$CEC (-0,15%)
$HBH (+2,11%)
$HEN (-0,04%)
$HM B (-1%)

Closed stores and dormant businesses on Sundays and public holidays are a tradition - but is this still in keeping with the times? For many working people, it means that shopping and errands are concentrated on Saturdays, which are already full. This leads to overcrowded stores, long queues and stress for customers and retail employees. But that's not all: private work is also restricted. Car washing, gardening or minor repairs are not permitted in many places. While online stores are selling around the clock, bricks-and-mortar stores remain closed. Should there be more flexibility to better balance business and everyday life? Or do the advantages of a common day of rest outweigh the disadvantages? What do you think?$

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 (+0,85%) Allianz, $MUV2 (-0,54%) Munich Re and $RHM (+0,16%) 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 (+1,77%) BMW, $MBG (+1,59%) Mercedes and $VOW (+0,86%) VW will be offset by companies in other sectors, in particular the major insurers Allianz, Munich Re and $HNR1 (+0,07%) Hannover Re, but also $DTE (-2,85%) Deutsche Telekom, $HEN (-0,04%) Henkel and $EOAN (-0,76%) Eon.

More than a dozen DAX companies have announced higher dividends than the market had previously expected. For example $ALV (+0,85%) 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 (-0,54%) Munich Re: The reinsurer is increasing its dividend by five euros per share to 20 euros.

The two healthcare specialists $FRE (+0,33%) Fresenius and $FME (+1,56%) Fresenius Medical Care, the brand manufacturer $HEN (-0,04%) Henkel, the automotive supplier $BTR Continental, the $CBK (-2,13%) Commerzbank, $RHM (+0,16%) Rheinmetall and $HNR1 (+0,07%) 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 (+0,85%)
• 
  $DTE (-2,85%)
• 
  $MBG (+1,59%)
• 
  $SIE (+3,19%)
• 
  $VOW (+0,86%)

Like the car manufacturers, a number of companies in the DAX remain below the usual international payout ratios, including the family-run groups $BEI (-1,28%) Beiersdorf and $MRK (+2,21%) 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 (+2,08%) 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 (+1,27%) BASF and the three car manufacturers. Four companies have yet to do so: $RWE (+0,06%) RWE, $SY1 (-0,1%) Symrise and $VNA (+0,1%) Vonovia are likely to increase their dividends, while analysts expect $PAH3 (+1,4%) analysts expect a reduction at Porsche Holding.

Source (excerpt) & chart: Handelsblatt, 15.03.25

I didn't think the numbers were that bad, use a small entry for the defensive werte✌️

Tesla shares fall by more than 15 percent in one day + Tonner drones accelerate commercial development of INHIBITOR solution + Redcare hopes for strong sales growth + Henkel to invest one billion euros in share buyback + Deutsche Börse at record high + Apple has to work longer on new AI-Siri

Tesla share $TSLA (+10,24%)falls by more than 15 percent in one day

• The share price of Tesla, the electric car manufacturer led by Elon Musk, fell by more than 15 percent to 222 dollars on Monday, thus losing the last gains made after the US presidential election in November.
• Prior to the accelerated share price losses on Monday, another analyst had lowered the forecast for Tesla deliveries.
• The share price fell a further three percent after the close of trading.
• Since the record high in mid-December, the drop now amounts to more than 50 percent.
• Musk had become a close ally of the ultimately victorious Republican Donald Trump during the US election campaign.
• Following his triumph in the presidential election, Tesla shares soared.
• At its peak in mid-December, it was worth around twice as much as on election day on November 4.
• A downward slide then set in, which recently became steeper.
• After the share price plummeted, Trump claimed that "radical left-wing lunatics" were boycotting Tesla in order to harm Musk.
• He would buy a Tesla car on Tuesday as a sign of support for the "great American" Musk, the US President announced via the online platform Truth Social.

