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$S92 (+0,56%)

SMA expects in the 1st half of 2025:

- Sales: €684.9 million (H1 2024: €759.3 million)

- EBITDA: € 9.1 million (H1 2024: € 80.6 million)

- EBIT: € -19.0 million (H1 2024: € 56.2 million)

Q2 2025 (preliminary):

- EBITDA: € -15.5 million (consensus: € -4.0 million)

- EBIT: € -30.4 million (consensus: € -19.0 million)

- Reason: Inventory write-downs in the Home & Business Solutions division (€ 46.8 million)

- Adjusted operating EBITDA: € 31.3 million (Q2 2024: € 30.6 million)

📉 Decline in earnings due to one-off effects - operationally stable.

SMA Solar slumps after Jefferies downgrade

The recovery of SMA Solar that started at the beginning of March $S92 (+0,56%)which was boosted by the planned infrastructure investments in Germany, is now showing clear signs of weakness. On Monday, the share price of the solar technology manufacturer fell by 4.86% to 16.84 euros, its lowest level since the beginning of March. This is already the third trading day in a row with heavy losses. The share price has now retreated by a third from the annual high reached in mid-March. The original annual gain of a good 20 percent has thus been greatly reduced. Jefferies, the investment house, withdrew its buy recommendation on Monday, which put further pressure on the share price. Two weeks ago, the share price appeared to be at a high since August, with an annual gain of up to 82%. Analyst Constantin Hesse attributed the downgrade to the reduced predictability of order development at the inverter manufacturer, in particular due to more cautious demand from US customers. Hesse would like to wait and see until the order situation stabilizes. In 2024, SMA Solar was already the biggest loser in the small-cap index SDax, with a drop of almost 80%. Competition from China and high inventories in particular had caused the company problems. In mid-June, a drastic sales and profit warning led to a massive fall in the share price. In November, the North Hessian company lowered its targets once again and announced the reduction of 1,100 jobs, which brought the share price to its lowest level since 2015.

HOCHTIEF share price setback: gains evaporate after record high

The HOCHTIEF share price $HOT (+2,32%) are living up to the company name these days. After reaching a record high in mid-March on the back of hopes for billions in German infrastructure funding, the share price has now entered a phase of disillusionment, falling for four weeks. On Monday, it fell by almost four percent on XETRA after Jefferies dropped its buy recommendation. The price gains that were achieved after the financial package of the CDU/CSU and SPD have thus almost disappeared again. The approval of the financial package by the Bundestag and Bundesrat around a week and a half ago did not provide any new momentum for the share, which has lost momentum after its rally. In his analysis, Graham Hunt from Jefferies limited the significance of the German infrastructure billions for HOCHTIEF. He noted that the company generates around half of its profits in the USA, while only three percent are generated in Germany. In his sector study, he recommends companies with a stronger focus on Europe, such as Balfour Beatty and Eiffage, as they offer better opportunities and an attractive free cash flow yield. Hunt also sees the priced-in fantasy for the construction of AI data centers as a risk to HOCHTIEF's high valuation.

Sources:

https://www.finanzen.net/nachricht/aktien/deutliche-verluste-sma-solar-aktie-nach-jefferies-abstufung-tiefrot-14355173

https://www.finanzen.net/nachricht/aktien/nach-finanzpaket-beschluss-nach-rekordhoch-hochtief-aktie-egalisiert-gewinne-14355551

According to "Welt", companies active in construction, rail infrastructure, digitalization and the energy industry are considered to be beneficiaries of the debt pact. So-called green sectors are also likely to benefit.

A few examples:

$FAST (-2,56%) - Fastned

$ACC (+0%) - Aker Corp

$IOS (+1,97%) - Ionos

$KTN (+0%) - Kontron

$NDX1 (-0,98%) - Nordex

$BC8 (+0%) - Bechtle

$VOS (+0,91%) - Vossloh

$S92 (+0,56%) - SMA Solar

Despite all the debt euphoria, however, investors should bear in mind that the infrastructure companies are smaller stocks that are not without risk.

