IONOS Group

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 (+0,2%) 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 (-1,92%) 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 (+0%) will have to give way. Befesa $BFSA (+0%) would be relegated to the SDax, the index of smaller stocks. In the TecDax, Gupta expects that SMA Solar $S92 (+0%) will make way for the internet service provider Ionos $IOS (+0%) 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%) 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%) 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

Ionos Q3 2024 $IOS (+0%)

Financial performance:

• Total revenue: In the first nine months of 2024, total sales increased by 7.8% to EUR 1,141.6 million compared to the same period of the previous year.
• Adjusted EBITDA: Adjusted EBITDA grew by 9.2% to 334.5 million euros.
• EBITDA margin: The adjusted EBITDA margin improved to 29.3% compared to 28.9% in the previous year.

Balance sheet overview:

• Total assets: As at September 30, 2024, total assets amounted to EUR 1,656.6 million, a slight increase on the previous year.
• Net debt: Net debt fell to EUR 917 million, which corresponds to a gearing ratio of around 2.2x net debt to adjusted EBITDA for the last twelve months.

Details of the income statement:

• EBIT: EBIT for the first nine months of 2024 amounted to EUR 238.3 million, which corresponds to an increase of 6.0% compared to the previous year.
• Adjusted EBT: Adjusted EBT increased by 20.2% to 192.5 million euros.

Cash flow overview:

• Free cash flow: Free cash flow increased by 25.8% to EUR 219.1 million in the first nine months of 2024.
• Operating cash flow: Cash flow from operating activities increased by 21.3% to 285.7 million euros.

Key figures and profitability metrics:

• Adjusted earnings per share (EPS): Adjusted EPS increased by 11.6% to 0.96 euros.
• Gross margin: The gross margin improved from 47.8% in the previous year to 49.2%.

Segment information:

• Cloud solutions: Revenue in the Cloud Solutions segment rose by 7.6% in the third quarter of 2024 and recorded an increase of 11% since the beginning of the year.
• Web Presence & Productivity: Sales in this segment, excluding the aftermarket, grew by 12.3% year-on-year in the third quarter.

Competitive position: IONOS is well positioned as a digitalization partner for European SMEs and has established itself as a trusted cloud provider. The company uses the integration of AI to improve its product offering and customer experience.

Outlook and management commentary:

• Forecast for 2024: The company confirms its outlook for 2024 with constant currency revenue growth of 9% and an adjusted EBITDA margin of around 29%.
• Cloud solutions: Revenue growth in the cloud solutions segment is estimated at 13% for the year, slightly below the previously forecast 15-17%.

Risks and opportunities:

• Risks: A slowdown in the aftermarket business is expected in the medium term, which should have less of an impact on the EBITDA margin in the future.
• Political uncertainties: Political uncertainties in Germany could have an impact on government investments. Nevertheless, the company remains confident about its growth strategy.

Positive aspects:

• Strong sales growth of 7.8% year-on-year.
• Improved adjusted EBITDA margin to 29.3 %.
• Significant increase in free cash flow of 25.8 %.
• Successful integration of AI to improve the product range.
• Strong growth in customer base with 170,000 new customers.

Negative aspects:

• Cloud solutions fall slightly short of growth expectations at 13%.
• Volatility in the aftermarket business with lower margins.
• Higher marketing expenses impacting the EBITDA margin.
• Political uncertainties in Germany could impact federal contracts.
• Slight increase in churn rate to 14% due to price changes.

Summary Earnings, 12.11. 👇🏼

$VOD (+0,12%) | Vodafone Q2/H1 24 Earnings

Q2 Service Rev EU7.64B (est EU7.62B)

H1 Oper Profit EU2.38B (est EU2.41B)

Still Sees FY Adj Free Cash Flow At Least EU2.4B

FY25 Guidance Reiterated

$AZN (+0,12%) | AstraZeneca Q3 24 Earnings

Core EPS $2.08 (est $2.06)

Rev. $13.57B (est $13.08B)