Tonner drones $ALDR (-3,47%)accelerates the commercial development of the INHIBITOR solution

• Tonner Drones ("the Company") announces that it is intensifying its efforts to commercialize its Inhibitor product.
• Tonner Drones holds valuable patents for stabilizing drones and counteracting the recoil effect.
• This technology can significantly improve the operation of drones after a target has been shot down.
• In light of the global increase in defense spending, Tonner Drones would like to take this opportunity to generate interest in the inhibitor patents from the parties.
• While Tonner Drones itself has no ambitions to develop the product, the company aims to optimize the value of the patents through sales or licensing agreements.

Redcare $RDC (-0,7%)hopes for strong sales growth

• The online pharmacy Redcare Pharmacy (formerly Shop Apotheke) is also aiming for strong growth in the current year.
• The MDax-listed company announced in Sevenum on Tuesday that sales are set to increase by at least a quarter.
• Based on sales of just under 2.4 billion euros last year, this would be 3.0 billion euros in the worst-case scenario, which is roughly what analysts surveyed by Bloomberg have in mind.
• In terms of profitability, however, the Dutch company could possibly disappoint again: The margin for adjusted earnings before interest, taxes, depreciation and amortization (ber EBITDA) is expected to improve slightly to between 2 and 2.5 percent.
• Analysts currently expect 2.3 percent. Redcare had already announced turnover figures in January.
• These have now been confirmed. The adjusted operating result fell by more than a third to 33.3 million euros, with the margin more than halving to 1.4 percent.
• The market had been expecting a less severe decline.
• In the final quarter, Redcare was even in the red in its day-to-day business.
• And the bottom line for shareholders in 2024 was again a loss: it increased to 45 million euros, compared to minus 12 million euros in 2023.

Henkel $HEN (-0,04%)wants to invest one billion euros in share buyback

• The consumer goods group Henkel has announced that it will buy back its own shares for up to one billion euros.
• The Dax-listed preference shares worth up to 800 million euros are to be acquired, as the company announced on Tuesday shortly before the announced presentation of the annual figures in Düsseldorf.
• The remaining 200 million euros are to be invested in the purchase of ordinary shares.
• "Based on the current share price, this corresponds to around 2.7 percent of the company's share capital."
• Henkel shares have significantly lagged behind the DAX in recent years.
• The company currently has a market capitalization of just under 36 billion euros.

German stock exchange $DB1 (+0,76%)at record high

• In a weak overall market, Deutsche Börse shares reached another record high on Monday.
• The increasing price fluctuations on the financial markets are likely to keep investors on their toes and ensure good turnover for stock exchange operators.
• The shares of the stock exchange operator rose by 2.9 percent to 264.80 euros at the peak in the afternoon.
• Deutsche Börse shares have climbed by almost 20 percent since the beginning of the year.
• The shares of counterparty Euronext had reached a high on Thursday.
• Not least the political developments since the election of Donald Trump as US President and his erratic actions are likely to force investors to constantly adjust their portfolios - with positive consequences for exchange operators.
• According to analyst Jochen Schmitt from Metzler Bank, turnover in interest rate products on the Eurex derivatives exchange and in cash trading on Xetra increased in January and February compared to the previous year.
• Deutsche Börse should benefit from the favorable capital market environment.
• Economies of scale would benefit the results, as the cost base is strongly determined by fixed costs.

Apple $AAPL (+0,28%)has to work longer on new AI-Siri

• Setback for Apple in the AI race with other tech giants: The iPhone company is taking longer than planned to develop its improved assistance software Siri.
• The new far-reaching functions with artificial intelligence will not be available until "next year", an Apple spokesperson told the website "Daring Fireball".
• The function was generally expected to be available this spring.
• Apple's plan is for the future Siri to be particularly helpful for users because the software has access to users' personal information and can be active across different apps.
• Rivals such as Google and Samsung also want to establish such functions in the everyday lives of users of their devices and software.
• Amazon will soon be opening advance access to an AI version of its Alexa assistance software in the USA. Apple has summarized its new AI offerings under the name "Apple Intelligence".
• So far, the software can reword and summarize texts and create new emoji from user descriptions, among other things.
• The first functions of "Apple Intelligence" are set to appear in Germany in April.
• The company is focusing on AI functions in the marketing of its current iPhone generation.

