$NCLH (-1,04%)
$PINS (+7,04%)
$SONO (-11,49%)
$PARA (-5,99%)
$PLTR (-8,95%)
$DUOL
$HSBA
$UCG
$BOSS
$UNI
$CCO (-4,25%)
$PYPL (-8,21%)
$BNTX (-4,29%)
$DOCN (+41,4%)
$SHOP
$ROK (+9,67%)
$RACE
$PFE (+0,44%)
$ANET
$TEM (-9,93%)
$AMD
$EA (+0,73%)
$LITE (+1,3%)
$MSTR (+0,42%)
$SMCI (+17,34%)
$CPNG (-0,01%)
$IFX
$DTG
$KOG
$HFG
$BMW
$ZAL
$CVS (-1,79%)
$UBER (-1,01%)
$OSCR (-3,52%)
$DIS (-0,91%)
$ADYEN
$DASH (-3,65%)
$FTNT (+0,93%)
$FSLY (+18,08%)
$IONQ (+4,02%)
$SNAP (-2,88%)
$APP
$ARM
$ALB
$DDOG (-0,64%)
$RHM (+4,63%)
$PTON (+0,45%)
$MCD (+0,33%)
$SHEL
$WULF (+6,04%)

Reading time: approx. 3-4 minutes

Amazon barely reported any profits between 2010 and 2015. The P/E ratio was in the three-digit range, at times not even meaningfully calculable. Anyone who looked at traditional valuation ratios avoided the share. And yet $AMZN (+0,39%) delivered one of the strongest returns in the entire US market during this phase.

What was actually working there?

Not the distribution, there was none. Nor was it a simple revaluation. Above all, something more fundamental: the market priced in profit growth that was not yet visible but was then delivered, driven primarily by AWS and the margin shift in the retail business. Those who understood this early on did not look at the current P/E ratio. They asked what the company would earn in five years' time.

That sounds simple. It is not.

Profit growth as a driver of returns only works under certain conditions.

The most important one is that the return on invested capital must be above the cost of capital. Growth without this condition does not create value, it destroys it. That sounds trivial. But it is surprisingly often ignored.

Then there is the question of the margin structure. Expansion must be built into the business model, not into the economic upswing.

And the addressable market must be large enough to keep the growth window open. Short-term growth in a small market is not a profit driver.

Amazon fulfilled all three conditions. Between $META (-1,03%) between 2022 and 2024, it was a different path, but the same mechanism. No long reinvestment cycle, but a hard efficiency cut. The operating margin rose from under 20 percent to over 35 percent in two years. Free cash flow has more than doubled. Multiple expansion has helped, but the key driver has been a massive increase in profits.

The opposite is just as instructive.

$SNAP (-2,88%) had real user growth. The revenue curve was impressive. But the company never structurally achieved a return on capital above the cost of capital. The growth consumed capital without increasing it. Today, the share is trading well below the IPO price. $ZAL is the European equivalent. Sales multiplied, return on capital sobering, free cash flow weak, share price sideways for years.

Both companies have grown. Neither has created value.

Before I invest in a company where profit growth is a key driver of returns, I go through a few questions.

Is the ROIC above the cost of capital, ideally over 15% in my estimation?

Is the free cash flow growing faster than sales, which indicates operating leverage?

Is the margin path concretely comprehensible or only vaguely promised?

And is the addressable market sufficient for at least five to ten years?

On the other hand, if sales are growing but free cash flow is stagnating, this is a clear warning signal. The same applies if ROIC remains below the cost of capital despite years of investment, or if growth is financed through dilution.

The key figures themselves are public.

Something else is more difficult: trusting the mechanism in a situation like Amazon 2012 or Meta 2022 when it is barely visible in the current figures. This is not a question of analysis. It is a question of conviction.

The next article is about what happens when neither profit growth nor multiple expansion clearly dominate. And why understanding the cycle makes all the difference in such phases.

