Allianz

Analyst updates, 18.11.

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- MORGAN STANLEY raises the price target for SIEMENS from EUR 212 to EUR 220. Overweight. $SIE (-0,41%)

- HSBC raises the target price for RHEINMETALL from EUR 660 to EUR 700. Buy. $RHM (+1,35%)

- HSBC raises the target price for DEUTSCHE TELEKOM from EUR 33.50 to EUR 34. Buy. $DTE (+0,38%)

- DEUTSCHE BANK RESEARCH raises the price target for ALLIANZ SE from EUR 275 to EUR 310. Buy. $ALV (+1,84%)

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS ENERGY from EUR 52 to EUR 57. Buy. $ENR (+3,25%)

- UBS upgrades AIR PRODUCTS & CHEMICALS from Neutral to Buy and raises target price from USD 338 to USD 375. $APD (+1,36%)

- ODDO BHF raises the price target for SWISS RE from CHF 127 to CHF 138. Outperform. $SREN (+1,31%)

- BARCLAYS raises the price target for MUNICH RE from EUR 523 to EUR 551. Overweight. $MUV2 (+1,94%)

- BARCLAYS raises the target price for HANNOVER RÜCK from EUR 206 to EUR 217. Underweight. $HNR1 (+2,21%)

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- MORGAN STANLEY lowers the target price for BAYER from EUR 35 to EUR 30. Equal-Weight. $BAYN (-0,14%)

- KEPLER CHEUVREUX lowers the target price for SIEMENS HEALTHINEERS from EUR 60.50 to EUR 59. Buy. $SHL (-0,87%)

- KEPLER CHEUVREUX downgrades KNAUS TABBERT to Hold. Target price EUR 15. $KTA (-4,38%)

- DEUTSCHE BANK RESEARCH lowers the price target for SGL CARBON from EUR 10.60 to EUR 9. Buy. $SGL (-2%)

- DEUTSCHE BANK RESEARCH lowers the price target for PVA TEPLA from EUR 18 to EUR 14.50. Hold. $TPE (-1%)

- DEUTSCHE BANK RESEARCH lowers the price target for KERING from EUR 340 to EUR 320. Buy. $KER (-2,7%)

- ODDO BHF downgrades BECHTLE to Neutral. Target price 37 EUR. $BC8 (-0,68%)

- BARCLAYS lowers the price target for UNITED INTERNET from EUR 27 to EUR 23. Equal-Weight. $UTDI (-0,8%)

- BARCLAYS lowers the price target for 1&1 from EUR 19 to EUR 17. Equal-Weight. $1U1 (+1,09%)

- BERENBERG lowers the target price for AIR LIQUIDE from EUR 195 to EUR 190. Buy. $AI (+0,64%)

- HSBC downgrades PORSCHE SE from Hold to Reduce and lowers target price from EUR 36 to EUR 26. $PAH3 (-0,76%)

Allianz Q3 2024 $ALV (+1,84%)

Financial performance:

• Total business volume: Increased by 17.3% to EUR 42.8 billion in Q3 2024 (3Q 2024) and by 9.6% to EUR 133.9 billion in the first nine months of 2024 (9M 2024).
• Operating profit: Increased by 13.6% to EUR 3.9 billion in 3Q 2024 and by 7.9% to EUR 11.8 billion in 9M 2024.
• Core net income attributable to shareholders: Increased by 23.0% to EUR 2.5 billion in 3Q 2024 and by 12.3% to EUR 7.6 billion in 9M 2024.

Balance sheet overview:

• Shareholders' equity: Was EUR 58.2 billion as at September 30, 2024.
• Solvency II capitalization ratio: Improved to 209% at the end of 3Q 2024.

Income statement details:

• Net result for shareholders: Increased by 16.7% to EUR 7.5 billion in 9M 2024.
• Core earnings per share (EPS): Increased from 16.62 euros in 9M 2023 to 19.11 euros in 9M 2024.

Cash flow overview:

• Operating cash flow: Not explicitly stated in the document provided.

Key figures and profitability metrics:

• Core Return on Equity (ROE): Increased to 17.5% for 9M 2024.
• Combined ratio (property insurance): Improved to 93.0% for 9M 2024.

Segment information:

• Property insurance: Operating profit increased by 36.2% to EUR 2.0 billion in 3Q 2024.
• Life/health insurance: Operating profit increased to 1.4 billion euros in 3Q 2024.
• Asset Management: Operating profit was 782 million euros in 3Q 2024.

Competitive position: Allianz is recognized worldwide as a leading insurance brand and has achieved entry into the top 30 global brands in the current Interbrand ranking.

Outlook and management commentary: Allianz expects operating profit for 2024 to be at the upper end of the target range of 14.8 billion euros, plus/minus 1 billion euros.