Raises FY Core Eps View To High Teens Percentage Growth

To Invest $3.5B In R&D And Manufacturing In The US

Upgrades FY Guidance

$9434 (-1,97%) | SoftBank Q2/H1 Earnings 2024

Q2 SVF Profit 313.14B Yen (est 83.11B Yen)

Q2 Net Income 1.181 Yen (est 294.83B Yen)

Q2 Dividend 22.00 Yen

H1 Net Income 1,011 Yen

H1 Net Sales 3,471 Yen (est 3.42T Yen)

Still FY Dividend 44.00 Yen (est 44.00 Yen)

$BAYN (+0,15%) | Bayer Q3 24 Earnings

Sales EU9.97B (est EU10.15B)

Core EPS EUO.24 (est EU0.31)

Adj. EBITDA EU1.25B (est EU1.33B)

Sees FY Adj. EBITDA EU10.4B To EU10.7B (est EU10.35B)

Now Sees FY Pharma Outlook At Upper End Of Range

Bayer Confirms Sales Growth Outlook

$IFNNY (+0%) | Infineon Q4 24 Earnings

Rev, EU3.92B (est EU3.98B)

Total Segment Profit EU832M (est EU792.5M)

Infineon Sees Q1 Revenue About EU3.2B (est EU3.77B)

Sees Q1 Rev. About EU3.2B (est EU3.77B)

2025 Revenue Is Expected To 'Slightly' Decline

$BNR (+0%) | Brenntag Q3 24 Earnings:

- Oper EBITA EU281.1M (est EU295.8M)

- Still Sees FY Oper EBITA EU1.1B To EU1.2B

- Cites Challenging Geopolitical, Macroeconomic Operating Conditions

$VBK (+0%) | Verbio recorded an operating loss of 6.6 million euros in the first quarter of the financial year due to a weak biofuel market. Group CEO Claus Sauter expects significant increases in earnings in the second half of the year due to possible new legal regulations.

$JUN3 (-0,72%) | Jungheinrich faces a subdued business outlook due to the weak economy and expects sales and incoming orders to be at the lower end of the forecast ranges. In the third quarter, however, the company recorded a 6.5 per cent increase in incoming orders to 1.3 billion euros, while sales declined slightly.

$JEN (+0,04%) | Jenoptik increases its operating result (EBITDA) by 14.9% to 59.1 million euros in the third quarter and confirms its annual targets for 2024 despite an uncertain market environment. Revenue grows by 4.0% to 274.3 million euros, but falls short of expectations

$SIX2 (+0%) | Sixt is again lowering its profit forecast for the full year to a pre-tax profit of around EUR 340 million, while analysts had expected an average of EUR 352 million. Despite a ten percent increase in revenue in the third quarter, the negative impact of falling residual values is expected to remain high.

$SFQ (+0%) | SAF-Holland is lowering its sales expectations for 2024 from EUR 2 billion to EUR 1.95 billion, but is maintaining its target margin of around ten percent for adjusted EBIT. In the third quarter, the company recorded a decline in sales of over 20 percent and a 63 percent drop in net profit to EUR 9.3 million.

$UTDI (+0%) | United Internet reports a slight decline in EBITDA to EUR 978 million in the first nine months due to increased expenses for the 1&1 mobile network. Sales of the 1&1 mobile subsidiary rose by 2.5 percent, but EBITDA fell by nine percent to EUR 463 million, while the sales forecast was lowered.

$IOS (+0%) | Ionos increases sales in the first nine months by almost eight percent to over 1.1 billion euros and adjusted EBITDA by nine percent to 334.5 million euros. The company confirms its annual targets and is optimistic about the remaining months of the financial year.

$KWS (+0%) | KWS Saat increases net sales by 18 percent to 248.6 million euros in the first quarter and reduces its loss before taxes by 19.4 percent to 37.4 million euros. The company confirms its guidance for fiscal 2024/25 and records extraordinary income of EUR110 million from the sale of its South American corn and sorghum business.

An update on the portfolio after crossing the next thousand. Still nice and boring with only 7 positions (2 ETFs and 5 individual stocks).

Long-term investment strategy with an investment horizon of another 15-18 years. From then on it would slowly move towards retirement. I have been invested since 02/2023.

