Jenoptik Azione Forum

Summary Earnings, 12.11. 👇🏼

$VOD (-7%) | Vodafone Q2/H1 24 Earnings

Q2 Service Rev EU7.64B (est EU7.62B)

H1 Oper Profit EU2.38B (est EU2.41B)

Still Sees FY Adj Free Cash Flow At Least EU2.4B

FY25 Guidance Reiterated

$AZN (+0,29%) | AstraZeneca Q3 24 Earnings

Core EPS $2.08 (est $2.06)

Rev. $13.57B (est $13.08B)

Raises FY Core Eps View To High Teens Percentage Growth

To Invest $3.5B In R&D And Manufacturing In The US

Upgrades FY Guidance

$9434 (+1,94%) | SoftBank Q2/H1 Earnings 2024

Q2 SVF Profit 313.14B Yen (est 83.11B Yen)

Q2 Net Income 1.181 Yen (est 294.83B Yen)

Q2 Dividend 22.00 Yen

H1 Net Income 1,011 Yen

H1 Net Sales 3,471 Yen (est 3.42T Yen)

Still FY Dividend 44.00 Yen (est 44.00 Yen)

$BAYN (-13,03%) | Bayer Q3 24 Earnings

Sales EU9.97B (est EU10.15B)

Core EPS EUO.24 (est EU0.31)

Adj. EBITDA EU1.25B (est EU1.33B)

Sees FY Adj. EBITDA EU10.4B To EU10.7B (est EU10.35B)

Now Sees FY Pharma Outlook At Upper End Of Range

Bayer Confirms Sales Growth Outlook

$IFNNY (+2,66%) | Infineon Q4 24 Earnings

Rev, EU3.92B (est EU3.98B)

Total Segment Profit EU832M (est EU792.5M)

Infineon Sees Q1 Revenue About EU3.2B (est EU3.77B)

Sees Q1 Rev. About EU3.2B (est EU3.77B)

2025 Revenue Is Expected To 'Slightly' Decline

$BNR (-7,77%) | Brenntag Q3 24 Earnings:

- Oper EBITA EU281.1M (est EU295.8M)

- Still Sees FY Oper EBITA EU1.1B To EU1.2B

- Cites Challenging Geopolitical, Macroeconomic Operating Conditions

$VBK (-14,54%) | Verbio recorded an operating loss of 6.6 million euros in the first quarter of the financial year due to a weak biofuel market. Group CEO Claus Sauter expects significant increases in earnings in the second half of the year due to possible new legal regulations.

$JUN3 (-0,23%) | Jungheinrich faces a subdued business outlook due to the weak economy and expects sales and incoming orders to be at the lower end of the forecast ranges. In the third quarter, however, the company recorded a 6.5 per cent increase in incoming orders to 1.3 billion euros, while sales declined slightly.

$JEN (-4,97%) | Jenoptik increases its operating result (EBITDA) by 14.9% to 59.1 million euros in the third quarter and confirms its annual targets for 2024 despite an uncertain market environment. Revenue grows by 4.0% to 274.3 million euros, but falls short of expectations

$SIX2 (-8,14%) | Sixt is again lowering its profit forecast for the full year to a pre-tax profit of around EUR 340 million, while analysts had expected an average of EUR 352 million. Despite a ten percent increase in revenue in the third quarter, the negative impact of falling residual values is expected to remain high.

$SFQ (-8,94%) | SAF-Holland is lowering its sales expectations for 2024 from EUR 2 billion to EUR 1.95 billion, but is maintaining its target margin of around ten percent for adjusted EBIT. In the third quarter, the company recorded a decline in sales of over 20 percent and a 63 percent drop in net profit to EUR 9.3 million.

$UTDI (-16,42%) | United Internet reports a slight decline in EBITDA to EUR 978 million in the first nine months due to increased expenses for the 1&1 mobile network. Sales of the 1&1 mobile subsidiary rose by 2.5 percent, but EBITDA fell by nine percent to EUR 463 million, while the sales forecast was lowered.

$IOS (-2,52%) | Ionos increases sales in the first nine months by almost eight percent to over 1.1 billion euros and adjusted EBITDA by nine percent to 334.5 million euros. The company confirms its annual targets and is optimistic about the remaining months of the financial year.