Risks and opportunities:

• Risks: Natural disasters and negative developments on the capital markets represent potential risks.
• Opportunities: High brand awareness and strategic positioning in the insurance market offer significant growth opportunities.

Summary of results:

Positive aspects:

• Growth in operating profit: Increased by 13.6% in 3Q 2024.
• Strong Solvency II ratio: Improved to 209%.
• Brand awareness: Allianz entered the top 30 global brands.
• Property insurance performance: Operating profit increased by 36.2%.
• Improvement in core ROE: Increased to 17.5%.

Negative aspects:

• Exchange rate effects: Negative impact on financial results.
• Losses from natural catastrophes: Remained at a high level.
• Operating profit in asset management: Slight decrease of 0.8% in 3Q 2024.
• Cost ratio in property insurance: Although improved, this remains an area of focus.
• Challenges in credit insurance: Lower insured volumes in connection with economic developments.

Earnings summary, 13.11. 👇🏼

Allianz Q3 24 Earnings: $ALV (+1,84%)

- Oper Profit EU3.94B (est EU3.76B)

- Rev EU42.8B, With Records of 14% Op Profit Growth (Q/Q)

- Sees FY Oper Profit In In Upper Half Of EU13.*B -EU15.8B

Porsche SE
$P911 (-2,39%) reports a drop in profit to 2.5 billion euros after tax in the first nine months, compared with 3.8 billion euros in the previous year, and confirms its annual forecasts for profit and net debt. Despite the challenges in the automotive industry, the holding company is attempting to further diversify its investments and has reduced its net debt to 5.1 billion euros.

Renk
$DE000RENK730 (+0,44%) increased sales by over 19 percent to 778 million euros in the first nine months, driven by demand in the maintenance business and Vehicle Mobility Solutions. Despite an 8.1 percent increase in adjusted EBIT, the margin falls and net profit drops to EUR 7 million due to higher taxes, while the annual targets are confirmed.

The RTL Group $RTLL (-0,72%) expects consolidated revenues to increase to EUR 6.3 billion in 2024, which is below previous expectations, and anticipates an EBIT at the lower end of the range of EUR 700 to 800 million. Revenue in the third quarter fell by 5.5% to €1.3 billion, while the Group's streaming services recorded 6.5 million subscribers.

Auto1
$AG1 (+5,89%) raises its profit forecast for 2024 to between 72 and 84 million euros after the third quarter exceeded expectations with an operating profit of 34.3 million euros. Vehicle sales increased by 26 percent year-on-year to 176,632 units, while turnover grew by 24 percent to 1.6 billion euros.

Heidelberger Druckmaschinen
$HBGRY achieved a profit of 7 million euros in the second quarter, following a loss in the first quarter. Sales fall by just under seven percent to 512 million euros, while adjusted EBITDA falls to 40 million euros; the annual targets are confirmed.

TAG Immobilien
$TEG (-1,51%) generates a profit of 30 million euros in the first nine months, after a loss of just under 275 million euros in the previous year, and expects a slightly positive operating profit trend for 2024. For the year as a whole, the real estate group expects an operating profit at the upper end of the forecast of EUR 170 to 174 million and further valuation gains in Poland for 2025.

The Deutsche Pfandbriefbank
$PBB (-0,44%) recorded a net profit of 37 million euros in the third quarter, almost five times as much as in the previous year, thanks to lower loan loss provisions. Despite a six percent decline in income, the bank remains behind the previous year with new business of 2.5 billion euros, but sees itself on course for higher profits by 2027.

Ströer
$SAX (-1,17%) recorded an increase in revenue of 2.5% to just under EUR 496 million in the third quarter, while the adjusted operating result rose by 6.1% to almost EUR 157 million. Co-CEO Christian Schmalzl expects high single-digit growth in the out-of-home advertising business for the year as a whole.

13.11.2024

Allianz becomes more optimistic for 2024 + Siemens Energy expects further growth and raises medium-term targets + Shopify benefits from positive revenue forecast for Q4 + Tonies increases revenue by 21% in Q3

The insurance group Allianz $ALV (+1,84%) is becoming more optimistic for the current year thanks to strong business and lower catastrophe losses. The operating profit is now expected to reach 14.8 to 15.8 billion euros and thus the upper half of the previously targeted range, as the Dax group announced in Munich on Wednesday. Thanks to higher premiums, Allianz achieved an operating profit of a good 3.9 billion euros in the third quarter, almost 14 percent more than a year earlier. The bottom line for shareholders was a surplus of just under 2.5 billion euros, 22 percent more than in the same period last year. Allianz had to spend almost 650 million euros on the consequences of natural disasters such as the floods in Eastern Europe and several storms in Europe and the USA. In the previous year, however, natural disasters had cost the insurer more than twice as much.

