DWS Group

Analyst updates, 29.10. 👇🏼

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• JEFFERIES raises the price target for SAP $SAP (+0,06%) from EUR 230 to EUR 255. Buy.
• DEUTSCHE BANK RESEARCH raises the price target for DEUTSCHE TELEKOM $DTE (+0,48%) from EUR 33 to EUR 39. Buy.
• ODDO BHF raises the target price for ALLIANZ
  SE
  $ALV (-0,31%) 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 (-0,43%) from EUR 5.70 to EUR 6.40. Hold.
• METZLER raises the price target for NEMETSCHEK
  $NEM (+0,83%) from EUR 89 to EUR 91. Hold.
• METZLER raises the price target for FRIEDRICH
  VORWERK $VH2 (+0,36%) from EUR 29.20 to EUR 38. Buy.
• GOLDMAN raises the price target for SYMRISE $SY1 (+2,04%) from EUR 127 to EUR 131. Neutral.

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• BOFA lowers the price target for MUNICH
  RE
  $MUV2 (-0,3%) from EUR 550 to EUR 535. Buy.
• WARBURG RESEARCH lowers the price target for WACKER
  CHEMICALS $WCH (-0,75%) from EUR 136 to EUR 133. Buy.
• WARBURG RESEARCH downgrades STEICO
  $ST5 (+0,98%) from Buy to Hold and lowers target price from EUR 42 to EUR 29.
• METZLER lowers the price target for SALZGITTER $SZG (+1,85%) from EUR 17 to EUR 15.50. Hold.
• DEUTSCHE BANK RESEARCH lowers the price target for SGL
  CARBON $SGL (-1,14%) 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 (+0,9%) from Buy to Neutral. Target price CHF 52.
• UBS lowers the price target for CARL ZEISS MEDITEC $AFX (+2,01%) from EUR 71 to EUR 65. Neutral.
• JPMORGAN lowers the price target for STMICRO
  $STMPA (-0,65%) from EUR 42 to EUR 35. Overweight.

DWS Group - currently a good opportunity?

DWS Group is a global asset manager with assets under management of more than EUR 790 billion and a subsidiary of Deutsche Bank.

In a nutshell:

14.3% - that was the dividend yield of the DWS Group this year.

This year, the asset manager enticed investors with a substantial special distribution.

Even without this, the dividend yield remains high (around 5.49%). The share price currently stands at €38.50 and a realistic target price of

40.57 (that would be an increase of + 5.38%).

In addition, the annual reports are due on October 23, when analysts expect revenues to be slightly higher than in the same quarter of the previous year.

In addition to the dividend, the valuation is also attractive with a P/E ratio of 13.23.

The asset manager should also benefit from the ECB's continued turnaround on interest rates, even if sales have fallen in the past year.

What do you think of DWS Group? Does it currently offer a good opportunity to expand my dividend portfolio?

$DWS (+0,1%)

💶 Amundi: Europe's financial architect - Does he build the most solid assets? 🏗️ Part 1: https://getqu.in/Erlpxb/

Looking at the EV-to-EBITDA ratio, one would expect much more from BlackRock despite its size. Amundi is above DWS, but both companies are at a very low level overall and are actually very poorly valued.

Amundi performs best in terms of shareholder yield, followed by DWS.

The payout ratio is quite high for Amundi and DWS, but seems quite acceptable for the current models.

BlackRock also leads by a wide margin in terms of dividend per share (DPS).

In terms of return on invested capital (ROIC), none of the companies exceed 10%.

In terms of ROE, Amundi and BlackRock are above 10%, with BlackRock consistently above it.

DWS is best positioned in terms of return on invested capital (ROCE) and has been above 10% for some time.

Conclusion

The asset management industry is a growing and highly lucrative industry, and in Europe it is still at the beginning of its development. It is clear that $BLK (+0,69%) is the leading provider and the first choice for any investor who wants to cover this area with a single share. However, the ETFs from $AMUN (-0,48%) are hardly any worse and are also attractively valued. In addition, Amundi offers many undiscovered opportunities that have great potential.

