World's largest battery manufacturer CATL plans mega IPO + Siemens with jump in profits + Redcare and DocMorris weak because of renewed fear of Amazon + Tesla with stabilization approach after series of losses + Thyssenkrupp lowers sales forecast and focuses on marine industry + US inflation rate rises surprisingly

World's largest battery manufacturer CATL plans mega IPO

• Chinese battery manufacturer Contemporary Amperex Technology (CATL) is on the verge of a mega IPO.
• The world's largest manufacturer of e-car batteries submitted the corresponding application to the Hong Kong Stock Exchange HKEX on Wednesday, confirming rumors of a secondary listing that have persisted for some time.
• The company from the southern Chinese city of Ningde is already listed on the Shenzhen stock exchange.
• As the news agency Bloomberg reported, CATL could now raise more than five billion US dollars with the listing in Hong Kong.
• The battery company intends to use this money primarily to finance investments in the plant currently under construction in Hungary, according to the listing prospectus.
• https://www.handelsblatt.com/unternehmen/industrie/elektromobilitaet-weltgroesster-batteriehersteller-catl-plant-mega-boersengang/100107367.html

Siemens $SIE (-0,45%)with jump in profits but automation continues to weaken

• Thanks to the sale of its subsidiary Innomotics, the technology group Siemens earned significantly more at the start of the year.
• Earnings after tax rose to 3.9 billion euros in the three months to the end of December, as the company announced in Munich on Thursday.
• Siemens received 3.1 billion euros from the sale.
• In the previous year, the profit amounted to just under 2.6 billion euros.
• In operational terms, however, Siemens recorded a decline due to the continuing weakness in the automation business.
• The result of the industrial business fell by eight percent to 2.5 billion euros.
• The largest contributions to earnings came from the intelligent infrastructure (SI) business and the medical technology subsidiary Siemens Healthineers .
• On a comparable basis, sales rose by three percent to just under 18.4 billion euros.
• This figure excludes currency and portfolio effects.
• Siemens performed slightly better than analysts expected for both key figures.
• The Group confirmed its forecast for the year.

Redcare $RDC (-1,39%)and DocMorris $DOCM (-1,46%)weak because fear of Amazon again $AMZN (-2,39%)

• New concerns about powerful competition from Amazon briefly put more pressure on the shares of Redcare Pharmacy and DocMorris on Wednesday afternoon.
• At times, Redcare fell by 4 percent to its low for the year.
• Most recently, it traded at 115.50 euros again, down just under 3 percent.
• DocMorris fell by a good 2 percent in Zurich.
• The reason for this was probably UBS expert Olivier Clavet's comment on the opening of the "Amazon Parafarmacia & Beauty" in Milan city center.
• Although the move itself is relatively insignificant, the license and the intention to expand into beauty and personal care products are not.
• According to Calvet, Redcare does not break down the share within non-prescription products.
• However, he believes that the Beauty and Personal Care (BPC) business is an important earnings driver

Tesla $TSLA (-4,32%)
with stabilization approach after series of losses

• Tesla shares rose noticeably on Wednesday after five consecutive days of weak trading.
• Most recently, the shares were up 3.6 percent at 340.25 US dollars.
• Traders referred to a positive analyst study.
• The experts at Benchmark Research gave the shares a "buy" rating and a target price of 475 dollars.
• Autonomous driving and robotics are seen as growth drivers, as is the further market penetration of electric vehicles.
• Since the presentation of disappointing quarterly figures at the end of January, the shares of the electric car manufacturer led by tech billionaire Elon Musk have lost more than 22% at their peak.
• For the year to date, this still represents a drop of around 16 percent.
• Tesla missed Wall Street's expectations with its sales and earnings figures for the past quarter. In the previous year, the e-car manufacturer had also suffered its first decline in deliveries for more than a decade.
• Musk himself said that he sees Tesla "between two waves of growth".
• He is focusing primarily on autonomous driving technology and presented the prototype of a robotaxi without a steering wheel or pedals in October.
• Since the election of Donald Trump as the new US president at the beginning of November, Tesla shares have been virtually unstoppable and had been rushing from record to record by mid-December.
• This resulted in an annual gain of more than 60 percent.
• Major shareholder Musk had strongly supported Trump during the US election campaign and has since been considered one of the future president's most influential advisors.
• Tesla investors are primarily hoping that the car manufacturer will receive approval for more far-reaching autonomous driving more quickly under Trump.
• Critics of Tesla point to the industry pioneer's ageing model range.