The energy technology group Siemens Energy $ENR (+3,25%) is entering the new financial year with confidence. The company announced in Munich on Tuesday that sales and operating profitability are set to improve significantly in 2024/25. Comparable sales as at the end of September are expected to increase by eight to ten percent. Christian Bruch's management expects the adjusted operating margin to be between three and five percent. The grid and gas technology businesses and further improvements in the Gamesa wind power business are expected to contribute to this. However, Siemens Energy is again expecting a billion-euro loss for the division. Analysts have so far put the margin at 4.2 percent. In the medium term, Siemens Energy was more optimistic than before and raised its targets for fiscal year 2027/28.

Shopify $SHOP (+3,36%) benefits from positive sales forecast for Q4:

• Shopify's US-listed shares are up 14.2% to $102.79 in pre-market trading.
• Shopify forecasts Q4 revenue growth in the mid to high twentieth percent range, versus analyst estimates of 22.7% - data compiled by LSEG
• The company reported Q3 revenue of $2.16 billion, up 26% year-over-year, beating the estimate of $2.11 billion.
• Gross merchandise volume (GMV), a key metric, rose 24% to $69.72 billion in Q3.
• The stock was up 15.5% year over year by the last close

Tonies $TNIE (+0,28%) is on track to achieve its forecast for the 2024 financial year

• Group sales increased by 20.9% year-on-year to EUR 95.3 million in the third quarter, driven by strong international expansion, resulting in sales growth of 26.2% to EUR 242.1 million in the first nine months
• North America drives the strong momentum of international expansion
• Further expansion of product portfolio with new own franchise and new product category strengthens market leadership through margin improvement and target group expansion
• Appointment of Ginny McCormick as Chief Experience Officer (CXO) and member of the Management Board is another important step on the way to developing Tonies into a unique global brand
• The forecast for the 2024 financial year has been confirmed

Wednesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Cheesecake Factory USD 0.27

Paccar USD 0.30

Quarterly figures / company dates USA / Asia

22:05 Cisco Systems Quarterly figures

Quarterly figures / company dates Europe

07:00 Allianz | RWE | Siemens Energy | Ströer | TAG Immobilien | Deutsche Pfandbriefbank | Heidelberger Druckmaschinen | ABN Amro quarterly figures | Fraport traffic figures

07:30 Telecom Italia | Auto1 | Renk Group | Voestalpine | Alstom quarterly figures

08:00 RTL Group 9 months results | Siemens Energy | Ströer PK

09:30 Deutsche Pfandbriefbank PK

10:00 Porsche Automobil Holding Quarterly Figures | RWE | Heidelberger Druckmaschinen PK

10:30 Siemens Energy Analyst Conference

11:00 TAG Immobilien PK

13:00 RWE Analyst Conference

14:30 TAG Immobilien Analyst Conference

Economic data

• 07:30 FR: Unemployment rate 3Q FORECAST: 7.4% 2nd quarter: 7.3%
• 14:30 DE: German Council of Economic Experts (SVR), Pk on the annual report, Berlin
• 14:30 US: Consumer prices October PROGNOSE: +0.2% yoy/+2.5% yoy previous: +0.2% yoy/+2.4% yoy Core consumer prices PROGNOSE: +0.3% yoy/+3.3% yoy previous: +0.3% yoy/+3.3% yoy
• 14:30 US: Real income October
• 15:30 US: New York Fed President Williams, speech at Academy for Teachers Master Class
• 18:00 US: St. Louis Fed President Musalem, speech at Economic Club of Memphis event

Passed the next thousand faster than expected - 5,000. An update on the portfolio. My 'Dull Seven' - a nice boring 7 positions (2 ETFs and 5 individual shares).

Long-term investment strategy with an investment horizon of another 15-18 years. From then on it would slowly move towards retirement. I have been invested since 02/2023.

The ETFs as my main investment with currently just under 40% and the goal of reaching 50-60% at some point.

• $VWRL (+0,87%) FTSE All-World, which has now replaced the MSCI World, in order to keep the US below 60% in the long term. (savings plan)
• $VUSA (+1,05%) S&P 500 extra to take advantage of slightly higher returns than the All-World. (savings plan)

Plus a handful of individual stocks:

• $MSFT (+0,08%) f long-term blue chip growth with a small dividend. (savings plan)
• $8001 (-0,28%) long-term strong growth and a decent dividend. (savings plan)
• $ALV (+1,84%) as a long-term runner with a decent yield and very good dividend. (savings plan)
• $BA. (+1,77%) (UPDATE) back in since September. (savings plan)
• $PLTR (+0,69%) as a long-term tech bet with +140% so far/since November '23. Additional purchases when opportunities arise.