15 increases

13 unchanged

7 reductions

Insurance companies

Banks

Utilities

Car stocks

Type here if you like collecting dividends: https://shorturl.at/83W8R

$MBG (+0,87%)
$ALV (+1,84%)
$VOW3 (+0,9%)
$MUV2 (+0,43%)
$BMW
$AIR (+1,42%)
$CBK (+4,9%)
$523232
$DTG
$DHL (-1,4%)
$FME (-10,68%)
$FRE (-2,26%)
$HNR1 (-0,27%)
$MTX (+2,17%)
$RHM (+4,63%)
$SAP (+1,69%)
$ENR (+3%)
$BAS (+2,14%)
$BAYN (+2,09%)
$BEI (+1,05%)
$DBK (+1,74%)
$DTE (+1,29%)
$EOAN (+0,3%)
$GEA
$IFX
$RWE (+0,48%)
$SY1 (+1,16%)
$ZAL
$ADS (+1,1%)
$BNR (+0,14%)
$HEN (-0,13%)
$MRK (+0,29%)
$SIE (+4,77%)
$SHL (+1,51%)

I have looked at my portfolio review of 2025 and my start to 2026 - not just "how much", but above all: why and what I have learned from it. I am happy to share this with you and look forward to discussion & feedback and, above all, your views: what was the result and also your perception of your stock market year 2025 - and what set-up are you starting the new year with?

Time to reflect 🧘‍♂️

1) Change of mood at the end of 2024

After a rather sobering (for me) stock market year 2024, there was a clear turnaround in sentiment in November 24: on the day of Trump's election victory in Nov 24, the market jumped significantly (Dow +3.57 %, S&P 500 +2.53 %, Nasdaq +2.95 %). This made the "risk-on" narrative credible again - and you could see it in the behavior of many portfolios. At least in mine, if I'm honest with myself ;)

2) Q1/Spring 2025: Unusually Europe-friendly

The first few weeks of 2025 were indeed unusually Europe-heavy: in the first six weeks of 2025, the STOXX 600 was up >5.5%, while the S&P 500 was only up +2.7% in the same period.

This also became clear later in hindsight: in 2025, defense and banks were extremely strong drivers in Europe at times. I was also right in this upswing ($DHL (-1,4%) , $GBF (+3,85%) , $RIO (+2,14%) ) but unfortunately also some disastrous ($NESN (-0,7%) , $MC (+0,58%) , $NKE (-0,24%) ,$NOVO B (+1,18%) ) decisions were made. Partly also trend- and community-driven -> yes, you are to blame ;)

3) Beginning of April: Bad times

Then came the break: The strong start to the year was literally "wiped out" in just a few sessions, partly due to the customs/trade war shock. YTD turned completely negative, and by April 7 the STOXX 600 was around 12% below the closing price on April 2. $TSLA (-1,19%) and $NVDA (-0,53%) purchases. I also $PEP (+0,14%) I bought cheaply, but a real breakout is still a long way off.

4) Shortly afterwards: fireworks

Then a tailwind came back in the US from the middle/end of April, when the market repriced parts of the Trump escalation in the direction of "negotiations/de-escalation". The Donald kept a few election promises that were perhaps not quite official .-)

5) H2/late year: AI + interest rates as a "macro tailwind"

Towards the end of the year, the environment was then more strongly characterized by two factors: AI-driven risk assets and falling interest rates. It was an AI-driven rally, which also supported sentiment and inflows into US equity again.

And on the interest rate side: the Fed set the key interest rate at 3.50 % to 3.75 % in December after a further cut.

At the end of the year, the major benchmarks were also closer together again: STOXX 600 +16.66 % in 2025, S&P 500 ~+17 %.

6) Golden times 🥇🏅

Then there was the beautiful gold (u.W.). 2025 was a real exclamation mark: spot gold was up around 66% over the year (according to Reuters, the strongest increase since 1979).

Silver was even more extreme at around +168 % per year.

I have already written about gold in more detail here on getquin - if you are interested in the topic, you can find the article in my profile.

Personal performance 2025

• Internal rate of return: approx. +10 %
• TTWROR: approx. -33 %
• Dividend yield: approx. 1.3 % p.a.

