Cewe Stiftung

Summary Earnings, 14.11. 👇🏼

Siemens AG Q4 24 Earnings: $SIE (+0,61%)

- Orders At 22.93Bln Euros (est 21.36 Bln Euros)

- Revenue Rising 1% To 20.81 Bln Euros (est 20.77 Bln Euros)

- Profit 3.12 Bln Euros (est 3.0 Bln Euros)

- Net Income Of 1.90 Bln Euros (est 1.80 Bln Euros)

Swiss Re Q3 24 Earnings: $SREN (-0,54%)

- Net Income Of $2.2 Billion For The First Nine Months Of 2024

- 9m Return On Investments (ROI) Of 3.9%; Recurring Income Yield Of 4.0%

- Return On Equity (ROE) Of 13.4% For First Nine Months Of Year

- Still Expects To Achieve A Group Net Income Of More Than $3 Billion For 2024

- Currently Expects Losses Resulting From Hurricane Milton To Be Less Than $300 Mln, Which Will Impact Group Results In Q4 2024

E.ON SE 9M 24 Earnings: $EOAN (-1,09%)

- Adj EBIT EU4.37B, -23% (Y/Y)

- Sales EU56.28B, -19% (Y/Y)

- Still Sees FY Adj EBITDA EU8.8B To EU9B, (est EU8.94B)

- Still Sees FY Adj Net EU2.8B To EU3B (est 2.92B)

Deutsche Telekom AG Q3 24 Earnings: $DTE (+0,7%)

- Net Income EUR 2.957B (est EUR 2.396B)

- Adjusted EBITDA AL EU11.10B (est 11.05B)

- Rev EU28.50B (est 28.39B)

- Sees FY Adj EBITDA Al About EU43B

ASML is sticking to its long-term goals and plans to increase sales to between 44 and 60 billion euros by 2030, with a gross margin of 56 to 60 percent. Despite the current difficult market conditions, ASML CEO Christophe Fouquet sees promising long-term prospects for the semiconductor industry, especially due to the AI trend. $ASML (+1,18%)

Talanx expects a record profit of over 1.9 billion euros for 2024 and a surplus of over 2.1 billion euros for 2025. The profit increase will be supported by primary insurance and new targets are to be presented at the Capital Markets Day on December 11. $TLX (+0,38%)

Nagarro increased sales by 3.7 percent to 242.9 million euros in the third quarter and adjusted EBITDA by a good eight percent to 34.6 million euros. The company is adjusting its revenue forecast for 2024 to 960 million euros and expects an EBITDA margin of over 14 percent. $NA9 (+0,56%)

Adesso recorded an increase in turnover of 15 percent to 330 million euros in the third quarter and a 37 percent rise in operating profit to 38.9 million euros. Jörg Schroeder will step down as Chief Financial Officer on April 30, 2025; his successor will be Michael Knopp from January 15, 2025. $ADN1 (-1%)

Dermapharm increases turnover in the first nine months by just under three percent to 890.1 million euros, while adjusted EBITDA falls slightly to just over 240 million euros. However, consolidated net income rose to just under 93 million euros, and the Group CEO is optimistic for the final quarter. $DMP (-0,81%)

Energiekontor sees itself on course for its annual targets after nine months with an expected pre-tax result of EUR 30 to 70 million, although the upper end of the range will not be reached due to the below-average wind year. Three projects with 79 MW have already been commissioned this year and several more projects are currently being marketed. $EKT (-0,97%)

The financial services provider MLP increased revenue by twelve percent to EUR 746 million in the first nine months and EBIT by almost half to EUR 66 million. The company confirms its forecast for 2024 with EBIT of between EUR 85 and 95 million and expects EBIT of EUR 100 to 110 million in 2025. $MLP (+0,41%)

