking a more cautious view of 2025 after a disappointing order intake. The company announced on Tuesday that net sales are likely to be between 30 and 35 billion euros. ASML had previously expected 30 to 40 billion euros. Analysts previously expected an average of 36 billion euros. The gross margin is now expected to be 51 to 53 percent, compared to 54 to 56 percent previously. Market expectations had previously been just under 54 percent.

The shares of the sporting goods manufacturers Adidas $ADS (+0,67%) and Puma $PUM (-0,01%) posted above-average gains on Tuesday. Stock expert Frederik Altmann from Alpha Wertpapierhandel saw several reasons for this, even though "there is no solid news on the day". Strong quarterly reports are expected from both companies. In addition, both stocks are "China plays". The hope that the announced economic stimuli could rekindle consumer sentiment in China is also driving these two stocks. While Adidas rose by 1.4 percent to 239.90 euros in the Dax, Puma rose by 3.1 percent to 37.13 euros in the MDax. With a view to the upcoming quarterly figures, there was a positive commentary on Puma from Deutsche Bank in addition to an outlook from Metzler Bank. The bank reiterated its buy recommendation and expects the figures expected on November 6 to be a price driver. Adidas plans to report on the past quarter on October 29 - and could also surprise positively, as Warburg Research expects.

LVMH $MC (+2,16%) recorded a 4.4% drop in sales to 19.08 billion euros in the third quarter, which fell short of analysts' expectations. The shares of the luxury goods group fell by around six percent in after-hours trading. Luxury goods stocks such as Hermes, LVMH and Kering record losses of up to 3.5% in the EuroStoxx 50 due to concerns about the Chinese market. Richemont and Swatch in Zurich also lose 3.1% and 1.4% respectively.

The shares of Ericsson $ERIC B (+1,31%) rose significantly in early trading on Tuesday. The shares of the Swedish network equipment provider recently gained 8.5%. The stock thus continued the upward trend of the previous months at an accelerated pace. Just under a year ago, Ericsson achieved a technical turnaround, as a result of which the share price has almost doubled to date. In an initial assessment, analysts at Goldman Sachs spoke of slightly better than expected figures in the third quarter, but of a cautious outlook for the fourth quarter. The analysts at JPMorgan identified as a positive aspect that the better than expected figures were primarily due to the favorable shift in the composition of sales towards the USA. Another positive aspect was the improved free cash flow, which had increased further

Wednesday: Stock market dates, economic data, quarterly figures

Quarterly figures / company dates USA / Asia

12:45 U.S. Bancorp quarterly figures

13:30 Morgan Stanley | Abbott Labs quarterly figures

22:10 Alcoa quarterly figures

Quarterly figures / Company dates Europe

07:15 ASML quarterly figures | Just Eat Takeaway Trading Update 3Q

10:00 Swiss Re: Industry meeting in Baden-Baden (Call 10 a.m.)

No time specified: British American Tobacco Capital Markets Day

Economic data

• 08:00 UK: Consumer Prices September | Producer Prices September (Output) FORECAST: -0.3% yoy/-0.6% yoy previous: -0.4% yoy/+0.2% yoy
• 14:30 US: Import and export prices September import prices FORECAST: -0.3% yoy previous: -0.3% yoy

02.10.2024

Middle East escalation drives oil and armaments, airlines weak + Boeing considers billion-euro capital increase

Oil stocks benefited from the news of a possible conflagration in the oil-rich Middle East, as this is associated with the risk of a shortage of the raw material. Chevron $CVX (+0,82%) , Exxonmobil $XOM (-0,38%) and ConocoPhillips $COP (+0,48%) gained up to 2.4 percent in New York. In Europe Totalenergies $TTE (+1,28%) and Eni $ENI (+1,64%) rose by up to 1.4 percent. In times of war, it is also not unusual for arms manufacturers to see share price gains. In the USA, for example Lockheed Martin $LMT (-2,97%) and RTX $RTX (-3,19%) recorded gains of around 2.7 percent in some cases, while in Europe Rheinmetall $RHM (-0,23%) was particularly popular in Europe, with a rise of more than 5 percent. BAE Systems $BA. (-2,66%) were 3 percent higher.