Where would you be most likely to buy more at the moment?

$KO (+1,89%)

$ALV (+1,84%)

$QCOM (+1,7%)

$SHEL (+1,41%)

$AMZN (-1,7%)

Analyst updates, 29.10. 👇🏼

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• JEFFERIES raises the price target for SAP $SAP (+0,95%) from EUR 230 to EUR 255. Buy.
• DEUTSCHE BANK RESEARCH raises the price target for DEUTSCHE TELEKOM $DTE (+0,38%) from EUR 33 to EUR 39. Buy.
• ODDO BHF raises the target price for ALLIANZ
  SE
  $ALV (+1,84%) from EUR 288 to EUR 324. Outperform.
• ODDO BHF raises the price target for DWS
  $DWS (-0,1%) from EUR 38 to EUR 39. Neutral.
• METZLER raises the price target for LUFTHANSA $LHA (-1,42%) from EUR 5.70 to EUR 6.40. Hold.
• METZLER raises the price target for NEMETSCHEK
  $NEM (-1,17%) from EUR 89 to EUR 91. Hold.
• METZLER raises the price target for FRIEDRICH
  VORWERK $VH2 (-0,98%) from EUR 29.20 to EUR 38. Buy.
• GOLDMAN raises the price target for SYMRISE $SY1 (+0,82%) from EUR 127 to EUR 131. Neutral.

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• BOFA lowers the price target for MUNICH
  RE
  $MUV2 (+1,94%) from EUR 550 to EUR 535. Buy.
• WARBURG RESEARCH lowers the price target for WACKER
  CHEMICALS $WCH (-1,14%) from EUR 136 to EUR 133. Buy.
• WARBURG RESEARCH downgrades STEICO
  $ST5 (-0,52%) from Buy to Hold and lowers target price from EUR 42 to EUR 29.
• METZLER lowers the price target for SALZGITTER $SZG (-1,9%) from EUR 17 to EUR 15.50. Hold.
• DEUTSCHE BANK RESEARCH lowers the price target for SGL
  CARBON $SGL (-2%) from EUR 10.80 to EUR 10.60. Buy.
• LBBW downgrades PHILIPS $PHIA (+0,84%) from Buy to Hold and lowers target price from EUR 30 to EUR 26.
• GOLDMAN downgrades ABB
  $ABBNY (+0,98%) from Buy to Neutral. Target price CHF 52.
• UBS lowers the price target for CARL ZEISS MEDITEC $AFX (-4,37%) from EUR 71 to EUR 65. Neutral.
• JPMORGAN lowers the price target for STMICRO
  $STMPA (+0,58%) from EUR 42 to EUR 35. Overweight.

Share of companies in the development of the DAX

34.8% SAP $SAP (+0,95%)

13.1% Allianz $ALV (+1,84%)

10.9% Munich RE $MUV2 (+1,94%)$MURGY

10.2% Deutsche Telekom $DTE (+0,38%)

7.3% Rheinmetall $RHM (+1,35%)

5.2% Siemens Energy $ENR (+3,25%)

5.1% Adidas $ADS (-1,54%)

3.6% Deutsche Bank $DBK (+0,74%)

9.8% remaining 32 shares together

>> Which ones are you invested in?

Source: HQ Trust Research, as of August 2024

$LYY7 (+0,35%)
$DAX
$GDAXI
$EXS1 (+0,38%)
$EXIC (+0,4%)
#dax
#deutschland

Hello dear community,

I am 21 years old and have been active on the stock market for about a year, sometimes more actively, sometimes more passively, depending on how much money is left over in addition to the savings plan. I follow the classic core satellite strategy with 70% in ETFs and 30% in equities. The aim is to get volume into the portfolio and reach €100,000.

At the moment I'm in training and live at home and can save €450 per month with a savings plan and a little extra from time to time.

At the moment I do it as follows:

220€ in $IWDA (+0,99%)

95€ in $EIMI (+0,35%)

67€ in $MSFT (+0,08%)

67€ in $ALV (+1,84%)

I still have about 2000€ left that I would like to invest, does it make sense with such a sum in relation to the portfolio to invest it all at once or spread over 2/3 months, I just don't have the experience to know.

From next year I'll be studying and won't be able to save as much, so I'm a bit unsure about the strategy. Does it make more sense to switch completely to the 70/30 strategy or to stick with the strategy with my goal in mind?

I am open to tips and suggestions for improvement.

Thank you very much :)

$ALV (+1,84%) Berenberg Bank sees target price of €309 and potential for dividend increase

https://www.wallstreet-online.de/nachricht/18515340-berenberg-analyse-allianz-kraeftige-dividendenerhoehung