What I like about Amundi are several factors, some of which are not purely rational. As a European provider, Amundi differs from $DWS (+0,1%) and Blackrock because, unlike DWS, it has a better reputation and a better shareholder structure. There is no$DBK (-3,24%) bank in the background, but the interesting holding company SAS Rue La Boetie, and with it there is not a scandal every two weeks. In addition, Amundi offers incredibly cheap ETFs that should tie up capital in the long term and works closely with the German provider Solactive. Anyone familiar with Prime ETFs knows that they are exceptionally cheap. Although they are not yet recognized by many, they have already had an excellent start. Amundi also offers ALTO, an in-house financial technology that, while not quite at the level of BlackRock, is cheaper and just as helpful in its field. Amundi is also a leader in the ESG market and is one of the pioneers in the field of sustainable investments.

The cheap valuation, proximity to us, a good dividend, low-cost ETFs and solid values alongside BlackRock make an overall investment in Amundi attractive to me. It's not for everyone, mainly due to the withholding tax, but for me it's a good source of dividends that I can also support with my own ETFs.

Overall, I can only recommend buying more European provider ETFs. It doesn't always have to be Amundi - have a look here:https://getqu.in/5nb3cO/

💶 Amundi: Europe's financial architect - Does he build the most solid assets? 🏗️

Company profile

$AMUN (-0,48%) is one of Europe's leading asset managers and is headquartered in Paris. The company was formed in 2010 from the merger of the asset management segments of $ACA (-2,8%) and $GLE (-2,66%) and has been listed on the stock exchange since 2015. With assets under management of EUR 1.98 trillion (as at June 2024), Amundi is one of the world's largest players in asset management.

Historical development and business model

Since its foundation, Amundi has enjoyed continuous growth and offers a wide range of investment solutions for institutional and private investors. The portfolio ranges from actively and passively managed funds to ETFs and customized mandates. A particular focus is on the management of liquidity reserves and the development of specialized investment strategies for companies.

Core competencies and future prospects

Amundi's success is based on several core competencies:

- In-depth expertise across all asset classes and markets

- Leading position in European money market management

- Pioneering role in technological innovation, in particular through the ALTO investment platform

- Low-cost ETFs for investors

Looking to the future, the company is focusing on further growth, particularly in the areas of ETFs and sustainable investments.

Strategic initiatives

Amundi pursues various strategic initiatives to achieve its objectives:

- Increased expansion of the ETF business, with the aim of becoming the market leader in Europe

- Focus on sustainable investment strategies and the integration of ESG criteria

- Expansion into emerging markets, particularly in Asia

- Further development of digital platforms, such as the ALTO technology

Market position and competition

Amundi is the largest asset manager in Europe and among the top 10 worldwide. Its main competitors include global asset management giants such as BlackRock, Vanguard and Fidelity. In the European ETF market, Amundi ranks behind iShares ($BLK (+0,69%) ) and Xtrackers ($DWS (+0,1%) ).

Market potential

The global asset management market is growing steadily, particularly in the ETF and sustainable investment segments. Amundi is well positioned to benefit from these growth trends and further expand its market position.

Share performance

Since the IPO in 2015, the Amundi share has achieved a TR of 127%, 27% more than DWS in the same period.

Performance

In terms of turnover, Amundi is significantly smaller than BlackRock, but larger than the German company DWS. BlackRock also has numerous other sources of income, such as from financial technology.

Looking at the assets under management (AUM), the dependence on Europe and Asia becomes clear, which at the same time underlines Amundi's strong positioning there. In contrast, Amundi's presence in the USA is small and its exposure in other regions is also limited. Amundi is therefore primarily a bet on Europe and Asia - two markets that still have relatively little capital in the asset management sector, but are showing an upward trend. There is also growing pressure to move towards more sustainable financial solutions, which positions Amundi well in these regions.

Amundi leads in sales growth and is expected to continue to benefit from the European trend as long as BlackRock does not introduce cheaper and even more offerings.

Amundi is also ahead in terms of gross profit margin.

However, its net profit margin is well behind BlackRock's, partly due to BlackRock's product mix.

In terms of earnings per share (EPS), BlackRock leads by a wide margin and was able to increase this significantly with an annual growth rate of almost 8%.

Free cash flow (FCF) is currently positive at all three companies. Amundi, on the other hand, was briefly negative in some cases, while State Street is a special case anyway.

The share-based remuneration essentially only affects BlackRock.

However, BlackRock buys back more shares and is therefore net negative. Amundi has also made purchases from time to time.

All companies are very well positioned in terms of the ratio of net debt to EBITDA.