The ETFs as my main investment with currently just under 40% and the goal of reaching 50-60% at some point.

• $VWRL (+0,04%) FTSE All-World (UPDATE) which has now replaced the MSCI World in order to keep the US below 60% in the long term.
• $VUSA (+0,18%) S&P 500 extra to take advantage of slightly higher returns compared to the All-World.

Plus a handful of individual stocks:

• $MSFT (+1,15 %) long-term blue chip growth with a small dividend. (savings plan)
• $8001 (-0,47 %) long-term strong growth and a decent dividend. (savings plan)
• $ALV (+0 %) as a long-term runner with a decent yield and very good dividend. (savings plan)
• $NOVO B (+1,29%) (UPDATE) with us since August.
• $PLTR (+0,68 %) as a long-term tech bet with +59% so far/since November. Additional purchases when opportunities arise. (UPDATE) In July I had said goodbye to $IOS (+0%) (at 26.02) - among other things because too much tech overall.

Think it is slowly leveling off. Sales forecast was reduced the week before last. For tech growth I still have $MSFT (+0,08%) and $PLTR (-2,11%)

I would be pleased to receive feedback on the portfolio and possibly a recommendation for another last individual share (more on this in a moment).

My investment horizon is 15-17 years for now. Depending on how it develops towards retirement at some point. The aim is to generate a small pension contribution later on.

The ETFs as the main investment with currently 41%, later increasing to 50-60%. The S&P 500 as an extra to take advantage of a little more return compared to the World. I am considering replacing the World with the FTSE All-World (distributing) in order to keep the US below 60% overall in the long term.

In addition a handful of individual stocks:

$MSFT (+0,08%) long-term blue chip growth with a small dividend. (savings plan)

$8001 (+0,76%) Long-term strong growth and a decent dividend. (savings plan)

$ALV (+0%) as a long-term runner with a decent yield and very good dividend. (savings plan)

$PLTR (-2,11%) and $IOS (+0%) are long-term tech bets with +30% and +90% to date. Here, additional purchases are made when opportunities arise.

I would then like to add another share soon to diversify a little more and receive further dividends. My candidates are $ULVR (+0,11%) or $VIE (+0%). However, I need to look more closely at the long-term potential. If you have any opinions on this, please share them.

Well 🤷🏻‍♂️ On the one hand, a nice success story with $IOS (+0%) In the fall, I held on to minus 20% because I was still convinced and the business performance was good. On the other hand, too little invested. Today Goldman raised the target to 35.50. If more follow and a dip comes, I'll add more.

Hello, I would like to start here with your feedback on my current portfolio. I am pursuing a long-term investment strategy with an investment horizon of at least 15 years. I have been invested since 02/2023.

The ETFs are used for broad market coverage and diversification, while the individual stocks cover targeted growth potential and specific sectors. Deliberately two-pronged with the ETFs with $XDWD (+0,05%) and $VUSA (+0,18%) as the S&P offers a good one percent higher price return and also the dividend. In addition, I deliberately increase the weighting with the S&P, especially for $MSFT (+0,08%)
$NVDA (+0,56%)
$AMZN (-0,01%)
$AAPL (+0,05%)
$GOOGL (+0,06%)
$META (-0,09%) a little more.

To the individual stocks:

$PLTR (-2,11%) and $IOS (+0%) are bets on the future and are currently at +15% and +82%. Apart from that, I also want to think about dividends now for later and risk as little as possible overall, as retirement is also less than 20 years away.

I plan to add 1-2 more individual stocks to my portfolio (max. 8 individual stocks). Allianz $ALV (+0%) is set, and I am also considering adding Veolia Environment $VIE (+0%) as well.

What do you think of this strategy and the additions? Do you have any other recommendations or comments?

Many thanks in advance!

$IOS (+0%)

"IONOS was awarded a major contract by the federal administration for the development of a particularly strictly secured computer cloud solution. An upper limit of 410 million euros was specified in the tender for the framework contract."

Source: Finanzen.net

The security concept is called "air gapping"

$IOS (+0%) Somehow I can't add my purchases to Ionos Group. Does anyone have the same problem or am I too stupid? 🤔