GFT Technologies is again lowering its annual targets and now expects revenue growth of 10 percent to around EUR 865 million and adjusted EBIT of around EUR 77 million. Profit before taxes is expected to fall to around EUR 65 million, as the environment remains challenging and momentum in the coming months will be lower than expected. $GFT (-0,11%)

ProSiebenSat.1 is lowering its forecast for the year due to weak TV advertising revenues and expects an adjusted operating result of less than EUR 575 million. The Group plans to sell Flaconi and Verivox in order to invest in Joyn, programs and debt reduction. $PSM (-1,09%)

Wacker Neuson is again lowering its annual targets and now expects revenue of EUR 2.2 to 2.3 billion and an EBIT margin of 5.5 to 6.5 percent. In the third quarter, the company reports a drop in revenue of over 20 percent and a 61 percent fall in EBIT. $WAC (-0,41%)

Cewe confirms its annual targets with sales of between 770 and 820 million euros and an EBIT of 77 to 87 million euros, with the upper half of the ranges being targeted. The company generates most of its profits in the Christmas quarter and posts a marginally positive EBIT in the summer quarter, despite increased marketing expenditure. $CWC (-0,78%)

Merck KGaA reports a 1.8 percent increase in sales to 5.3 billion euros in the third quarter, while the adjusted operating result rises by 12 percent to over 1.6 billion euros. CEO Belén Garijo announces that sales for 2024 are expected to be in the lower half of the previous range. $MRK (+0,21%)

Bilfinger records revenue growth of 15 percent to just under EUR 1.3 billion in the third quarter and increases operating profit by 35 percent to EUR 76 million, supported by good demand and the latest acquisition. The Executive Board confirms the adjusted annual targets with an increase in revenue to EUR 4.8 to 5.2 billion for 2024, also taking into account a savings program and special effects from the integration of Stork. $GBF (+0,87%)

K+S is revising its production forecast for 2024 downwards due to high sickness rates and now expects an operating result (EBITDA) of around EUR 540 million. In the third quarter, the company reports a decline in sales and EBITDA, with profits exceeding analysts' expectations but remaining below consensus estimates for the full year. $SDF (-1,18%)

Since my $DHL (-1,59%) limit for the purchase in August did not work out, the choice was now between $CWC (-0,78%) and $STR (+0,36%)

The Austrian company Strabag confirmed its forecast for the year with the presentation of its half-year figures on Friday (August 30). With construction output of around EUR 19.4 (previous year: 19.1) billion, the EBIT margin is expected to be at least 4%. A figure of 5% was achieved in the previous year, and the margin is set to rise to 6% by 2030.

Overall, however, the figures for the first six months were solid: With construction output virtually unchanged at EUR 8.3 billion and sales down by 2.9%, EBITDA increased by 2.2%. Higher depreciation and amortization caused EBIT to fall by 6.2%. However, this does not worry us any more than the thin EBIT margin of 1.1%, which was at a similar level in the previous year. This is because the majority of profits are generated in the second half of the year.

The 4% increase in the order backlog to a record level of EUR 25.2 billion is very pleasing. According to CEO Clemens Haselsteiner, Strabag already has "good visibility towards 2026". More than half (53%) of the orders come from Germany, while the home market of Austria only accounts for 10%. And the trend is continuing. For example, Strabag was recently awarded the contract to build a highway bridge on the A7 in Hesse.

The Group is also active in Germany in the area of the energy transition, where it is taking on central civil engineering work on the European energy infrastructure project "SuedOstLink", among other things. This major project aims to efficiently transport wind energy from the north and east to the south of Germany. The share (EUR 39.30; AT0000STR1) has been trading sideways for over three years, which is probably also due to the failed sale of the Rasperia share package (see PB of January 12) to RBI.

Strabag, 2025 P/E of 8 and a dividend yield of 5.7%.

Question: @Freya-Odin
@TomTurboInvest
@TomTurboInvest_100k
@Der_Dividenden_Monteur
@CaYaRo

Are you still invested?

