$FRE (-4,88%) Fresenius will propose a dividend of €1.00 per share for the financial year 2024

(https://www.fresenius.com/de/dividende)

At 53 billion euros, the 40 DAX companies are likely to pay out almost one billion euros more this year than a year ago - more than ever before.

The reason for the strong development is high consolidated profits and unexpectedly rising dividends at a good dozen companies, including $ALV (-8,43%) Allianz, $MUV2 (-6,68%) Munich Re and $RHM (-10,98%) Rheinmetall.

At 109 billion euros net profit, the DAX companies are likely to have earned as much in 2024 as in the previous year, according to Handelsblatt calculations. Slump in earnings for the three car manufacturers $BMW (-5,51%) BMW, $MBG (-5,9%) Mercedes and $VOW (-3,61%) VW will be offset by companies in other sectors, in particular the major insurers Allianz, Munich Re and $HNR1 (-5,85%) Hannover Re, but also $DTE (-4,46%) Deutsche Telekom, $HEN (-3,1%) Henkel and $EOAN (-6,15%) Eon.

More than a dozen DAX companies have announced higher dividends than the market had previously expected. For example $ALV (-8,43%) 15.40 euros per share after 13.80 euros in the previous year. Analysts had forecast just under 15 euros. The insurer is thus distributing just under six billion euros. This is a record in the German corporate landscape.

The biggest jump is at $MUV2 (-6,68%) Munich Re: The reinsurer is increasing its dividend by five euros per share to 20 euros.

The two healthcare specialists $FRE (-4,88%) Fresenius and $FME (-6,55%) Fresenius Medical Care, the brand manufacturer $HEN (-3,1%) Henkel, the automotive supplier $BTR Continental, the $CBK (-6,01%) Commerzbank, $RHM (-10,98%) Rheinmetall and $HNR1 (-5,85%) Hannover Re have raised their dividends, in some cases significantly more than expected. This is also due to rising profits, which justify a higher profit share for shareholders.

The largest dividend payers in the DAX are

• $ALV (-8,43%)
• 
  $DTE (-4,46%)
• 
  $MBG (-5,9%)
• 
  $SIE (-7,45%)
• 
  $VOW (-3,61%)

Like the car manufacturers, a number of companies in the DAX remain below the usual international payout ratios, including the family-run groups $BEI (-0,89%) Beiersdorf and $MRK (-5,28%) Merck. They pass on less than 30 percent of their profits. This leaves enough of a buffer so that dividends do not have to be reduced immediately in more difficult times.

Germany's most valuable group, $SAP (-5,31%) SAP, with a payout ratio of 85%, is pushing the limit: net profit of 3.1 billion euros in the past year compares with a total dividend payout of 2.7 billion euros. However, the profit was burdened by a one-off effect.

So far, a total of 20 companies have increased their dividends, with only $BAS (-5%) BASF and the three car manufacturers. Four companies have yet to do so: $RWE (-6,04%) RWE, $SY1 (+0,31%) Symrise and $VNA (-2,32%) Vonovia are likely to increase their dividends, while analysts expect $PAH3 (-3,65%) analysts expect a reduction at Porsche Holding.

Source (excerpt) & chart: Handelsblatt, 15.03.25

As was announced on Monday evening, the healthcare group Fresenius $FRE (-4,88%) intends to reduce its stake in the dialysis subsidiary Fresenius Medical Care $FME (-6,55%) (FMC) in the dialysis subsidiary. Fresenius currently still holds around 32.2 percent. In future, the stake is to be reduced to 25 percent plus one share.

Fresenius announced that it intends to sell approximately 10.5 million shares in Fresenius Medical Care by way of an accelerated bookbuilding process. This corresponds to approximately 3.6 percent of FMC's issued share capital. Fresenius describes the transaction as a further strategic milestone on the way to a more focused and stronger company. A strengthened balance sheet and further deleveraging will increase strategic flexibility and improve the financial profile.