The situation was different for shares in tourism groups and airlines. For the latter, the risks of higher kerosene prices are increasing. Some travel destinations may also be canceled for the time being and the risk of terrorist attacks is increasing. Investors in Tui $TUI1 (+1,09%) saw their share price fall by 2.5 percent. For the share price of Lufthansa $LHA (+1,15%) fell by more than 2 percent. IAG $IAG (+1,86%) lost 3.9 percent. Shares in US airlines such as American, Delta and United Airlines fell by up to 2.4 percent.

The US aircraft manufacturer Boeing $BA (-0,02%) is considering a capital increase in the double-digit billion range in its ongoing crisis, according to insiders. The company is considering issuing new shares worth at least 10 billion US dollars (just under 9 billion euros), the Bloomberg news agency reported on Tuesday, citing people familiar with the matter. The fresh money from shareholders is intended to fill the manufacturer's coffers, which are becoming ever emptier as a result of years of ongoing crisis with flight bans and production restrictions as well as the recent strike by tens of thousands of employees. A Boeing spokesperson declined to comment. According to insiders, it is likely to be at least a month before Boeing gets serious about such a capital increase

Economic data, quarterly figures

Stock market holiday in China

ex-dividend of individual stocks

Cisco Systems USD 0.40

Quarterly figures / company dates Europe

07:00 Grenke new business 3Q

09:00 Gea Group Capital Markets Day

No time specified: Totalenergies Investor Day - 2024 Strategy & Outlook

Economic data

• 11:00 EU: Labor market data August Eurozone Unemployment rate Forecast: 6.4% Previous: 6.4%
• 14:15 US: ADP Labor Market Report September Private Sector Employment PROGNOSE: +128,000 jobs previous: +99,000 jobs

01.10.2024

VW issues another profit warning + Fresenius relies on organic growth + Current share price targets

The renewed VW profit warning $VOW (+0,64%) pushed the shares down by 2.0 percent. Volkswagen is facing major challenges, including restructuring measures and margin pressure in both Europe and China, Metzler analysts noted. They also see the possibility of a considerable dividend cut. In the wake of the Volkswagen profit warning, major shareholder Porsche SE also had to withdraw its outlook for the year as a whole. The share lost 2.9 percent, Porsche AG $P911 (+1,18%) fell by 4.3 percent, Mercedes-Benz $MBG (+1,93%) and BMW $BMW (+2,13%) lost 2.4 percent each.

The CEO of the healthcare group Fresenius SE $FRE (+0,38%) Michael Sen, is focusing primarily on organic growth for the future. Sen did not rule out takeovers of competitors and start-ups in principle. "However, we can grow very well organically with our current portfolio - in other words, without investing a lot of capital. Because we are simultaneously deleveraging," said Sen in an interview with the Frankfurter Allgemeine Zeitung. Fresenius has not seen the organic growth rates in sales that it has seen in the last one and a half years, almost two years.

BARCLAYS RAISES TARGET FOR LUFTHANSA $LHA (+1,15%) TO EUR 9.50 (7.50) - 'OVERWEIGHT'