The figures confirm what I described above: in my opinion, I made very good operational decisions (realized profits, used tax aspects, built up cash flow). At the same time, the TTWROR shows quite clearly that the portfolio structure was too volatile and too strongly growth/trend-oriented in the meantime. Too often, I have taken the "falling knife".

Before the turn of the year, I invested in $NVDA (-0,53%) , $TSLA (-1,19%) , $GBF (+3,85%) and $DHL (-1,4%) - each with positive returns - for the following reasons:

• Utilize saver's allowance
• Reduce tech-heaviness
• Cash generation (you can read why below)

Starting point Jan 2026:

Brief overview of the 2026 start setup

Asset mix

• Individual shares: 71.4 %
• ETFs: 16.0 %
• Gold: 9.2 %
• Crypto: 3.4 %

Regional breakdown

• North America: approx. 45.7 %
• Europe developed: approx. 26.0
• Rest of the world (including EM/Asia/Australasia): approx. 22.5 %

Sector structure

• Financial services: 20.5 %
• Consumer goods (cyclical): 19,2 %
• Consumer staples: 15.7
• Information technology: 14.8
• Materials: 7.9
• Healthcare: 4.7

Start to the new year

Parallel to the sales at the end of 2025, I reallocated or increased my holdings in January, including in $O (+0,55%), $VNA (+0,11%) and $ZAL- with the logic:

• Strengthen cash flow/dividend components
• Turnaround opportunities as a limited admixture
• Reduce volatility in the portfolio

Why I am thinking more defensively in 2026

Next week, the purchase of an apartment on beautiful Lake Tegernsee 🏝️ will be notarized. This is a step into a completely new asset class for me, as it's my first property of my own. - In addition to construction financing, it will of course also be a liquidity issue over the next few weeks.

I may make a separate post about this, perhaps some of you are also currently facing this step?

I can mentally cope well with drawdowns. But: being able to bear risk does not automatically mean having to bear risk.

My portfolio should fit in with this new phase of my life.

What I will do differently in 2026

Because a new asset class will be added to my portfolio in 2026 with the purchase of an apartment, I want to position my portfolio more defensively in future - without completely foregoing opportunities for returns : risk. Otherwise we would be completely wrong on the stock market :)

1) ETF core should dominate

I want my portfolio to be dominated by my ETFs in future. My target scenario is therefore

• 60% of the deposits via a savings plan in my 4 core ETFs ($VWRL (+1,2%) , $COMM (-0,55%) , $WSML (+1,23%) , $IEMS (+1,59%) ).
• 30 % stocks
• 10 % commodities
• Play money: crypto, certificates, pennies (weighting < 5%)

Important! This is a start-in-2026 setup

Of course, as always in life, a plan is there to be thrown overboard - so you have to wait and see how assets perform in the year ahead and reassess regularly.

2) Stocks yes - but with more discipline

Turnaround/opportunity stocks and trends remain part of my approach, but clearly limited. I want these positions to be what they should be again: An addition, not a foundation.

I will reduce (basic) consumption and strengthen healthcare. And tech?

3) Tech: more controlled

Tech will remain a driver of returns in 2025 - but I want to build it up again in a controlled manner after my sales. I will monitor the trend from a distance for the first few weeks and possibly months and bet on corrections. You can't do without it - as you can see from the Mag-7 performance in 2025:

• $GOOGL (+3,03%) : +65,3 %
• $NVDA (-0,53%) : +38,9 %
• $MSFT (-0,55%) : +14,7 %
• $META (-1,03%) : +12,7 %
• $TSLA (-1,19%) : +11,4 %
• $AAPL (+2,48%) : +8,6 %
• $AMZN (+0,39%) : +5,2 %

On that note, happy new year!