As every Sunday, the news of the last week and the most important dates of the coming week.

The most important dates of the coming week as a video:

https://youtube.com/shorts/XRpmGjw1CJ8?feature=share

Monday:

$G24 (+0,83%) Scout24 is able to increase its forecast despite the slump in the real estate market. Also due to the acquisition of Sprengnetter (valuation portal), sales can increase by 15%. In a tense market, Scout24 profits above all from marketing and Plus products.

https://app.handelsblatt.com/finanzen/immobilien/immobilien-immobilienportal-scout24-erhoeht-nach-zukauf-prognosen/29306012.html

Catastrophic figures from $ENR (+3,58%) Siemens Energy - Because of the wind power division, an annual loss of EUR 4.5 billion is expected. The main reason is damage to wind turbines. As a consequence, the company wants to part with certain suppliers.

https://www.manager-magazin.de/unternehmen/industrie/siemens-energy-rechnet-mit-4-5-milliarden-euro-verlust-a-8f6bf488-27b4-4c47-af02-46c0f00ba820

Industrial production in Germany is being cut back more sharply than expected. In June alone, production fell by 1.3% compared with the previous month. Experts had expected a smaller decline.

https://app.handelsblatt.com/politik/konjunktur/konjunktur-deutsche-unternehmen-fahren-produktion-unerwartet-stark-herunter/29306120.html

$TSM (+1,24%) TSMC is coming to Germany and can expect EUR 5 billion in subsidies. A plant is being built near Dresden, which will be operated jointly with NXP, Infineon and Bosch.

https://www.handelsblatt.com/politik/deutschland/halbleiter-taiwanesischer-chipriese-tsmc-kommt-nach-deutschland/29306926.html

Tuesday:

The trading da#china disappoint. Both exports and imports were below expectations. Year-on-year, exports sank by 14.5% in July. Imports fell by 12.4%. The data are compared in USD. At the same time, however, the renminbi yuan depreciated against the USD.

https://www.wallstreet-online.de/nachricht/17217918-aktien-asien-pazifik-abwaerts-china-daten-handel-enttaeuschen

$SIX2 (-0,03%) Sixt achieves record earnings, the best quarterly result in the Group's history. Bayer has to take write-downs, as already announced. The loss was slightly lower than expected. RTL has to revise its full-year forecast downward. Fraport becomes more optimistic for the full year.

https://www.handelsblatt.com/unternehmen/industrie/-geschaeftszahlen-im-newsblog-sixt-erzielt-rekordergebnis-rtl-senkt-jahresprognose/24098412.html

The excess profits tax from Italy 🇮🇹 is putting pressure on banks throughout Europe today. This is because the Italian government wants to skim off the banks' higher interest income. This is causing uncertainty about similar legislative projects and dragging the sector down.

https://app.handelsblatt.com/finanzen/maerkte/marktberichte/dax-aktuell-dax-schliesst-unter-15-800-punkten-bankaktien-geraten-unter-druck/29312388.html

Wednesday:

$VOE (-1,89%) Voestalpine with profit slump, however, there was a corresponding expectation. The forecast was confirmed.

Also $EOAN (-1,09%) eon also confirmed the forecast it had raised in July. The company is said to be continuing on its growth course.

https://app.handelsblatt.com/unternehmen/industrie/-geschaeftszahlen-im-newsblog-eon-erhoeht-investitionen-und-bestaetigt-die-prognose-gewinneinbruch-bei-brenntag/24098412.html

$DHER (-1,27%) Delivery Hero raises its revenue forecast. Revenue is expected to grow by 15% instead of 10%. In addition, the EBITDA margin is to be at least 0.5%.

