Hi everyone,

I would really appreciate your opinion on my portfolio.

Briefly about me:

I am 38 years old and unfortunately only started my Trade Republic portfolio about 2 years ago. I have been investing regularly since then. I can currently invest around €350 per month - I work in a gym 🥲, and unfortunately you don't earn very well there, you could almost call it a pittance.

In addition, I have my Bitcoin and Altcoin portfolio on Bitvavo... I can't share it here, too many errors in the coins and you can still change it somehow. I then deleted the connection again.

I played soccer until I was 32 (including 3rd league, mostly 4th league for many years) and was able to save up some capital during this time, which I later invested.

My long-term core consists of:

$IWDA (+0,26%)

$EIMI (-0,12%)

$TDIV (+0,45%)

$BTC (-1,03%)

Dividend / cash flow portfolio

I also have a portfolio with a focus on cash flow, the aim is to hold around 15 stocks with a solid dividend yield and ideally dividend growth.

Currently included are:

$O (-1,01%) Realty Income

$RACE (-1,08%) Ferrari

$PEP (-2,33%) Pepsi

$MAIN (-0,19%) Main Street Capital

$NOVO B (+7,47%) Novo Nordisk

$ASML (+0,35%) ASML

$ITX (-0,18%) Inditex

$1211 (-1,27%) BYD

$ZTS (-0,54%) Zoetis

$BRO (-1,3%) Brown & Brown

$SBUX (-3,09%) Starbucks

$ITH (+3,25%) Ithaca Energy PLC

This brings my current total to 12 shares, so there is still room for one or two additions.

One of the stocks on my watchlist is Vonovia $VNA (+0,29%) with a dividend yield of just under 5%. However, the dividend growth doesn't look particularly good. As my wife will be starting work there soon, I've become more aware of the company for the first time ☺️

Other stocks on my watchlist:

Allianz

Vici

Linde

Microsoft

Waste Management

UnitedHealth Group

Mastercard

Visa

Texas Roadhouse

Nintendo

Enbridge

NextEra Energy

Wolters Kluwer (exciting sector, also corrected over 50% from ATH)

Amazon (for the yield/growth portfolio)

Maybe one or the other is missing $KO (-0,86%) or $MCD (-1,84%) but I had opted for $PEP (-2,33%) and $SBUX (-3,09%) and I don't want any more consumer stocks.

Pure growth portfolio

I also have a separate portfolio with a focus on share price growth:

$NVDA (+2,51%) Nvidia

$NKE (-0,3%) Nike

$MARA (-3,08%) Mara Holdings

$BITF (-0,55%) Bitfarms

$TTD (-0,45%) The Trade Desk

$CRCL (-5,97%) Circle Internet Group

$ADBE (-2,13%) Adobe

$COIN (-3,13%) Coinbase

$SMHN (-1,52%) Suess Microtec

$PYPL (-1,19%) PayPal

$HUT (+4,79%) Hat 8

$DRO (+4,25%) DroneShield

$LXS Lanxess

$PLTR (-0,27%) Palantir

$WEED Canopy

$UBI (-0,19%) Ubisoft

$MSTR (-4,23%) Strategy

I am aware that I have built up a lot of positions over the last two years. I am therefore also planning to sort out some of them and concentrate more on selected stocks.

I am grateful for any assessment, criticism, tips or suggestions.

Best regards

Chris

Following the rebalancing of the S&P Quality Aristocrats last Friday, the following stocks were removed from or added to my two ETF indices (50% weighting):

New additions:

$QDEV (+0,78%): $NOVN (+1,47%) , $REL (-0,2%) , $ITX (-0,18%) , $LSEG (+0%) , $DB1 (+1,01%) and more

$QUS5 (+0,1%): $BKNG (-0,13%) , $MRK (-0,23%) , $CRM (-0,9%) , $UNP (-0,39%) , $COR (+0,43%) , $CAH (+1,03%) and more

Kicked out of both indices and therefore according to S&P no longer Quality Aristocrats are among others: $BATS (-0,05%) , $7974 (+1,11%) , $HD (-1,02%) , $LOW (-0,51%) , $HLT (-0,44%)

In addition, the allocation of all individual stocks in the indices was reduced again to max. 5 % was limited.