Source (excerpt) & chart: World

$S92 (+0,56%)

today at over 20€

@Hannes_SK

3 months ago 12€ and this post:

📉 SMA Solar Technology AG: An underestimated opportunity despite scaremongering 📈

- 📊 Share price declineSMA Solar Technology AG has fallen to the sales level before the last hype. P/B ratio is at 0,73which indicates a clear undervaluation indicating a clear undervaluation.

- 🛡️ Financial stability: With an Altman Z-Score of 7 the company is financially stable.

- 🚫 Varta comparison unfounded: Despite challenging market conditions and high inventories, SMA remains strong, continues to invest in production capacities and demonstrates confidence in future growth.

- 🎯 Price target of €25: In the next three quarters, SMA could show that there is potential for recovery. A decisive release is due in 6 days coming up - more insights to follow!

VW plans emergency plan due to US tariffs

In the USA, Volkswagen has $VOW (+0,15%) has activated a comprehensive emergency plan due to new tariffs against Mexico, which comes as a surprise to many observers. These strategic measures are designed to protect business and supply chains in the USA. VW operates a large plant in Puebla, Mexico, which is critical to the production of models for the US market. The tariffs are already having a noticeable impact on the automotive industry and dealers in the United States. An open appeal to US President Donald Trump emphasizes the need to reconsider the tariffs as they could potentially have a negative impact on jobs and economic growth in the US. Nevertheless, VW shares were unimpressed by possible tariffs on Wednesday and rose by around 4%.

Eutelsat share price jumps

The Eutelsat share $ETL (+0,16%) made an impressive leap on Wednesday, leaving even experienced investors in awe. Since last Friday, the French-British satellite group, which is pushing its OneWeb systems onto the market, has gained almost 200% in value. Yesterday, the share price shot up by up to 123% to EUR 4.50 before settling at EUR 3.57, an increase of around 77%. And that's not all: today the share price surpassed the magical EUR 5 mark and reached EUR 5.87, its highest level since July last year. A week ago, the share price was still below 1.15 euros - a dramatic rise that has analysts sitting up and taking notice. They see Eutelsat's OneWeb systems as a promising European alternative to Elon Musk's Starlink, especially when it comes to supplying Ukraine with communication services.

SMA Solar targets profit

In Germany, SMA Solar $S92 (+0,56%) is putting its cards on the table and has ambitious plans to return to profit following an operating loss last year. CEO Jürgen Reinert has set the target of achieving EBITDA of €70 million to €110 million by 2025, which is in line with analysts' expectations. However, the road ahead is rocky: an operating loss of EUR 16 million is forecast for 2024, a severe setback after an impressive profit of EUR 311 million in the previous year. The share price jumped 23.90% to EUR 16.95 in the morning, boosted by the prospect of a historic financial package in Germany that promotes investment in energy technology. In order to reduce costs and streamline the corporate structure, SMA is also planning a cost-cutting program that could potentially result in the elimination of up to 1,100 jobs.

Sources:

https://www.finanzen.net/nachricht/aktien/appell-an-trump-volkswagen-aktie-in-gruen-vw-aktiviert-notfallplan-in-usa-14293023

https://www.finanzen.net/nachricht/aktien/hoehenflug-eutelsat-aktie-weiter-im-rallymodus-hoffnung-auf-starlink-alternative-und-unterstuetzung-fuer-ukraine-treiben-14292935

https://www.finanzen.net/nachricht/aktien/vorlaeufige-zahlen-sma-solar-aktie-schiesst-hoch-erwartung-operativer-gewinne-fuer-2025-nach-verlustjahr-2024-14292311

$S92 (+0,56%)

$S92 - SMA Solar: Emotions are bad advisors in trading 📊

Sometimes the market is not irrational - market participants are.

Two months ago, I analyzed that SMA Solar was fundamentally undervalued was undervalued. At that time € 12-13accompanied by panic and irrational negative momentum. The masses only saw red figures - I saw an opportunity.

Someone (@Hannes_SK ) was highly indignantthat I didn't see the falling market and the political situation as a doomsday scenario as a doomsday scenario. He was so outraged that he even felt vindicated when prices continued to fall and wrote another post while I doubled my position. doubled my position (at €10 at the time).

Today? 16.50 €.

SMA has been above € 15 for a week - the fundamentals prevail, emotions are punished.