$VWRL (+1,2%)
$EWG2 (+0,74%)
$O (+0,55%)
$PEP (+0,14%)
$MSFT (-0,55%)
$P911 (+1,69%)
$BLK (-0,13%)
$NKE (-0,24%)
$RIO (+2,14%)
$MC (+0,58%)
$NOVO B (+1,18%)
$NESN (-0,7%)
$ZAL
$COMM (-0,55%)
$IEMS (+1,59%)
$BTC (+0,17%)
$ETH (-0,11%)
$XRP (+0,28%)
$PEPE (+1,19%)

-72% The Trade Desk $TTD (+1,45%)

-72% Fiserv $FI (-9,08%)

-65% Dogecoin $DOGE (+0,28%)

-65% Cardano

-61% Gerresheimer

-60% Enphase Energy $ENPH (+11,06%)

-59% CarMax $KMX (+0,32%)

-57% Strategy $MSTR (+0,42%)

-56% Deckers Outdoor

-56% Alexandria Real Estate

-50% Redcare Pharmacy

-50% PUMA $PUM (+0,08%)

-50% lululemon

-49% Dow

-49% Novo Nordisk $NOVO B (+1,18%)

-48% MARA $MARA (+3,19%)

-48% Molina Healthcare

-47% FactSet

-47% Charter Communications

-47% HelloFresh

-45% Wolters Kluwer

-43% Solana $SOL (+0,53%)

-43% Cocoa

-42% UnitedHealth $UNH (-1,87%)

-41% Atlassian

-41% Li Auto

-40% Copart

-40% Meituan

-38% PayPal

-38% Chipotle Mexican Grill

-36% TeamViewer

-35% GameStop $GME (+2,18%)

-35% Orsted $ORSTED (+2,22%)

-33% Pernod Ricard $RI (+3,28%)

-33% Evotec

-33% Symrise

-31% Marvell Technology $MRVL (+4,9%)

-30% Comcast

-30% Natural Gas

-30% Kraft Heinz $KHC (+0,47%)

-30% Adobe $ADBE (+0,66%)

-29% Salesforce $CRM (+0,36%)

-28% Nike $NKE (-0,24%)

-28% Adidas $ADS (+1,1%)

-27% Sugar

-27% XRP $XRP (+0,28%)

-26% Stellantis $STLAM (+1,51%)

-25% JD .com

-24% Procter & Gamble $PG (+0,82%)

-23% Arm $ARM

-22% Ferrari $RACE

-22% Porsche AG $P911 (+1,69%)

-21% Zalando $ZAL

-21% NEL ASA $NEL (+3,54%)

-21% Ethereum $ETH (-0,11%)

-18% Bitcoin $BTC (+0,17%)

-16% Brent Oil

-16% Delivery Hero

-13% Vonovia $VNA (+0,11%)

-12% Coinbase $COIN (-2,52%)

-11% SAP $SAP (+1,69%)

-7% Amazon $ (+0,39%)AMZN (+0,39%)

First things first. I hope you all had a peaceful Christmas season and were able to spend a few lovely days with family and friends! 😊

Even though December isn't quite over yet, I'd like to give you a quick update on the past month before the new year and take a brief look at the performance since I started at getquin in September.

👉🏻 December:

Start: 1,253,497 euros + 19,000 cash

End: 1,336,908 euros + 400 cash

Deposit: 3,000 euros

Profit: +61,811 euros (+4.86%)

As in previous months, the portfolio benefited from the continued strength of gold in December. The overweight in K92 Mining ($KNT (+0,85%)), Equinox Gold ($EQX (-1,86%) ), B2Gold ($BTO (-1,36%) ) and, more recently, Euro Sun Mining ($ESM (-19,59%) ) has contributed significantly to the good performance. My sale of SantaCruz Silver ($SCZ) (-1,04%) in November, on the other hand, unfortunately proved to be an expensive mistake. I lost 50% of my profit, but as you know, you're always smarter afterwards and who could have guessed that silver would go through the roof like this.

Otherwise, not much has changed in my portfolio. I have now fully reinvested the 19,000 euros in cash. Among other things, I have taken an initial position in Vonovia ($VNA (+0,11%) ) and Zalando ($ZAL ). I have also added some Ubisoft ($UBI (-5,15%) ) and Fuchs Petrolub ($FPE (-1,15%) ). I only took profits on Puma ($PUM (+0,08%) ) and significantly reduced my position here when the share price was driven up again by takeover rumors.