Part 2:https://getqu.in/aiK2Y3/

Why domestic ETF providers are worth considering

In the increasingly globalized financial world, choosing the right ETF provider can be a challenging decision. While international providers often boast prestigious brands and impressive product portfolios, there are compelling reasons to consider domestic ETF providers. These considerations range from supporting the local economy to alignment with personal values and potential cost benefits.

A comment from me as to why $AMUN (-0,48%) , $HSBA (-0,65%) or $DWS (+0,1%) should sometimes be the better choice.

Reading time: 3-5 minutes.

1. Supporting the local economy

The first and perhaps most obvious reason to choose a local ETF provider is to support the local economy. By investing in ETFs managed by local providers, investors are not only supporting the growth and stability of domestic financial markets, but also local employment and innovation. Any domestic provider that can compete with international giants helps to strengthen the financial center and secure jobs. In addition, the administrative costs that investors pay flow directly back into the domestic economy instead of flowing abroad.

2. value-oriented investment decisions

Another aspect that is often overlooked is the value orientation of the investment strategy. Domestic ETF providers generally have a better feel for the cultural and economic characteristics of their country. They are more closely networked with local markets and companies and can offer products that are better tailored to the needs and values of domestic investors. This is often reflected in a greater consideration of sustainability criteria, social responsibility and governance principles that are important to local investors.

3. cost savings with comparable quality

Another compelling reason to choose domestic ETF providers is the potential cost benefits. International providers often have high marketing and distribution budgets, which is why domestic providers can often offer their products at a lower cost. Management fees and other costs are often lower as they do not have the same high overhead costs as international providers. In addition, the differences in quality are often minimal for products that are comparable in structure and investment objective. Domestic ETFs therefore often offer excellent value for money.

Potential disadvantages and trade-offs

Of course, there are also reasons that could speak against a domestic ETF provider. One example is a higher tracking error, while other investors may prefer ETFs based in Ireland or Luxembourg to take advantage of tax benefits. Brands such as BlackRock or Vanguard attract many investors as they offer large fund volumes and a broad product range.

However, it should be noted that the differences in quality between domestic and international providers are small, especially for financial products such as ETFs, which are often standardized and transparent.

Addendum

Of course, you shouldn't put yourself in a worse position just to choose a domestic product.

Addendum 2

By "domestic" here we mean Europe. It is not only about the ETF domicile in Germany, but also about the conflict between Ireland and Luxembourg regarding the ETF domicile, which can certainly have an impact.

Cheers!

5 Dividend shares

Meal together,

In addition to my €150 savings plan, I now want to invest 5 x €10 in dividend shares.

Which ones could you recommend?

So far I've put these together, but as I said, improvements are welcome 😅

$BAS (+0,62%)

$MBG (+0,24%)

$DWS (+0,1%)

$BMW (-0,03%)

$ING (-2,67%)

Hi, I sold my $DWS (+0,1%) share after 20:00 on June 7, did I do something really stupid and won't get my dividend, or can I breathe a sigh of relief and it will still come today?

Hello Community,

I (28 years old) am currently somehow dissatisfied with my portfolio and hope to get some ideas/tips from you.

My investment period is long term (10-15 years) and the basis is the MSCI World + in the future the STOXX 600 will be added. The portfolio is currently tech and USA-heavy, but as I think tech will determine the future and the companies are active worldwide, I would have rated this as "ok to good" or is this rather overweighted?

What would a good roadmap look like?

I would keep the following positions keep:

$IWDA (+0,63%) MSCI World

$NVDA (+0,59%) Nvidia

$EXSA (+0,35%) STOXX 600

$MSFT (+0,51%) Microsoft

$META (+0,5%) Meta

I am unsure about the following positions unsure:

$O (+1,1%) Realty Income

$WM (+0,7%) Waste management

$AMD (+0,48%) AMD

$SBUX (+0,28%) Starbucks

$MUV2 (-0,3%) Munich RE

$PLUG (+0,05%) Plug Power - Realize losses or continue to hold?

I would close:

$DWS (+0,1%) DWS Group - currently Ex traded. Sell at +-0

Have a nice weekend and thank you! :-)

Here is error 4/4

DWS $DWS (+0,1%) the recommendation in 2018 in relevant financial portals.

Why?

Fund provider, dividend stocks, positive share price performance.

What happened ESG scandal of an intern,

COVID, banking crisis, etc.

Nothing but dividends and expenses.

Now they are paying a special dividend so the share price will soon fall below my equity again.