US inflation rate rises surprisingly - to 3.0 percent

• US inflation rose surprisingly at the start of the year.
• Consumer prices rose by 3.0% year-on-year in January, faster than the 2.9% increase in December.
• This was announced by the Department of Labor in Washington on Wednesday.
• Economists polled by Reuters had also expected 2.9 percent for January.
• From December to January, prices rose by 0.5 percent.
• Experts had only expected an increase of 0.3 percent.
• The US Federal Reserve, which is supposed to ensure stable prices and promote full employment, recently left the key interest rate in the range of 4.25 to 4.50 percent.
• This ended, for the time being, the series of cuts that began in September.
• When pausing interest rates, the central bank referred to the increased pace of price rises.
• As Fed Chairman Jerome Powell recently confirmed, the US monetary authorities are in no hurry to lower interest rates further in view of the healthy economy.
• They also want to wait and see what economic consequences the policy of punitive tariffs introduced by US President Donald Trump will have.
• Tariff hurdles harbor a new inflation risk, as they are likely to make imports from the countries affected more expensive.
• According to experts, the sharp rise in the cost of living in the USA in recent years is one of the reasons why Trump is likely to win the White House again on 20 January.
• Trump was able to move into the White House again on January 20.

Thyssenkrupp $TKA (+0,54%)lowers sales forecast due to weak demand and the ray of hope is the marine industry

• The industrial group Thyssenkrupp has had a mixed start to the year.
• Demand in the steel and automotive business as well as in trading remained rather weak.
• One bright spot was the marine business, which grew significantly.
• New business in particular developed strongly, as Thyssenkrupp announced in Essen on Thursday.
• Group CEO Miguel López wants to spin off the division.
• Work is continuing "at full speed" on the spin-off "in order to position the business in the best possible way to process the high order backlog and the continuing high level of customer interest in view of the changed security policy environment", he said when publishing the quarterly figures.
• In the three months to the end of December, thyssenkrupp's sales fell by four percent to 7.8 billion euros, which was significantly below expectations.
• In addition to weak demand, lower steel prices also had a negative impact.
• Adjusted earnings before interest and taxes, on the other hand, rose from 84 million to 191 million euros, which was a positive surprise.
• The company benefited from the ongoing restructuring program as well as lower raw material and energy prices.
• Above all, the profitability of the steel business increased.
• On the bottom line, thyssenkrupp posted a loss of 51 million euros and thus performed significantly better than in the same quarter of the previous year, when a loss of 314 million euros was also incurred due to depreciation and amortization.
• Thyssenkrupp lowered its sales forecast for the current financial year 2024/25 due to weak demand and now expects a range of minus three to 0 percent.
• Previously, the company had assumed a range of 0 to plus three percent.
• However, the earnings forecasts were confirmed.
• Due to advance payments in connection with a comprehensive order extension for four submarines at Marine Systems, thyssenkrupp raised its expectations for the cash inflow, which was widely observed by analysts.
• Free cash flow before mergers and acquisitions is expected to reach up to 300 million euros.
• The company had previously forecast an outflow of 200 to 400 million euros.
• Analysts had previously expected a cash inflow of 100 million euros.

Thursday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• Shell USD 0.36
• Equinor NOK 0.35

• Quarterly figures / company dates USA / Asia
• 07:30 Sony annual result
• 08:00 Honda Motor annual results
• 09:25 Nissan quarterly figures
• 12:30 GE Healthcare annual results
• 13:00 Altice quarterly figures
• 21:00 Airbnb annual results
• No time specified: Deere & Co | Baxter International | Applied Materials Quarterly figures

• Quarterly figures / Company dates Europe
• 07:00 Siemens | Thyssenkrupp | Thyssenkrupp Nucera | Nestle | Commerzbank | Schott Pharma | DSM-Firmenich | Bertrandt | KWS Saat | Takkt Annual results
• 07:00 Fraport traffic figures January
• 07:30 Adyen | Douglas | MVV Energie | Orange Annual Results | Delivery Trading Update 4Q | Siemens PK
• 08:00 Barclays Annual Results | British American Tobacco | Unilever | Relx Annual Results
• 08:30 Siemens Analyst Conference
• 09:00 Nestle PK | Commerzbank Analyst Conference
• 10:00 Siemens AGM
• 10:30 Nestle Analyst Conference | Commerzbank BI-PK
• 11:00 Schott Pharma Analyst Conference | Thyssenkrupp Analyst and Press Conference
• 14:30 Commerzbank Capital Markets Day