Tuesday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• Novartis CHF 3.50
• Qantas Airways 0.10 AUD
• Spire 0.79 USD

• Quarterly figures / company dates USA / Asia
• 19:00 Eaton Investor Conference Call

• Quarterly figures / company dates Europe
• 06:45 Redcare Pharmacy NV, annual results
• 07:30 Gea Group | Henkel | Volkswagen annual results
• 09:00 Henkel Analyst Conference
• 09:30 Gea Group | Volkswagen BI-PK
• 11:00 Henkel BI-PK

Economic data

01:50 JP: GDP (2nd release) 4Q FORECAST: n.a. 1st release: +0.7% yoy previous: +0.4% yoy

08:00 DE: Labor Cost Index 4Q

15:00 US: Job Openings and Labor Turnover Survey (Jolts) January

No time specified:

- BE: Ecofin meeting of EU finance ministers

- CN: China's People's Congress, closing

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- GOLDMAN raises the price target for DELL from USD 155 to USD 165. Buy. $DELL (+0,4%)

- GOLDMAN raises the price target for ANALOG DEVICES from USD 247 to USD 261. Buy. $ADI (+0,22%)

- GOLDMAN raises the price target for HP INC from USD 35 to USD 38. Neutral. $HPQ (-0,63%)

- WARBURG RESEARCH raises the price target for VONOVIA from EUR 40.20 to EUR 42.30. Buy. $VNA (+0,1%)

- WARBURG RESEARCH upgrades STRATEC from Hold to Buy. Target price 40 EUR. $SBS4

- DEUTSCHE BANK RESEARCH raises the price target for DEUTSCHE BÖRSE from EUR 235 to EUR 237. Buy. $DB1 (+0,76%)

- MORGAN STANLEY raises the target price for DEUTSCHE TELEKOM from EUR 33 to EUR 38. Overweight. $DTE (-2,85%)

- GOLDMAN raises the price target for TRATON from EUR 31.80 to EUR 35.50. Neutral. $8TRA (+0,68%)

- GOLDMAN raises the price target for BRENNTAG from EUR 94 to EUR 95. Buy. $BNR (+4,38%)

- BERENBERG upgrades EQUINOR from Hold to Buy and raises target price from NOK 290 to NOK 325. $EQNR (-1,04%)

- JPMORGAN raises the target price for BEIERSDORF from EUR 150 to EUR 160. Overweight. $BEI (-1,28%)

- JPMORGAN upgrades HENKEL from Neutral to Overweight and raises target price from EUR 82 to EUR 100. $HEN (-0,04%)

- JPMORGAN upgrades BRITISH AMERICAN TOBACCO to Neutral. $BATS (-0,52%)

- JPMORGAN raises the price target for EON from EUR 15.50 to EUR 16. Overweight. $EOAN (-0,76%)

- JPMORGAN raises the target price for AUTO1 from EUR 12.10 to EUR 17.10. Overweight. $AG1 (+1,95%)

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- STIFEL lowers the price target for SIEMENS from EUR 207 to EUR 202. Buy. $SIE (+3,19%)

- JPMORGAN lowers the price target for HP INC from USD 41 to USD 40. Overweight. $HPQ (-0,63%)

- WARBURG RESEARCH lowers the price target for LANXESS from EUR 40 to EUR 37. Buy. $LXS (+1,62%)

- CITIGROUP lowers the price target for BASF from EUR 49 to EUR 46. Neutral. $BAS (+1,27%)

- RBC lowers the target price for COMMERZBANK from EUR 18 to EUR 17.25. Sector Perform. $CBK (-2,13%)

- RBC lowers the target price for ING from EUR 17.50 to EUR 16.75. Sector-Perform. $ING (-3,15%)

- RBC lowers the price target for BNP PARIBAS from EUR 79 to EUR 78. Outperform. $BNP (+0,71%)