As already mentioned, an extremely successful stock market year 2025 comes to an end tomorrow. The performance alone since I started with getquin in September has left me surprised. I wish every year was like this, but ... well. It will probably remain a pipe dream, but I'm all the happier for it! 😊

👉🏻 September - December:

Start: 1,022,339 euros

End: 1,336,908 euros + 400 cash

Return (adjusted): +235,305 euros (+21.39%)

A large part of the performance is of course due to (mainly unrealized) price gains, especially in my two largest positions (K92 Mining and Equinox), which now have a very high impact on the overall performance due to their size. However, other trades have also played their part. For 2025 as a whole, I expect to generate around EUR 115,000 in realized capital gains. Of this, around EUR 20,000 is attributable to dividends received, EUR 20,000 to trading profits with K92 Mining and other various gold/silver mines and around EUR 75,000 to the remaining shares (e.g. Alibaba, Xiaomi, Volkswagen, Porsche, 1&1, Ceconomy, etc.), to name just a few.

I am aware that the main ingredient for such a performance is luck (or inside information). Since I don't have the latter, let's agree on luck... 😉

For this reason, I am setting my targets for 2026 correspondingly lower. My main goal is always to receive around 5% of my assets in the form of investment income. Based on today's values, this would mean a range of 70,000 - 90,000 euros. I no longer set myself a target for my total assets. Although my salary can be planned, it is of secondary importance in the overall picture and, as we all know, you can't plan for price gains on the stock market... 👍🏼

➡️🆓: On my way towards 4 million total assets, the target achievement rate is now 44%. 😊

So, enough chatter. I wish you all a happy new year, happiness, satisfaction, health and, of course, success on the stock market in 2026! 🍀

Enjoy the quiet time! I'm off for 3 weeks in the sun and then I'll see you again at the end of January!

See you in a few days! 😊

After hitting the bull's eye last year with my annual preview for 2025, I'm sharing the preview for 2026 with you today.

20.01. On taking office a year ago, Trump organizes a pompous celebration under the motto "1 year Trump, 49 more ahead". He signs an executive order converting the constitution into a non-binding letter of recommendation.

23.01. At the World Economic Forum, Trump announces punitive tariffs for all Democratic-ruled states in the USA. The S&P500 falls by double digits.

25.01. After the Trump cronies have stocked up on shares, Trump announces an agreement with the Democratic-ruled states and a temporary suspension of the tariffs. The S&P500 rises.

27.01. A video of Trump from 23.01. is leaked on X (formerly Twitter). Lip readers are sure that Trump whispers to JD Vance in this video: "Unbelievable, the trick is still working".

28.01. Trump explains in an address to the nation that by "trick" he meant Tony Hawk's kickflip. Despite his advanced age, Tony Hawk is "still great" 🇺🇸. The USA cheers. U S A. U S A. U S A.

14.02. Merz and Bärbel Bas are spotted making out in a Berlin hipster bar. The DAX swings wildly in all directions.

17.02. Exclusive interview with Merz and Bas in Bild "Yes, it's love". The DAX throws up.

07.03. Surprisingly, Musk himself becomes the first person to fly to Mars. Once there, he renames Mars X. And SpaceX. And himself. He also buys the letter X for 27,964 $TSLA (-1,19%) shares, which from now on can only be used in exchange for subscription fees. Xavier Naidoo destroys his aluminum hat in anger.

08.03. X realizes that his X rocket no longer has enough fuel to fly from X back to Earth. X then sends 50 women with X to X and writes on X that he will create a new colony on X and that he no longer needs all the bullshit on Earth. Tesla shares fall to three fifty. Trading with $DOGE (+0,28%) is suspended.

10.03. Nvidia buys Tesla. $NVDA (-0,53%) falls.

21.03. Holding hands, Merz and Bas announce the "summer of reforms". The DAX falls to -7 points.

01.04. During a flyover, an airplane discovers a shiny golden hut in the middle of the Amazon region. An April Fool's joke?