Analysts have recently been positive about Fresenius shares. The US bank JPMorgan praised the company's continued good progress. It has raised its target price for Fresenius from 41.90 euros to 56.90 euros.

Source: Der Aktionär

Good news from the German healthcare industry! Fresenius $FRE (-4,88%) reported adjusted operating profit above market expectations in the fourth quarter. The strong performance of the Kabi and Helios segments contributed to this.

The results show that the company achieved an EBIT (earnings before interest and taxes) of 646 million euros (approx. USD 678 million), which is above the analysts' estimate of 634 million euros. This is a positive signal for investors and underlines the stability of the company.

For 2025, Fresenius expects organic sales growth of 4 % to 6 % before exceptional items and EBIT growth in constant currencies of between 3 % and 7 %. The company also plans to propose a dividend of EUR 1 per share for the 2024 financial year.

The results are also a good sign for the former dialysis division, Fresenius Medical Care, which also exceeded market expectations on Tuesday. An exciting year ahead! 👍

Hello everyone, after passing the 200k mark in my overall portfolio a good two months ago, my pure equity/ETF portfolio has now done the same. The driver is by far $PLTR. (-11,65%) Some problem children should of course not be missing in such a portfolio $P911 (-4,36%)
$NKE (+3,05%) . Both should still need a little time for the turnaround.

I will sell in the near future $FRE (-4,88%) to further reduce the DE share. Otherwise, the ETFs will continue to be fed with a savings plan in order to reach the target of > 60% ETF share.

As always, feedback is welcome

Interview with Clemens Fuest - Germany on the brink? Ifo President finds: "Elon Musk is talking nonsense"

The German economy is stagnating and economic output is not rising above the 2019 level. That is the bitter outcome of a lost half-decade, as Clemens Fuest, President of the Ifo Institute, makes clear in an interview with the FAZ.

"We have real problems," says Fuest, adding that it is not just external circumstances that are weighing on Germany's economy, but also home-grown problems. In this tense economic environment, Fuest voices fierce criticism of Elon Muskthe CEO of Tesla. Musk, known for his sometimes controversial statements and visions, hatte zuletzt Vorschläge gemacht which Fuest describes as "gross nonsense". These proposals relate in particular to Musk's ideas on the industry of the future.

"Germany is not on the brink"

Musk has repeatedly emphasized that Germany must fundamentally change its industrial policy in order to remain competitive. Fuest replied: "Germany is not on the brink, wie er behauptet . Our country is stuck in stagnation, that's something completely different."

Fuest emphasizes in the interview that German economic policy should aim to further promote its strengths. "Depending on the count, there are between 1,000 and 1,500 companies in Germany that are world market leaders in a niche. No other country has this in this form. And that leads to the export strength that continues to characterize Germany."

The Ifo Director calls for political decision-makers in Germany and Europe to rethink and adapt their strategies. "The approach of relying heavily on subsidies to transform the economy" was wrong, he emphasizes. The "traffic light coalition has also failed to find an answer to the decline in investment in companies and housing construction".

"Depending on the count, there are between 1,000 and 1,500 companies in Germany that are world market leaders in a niche. No other country has this in this form. And that leads to the export strength that continues to characterize Germany."

My dears, which world market leaders can you think of here? And which German niche companies are you counting on?

$SIE (-7,45%)
$MUM (-2,51%)
$SAP (-5,31%)
$AIXA (-7,39%)
$ADS (-0,23%)
$RR. (-15,21%)
$FRE (-4,88%)

Interview mit Clemens Fuest - Deutschland am Abgrund? Ifo-Präsident findet: „Elon Musk redet groben Unfug“

Dax dividends fall

In 2025, the 40 DAX companies will be paying out seven percent less than last year, according to a forecast by Handelsblatt. Car manufacturer shareholders will be hit particularly hard.

Many DAX shareholders will have to adjust to lower dividends for the current financial year: According to a forecast by Handelsblatt, the 40 Dax-listed companies will pay out a combined €48.5 billion next spring. That would be seven percent less than in the previous year.