- JPMORGAN lowers the price target for ELRINGKLINGER from EUR 6.70 to EUR 6. Neutral. $ELLRY (-1,87%)

- JPMORGAN lowers the price target for SYMRISE from EUR 130 to EUR 120. Overweight. $SY1 (-0,1%)

27.11.2024

Aroundtown becomes slightly more optimistic + JPMorgan raises Henkel to 'Overweight' - target up to 100 euros + Ørsted has allegedly initiated the sale of shares

The commercial real estate specialist Aroundtown $AT1 (+0,64%) stabilized further in the third quarter thanks to increased rental income and slightly higher interest rates. The loss was significantly reduced in the first nine months compared to the previous year. In addition, the MDax < listed group is somewhat more confident about its operating result than recently. The bottom line for the three months to the end of September was even a profit, meaning that the loss after tax for the first nine months was lower than that of the first half of the year. Unlike recently, no further value adjustments on real estate were necessary, the company announced in Luxembourg on Wednesday. The bottom line for the nine months to the end of September was a loss of 154 million euros compared to almost 1.4 billion euros a year earlier. The operating profit fell by just under eight percent to 236 million euros. Aroundtown also became somewhat more optimistic about the result for the current year and is now aiming for the upper end of the operating result range of 290 to 320 million euros, which was raised in the summer. Compared to 2023, the operating result should therefore only fall slightly.

The US bank JPMorgan has Henkel $HEN (-0,04%) from "Neutral" to "Overweight" and raised its price target from 82 to 100 euros. Analyst Celine Pannuti emphasizes the attractive total shareholder return (TSR) in her 2025 outlook for the consumer goods sector published on Wednesday. She is particularly optimistic about tobacco stocks, the shares of soft drinks manufacturers and breweries as well as consumer durables companies (HPC). Pannuti takes a rather skeptical view of alcoholic beverage and food manufacturers and is also rather selective when it comes to food additives. Henkel is still significantly cheaper than its competitors, although the annual targets for 2024 have been increased twice.

The Danish energy company Ørsted $ORSTED (-2,04%) has initiated the sale of a 50 percent stake in the Hornsea 3 wind farm project in the UK North Sea, Bloomberg News reports. It is unclear what price the company is seeking for the stake. The project, which will supply more than three million British homes with electricity, had previously been valued at 8.5 billion pounds, equivalent to just over SEK 117 billion. The sale is also intended to test the market's appetite for Ørsted's project, which is still under development. Ørsted has been pushing to sell off parts of the company as part of a restructuring plan launched by CEO Mads Nipper earlier this year. Last month it was announced that Brookfield had acquired a stake in four Ørsted-operated wind farms in UK waters for £1.75 billion.

Wednesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

T-Mobile US USD 0.88

Newmont Corporation USD 0.25

Quarterly figures / company dates Europe

06:50 Aroundtown quarterly figures

08:00 Easyjet annual results

11:00 Adler Group AGM

Untimed: Norsk Hydro Capital Markets Day

Economic data

• 08:45 FR: Consumer Confidence November PROGNOSIS: n/a previously: 94
• 10:30 DE: GfK Consumer Climate Indicator November FORECAST: -19.0 points previously: -18.3 points
• 14:30 US: GDP (2nd release) 3Q annualized PROGNOSE: +2.8% yoy 1st release: +2.8% yoy 2nd quarter: +3.0% yoy GDP deflator PROGNOSE: +1.8% yoy 1st release: +1.8% yoy 2nd quarter: +2.5% yoy
• 14:30 US: Initial jobless claims (week) FORECAST: 215,000 previous: 213,000
• 14:30 US: New orders for durable goods October FORECAST: +0.5% yoy previous: -0.7% yoy
• 15:45 US: Chicago Purchasing Managers Index November PROGNOSE: 44.7 previous: 41.6
• 16:00 US: Personal Spending and Income October Spending / Income FORECAST: +0.4% yoy/+0.3% yoy previous: +0.5% yoy/+0.3% yoy

Analsyst updates, 08.11.