11.04. Nvidia buys $ZAL (Zalando). Jen-Hsun Huang launches his own leather jacket collection. The fashion industry is beside itself with excitement. Nvidia with new ATH.

29.04. As predicted by @DonkeyInvestor predicted, reaches $BTC (+0,17%) reaches 50k after a boring, wave-like downward movement. @stefan_21 spends @DonkeyInvestor buys a beer.

14.05. A team of scientists has approached the golden hut in the Amazon. The hut is actually made of pure gold. It is inhabited by an oddball native who claims to be able to make gold from wood. The price of gold falls by 20%. Bitcoin rises to 100k.

16.05. getquin launches a new "Wealth Family" subscription. For just €500 a year, a whole family can enjoy the Wealth features. In addition, the deposits can be viewed among each other and child-friendly advertising with Checker Tobi is played.

20.05. Wealth Family is a success. However, the divorce rate among getquin users rises sharply, as many realize that their partner has leveraged the house.

25.05. A sensation. The Native American was not lying. He can produce gold by the kilogram from tiny amounts of wood. Scientists from all over the world are trying to understand how he does it. Gold falls to 0. Bitcoin rises to 150k - as predicted by @stefan_21 predicted.

10.06. In the run-up to the World Cup, Trump surprisingly announces punitive tariffs on goals scored by foreign teams. Every goal scored against the USA is subject to a tariff of 2 goals for the USA. Infantino gets a gold watch and nods his approval.

14.06. Out of anger over the soccer tariffs, a French customs official surnamed Zidane refuses Trump entry to the G7 summit. He headbutts Trump back into Air Force One.

14.06. Trump is furious. While still on the plane, he posts that he will leave the G7 and take over the chairmanship of the BRICS states. The S&P500 falls. Emerging markets rise.

19.07. The USA becomes soccer world champion for the first time. The last Italian witnesses to Italy's first World Cup title in 1934 applaud the well-deserved victory.

21.07. It is still not clear how the indigenous people manage to produce gold from wood. Gold regains some of its value.

04.08. Peter Schiff shoots the Native American, who takes his golden secret to his grave. Gold rises again to 2k. Bitcoin falls to 36k - as predicted by @Epi predicted.

20.08. In the middle of the summer slump, Olaf Scholz opens an escape room in a Berlin savings bank. Unfortunately, he has forgotten the exit.

20.09. In the election in Berlin, Trump is surprisingly elected Chancellor with 32 million votes. Something's not right. Geez Berlin, another election gone wrong.

03.10. On German Unity Day, Bas and Merz announce the result of the summer of reforms:

Private health insurance companies and all statutory health insurance funds will be merged into one fund. The share price of $ALV (+1,84%) (Allianz) falls.

With immediate effect, pension contributions are paid into a sovereign wealth fund that replicates the wikifolio of @Epi replicates. Olaf Scholz is angry, but immediately forgets why.

Every German has more than one vote in future elections. The number of votes corresponds to the remaining life expectancy in years.

Under the motto "performance must be worthwhile", inheritance tax is increased and wage tax is reduced by the same amount.

Nobody expected this. The DAX rises to a new ATH.

20.10. @DonkeyInvestor celebrates its birthday. Like every year, the party of the year and the whole of getquin is invited. All of getquin? No, @DividendenWaschbaer must stay outside.

03.11. getquin announces a new subscription: getquin Bugfree. For just 1,000 euros a year, subscribers get all bug fixes for free. Unfortunately, there are no more bug fixes for everyone else.

17.11. The BRICS countries, under the leadership of Trump, announce that they will use the Trump Coin $TRUMP (+0,01%) as a currency.

02.12. Trump pulls an exit scam on his own coin. All BRICS states go bankrupt. The USA barely survives due to the strategic Bitcoin reserve.

03.12. Trump announces that the break-up of the BRICS states has been planned for a long time and has always been his goal. Zidane is awarded the Medal of Freedom.

24.12. A warm light appears over all major American cities and over Grünheide. A Christmas miracle?

25.12. The lights turn out to be gigantic spaceships in the shape of an X. The S&P500 falls.

26.12. The spaceships are commanded by X, who has returned from X. He wants to take over the USA. He wants to take over the USA. And the mayoralty of Grünheide.