$KWS (+1,01%) | KWS Saat increases net sales by 18 percent to 248.6 million euros in the first quarter and reduces its loss before taxes by 19.4 percent to 37.4 million euros. The company confirms its guidance for fiscal 2024/25 and records extraordinary income of EUR110 million from the sale of its South American corn and sorghum business.

Analyst updates, 04.11.

⬆️⬆️⬆️

- BERENBERG raises the target price for SHELL from GBP 31 to GBP 31.50. Buy. | $SHEL (-0,63%)

- BERENBERG raises the price target for MTU from EUR 270 to EUR 350. Buy. | $MTX (-1,71%)

- BRYAN GARNIER raises the price target for HELLOFRESH from EUR 8.50 to EUR 10. Neutral. | $HFG (+0,3%)

- DEUTSCHE BANK RESEARCH raises the price target for SCOUT24 from EUR 84 to EUR 92. Buy. | $G24 (-0,17%)

- DEUTSCHE BANK RESEARCH raises the price target for SANTANDER from EUR 5.75 to EUR 5.80. Buy. | $SAN (-1,9%)

- RBC raises the target price for NEXT PLC from GBP 105 to GBP 108. Sector Perform. | $NXT

- UBS raises the price target for CHEVRON from USD 192 to USD 194. Buy. | $CVX (-0,37%)

⬇️⬇️⬇️

- UBS lowers the price target for BERKSHIRE HATHAWAY from USD 806.724 to USD 796.021. Buy. | $BRK.B (+0,21%)

- CITIGROUP lowers the price target for STMICRO from EUR 36 to EUR 30. Buy. | $STMPA (+1,72%)

- JPMORGAN lowers the price target for ASM INTERNATIONAL from EUR 806 to EUR 716. Overweight. | $ASM (+0,68%)

- RBC downgrades CARL ZEISS MEDITEC from Outperform to Sector-Perform and lowers target price from EUR 85 to EUR 70. | $AFX (-2,89%)

- WARBURG RESEARCH lowers the price target for KION from EUR 65 to EUR 58. Buy. | $KGX (-3,94%)

- ODDO BHF downgrades JENOPTIK from Neutral to Outperform and lowers target price from EUR 32 to EUR 30. | $JEN (-4,97%)

- ODDO BHF lowers the price target for AIXTRON from EUR 22 to EUR 21. Outperform. | $AIXA (-1,56%)

- ODDO BHF lowers the price target for FIELMANN from EUR 45.70 to EUR 44.60. Neutral. | $FIE (-1,97%)

- HAUCK AUFHÄUSER IB lowers the price target for KNORR-BREMSE from 65.50 EUR to 63.60 EUR. Sell. | $KBX (-3,12%)

- GOLDMAN downgrades STANDARD CHARTERED to Neutral. Target price GBP 9.37. | $STAN (-2,34%)

- GOLDMAN lowers the price target for GENERALI from EUR 31.50 to EUR 30.50. Buy. | $G (-0,53%)

- GOLDMAN lowers the price target for PHILIPS from EUR 35 to EUR 32. Buy. | $PHIA (-0,78%)

As already announced in one of my last posts, here is the follow-up purchase of $11B (-1,36%)

We have now reached a relatively good bottom. Should we fall again towards €55, I would consider buying more. In addition to my own analysis (see my profile), the decisive factor for the purchase at this point in time was that 2 insiders have now struck in the sell-off. The two supervisory board members Piotr Wierzbicki and Marcin Kuciapski have generously dipped into their own pockets. Marcin in particular has been buying steadily over the last few years and has now made his biggest purchase to date.

However, I assume that the recovery could continue until the middle of next year. Then I will have to judge whether my assessments were correct.

Further additional purchases in the current market environment include:

$MSFT (+1,59%)

$EW (-1,23%)

$OKTA (+0,11%)

$JEN (-4,97%)

$V (-0,03%)

$VRTX (-1,85%)

09.08.2024

Recovery should continue + Infineon makes good progress + Eli Lilly takes off + Bechtle earns less + LEG Immobilien makes another loss + Jenoptik increases revenue and profit

Rising prices on the stock markets in the USA and China are also likely to have an impact on the stock markets in Europe on Friday and thus on the DAX will be supported. At a price of 17,676 points, the broker IG assessed the leading German index two hours before the start of Xetra trading with hardly any percentage change near the previous day's close. Recession worries in the USA had eased somewhat following encouraging data from the job market, the market said. In China, meanwhile, higher inflation boosted share prices on hopes of a recovery in domestic demand.