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- GOLDMAN upgrades BIONTECH from Neutral to Buy and raises price target from USD 90 to USD 137. $BNTX (-14,01%)

- BOFA raises target price for UNDER ARMOUR from USD 9 to USD 13. Neutral. $UAA (-1,96%)

- DEUTSCHE BANK RESEARCH raises the price target for DELIVERY HERO from EUR 29 to EUR 35. Hold. $DHE

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS from EUR 197 to EUR 200. Buy. $SIE (+3,19%)

- JEFFERIES raises the price target for HOCHTIEF from EUR 135 to EUR 138. Buy. $HOT (+2,03%)

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS HEALTHINEERS from EUR 60 to EUR 62. Buy. $SHL (+2,68%)

- DEUTSCHE BANK RESEARCH raises the price target for NORDEX from EUR 18 to EUR 19. Buy. $NDX1 (+0,35%)

- DEUTSCHE BANK RESEARCH raises the price target for RATIONAL from 832 EUR to 841 EUR. Hold. $RAA (+0,17%)

- DEUTSCHE BANK RESEARCH raises the target price for AXA from 37 EUR to 39 EUR. Buy. $CS (+0,49%)

- WARBURG RESEARCH raises the price target for BASTEI LÜBBE from EUR 11.70 to EUR 12.20. Buy. $BST (-2,66%)

- DEUTSCHE BANK RESEARCH raises the price target for ARCELORMITTAL from EUR 28 to EUR 29. Buy. $MT (+0,74%)

- DZ BANK raises the price target for SWISS RE from CHF 130 to CHF 140. Buy. $SREN (-0,34%)

- ODDO BHF raises the price target for HEIDELBERG MATERIALS from EUR 99 to EUR 110. Neutral. $HEI (+3,61%)

- KEPLER CHEUVREUX raises the price target for DAIMLER TRUCK from EUR 35 to EUR 41. Hold. $DTG (+2,36%)

- KEPLER CHEUVREUX upgrades REDCARE PHARMACY from Reduce to Hold. $RDC (-0,7%)

- ODDO BHF raises the price target for HENKEL from EUR 67 to EUR 73. Neutral. $HEN (-0,04%)

- ODDO BHF raises the price target for FREENET from EUR 27 to EUR 28. Neutral. $FNTN (-0,06%)

- BARCLAYS raises the target price for ABOUT YOU from EUR 3.10 to EUR 3.40. Underweight. $YOU (+0%)

- BARCLAYS raises the target price for NEMETSCHEK from EUR 108 to EUR 125. Overweight. $NEM (+2,54%)

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- BOFA lowers the price target for PINTEREST from USD 45 to USD 39. Buy. $PINS

- WARBURG RESEARCH lowers the price target for DAIMLER TRUCK from EUR 56 to EUR 55. Buy. $DTG (+2,36%)

- UBS lowers the price target for JCDECAUX from EUR 21.60 to EUR 18.50. Neutral. $DEC (-0,03%)

- WARBURG RESEARCH lowers the price target for ADTRAN HOLDING from EUR 9.70 to EUR 9.30. Buy. $ADTN (+0,29%)

- ODDO BHF lowers the price target for NORDEX from EUR 18 to EUR 17. Outperform. $NDX1 (+0,35%)

- BARCLAYS lowers the target price for VESTAS from DKK 99 to DKK 80. Underweight. $VWS (+0,6%)

- KEPLER CHEUVREUX lowers the price target for FRAPORT from EUR 62 to EUR 59. Buy. $FRA (+1,28%)

- BARCLAYS lowers the target price for GSK from GBP 15.50 to GBP 14.50. Equal-Weight. $GSK

- BERENBERG lowers the price target for COMPUGROUP from EUR 23 to EUR 21. Buy. $COP (+0,54%)

- BERENBERG lowers the price target for JUNGHEINRICH from EUR 41 to EUR 39. Buy. $JUN3 (+1,42%)

- JEFFERIES lowers the target price for SUSS MICROTEC from EUR 87 to EUR 75. Buy. $SMHN (+2,26%)