Thanks to the recent rally of $$HY9H (-1,31%) my current top 10 weighting (ETFs+shares) is as follows:

3.48% Alphabet

3.04% SK Hynix

3.04% Broadcom

2.93% Meta

2.75% Microsoft

2.71% Apple

2.71% NVIDIA

2.55% Taiwan Semiconductor

2.13% Mastercard

2.08% Visa

New portfolio key figures:

P/E: 27.1 (<30) 🟢

Forward P/E: 21.1 (<25) 🟢

P/Β: 11.5 (<5) 🔴

EV/FCF: 28.7 (<25) 🟡

ROE: 42% (>15%) 🟢

ROIC: 19% (>15%) 🟡

EPS growth for the next 5 years: 15% (>7%) 🟢

Sales growth for the next 5 years: 9% (>5%) 🟡

My internal rate of return is currently 20.19%

Limit buy order has snapped $ITX (-0,18%) and that on vacation 😅

What do you think of the company?

I've added it to my dividend portfolio.

Should I continue to save monthly or just leave it for now and observe?

Best regards 🖖🏽 and have a good week on the stock market!

Hello everyone!

My parents are in the process of selling my grandparents' house. It will probably fetch around €275,000. My parents will soon both be 60 years old.

They had initially considered buying another property nearby. But they have moved away again. The lack of flexibility and the time and risk involved with tenants put them off.

I also told them more about investing in the stock market. They were very open and interested, even though they said they had an unfounded fear of shares etc.

Now my question to you. What is the best way to invest the money? I think dividends would be very nice as my parents like the passive income like from a property. But it should also be very well diversified across countries and sectors.

I personally have developed 2 solutions. You can give your opinion as to whether you think the solutions are good or, of course, if you have completely different ideas.

1. the ETF solution

15% $XEOD (+0,02%) Call money ETF. Div. 1.9%

15% $TDIV (+0,45%) VanEck Divi Leaders. Div 3.5%

10% $TRET (+0,23%) Global Real Estate. Div. 3.7%

7,5% $VHYL (+0,19%) Allworld High Div Yi. Div 3.1%

7,5% $PEH (+0,3%) FTSE RAFI EM. Div 3.9%

5% $EWG2 (+0,79%) Gold

5% $SEDY (+0,03%) iShares EM Dividend. Div 8.0%

5% $JEGP (+0,15%) JPM Global Equity Inc Div 7.1%

5% $EEI (+0,26%) WisTree Europ Equity Inc Div 6.3%

5% $IHYG (+0,12%) High Yield Bond. Div 6.1%

5% $EXXW (+0,39%) AsiaPac Select Div50 Div 5.5%

15% Rest German Divi Shares approx. div 2.5%

=100% with 3.7% dividend.

275k ×3,7% = 10.175€

With full taxation 27.99% = 7327€

On average per month: 610€ dividend

With 2k tax-free allowance: 657€ dividend per month

I find it very well diversified, you have overnight money, you have the USA and Europe well represented, but also 12.5% emerging markets ETF. In terms of sectors, finance will be at the forefront. Followed by real estate and energy. I think that's fine.

2. the equity solution

I have selected 34 strong dividend stocks. In the list they are roughly divided into GICS sectors.