🚀 Market psychology 101:

- Those who are driven by panic or hype buy high and sell low.

- Those who remain rational recognize opportunities while others tremble.

👀 The moral of the story?

Opinion without substance remains opinion. The market only pays those who control their emotions.

Next time better keep a cool head,

instead of getting caught up in outrage and fear. 📈

⬆️⬆️⬆️

- GOLDMAN raises the price target for SIEMENS ENERGY from EUR 56 to EUR 60. Buy. $ENR (-1,68%)

- BARCLAYS raises the target price for MERCEDES-BENZ from EUR 48.50 to EUR 50. Underweight. $MBG (+0,19%)

- JEFFERIES upgrades SMA SOLAR from Hold to Buy and raises target price from EUR 14 to EUR 20. $S92 (+0,56%)

- GOLDMAN raises the price target for DEUTSCHE BÖRSE from EUR 226 to EUR 231. Neutral. $DB1 (+0,67%)

- BOFA upgrades BBVA from Neutral to Buy and raises target price from EUR 11 to EUR 13. $BBVA (+1,47%)

- WARBURG RESEARCH upgrades FUCHS SE from Hold to Buy. Target price EUR 50. $FPE

- GOLDMAN raises the price target for FLATEXDEGIRO from EUR 17 to EUR 18. Buy. $FTK (-0,7%)

- BERENBERG raises the target price for IBERDROLA from EUR 12.30 to EUR 14. Hold. $IBE (+0,64%)

- JEFFERIES upgrades PVA TEPLA from Hold to Buy and raises target price from EUR 12 to EUR 19. $TPE (+7,52%)

- JEFFERIES raises the price target for FRIEDRICH VORWERK from EUR 23 to EUR 30. Hold. $VH2 (-3,34%)

- JEFFERIES raises the price target for ZEAL NETWORK from EUR 45 to EUR 58. Buy. $TIMA (+0,88%)

- JEFFERIES raises the price target for ADESSO from EUR 75 to EUR 85. Hold. $ADN1 (+20,36%)

- JEFFERIES upgrades NEL from Underperform to Hold. Target price NOK 3. $NEL (+0,35%)

⬇️⬇️⬇️

- BERENBERG lowers the price target for RWE from EUR 46.50 to EUR 42. Buy. $RWE (-3,28%)

- GOLDMAN lowers target price for EON from EUR 17.50 to EUR 17. Buy. $EOAN (-0,7%)

- HAUCK AUFHÄUSER IB downgrades AIXTRON from Buy to Hold and lowers target price from EUR 26.40 to EUR 13.80. $AIXA (+1,02%)

- METZLER lowers the price target for DWS from EUR 41 to EUR 40.50. Hold. $DWS (-0,32%)

- GOLDMAN lowers the price target for ASTRAZENECA from GBP 159.55 to GBP 155.58. Buy. $AZN (-0,77%)

- TD COWEN downgrades STMICRO to Hold. Target price EUR 24.50. $STM (+0%)

- JPMORGAN downgrades CONSTELLATION BRANDS to Neutral. Target price USD 203. $STZ (+0,59%)

- JEFFERIES lowers the price target for DOCMORRIS from CHF 65 to CHF 39. Buy. $DOCM (+0,62%)

- JEFFERIES lowers the price target for ATOSS SOFTWARE from EUR 112 to EUR 108. Hold. $AOF (+1,1%)

- JEFFERIES lowers the price target for JENOPTIK from EUR 34 to EUR 29. Buy. $JEN (-0,62%)

- JEFFERIES lowers the price target for KONTRON from EUR 29 to EUR 27. Buy. $KTN (+0%)

- JEFFERIES lowers the price target for SILTRONIC from EUR 95 to EUR 90. Buy. $WAF (-0,37%)

- JEFFERIES downgrades VERBIO from Buy to Hold and lowers target price from EUR 22 to EUR 11. $VBK (+3,06%)

- JEFFERIES downgrades SGL CARBON from Buy to Hold and lowers target price from EUR 9.50 to EUR 4.40. $SGL (+0,9%)

22.11.2024

Snowflake rises up to 25% + Bitcoin almost at $100,000 + Rotation in MDax + Carl Zeiss Meditec falls to low since 2018 + Berenberg rates CTS Eventim a 'Buy' - target 100 euros

The Snowflake $SNOW (+0,38%) shares rose 25% after the data analytics provider raised its full-year product revenue guidance and announced that it has partnered with AI company Anthropic to expand its cloud services.

