MLP S

Summary Earnings, 14.11. 👇🏼

Siemens AG Q4 24 Earnings: $SIE (-1,06%)

- 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 (+0,26%)

- 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 (-0,25%)

- 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 (-1,64%)

- 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 (-0,79%)

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 (-1,47%)

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 (-2,6%)

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 (-0,15%)

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 (-0,13%)

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 (-0,17%)

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 (-1%)

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 (+6,62%)

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 (+0,62%)

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 (-0,21%)

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%)

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 (+0,14%)

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 (-0,34%)

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 (+1,32%)

Does anyone have experience with MLP? $MLP (-1%)

Both as an employer and as a client ?

Have a great Friday closing time.

My share today is $MLP (-1%)

Here again from a smaller area of the

FINANCIAL SERVICE PROVIDER

MLP - undervalued quality?

The restructuring of the financial services provider that took place at MLP around 2005, which has made the Group stronger in growth and more profitable. With the current CFO Reinhard Loose, who joined the company in 2011, sets ambitious medium-term growth targets for the company.

At DAX times (2001 to 2003), the company, which today serves almost 600,000 private and corporate customers, was heavily focused on retirement provision (80% of revenues). Today, by contrast, around 40% of revenue comes from asset management (assets under management: around 56 billion euros), with retirement provision and insurance each contributing around a quarter. In addition to greater breadth, there is also greater reliability in the income streams: "More than 60% of our income is now recurring. This means that with just under one billion euros in sales per year, 600 million euros are already relatively secure at the beginning of the year," whereas only about 30% of revenues are recurring. Due to the broad positioning, "we may grow a bit slower, but continuously - without deep valleys."

Good likes the ambitious short- and medium-term growth targets, which are the result of ongoing three-year planning. "This year, we are a bit more conservative in our forecast because there are still some uncertainties in the markets in 2023." Nevertheless, he is also calculating an EBIT increase of up to 12% this year (target: €75 million to €85 million, compared with €75.6 million in the previous year). In the medium-term planning, annual sales growth in the mid-single-digit percentage range (Loose: "This may well be in the high single-digit range") is envisaged up to 2025, with an EBIT increase "with slightly double-digit growth rates". Equally important for shareholders: in terms of return on equity (RoE), "our goal is to be just under double digits" (in 2016 it was only 4.8%). "We are also very cash-flow strong, as evidenced, among other things, by the fact that we distribute 50% to 70% of our profits to shareholders each year in the form of a dividend" (RoE: around 6%).

At the same time, the share (5.5 euros; DE0006569908) is clearly undervalued. Over the past ten years, the stock has traded on average at a P/E ratio of 17, and currently the 2023 P/E ratio of 11 is even below the range of 12 to 22. "We currently feel significantly undervalued on the markets in view of our low P/E ratio as well as in view of the considerable dividend yield. One explanation could be that second-line stocks and stocks from the financial sector are currently viewed with caution on the markets," Loose said.

ZDF:

Earnings per share in EUR 0.47

P/E RATIO 10.94

KBV 1.85

KCV 1.76

Sources: Platow, Investor, Börse.de

Kind regards