15% $XEOD (+0,02%) Overnight ETF. Div 1.9%

12% $EQQQ (+0,16%) Nasdaq100 ETF. Div 0.4%

5% $EWG2 (+0,79%) Gold

2% $O (-1,01%) Realty Income 6.0%

2% $VICI (-0,13%) Vici Properties 5.6%

2% $OHI (+0,69%) Omega Healthcare 7.2%

2% $PLD (-0,13%) Prologis 4.1%

2% $ALV (+0,28%) Allianz 4.35%

2% $HNR1 (+0,64%) Hannover Re 3.4%

2% $D05 (+0,59%) DBS Group 5.5%

2% $ARCC (+0,38%) Ares Capital 9.3

2% $6301 (+0,2%) Komatsu. 4,2%

2% $1 (+0,12%) CK Hutchison 4.6%

2% $AENA (+0,08%) AENA. 4,2%

2% $LOG (-0,37%) Logista 7.3%

1,5% $AIR (+0,21%) Airbus 1.8%

1,5% $DHL (-0,21%) DHL Group 4.8%

1,5% $8001 (+1,83%) Itochu 2.8%

2% $RIO (+1,09%) RioTinto plc 6.4%

2% $LIN (+0,11%) Linde 1.3%

2% $ADN (+0,51%) Acadian Timber 6.7%

3,5% $BATS (-0,05%) BAT 7.0%

2% $KO (-0,86%) Coca Cola 2.9

2% $HEN (-0,57%) Henkel 3.0%

2% $KVUE (-0,39%) Kenvue 4.1%

2% $ITX (-0,18%) Inditex 3.6%

2% $MCD (-1,84%) McDonalds 2.6%

2% $690D (-0,32%) Haier Smart Home 5.6

3,5% $IBE (+1,31%) Iberdrola. 4,1%

1,5% $AWK (-0,69%) American Water Works 4.4%

1,5% $SHEL (+0,27%) Shell 4.1%

1,5% $ENB (+1,14%) Enbridge 6.5%

2% $DTE (+0,68%) Deutsche Telekom 2.8%

2% $VZ (-0,31%) Verizon 6.8%

2% $GSK (-0,1%) GlaxoSmithKline 4.2

2% $AMGN (-0,12%) Amgen 3.5%

2% $JNJ (-1,5%) Johnson&Johnson 3.5%

= 100% with 3.5% dividend

275k ×3,5% = 9625€

With full taxation 27.99% = 6930€

On average per month: 577€ dividend

With 2k tax-free allowance: 624€ dividend per month

I also think this solution is cool because you can select the largest companies or strong dividend payers in the individual sectors or countries yourself. And of course you can also select shares with which you have a connection. However, I have focused on shares from the USA, England and Germany because of the withholding tax. Spain is also well represented because of my parents' ties to this country. It's also cool that the NasdaqETF also includes the Microsoft, Amazon, etc. compounders.

What do you think?

The Bank BNP Paribas yesterday published its legendary dividend book for the second half of the year.

Ten European stocks were selected and placed on a list called "Best Ideas". All of these stocks have a pretty convincing track record.

What makes a really good dividend stock for BNP? Stable distributions over at least ten years, sustainable dividend growth and a strong free cash flow. In addition, there are qualitative criteria such as reasonable payout ratios, earnings momentum and rapid price recovery after the dividend discount.

Aegon
$AGN (+0,12%) is a Dutch insurer with a focus on the US market. Dividend yield: 6.8 percent. Added to this is the fantasy of possible deals and greater capital efficiency.

Arkema
$AKE (-0,97%) is a French specialty chemicals group with a yield of 5.7 percent. It is a spin-off from the chemicals business of the oil company Total. Arkema is one of the leading suppliers of highly developed materials.

Bankinter $BKT (+0,41%) is a top Spanish address for wealthy clients. The bank has a solid balance sheet and offers a yield of 5.1 percent - although business is being held back slightly by the prospect of falling key interest rates.

Aéroports de Paris
$ADP (+0,09%) is - as the name suggests - the operator of the Paris airports. Here, investors receive a yield of 3.4 percent, and there is also great rebound potential due to growing air traffic and an exciting investment in GMR in India.

Inditex
$ITX (-0,18%) is the Zara-parent company. The company impresses with a 3.6% return, but above all with a strong cash flow thanks to falling logistics costs and global expansion.

Intesa Sanpaolo
$ISP (-0,27%) is Italy's largest financial institution and offers a 7.9 percent dividend. A large part of its success comes from stable segments such as asset management.

Munich Re
$MUV2 (+0,57%) is one of the stocks from Germany. The reinsurance classic offers investors a yield of 4.2 percent. The company has an enormously strong balance sheet and is a real all-purpose portfolio weapon.

National Grid
$NG. (-0,38%) is an electricity and gas provider from the UK that pays a dividend of 4.5 percent. The company is strong on the energy transition and is well hedged against inflation.