At the same time, 22 companies are likely to further increase their payouts and eight will reduce their dividends. But overall, there will be a decline for the first time since the outbreak of the pandemic. This is mainly due to the car manufacturers, where the dividend total is likely to fall by almost 35% to around ten billion euros. This is due to falling profits at VW $VOW (-3,61%) , BMW $BMW (-5,51%) and Mercedes $MBG (-5,9%) due to poor sales figures in Europe and especially in the former boom country China.

In contrast, the sporting goods manufacturer Adidas $ADS (-0,23%) , the Deutsche Telekom
$DTE (-4,46%) and the arms manufacturer Rheinmetall $RHM (-10,98%) are increasing their dividends particularly sharply. This also applies to Deutsche Bank
$DBK (-10%) and Commerzbank $CBK (-6,01%) and the insurers Allianz $ALV (-8,43%) , Munich Re
$MUV2 (-6,68%) and Hannover Re
$HNR1 (-5,85%) . The healthcare group Fresenius $FRE (-4,88%) has not distributed anything for 2023, but is now planning a dividend again.

Commerzbank analyst Andreas Hürkamp sees a rotation: "In 2011, the automotive sector replaced utilities as the sector with the highest dividends. Now it is becoming apparent that after 14 years, insurers will be the new number one dividend payers in the DAX."

Handelsblatt

Analyst updates, 21.11.

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- BERNSTEIN RAISES TARGET FOR NVIDIA TO USD 175 (155) - 'OUTPERFORM' $NVDA (-7,25%)

- JPMORGAN RAISES TARGET FOR NVIDIA TO 170 (155) USD - 'OVERWEIGHT' $NVDA (-7,25%)

- EVERCORE ISI RAISES TARGET FOR NVIDIA TO 190 (189) USD - 'OUTPERFORM' $NVDA (-7,25%)

- JEFFERIES RAISES TARGET FOR SIXT STEMS TO EUR 110 (100) - 'BUY' $SIX2 (-6,59%)

- DEUTSCHE BANK RESEARCH RAISES RHEINMETALL TO 'BUY' (HOLD) - TARGET 700 (550) EUR $RHM (-10,98%)

- BARCLAYS RAISES TARGET FOR FRESENIUS SE TO EUR 40 (38) - 'OVERWEIGHT' $FRE (-4,88%)

- WARBURG RESEARCH raises the target price for ALSTRIA OFFICE from EUR 3.40 to EUR 7.10. Hold. $AOX (-0,55%)

- BERNSTEIN raises the price target for ESSILORLUXOTTICA from EUR 194 to EUR 200. Market-Perform. $EL (-4,31%)

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- DEUTSCHE BANK RESEARCH lowers the price target for NESTLE from CHF 87 to CHF 85. Hold. $NESN (-3,88%)

- DEUTSCHE BANK RESEARCH lowers the price target for MEDIOS from EUR 23 to EUR 18. Buy. $ILM1 (-4,74%)

- ODDO BHF lowers the price target for GRENKE from EUR 27.30 to EUR 18.30. Neutral. $GLJ (-4,51%)

- BERNSTEIN lowers the price target for KERING from EUR 260 to EUR 220. Market Perform. $KER (-6,24%)

- BERNSTEIN lowers the price target for LVMH from EUR 795 to EUR 700. Outperform. $MC (-4,14%)

- BERNSTEIN lowers the price target for VESTAS from DKK 250 to DKK 215. Outperform. $VWS (-10,01%)

- JEFFERIES lowers the price target for SMA SOLAR from EUR 19 to EUR 14. Hold. $S92 (-5,01%)

- JEFFERIES lowers the price target for VERBIO from EUR 27 to EUR 22. Buy. $VBK (-5,89%)

- JEFFERIES lowers the price target for PVA TEPLA from EUR 14.50 to EUR 12. Hold. $TPE (-10,41%)

- HSBC downgrades TARGET to Hold. Target price USD 138. $TGT (+1,89%)