https://de.finance.yahoo.com/nachrichten/delivery-hero-rechnet-mehr-umsatz-055911738.html?guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAA46eIxcDVPn8WOFs3FBIu5hUZ_H1eIooUZtI9tbGNc7B3PiCBZSTkNXas-XY25lseEuPuBpUpNcGibN2PX34w1n9IcD7RZGyXbw0QnMXz5aGbZQNqq1bY_5GDbwA_PeuyycdyVm1peezJapDgS0NxPN0FHtUlODqNOw51AFdXHt

#deflation instead of inflation in China 🇨🇳. The new data push the markets in Asia into the red on Wednesday. Prices fell by 0.3% compared to the same month last year. Expected were even 0.4%. Nevertheless, the figures did not go down well, because deflation is, like inflation harmful to the economy.

https://www.sueddeutsche.de/wirtschaft/china-wirtschaft-deflation-preise-lohnkuerzung-entlassung-1.6110930

For the first time in 10 years, deposits at Volksbanks and savings banks have fallen. This is good news, because it means that customers are switching to better-interest alternatives. This also puts Volksbanks and savings banks under pressure to finally allow savers to participate in the higher interest rates.

https://www.handelsblatt.com/finanzen/banken-versicherungen/banken/inflation-und-preiskampf-einlagen-bei-sparkassen-und-volksbanken-sinken-/29314296.html

$WE WeWork stands shortly before the insolvency. The share price is plummeting. The only way out would be fresh money. However, commercial real estate is generally not in demand, so the co-working space business is likely to have a hard time.

https://app.handelsblatt.com/finanzen/immobilien/immobilien-buerovermieter-wework-warnt-vor-insolvenz-aktie-bricht-ein/29321066.html

Thursday:

Surprisingly good figures from $ALV (-0,2%) Allianz, profit exceeded expectations due to fewer natural catastrophes and higher prices.

$HFG (+1,88%) Hellofresh continues to lose customers, but significantly increases bottom-line profit. The forecast remains unchanged.

$$MUV2 (-1,8%) Munich Re earns less than expected, but maintains forecast.

Rheinmetall increases sales, but earns less.

https://app.handelsblatt.com/unternehmen/industrie/-geschaeftszahlen-im-newsblog-allianz-ueberrascht-beim-gewinn-telekom-erhoeht-die-ziele/24098412.html

Inflation in the USA 🇺🇸 rises again slightly to 3.2%. However, 3.3% was expected, so this data should be received positively by the stock market and also provide further impetus.

https://rp-online.de/wirtschaft/us-inflationsdruck-nimmt-wieder-zu-teuerungsrate-bei-3-2-prozent_aid-95430155

Friday:

$CWC (-0,78%) CEWE benefits from higher travel. More people buy photo books. The last two quarters are the most important for the Group. However, sales already increased by 11 % in the second quarter.

https://amp2.handelsblatt.com/unternehmen/industrie/-geschaeftszahlen-im-newsblog-alibaba-mit-ueberraschend-hohem-umsatz/24098412.html

Also $BC8 (-1,72%) Bechtle can beat expectations. The revenue forecast is reaffirmed. The pre-tax profit of 93.8 million euros was above the expected 90.

https://www.finanzen.net/nachricht/aktien/jahresausblick-bekraeftigt-bechtle-aktie-stark-bechtle-schlaegt-erwartungen-12730615

These are the most important dates for the coming week:

Monday: 14:00 Consumer Prices (India)

Tuesday: 11:00 ZEW Economic Indicator (DE)

Wednesday: 11:00 GDP figures (EU)

Thursday: 14:30 Manufacturing data (USA)

Friday: 11:00 Inflation data (EURO)

$CWC (-0,78%) Are there any other Cewe shareholders here? At the beginning of the year, the long-standing CEO Rolf Hollander was rather rudely ousted. In my opinion, Hollander actually did a good job - I am unsure what the change will mean for the company. Perhaps one or the other can say something about the background ...

https://www.ce-trade.de/blog/2023/01/02/rolf-hollander-verlaesst-cewe-yvonne-rostock-uebernimmt/