The shares of Eli Lilly $LLY (-1,49%) rose 10% after the drugmaker raised its full-year profit forecast and sales of its popular weight-loss drug Zepbound topped 1 billion dollars for the first time in a quarter.

The German semiconductor manufacturer Infineon $IFX (+2,82%) is considering takeovers despite the current tech crisis and wants to continue building its planned factories. "We are always looking at the market, but it has to fit strategically, financially and culturally. There are always places where we could complement each other, especially in the USA and Europe," Infineon CEO Jochen Hanebeck told the Süddeutsche Zeitung. "We could afford acquisitions worth a few billion euros," he added. According to Hanebeck, construction of the new Infineon factory in Dresden is progressing well. The machines should arrive from September next year, with production starting in 2026. "So we are right on schedule," said Hanebeck. This also applies to the new Dresden factory of the Taiwanese group TSMC, in which Infineon holds a 10 percent stake. (Süddeutsche Zeitung)

The IT service provider Bechtle $BC8 (-0,71%) made less profit in the second quarter due to the tense economic situation. Earnings after taxes fell by almost ten percent to 59.7 million euros compared to the same period last year, as the MDax company announced in Neckarsulm on Friday. There was a lack of demand from SMEs throughout the quarter and particularly in June, said CEO Thomas Olemotz. "In addition, public-sector customers in Germany were still unusually cautious as a result of the lengthy budget debate," he added. Due to the subdued development, the manager had already cut his forecast for the year in mid-July with preliminary quarterly figures and expects revenue, pre-tax earnings and pre-tax margin to be at the previous year's level. However, he was optimistic for the medium and long term, saying that Bechtle should benefit from a greater willingness to invest in IT as the general economic conditions improve. Revenue fell by 2.3 percent to 1.47 billion euros in the second quarter. Pre-tax profit fell by 10.6 percent to EUR 83.8 million and was therefore slightly higher than forecast in the key figures. At 5.7 percent, the margin was also slightly higher than the preliminary figure.

The real estate group LEG $LEG (-1,54%) once again made a loss in the second quarter. Due to a slight devaluation of the real estate portfolio, the bottom line was a loss of a good 143 million euros, as the MDax group announced in Düsseldorf on Friday. A year earlier, a loss in the billions had been recorded. The company reported that the value of its real estate portfolio had fallen by 1.6 percent. Cumulatively, LEG's portfolio has lost almost 17 percent in value since its peak in mid-2022. The real estate group is more confident about its operating profit for the year as a whole. Meanwhile, LEG continues to benefit from high demand for residential space in metropolitan areas. Net cold rent increased by 2.8 percent to around 214 million euros in the second quarter to the end of June. Like-for-like rental income rose by 2.9 percent to EUR 6.72 per square meter. By contrast, the company's key earnings indicator AFFO (cash flow from operating activities adjusted for capitalized investments) fell by 4.1% to EUR 61.1 million. In the previous year, the company had benefited from the forward sale of green electricity. Management raised its operating profit forecast for the current year. LEG is now aiming for an AFFO of EUR 190 to 210 million in 2024 - that is EUR 10 million more than recently targeted.

The technology group Jenoptik $JEN (-4,97%) earned more in the second quarter thanks to higher demand in Europe. The company performed better than experts had expected. "Demand improved in the second quarter after a subdued start to the year," said CEO Stefan Traeger in a statement on Friday. The momentum in demand should continue in the second half of the year thanks to a strong positioning in the core markets and a strong customer base. He confirmed the targets for the year as a whole. In the three months to the end of June, earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 3.5 percent year-on-year to 56.9 million euros, as the company announced in Jena. The bottom line was a profit of 24.8 million euros after 20.9 million euros in the same period last year. The Thuringian company's sales climbed by 5.1 percent to 284.7 million euros in the reporting period. In 2024, the Jenoptik Executive Board led by CEO Stefan Traeger expects further growth due to good business with the semiconductor industry. In view of the order backlog, sales are expected to increase by a mid-single-digit percentage. Of this, 19.5 to 20 percent is expected to remain as an operating result (EBITDA). This includes an expected charge of around 0.5 percentage points for the relocation to the new semiconductor site in Dresden. In the previous year, the margin amounted to 19.7 percent.