Publicis
$PUB (-0,75%) is France's advertising giant with data-driven advertising and pays a dividend of 3.9 percent. The company is also strongly positioned in the field of artificial intelligence.

The last stock to round off Volkswagen
$VOW (-0,48%) rounds off the list. The car manufacturer offers a full six percent yield. The partnership with Rivian
$RIVN (-3,46%) is also beginning to generate imagination.

All ten stocks combine above-average dividend yields with reasonable valuations. The average price/earnings ratio (P/E) is around 10, and all companies are well capitalized.

BNP speaks of a "quality-driven dividend portfolio" - so it's not about bargain hunting. For those who prefer a broader approach, there is of course also the dividend ETF Amundi MSCI Europe High Dividend Factor ETF EUR $CD9 (+0,33%)

Source & picture: "Welt", 02.07.25

Today I would like to give you an insight into the Inditex ($ITX (-0,18%) ) Full Year 2024 Results presentation, which I attended virtually.

It was an informative event that gave us a detailed overview of the company's performance over the past year and the strategic plans for the future. The presentation was given by Oscar Garcia Maceiras (CEO) and Ignacio Fernández (CFO). Oscar Maceiras started with the good news for 2024. Inditex has achieved a very solid performance with sales growth of 7.5.

This is clear evidence of the strong demand for the collections throughout the year. This sales performance led to new highs in EBITDA and net profit. Net profit increased by 9% to 5.9 billion euros. The strong operating performance further strengthened the company's solid financial position, which is reflected in a significant free cash flow.

As a result of this strong performance, Oscar Maceiras announced a dividend dividend increase of 9% to EUR 1.68 per share for the 2024 financial year. financial year. The spring/summer collections have been well received by customers. The sales performance in the period from February 1 to March 10 (adjusted for the additional trading day in February) was 4% growth in constant currencies compared to the previous year. In the last trading week, growth even amounted to 7% in constant currencies. The integrated store and online model was the main driver of this strong performance.

Four key pillars are constantly driving Inditex's differentiation: the product offering, a unique customer experience, the focus on sustainability and the talent and commitment of its employees.

Oscar Maceiras emphasized that Inditex operates in 214 markets and has a small market share in a sector that remains highly fragmented, offering excellent opportunities for growth. Since the end of the 2022 financial year, sales have increased by 19%, with 4% fewer stores. The forecast for gross sales growth of 5% for the period 2024 to 2026 was confirmed. The logistics expansion plan for 2024 to 2025 is on track. Ordinary investments in 2025 are estimated at around EUR 1.8 billion and are to flow into the global store portfolio, the online platform and technology programs to improve integration.

Ignacio Fernández presented the financial details. He confirmed that sales, EBITDA and net profit have reached record levels . Turnover increased by 7.5 % to 38.6 billion euros, which corresponds to growth of 10.5 % in constant currencies. The gross profit increased by 7.6% to 22.3 billion euros, with a gross margin of 57.8%.. Operating costs were well managed and grew below the rate of sales growth. EBITDA increased by 8.9% to 10.7 billion euros and net profit by 9% to 5.9 billion euros. The Group continues to generate significant free cash flow, which has increased the net cash position to EUR 11.5 billion.

A stable gross margin of plus/minus 50 basis points is expected for 2025. Inventories at the end of the year were 12% higher than in the previous year, with current inventories up 6% year-on-year and described as high quality.

The global presence was strengthened by the opening new stores in 47 markets while achieving significant growth in both brick-and-mortar and online retail. All concepts delivered strong results, with the younger concepts exceeding expectations.

In the Q&A session that followed, analysts asked various questions. Richard Chamberlain from RBC asked about the development in the Americas region, where a slight slowdown was observed without currency effects, as well as the space plans and expansion in this region. Gorka García-Tapia replied that all regions showed positive growth in constant currencies and that the development in the Americas was influenced by negative currency effects in some markets such as Brazil and Mexico, which were partially offset by dollar sales. He emphasized the strategic importance of the USA and referred to numerous new store openings, expansions and relocations in 2024 as well as planned projects for 2025 and 2026.