JPMORGAN CUTS MUNICH RE $MUV2 (+0,75%) TO 'NEUTRAL' (OVERWEIGHT) - TARGET 520 EUR

Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Fortum EUR 0.57

Telephone L.M.Ericsson (B) SEK 1.35

Air Products & Chemicals USD 1.77

State Street 0.76 USD

Quarterly figures / company dates USA / Asia

22:15 Nike Quarterly figures

Quarterly figures / company dates Europe

13:00 Traton Capital Markets Day | KPN Extraordinary General Meeting

19:00 Nokia Extraordinary General Meeting

No time specified: Biontech Innovation Series: AI Day

Stock exchange holiday in Hong Kong, China and South Korea

Economic data

• 09:45 IT: Purchasing Managers' Index/PMI manufacturing September FORECAST: 49.0 previous: 49.4
• 09:50 FR: Purchasing Managers' Index/PMI Manufacturing (2nd release) September FORECAST: 44.0 1st release: 44.0 PREV: 43.9
• 09:55 DE: Purchasing Managers' Index/PMI Manufacturing (2nd release) September FORECAST: 40.3 1st release: 40.3 previous: 42.4
• 10:00 EU: Purchasing Managers' Index/PMI manufacturing Eurozone (2nd release) September FORECAST: 44.8 1st release: 44.8 Previous: 45.8
• 10:30 UK: Purchasing Managers' Index/PMI Manufacturing (2nd release) September FORECAST: 51.5 1st release: 51.5 previous: 52.5
• 11:00 EU: Euro-zone Consumer Prices (flash estimate) September Euro-zone PROGNOSE: 0.0%gg month/+1.8% yoy previous: +0.1%gg month/+2.2% yoy Core (excl. energy, food, alcohol, tobacco) PROGNOSE: +0.2%gg month/+2.8% yoy previous: +0.3%gg month/+2.8% yoy
• 15:45 US: Purchasing Managers' Index/PMI manufacturing (2nd release) September PROGNOSIS: n/a 1st release: 47.0 previous: 47.9
• 16:00 US: Construction Spending August PROGNOSE: +0.2% yoy previous: -0.3% yoy | ISM Manufacturing Index September FORECAST: 47.2 points previous: 47.2 points

27.08.2024

Vonovia sells its nursing homes + Lufthansa - new strikes weigh on share price + Stock market currently in "wait and see" mode

Not much is likely to happen on the German stock market on the second trading day of the week either. Stagnation at a high level is the order of the day on Tuesday morning after the past three-week rally. This had taken the Dax close to its record high in mid-May. The current motto on the stock markets is 'wait and see'," wrote analyst Thomas Altmann from QC Partners. The stock market turnover of the 40 Dax stocks was lower the day before than it usually is around the turn of the year or on public holidays in the USA. "This shows just how great the fear of positioning oneself on the wrong side is at the moment," is the market expert's assessment. Investors are primarily waiting for quarterly figures from the chip company Nvidia $NVDA (+1,46%) in the middle of the week. The results of the specialist for computer chips for AI applications will send a signal to the entire industry.

On the winners' side at the top of yesterday's trading day were Vonovia $VNA (+1,79%) , with an increase of 3.7 percent. The real estate group wants to sell its nursing homes to financial investors. LEG Immobilien rose by 1.8 percent and TAG Immobilien by 1.7 percent in the wake of the sale. The sector is naturally benefiting particularly strongly from the prospect of falling interest rates.

A somewhat negative impact on sentiment at Lufthansa $LHA (+1,15%) traders saw the strike announcement at its vacation airline subsidiary Lufthansa Discover as somewhat negative for sentiment at Lufthansa. Pilots and flight attendants intend to strike there from Tuesday to Friday, complaining about the lack of collective agreements. Lufthansa shares fell 0.4 percent on yesterday's trading day. However, traders also pointed out that the crane share has already lost a lot this year. After trading at over 8 euros in February, the share price now stands at just under 5.70 euros.

Tuesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Sodexo EUR 6.24

Wolters Kluwer EUR 0.83

Yum Brands USD 0.67

Quarterly figures / company dates USA / Asia

/

Quarterly figures / Company dates Europe

07:30 Dermapharm | Branicks Group half-year figures

10:00 Morphosys AGM

economic data

• 08:00 DE: GDP (2nd release) 2Q calendar and seasonally adjusted yoy FORECAST: -0.1% yoy 1st release: -0.1% yoy 1st quarter: +0.2% yoy calendar-adjusted yoy FORECAST: -0.1% yoy 1st release: -0.1% yoy 1st quarter: -0.1% yoy
• 08:00 DE: GfK consumer climate indicator August FORECAST: -18.4 points previously: -18.4 points
• 15:00 US: FHFA house price index 6/24
• 16:00 US: Consumer Confidence Index August FORECAST: 100.5 previous: 100.3 | Richmond Fed Producer Index 8/24

Earnings: Lufthansa $LHA (+1,15%) with halved profit. Share nevertheless stable.

https://www.handelsblatt.com/unternehmen/dienstleister/airlines-lufthansa-halbiert-im-fruehjahr-den-gewinn-nahezu/100054837.html

+++ Earnings summary this morning, 31.07. +++

Adidas $ADS (+0,67%) achieved sales of €5.8 billion in the second quarter (previous year: €5.3 billion), EBIT of €346 million (previous year: €176 million) and net profit from continuing operations of €211 million (previous year: €96 million).

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KRONES $KRN (+0,95%) achieves revenue of €1.31 billion in Q2 (previous year: +16.7%, analyst forecast: €1.295 billion); EBITDA of €130.8 million (previous year: +22.8%, forecast: €130 million) and net profit of €69.2 million (previous year: +19.5%). Outlook for 2024 confirmed.

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Auto1 Group $AG1 (+2,87%) achieved sales of €1.52 billion in the second quarter (previous year: €1.34 billion, analyst forecast: €1.45 billion), sales of 166,292 vehicles (previous year: €141,682 vehicles); gross profit of €173.3 million (previous year: €127.8 million) and EBITDA (adjusted) of €20.7 million (previous year: -€14.8 million, forecast: €9.7 million).

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TEAMVIEWER $TMV (+1,71%) achieved revenue of €164.1 million in the second quarter (previous year: €154.2 million, forecast: €163.3 million), EBITDA (adjusted) of €67.5 million (previous year: €63.8 million, forecast: €64.3 million) and net profit of €26.5 million (previous year: €34.0 million). Outlook for 2024 confirmed.

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Fresenius $FRE (+0,38%) achieved adjusted sales of €5.41 billion (previous year: €5.1 billion, forecast: €5.27 billion), EBIT (adjusted) of €660 million (previous year: €571 million, forecast: €626 million) and adjusted net income after minority interests of €457 million (previous year: €393 million, forecast: €404 million) in the second quarter. Outlook confirmed.

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Siemens Healthineers $SHL (+0,63%) achieved sales of €5.4 billion in the third quarter (previous year: €5.2 billion, forecast: €5.5 billion), EBIT (adjusted) of €825 million (previous year: €758 million, forecast: €856 million) and net profit of €472 million (previous year: €451 million). Outlook confirmed.

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Nemetschek $NEM (-0,44%) confirms key figures for Q2 with revenue of €227.7m, EBITDA of €61.4m and outlook for 2024.

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Lufthansa $LHA (+1,15%) achieves revenue of €10.01bn (previous year: €9.38bn), EBIT (adjusted) of €686m (previous year: €1.1bn) and net profit of €469m (previous year: €881m) in Q2. Outlook confirmed on July 12.

-

KION $KGX (-0,19%) achieved revenue of €2.9 billion in the second quarter (previous year: €2.8 billion, forecast: €2.9 billion), EBIT (adjusted) of €220.3 million (previous year: €192.3 million, forecast: €218 million) and a net profit of €70.7 million (previous year: €72.8 million).

Lufthansa
$LHA (+1,15%) demands compensation from climate activists.

On Thursday, members of the "Last Generation" group paralyzed operations at Frankfurt Airport, leading to hundreds of flight cancellations.

Lufthansa now wants compensation which, according to a spokesperson, will be significantly higher than for previous actions.

For similar actions at other airports, Lufthansa had already paid 740.000 euros in compensation for similar actions at other airports.

Last Thursday in Frankfurt 270 of 1400 flights were canceled in Frankfurt.