- UBS lowers the price target for BAYER from EUR 30 to EUR 22. Neutral. $BAYN (-6,12%)

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- UBS raises its price target for NVIDIA from USD 150 to USD 185. Buy. $NVDA (-7,25%)

- METZLER raises the price target for MUNICH RE from EUR 535 to EUR 543. Buy. $MUV2 (-6,68%)

- GOLDMAN lowers the target price for NOVO NORDISK from DKK 1040 to DKK 1025. Buy. $NOVO B (-6,66%)

- GOLDMAN upgrades MTU from Neutral to Buy and raises target price from EUR 276 to EUR 400. $MTX (-9,58%)

- GOLDMAN upgrades BASF from Neutral to Buy and raises target price from EUR 45 to EUR 53. $BAS (-5%)

- DEUTSCHE BANK RESEARCH raises the price target for FRESENIUS SE from EUR 42 to EUR 44. Buy. $FRE (-4,88%)

- DEUTSCHE BANK RESEARCH raises the price target for EMBRACER from SEK 24 to SEK 28. Hold. $TH9A

- DEUTSCHE BANK RESEARCH raises the price target for AMADEUS IT from EUR 62 to EUR 65. Hold. $AMS (-7,46%)

- DEUTSCHE BANK RESEARCH raises the price target for NEMETSCHEK from EUR 85 to EUR 100. Hold. $NEM (-5,47%)

- WARBURG RESEARCH raises the price target for DÜRR from EUR 32 to EUR 33. Buy. $DURYY (-12,37%)

- HAUCK AUFHÄUSER IB upgrades CANCOM from Hold to Buy. Target price EUR 32. $COK (-2,79%)

- ODDO BHF upgrades GENERALI to Neutral. Target price EUR 26.10. $G (-6,61%)

- METZLER raises the price target for HEIDELBERG MATERIALS from EUR 131 to EUR 138. Buy. $HEI (-6,75%)

- BERENBERG raises the price target for FLATEXDEGIRO from EUR 16 to EUR 18. Buy. $FTK (-8,01%)

- BERENBERG raises the price target for FREENET from EUR 29 to EUR 32. Buy. $FNTN (-5,99%)

- JPMORGAN raises the target price for HEIDELBERG MATERIALS from EUR 108 to EUR 149. Overweight. $HEI (-6,75%)

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- UBS lowers the price target for MUNICH RE from EUR 560 to EUR 540. Buy. $MUV2 (-6,68%)

- ODDO BHF downgrades MODERNA to Outperform. Target price USD 86. $MRNA (-1,33%)

- UBS downgrades VALE from Buy to Neutral and lowers target price from USD 14 to USD 11.50. $VALE (-6,12%)

- DZ BANK lowers target price for DEUTZ from EUR 6.80 to EUR 5.80. Buy. $DEZ (-10,44%)

- DZ BANK lowers the price target for BECHTLE from EUR 51 to EUR 45. Buy. $BC8 (-4,33%)

- BERENBERG lowers the target price for ESTEE LAUDER from USD 87 to USD 76. Hold. $EL (-8,7%)

- RBC lowers the target price for ASOS from GBP 4.60 to GBP 4. Sector Perform. $ASC (-6,74%)

- RBC lowers the price target for EVOTEC from EUR 12 to EUR 11.60. Outperform. $EVT (-6,42%)

- RBC lowers the price target for VESTAS from DKK 222 to DKK 156. Outperform. $VWS (-10,01%)

- BERENBERG lowers the price target for SUSS MICROTEC from EUR 80 to EUR 75. Buy. $SMHN (-4,06%)

- JEFFERIES downgrades NEL from Hold to Underperform and lowers target price from NOK 5.50 to NOK 3. $NEL (-3,71%)

- RBC lowers the price target for BMW from EUR 81 to EUR 80. Sector Perform. $BMW (-5,51%)

- JEFFERIES lowers the price target for KNAUS TABBERT from EUR 26 to EUR 20. Hold. $KTA (-5,14%)