Geoff Lowery from Redburn inquired about Zara's constant currency growth and Zara's share of the expected gross store expansion of around 5%. Gorka García-Tapia emphasized the planned gross space growth of 5% for 2025 and 2026 and the effects of the store optimization program, which has led to a significant increase in productivity. Sales per square meter (excluding online sales) increased by 28% between 2019 and 2024. In terms of concepts, growth in constant currencies was recorded in all regions and all concepts.

Georgina Johanan from JPMorgan addressed the recent slowdown in growth and asked about regional differences in consumer behavior and the reasons for the accelerated growth rate in the last week of trading. Oscar Maceiras explained that this period represents only a small part of the year at the start of the season and that the comparative figures for the last two years are high. The spring/summer collections were well received and growth had accelerated to plus 7% in the last week. He was confident about further developments and the robust business model.

Sreedhar Mahamkali from UBS asked whether the expected gross room growth rate of 5% should also be maintained in the medium and long term, especially after the availability of the new logistics capacities. Gorka García-Tapia confirmed the guidance of 5% gross room growth for 2025 and 2026 and pointed out that in the last two years, net room growth of around 2% was achieved with gross room growth of 5%.

William Woods from Bernstein asked about the margin strengths of the other concepts (Stradivarius, Bershka, Massimo Dutti) and whether the expansion of soft tag technology will further support this. Oscar Maceiras was very satisfied with the performance of all concepts, which would contribute to the diversification of the customer base and the product range. He referred to the expansion of the physical presence of these formats into new markets, such as the first Bershka store in India and the opening of Massimo Dutti in Miami.

James Grzinic from Jefferies asked whether sales growth in excess of operating cost growth was also a realistic assumption for the coming year. Gorka García-Tapia emphasized that this is an important focus and is in the company's DNA. He referred to variable personnel costs, efficiency gains through the use of technology (e.g. self-checkouts, soft tags) and operational leverage on rental costs through the renegotiation of rental contracts as factors that contribute to cost control.

Finally, questions were asked about the continued strong performance of the Spanish market despite Zara's already high market share. Oscar Maceiras saw this as an example of how the Group is also finding growth opportunities in more mature markets. Sales in Spain had increased by almost 10% in 2024, building on growth of 13% in 2023. The store optimization program would continue and new ways to improve the customer experience would be implemented. As an example, he cited the new stand-alone Zara Man store in Madrid and the planned "The Apartment" concept in an existing Zara store.

The conference painted a picture of a very healthy and fast-growing company. The solid financial results and the strategic initiatives to expand and increase efficiency indicate that Inditex is well positioned for continued success in the future.

I have made changes to my stock portfolio, on the one hand after further analyzing my positions. I appreciate the feedback 🫶

❌ I have decided to sell:

$WMT (-2,87%)
$ITX (-0,18%) partially at 40%.

$AMZN (+1,19%)
$BMW (-0,83%) at 100%.

The main reasons are in the case of the first 2 (Inditex y Walmart) make up too large a part of my portfolio and I think there are better investments to make at this time, besides both are at or very close to their historical highs and after analyzing their fundamentals I have noticed that they are somewhat overvalued🔝.

(They are still part of my portfolio and in case of corrections I will always be able to repurchase)

In the case of Amazon after analyzing it has had a great growth but in numbers it seems too expensive 🫰

(I have preferred to ensure profits although I do not rule out a future purchase at a fairer price).

On the other hand BMW was not as good an idea as I had in my head at the beginning and after a 6% rise in a very short time I have decided to take it out of the way ⏱️

(I think there are much better investments out there and besides it is a sector in which I don't see good forecasts for the long term 🤔)

✅ On the other hand I have decided to buy:

$META (+0,41%)
$DHER (-1,3%)
$GOOGL (+1,6%)

I personally believe that Meta is a company with a long way to go and despite being at historical highs its fundamentals are quite good compared to other companies of its size 👏👌.

As for Google after an 11% drop from highs I have seen it as a good opportunity to buy back at lower prices 🤑

Finally there is my bet with Delivery Hero which has not yet generated profits but is a company that I consider undervalued compared to what it could be worth in the future and is also a good company to diversify in European and emerging markets 🇪🇺🇨🇳