31.12. The USA, now called USX, surrenders without a fight. X is the new god-king of the USX for life. The S&P500 no longer cares about anything. 2027 will be wild.

What are your tips for 2026?

You can find the preview for 2025 here: https://getqu.in/MBdhb5/

With the current price/earnings ratio (P/E ratio), the DAX is overvalued by 25 percent compared to its 20-year average.

However, five of the 40 shares are valued more than 30 percent lower than their long-term average. The valuation discount is 51 percent for one share and as much as 73 percent for one share.

Handelsblatt presents these 5 stocks, the following is an excerpt from the article.

Vonovia $VNA (+0,11%) : 33 percent valuation discount

Germany's largest housing group is growing again. In the past two years, Vonovia had not started any new construction projects due to the turnaround in interest rates and increased construction costs. Now 3000 new apartments are to be built and unrenovated properties purchased and renovated.

Analysts expect an average net profit of 2.15 billion euros for the year as a whole. The trend is pointing upwards: Six weeks ago it was just over two billion euros, twelve weeks ago it was 1.9 billion euros. Vonovia is forecasting the highest operating result in its history for 2026.

With a P/E ratio of 12.2 based on the profits expected by analysts over the next four quarters, the share is moderately valued and 33 percent lower than the long-term average.

VW $VOW (+0,96%): 35 percent valuation discount

VW was in the red in the third quarter. After a profit of 1.56 billion euros in the same period of the previous year, the Group posted a billion-euro loss.

This was caused by charges of 7.5 billion euros, primarily due to increased customs duties, the adjustment of the product strategy at Porsche $P911 (+1,69%) and write-downs on Porsche's goodwill.

By contrast, the long-weakening core brand Volkswagen improved. A comprehensive cost-cutting program also had an impact.

For the current full year, analysts are forecasting an average net profit of 6.5 billion euros after 11.35 billion euros last year. The trend is pointing steeply downwards, as three months ago the estimate was just under nine billion euros.

Taking this sharply lowered profit forecast into account, VW is nevertheless valued extremely low with a P/E ratio of just 4.4. This is a discount of 35 percent compared to the Group's own average. No other DAX stock is cheaper - with the exception of Porsche Holding, which belongs to VW.

FMC $FME (-10,68%)
: 41 percent valuation discount

No company in the DAX is as dependent on the US market as the dialysis specialist Fresenius Medical Care (FMC). FMC generates around 70 percent of its sales in North America.

However, business on the most important continent for the healthcare specialist is - slightly - under pressure. The treatment figures of the blood purification specialist are merely stagnating.

In the third quarter, however, total sales rose by ten percent to 4.9 billion euros compared to the same period last year, exceeding market expectations by three percent. Currency-adjusted earnings before interest and taxes rose by 28 percent to 574 million euros. This also exceeded the company's expectations.

The rising profits at a share price that has only stagnated for six months mean that the valuation has fallen sharply. With a P/E ratio of 10.1 based on the profits forecast by analysts for the next four quarters, the share is valued 41% lower than the 20-year average.

Bayer $BAYN (+2,09%) : 51 percent valuation discount

With a P/E ratio of only 5.6 based on the average net profits expected by analysts over the next four quarters, Bayer shares are valued lower than all other major pharmaceutical stocks in the western world. Compared to its own 20-year average, the discount is 51 percent.

The biggest construction site for the Group is a bad decision made ten years ago: the purchase of the controversial US seed and pesticide manufacturer Monsanto. Its weedkiller glyphosate is blamed by patients for their cancer and they are demanding billions in compensation.

The favorable valuation is based on the hope that profit expectations will be fulfilled and that no new write-downs in the billions will be made. However, this is just as uncertain as an end to the lawsuits. Success with new blockbusters in the pharmaceutical division is also by no means a foregone conclusion.

Zalando $ZAL
: 73 percent valuation discount

Anyone buying this DAX stock is paying a P/E ratio of 15.4, which is not cheap compared to the DAX, but the share is valued 73 percent lower than its own long-term average.