The Bitcoin $BTC (-0,35%) reached just under $100,000 overnight and currently stands at $99,000.

What do you think, will Bitcoin reach $100,000 in November, or even today?

The US bank JPMorgan expects only a few changes for the next index review by Deutsche Börse at the beginning of December. While everything should remain the same in the leading Dax index, analyst Pankaj Gupta expects a swap in the mid-cap index below it, the MDax, where, according to him, industrial recycler Befesa will probably make way for drug researcher Evotec $EVT (-1,74%) will have to give way. Befesa $BFSA (+0,29%) would be relegated to the SDax, the index of smaller stocks. In the TecDax, Gupta expects that SMA Solar $S92 (+0,56%) will make way for the internet service provider Ionos $IOS (+1,97%) Deutsche Börse will review the indices of the Dax family (Dax, MDax, SDax and TecDax) on Wednesday, December 4, and announce any changes after the close of trading in the US. The changes will come into effect on Monday, December 23.

The downturn in the share price of Carl Zeiss Meditec $AFX (-0,42%) continued on Thursday with a new six-year low. The trend at the medical technology manufacturer has been pointing downwards since 2021, and this trend has intensified in the current year since March. At that time, the shares were still trading above 123 euros. On Thursday, the drop of over four percent pushed them down to 54.45 euros. This marks the lowest level since April 2018. With brief exceptions in August and late October and early September, the shares have been trading below the 200-day line, which is a popular long-term indicator for chart-oriented investors, for months. Jack Reynolds-Clark from RBC Research did not paint a good picture for the company at the beginning of November, downgrading it to "Sector Perform" due to uncertain demand in the various end markets. He emphasized that the consensus for 2025 depicts a rather optimistic scenario that is difficult to justify.

The private bank Berenberg has raised its rating for CTS Eventim $EVD (+0,08%) to "Buy" with a target price of 100 euros. The event organizer presented mixed quarterly figures, wrote analyst Gerhard Orgonas on Thursday evening. He cut his earnings estimates until 2026, taking into account integration costs and a slightly lower ticketing margin.

• CTS Eventim increased its consolidated revenue by 15.8 percent to EUR 2.027 billion in the first nine months of 2024. Adjusted EBITDA grows by 12.1 percent to EUR 322.7 million in the same period. The company's management is sticking to its forecast and expects a significantly higher Adjusted EBITDA for the full year compared to the previous year.
• CTS Eventim records a 22.9 percent increase in revenue to EUR 564.6 million in the Ticketing segment and a 13.6 percent increase to EUR 1.494 billion in the Live Entertainment segment. The company is also awarded the contract for the construction and operation of a new large arena by Wien Holding.

Friday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Schloss Wachenheim EUR 0.60