Friday: Stock market dates, economic data, quarterly figures

Singapore stock exchange holiday

ex-dividend of individual stocks

USU Software EUR 0.55

Hyrican Information Systems EUR 0.04

Mühlbauer 1.00 EUR

Wurmtal Beteiligungen 0.35 EUR

Ahold Delhaize EUR 0.50

Visa (A) 0.52 USD

IBM USD 1.67

Quarterly figures / company dates Europe

07:00 Lanxess | Stratec | Lanxess | LEG Immobilien Quarterly figures

07:30 Bechtle half-year figures

07:35 Jenoptik | Assicurazioni Generali Half-year figures

07:45 Jungheinrich | Eckert & Ziegler Quarterly figures

08:00 RTL | Hawesko Half-year figures

09:00 EnBW half-year figures | RTL PK

10:00 EnBW | Lanxess PK

11:00 Jenoptik PK

13:00 EnBW | Lanxess Analysts' Conference

Untimed: Thyssenkrupp-Stahl: Supervisory Board discusses realignment

Economic data

• 07:30 FR: Unemployment rate 2Q PROGNOSE: 7.5% previous: 7.5%
• 08:00 DE: Consumer prices (final) July PROGNOSE: +0.3% yoy/+2.3% yoy Preliminary: +0.3% yoy/+2.3% yoy Previous: +0.1% yoy/+2.2% yoy HICP PROGNOSE: +0.5% yoy/+2.6% yoy Preliminary: +0.5% yoy/+2.6% yoy Previous: +0.2% yoy/+2.5% yoy

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 (-2,22%)
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 (+0,08%)
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 (-0,53%)
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 (-4,97%)
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 (-0,37%)
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
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
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 (-2,6%)
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 (-4,67%)
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 (-0,68%)
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 (-1,51%)
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 (-0,29%)
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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𝗠𝗮𝗿𝗸𝗲𝘁 𝗡𝗲𝘄𝘀 🗞️

𝗝𝗲𝗻𝗼𝗽𝘁𝗶𝗸 𝗮𝘂𝘀 𝗝𝗲𝗻𝗮 / 𝗩𝗲𝗿𝘀𝗶𝗰𝗵𝗲𝗿𝘂𝗻𝗴𝘀𝗸𝗮𝘂𝗳 / 𝗞𝗿𝘆𝗽𝘁𝗼-𝗥𝗲𝗴𝘂𝗹𝗶𝗲𝗿𝘂𝗻𝗴

𝗘𝘅-𝗗𝗮𝘁𝗲𝘀 📅

As of today, among others, Imperial Brands ($IMB (-1,04%)) and Vodafone ($VOD (-7%)) are trading ex-dividend.

𝗤𝘂𝗮𝗿𝘁𝗮𝗹𝘀𝘇𝗮𝗵𝗹𝗲𝗻 📈

Today, among others, Gigaset ($GGS (+0%)), Inter RAO UES ($IRAO), Rémy Cointreau ($RCO (-1,75%)) and Vapiano ($VAO) present their figures.

𝗠𝗮𝗿𝗸𝗲𝘁𝘀 🏛️

Jenoptik ($JEN (-4,97%)) - Jena-based Jenoptik is divesting its military division Vincorion. A fund of the financial investor Star Capital Partnership is to buy the division, which is valued at around 130 million euros. The deal is expected to close in the second half of 2022. Jenoptik had already wanted to sell the division, which manufactures mechatronic products for the security and defense sector, aviation, and the rail and transportation industries in particular, but the process was halted at the beginning of last year. The share gained 9.54 percent in the early morning and was temporarily quoted at 35.71 euros.

Generali ($G (-0,53%)) - Italian insurer Generali is negotiating with major French bank Credit Agricole ($ACA (-1,35%)) about the sale of its insurance business. The deal involves the La Medicale division and a contract portfolio of the Credit Agricole subsidiary Predica. The deal is expected to be completed in the middle of next year. La Mediale had annual premium income of 552 million euros last year. Generali shares were virtually unimpressed and Credit Agricole shares fell slightly.

𝗖𝗿𝘆𝗽𝘁𝗼 💎

Former U.S. Secretary of State Hillary Clinton warns that cryptocurrency markets and social media platforms could destabilize the U.S. dollar as a reserve currency if they are not regulated. This is to counter possible technological manipulation by Russia, China or other countries. Notably, North Korea has used cryptocurrencies to fund its own nuclear weapons program. The Iranian government also publicly spoke out in favor of cryptocurrencies, saying that sanctions could be circumvented in this way.

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