The share is currently trading more than 70 percent below its record high, although the company is expected to earn more in the current financial year than ever before. After a net profit of 251 million euros in the previous year, analysts are forecasting a good 290 million euros for the current year.

Source text (excerpt) & graphic: Handelsblatt, 07.11.2025

$QSR (+2,03%)
$LULU (+0,9%)
$ADS (+1,1%)
$BIRK (+1,27%)
$ZAL
$9983 (+0,2%)
$US2533932016

Hello my dears,

I have just received the news that the star investor @Simpson has been spotted in the cathedral city with his son Bart.

( attached a few paparazzi shots ).

The on 12.
May 1956 Homer Simpson grew up with his father Abe Simpson, as his mother Mona Simpson had already left the family during his childhood.

There are now rumors that he has relocated to Germany.

Simpson has been spotted in front of branches of several large chain stores. There is already wild speculation online about which company his holding could invest in next.

Because the star investor has proven for years that he can find growth pearls well in advance. More and more small investors are following his strategy.

Interestingly, he was also spotted outside a Foot Locker store.

Foot Locker's global store network comprises around 2,400 locations in 20 countries. US sporting goods retailer Dick's Sporting Goods has confirmed that it will acquire footwear specialist Foot Locker for 2.4 billion US dollars (2.1 billion euros). Could even @Simpson could even get in between.

It remains exciting in the " Ultimate Holding "

$BNTX (-4,29%)
$ON (+6,68%)
$HIMS (-3,06%)
$PLTR (-8,95%)
$O (+0,55%)
$8058 (+0,13%)
$7974 (-0,19%)
$BP. (-0,39%)
$BOSS
$SWK (+3,07%)
$SPOT (-4,27%)
$N1CL34
$UBER (-1,01%)
$CPRI (+0,06%)
$SHOP
$RACE
$HOG (+7,25%)
$HTZ (+6%)
$PFIZER
$UPST (-13,87%)
$ANET
$PINS (+7,04%)
$TEM (-9,93%)
$AMD
$SMCI (+17,34%)
$RIVN (+0,4%)
$BYND (-1,25%)
$KTOS (-4,22%)
$CPNG (-0,01%)
$BMW
$NOVO B (+1,18%)
$FRE (-2,26%)
$ORSTED (+2,22%)
$AG1 (+0,64%)
$EVT (+1,12%)
$CCO (-4,25%)
$DOCN (+41,4%)
$LMND (+3,14%)
$SONO (-11,49%)
$MCD (+0,33%)
$HOOD (+0,75%)
$QCOM (+11,02%)
$FTNT (+0,93%)
$FSLY (+18,08%)
$HUBS (-0,71%)
$ELF (-4%)
$ARM
$SNAP (-2,88%)
$DASH (-3,65%)
$APP
$AMC (+2,4%)
$ZIP (+7,89%)
$FIG (-3,03%)
$LCID (-10,12%)
$DUOL
$UN0 (-1,56%)
$CBK (+4,9%)
$DEZ (+2,02%)
$ZAL
$HEN (-0,13%)
$MAERSK A (+2,22%)
$HEI (-0,56%)
$CON (+2,28%)
$AZN (-0,85%)
$ALB
$MRNA (-1,54%)
$QBTS (+2,52%)
$WBD (+0,78%)
$LI (-0,98%)
$RHM (+4,63%)
$DDOG (-0,64%)
$RL (+1,62%)
$OPEN (+2,29%)
$ABNB (+0,03%)
$PTON (+0,45%)
$MP (+2,2%)
$TTD (+1,45%)
$STNE (+1,48%)
$SQ (-0,97%)
$GRND (+0,86%)
$IREN (+10,66%)
$AFRM (-0,67%)
$CRISP (+1,37%)
$RUN (+5,71%)
$7011 (+0,18%)
$DTG
$HAG (+4,78%)
$DKNG (+2,99%)
$LAC (-0,42%)
$KKR (-0,79%)
$PETR3 (-1,13%)
$CEG
$WEED (-1,05%)