Cummins Inc. USD 1.82

CRH 0.35 GBP

Quarterly figures / company dates Europe

No time specified: Vinci Investor Day | Unilever Capital Markets Day

Economic data

• 08:00 DE: GDP (2nd release) 3Q calendar and seasonally adjusted yoy FORECAST: +0.2% yoy 1st release: +0.2% yoy 2nd quarter: -0.3% yoy calendar-adjusted yoy FORECAST: -0.2% yoy 1st release: -0.2% yoy 2nd quarter: -0.3% yoy
• 09:15 FR: Purchasing Managers' Index/PMI non-manufacturing (1st release) November FORECAST: 49.0 PREV: 49.2 Total Purchasing Managers' Index (1st release) FORECAST: 48.1 PREV: 48.1
• 09:15 FR: Purchasing Managers' Index/PMI manufacturing (1st release) November FORECAST: 44.0 PREVIOUS: 44.5
• 09:30 DE: Purchasing Managers' Index/PMI non-manufacturing (1st release) November PROGNOSE: 51.8 PREVIOUS: 51.6 Total Purchasing Managers' Index (1st release) PROGNOSE: 48.3 PREVIOUS: 48.6
• 09:30 DE: Purchasing Managers' Index/PMI manufacturing (1st release) November FORECAST: 43.0 PREVIOUS: 43.0
• 10:00 EU: Purchasing Managers' Index/PMI non-manufacturing Eurozone (1st release) November FORECAST: 51.5 previously: 51.6
• 10:00 EU: Purchasing Managers' Index/PMI manufacturing Eurozone (1st release) November PROGNOSE: 46.0 PREVIOUS: 46.0 Total Purchasing Managers' Index (1st release) PROGNOSE: 49.8 PREVIOUS: 50.0
• 10:30 UK: Purchasing Managers' Index/PMI non-manufacturing (1st release) November FORECAST: 52.0 PREVIOUS: 52.0
• 10:30 UK: Purchasing Managers' Index/PMI Manufacturing (1st release) November FORECAST: 50.0 PREVIOUS: 49.9
• 15:45 US: Purchasing Managers' Index/PMI Services (1st release) November FORECAST: 55.0 PREVIOUS: 55.0
• 15:45 US: Purchasing Managers' Index/PMI Manufacturing (1st release) November FORECAST: 48.8 PREVIOUS: 48.5
• 16:00 US: Consumer Sentiment Index Uni Michigan (2nd survey) November FORECAST: 73.5 1st survey: 73.0 previous: 70.5

Analyst updates, 21.11.

⬆️⬆️⬆️

- BERNSTEIN RAISES TARGET FOR NVIDIA TO USD 175 (155) - 'OUTPERFORM' $NVDA (+0,37%)

- JPMORGAN RAISES TARGET FOR NVIDIA TO 170 (155) USD - 'OVERWEIGHT' $NVDA (+0,37%)

- EVERCORE ISI RAISES TARGET FOR NVIDIA TO 190 (189) USD - 'OUTPERFORM' $NVDA (+0,37%)

- JEFFERIES RAISES TARGET FOR SIXT STEMS TO EUR 110 (100) - 'BUY' $SIX2 (+1,19%)

- DEUTSCHE BANK RESEARCH RAISES RHEINMETALL TO 'BUY' (HOLD) - TARGET 700 (550) EUR $RHM (+1,48%)

- BARCLAYS RAISES TARGET FOR FRESENIUS SE TO EUR 40 (38) - 'OVERWEIGHT' $FRE (+1,23%)

- WARBURG RESEARCH raises the target price for ALSTRIA OFFICE from EUR 3.40 to EUR 7.10. Hold. $AOX

- BERNSTEIN raises the price target for ESSILORLUXOTTICA from EUR 194 to EUR 200. Market-Perform. $EL (+1,21%)

⬇️⬇️⬇️

- DEUTSCHE BANK RESEARCH lowers the price target for NESTLE from CHF 87 to CHF 85. Hold. $NESN (-0,22%)

- DEUTSCHE BANK RESEARCH lowers the price target for MEDIOS from EUR 23 to EUR 18. Buy. $ILM1 (+4,22%)

- ODDO BHF lowers the price target for GRENKE from EUR 27.30 to EUR 18.30. Neutral. $GLJ (+7,55%)

- BERNSTEIN lowers the price target for KERING from EUR 260 to EUR 220. Market Perform. $KER (-0,47%)

- BERNSTEIN lowers the price target for LVMH from EUR 795 to EUR 700. Outperform. $MC (-0,88%)

- BERNSTEIN lowers the price target for VESTAS from DKK 250 to DKK 215. Outperform. $VWS (-2,11%)

- JEFFERIES lowers the price target for SMA SOLAR from EUR 19 to EUR 14. Hold. $S92 (+0,56%)

- JEFFERIES lowers the price target for VERBIO from EUR 27 to EUR 22. Buy. $VBK (+3,06%)

- JEFFERIES lowers the price target for PVA TEPLA from EUR 14.50 to EUR 12. Hold. $TPE (+7,52%)

- HSBC downgrades TARGET to Hold. Target price USD 138. $TGT (+0,26%)

- UBS lowers the price target for BAYER from EUR 30 to EUR 22. Neutral. $BAYN (-0,37%)