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- DEUTSCHE BANK RESEARCH raises its price target for BMW from EUR 90 to EUR 95. Buy. $DBK (+1,96%)

- BERNSTEIN raises the price target for QUALCOMM from USD 200 to USD 215. Outperform. $QCOM (+1,46%)

- UBS raises the price target for LYFT from USD 13 to USD 18. Neutral. $LYFT (+1,61%)

- BARCLAYS raises the price target for SIEMENS HEALTH from EUR 60.50 to EUR 62.50. Overweight. $SHL (+2,68%)

- WARBURG RESEARCH raises the price target for KONTRON from EUR 28 to EUR 28.40. Buy. $KTN (+0,18%)

- UBS upgrades KINGSPAN GROUP from Neutral to Buy. Target price 90 EUR. $KRX (+4,11%)

- WARBURG RESEARCH raises the price target for ZEAL NETWORK from EUR 59 to EUR 64. Buy. $TIMA (-0,11%)

- GOLDMAN raises the price target for VONOVIA from EUR 42.70 to EUR 43.70. Buy. $VNA (+0,1%)

- BARCLAYS raises the price target for AHOLD DELHAIZE from EUR 30 to EUR 31. Equal-Weight. $AD (-0,21%)

- BARCLAYS raises the target price for FMC from EUR 38.50 to EUR 39. Equal-Weight. $FMC (+1,29%)

- JPMORGAN raises the target price for COMMERZBANK from EUR 18 to EUR 18.40. Overweight. $CBK (-2,13%)

- JPMORGAN raises the target price for PUMA SE from EUR 40 to EUR 44. Neutral. $PUM (-0,34%)

- JPMORGAN raises the target price for JUST EAT TAKEAWAY from GBP 13.96 to GBP 14.15. Overweight. $TKWY (+0,21%)

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- JEFFERIES downgrades PALANTIR from Hold to Underperform. Target price USD 28. $PLTR (+4,68%)

- DEUTSCHE BANK RESEARCH lowers the price target for NOVO NORDISK from DKK 1100 to DKK 1000. Buy. $NOVO B (-0,7%)

- RBC lowers the price target for NIKE from 82 USD to 80 USD. Sector Perform. $NKE (-0,18%)

- ODDO BHF downgrades ASM INTERNATIONAL to Outperform. Target price EUR 960. $ASM (+2,98%)

- KEPLER CHEUVREUX downgrades HENSOLDT from Buy to Hold. Target price EUR 34. $HAG (+0,16%)

- DEUTSCHE BANK RESEARCH lowers the price target for ZALANDO from EUR 40 to EUR 36. Buy. $ZAL (-2,72%)

- DEUTSCHE BANK RESEARCH lowers the price target for VESTAS from DKK 165 to DKK 150. Hold. $VWS (+0,6%)

- BOFA downgrades SIEMENS ENERGY from Buy to Neutral. Target price EUR 40. $ENR (+2,01%)

- METZLER lowers the price target for VONOVIA from EUR 28.50 to EUR 28. Sell. $VNA (+0,1%)

- BARCLAYS lowers the price target for TEAMVIEWER from EUR 18 to EUR 15.50. Overweight. $TMV (+1,33%)

- WARBURG RESEARCH lowers the price target for KLÖCKNER & CO from EUR 6 to EUR 5.70. Buy. $KCOB

- HAUCK AUFHÄUSER IB lowers the target price for NORMA GROUP from EUR 32 to EUR 27. Buy. $NOEJ (+0%)

- WARBURG downgrades EDAG ENGINEERING from Buy to Hold and lowers target price from EUR 13 to EUR 9.50. $ED4 (+0%)

- LBBW lowers the price target for ALLGEIER from EUR 24 to EUR 20. Buy. $AEIA

- BARCLAYS lowers the price target for HENKEL from EUR 79 to EUR 77. Equal-Weight. $HEN (-0,04%)

- BERENBERG lowers the price target for KRONES from EUR 157 to EUR 154. Buy. $KRN (+2,61%)