• Economic data

08:00 DE: Consumer prices (final) January PROGNOSE: -0.2% yoy/+2.3% yoy Preliminary: -0.2% yoy/+2.3% yoy Previous: +0.5% yoy/+2.6% yoy HICP PROGNOSE: -0.2% yoy/+2.8% yoy Preliminary: -0.2% yoy/+2.8% yoy Previous: +0.7% yoy/+2.8% yoy

08:00 UK: GDP (1st release) 4Q FORECAST: 0.0% yoy/+1.2% yoy Q3: +0.1% yoy/+1.0% yoy | GDP month December | Trade Balance December | Industrial Production December

08:30 CH: Consumer prices January FORECAST: +0.4% yoy previously: +0.6% yoy

11:00 EU: Industrial Production December Eurozone OUTLOOK: -0.5% yoy/-3.6% yoy previously: +0.2% yoy/-1.9% yoy

14:30 US: Initial jobless claims (week) FORECAST: 215,000 previous: 219,000

14:30 US: Producer Prices January PROGNOSE: +0.3% yoy previous: +0.2% yoy Core rate (excluding food and energy) PROGNOSE: +0.3% yoy previous: 0.0% yoy

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- EXANE BNP raises the price target for ALLIANZ SE from EUR 271 to EUR 295. Underperform. $ALV (-0,14%)

- BARCLAYS raises the target price for AIRBUS from EUR 166 to EUR 200. Overweight. $AIR (-3,2%)

- UBS raises its price target for SAP from EUR 237 to EUR 283. Buy. $SAP (-1,87%)

- BERENBERG raises the price target for LVMH from EUR 695 to EUR 720. Buy. $MC (+0,4%)

- EXANE BNP raises the target price for MUNICH RE from EUR 550 to EUR 560. Outperform. $MUV2 (-0,6%)

- RBC raises the target price for SIEMENS from EUR 205 to EUR 225. Outperform. $SIE (-0,45%)

- CITIGROUP raises the price target for STELLANTIS from EUR 12.40 to EUR 13. Neutral. $STLA

- KEPLER CHEUVREUX raises the target price for DOUGLAS from 28.60 EUR to 29.90 EUR. Buy. $DOU (-1,98%)

- CITIGROUP raises the target price for DWS from EUR 43 to EUR 44.70. Buy. $DWS (+0,52%)

- CITIGROUP raises the price target for FRAPORT from EUR 62 to EUR 72. Buy. $FRA (+0,51%)

- UBS upgrades AMADEUS IT from Neutral to Buy and raises target price from EUR 67 to EUR 80. $AMS (-1,33%)

- DEUTSCHE BANK RESEARCH raises target price for PHILIPS from EUR 25 to EUR 26. Hold. $PHIA (+2,11%)

- DEUTSCHE BANK RESEARCH raises the target price for MAN GROUP from GBP 2.65 to GBP 2.75. Buy.

- GOLDMAN raises the target price for RIO TINTO from GBP 67 to GBP 73. Buy. $RIO (-0,51%)

- JEFFERIES raises the price target for SIEMENS ENERGY from EUR 31 to EUR 50. Hold. $ENR (-4,27%)

- RBC raises the target price for SCHNEIDER ELECTRIC from EUR 195 to EUR 210. $SU (+0,5%) Underperform.

- EXANE BNP upgrades HANNOVER RÜCK from Neutral to Outperform and raises target price from EUR 265 to EUR 285. $HNR1 (-0,02%)

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- DEUTSCHE BANK RESEARCH lowers the price target for NOVO NORDISK from DKK 1000 to DKK 900. Buy. $NOVO B (+5,32%)

- BOFA lowers the target price for RWE from EUR 44 to EUR 42. Buy. $RWE (+1,08%)

- JPMORGAN lowers the price target for NETFLIX from USD 1010 to USD 1000. Overweight. $NFLX (-1,73%)

- MORGAN STANLEY lowers the price target for SYMRISE from EUR 137 to EUR 130. Overweight. $SY1 (+0,2%)

- KEPLER CHEUVREUX lowers the target price for REDCARE PHARMACY from EUR 145 to EUR 138. Hold. $RDC (-1,39%)

- WARBURG RESEARCH lowers the target price for BECHTLE from EUR 51 to EUR 45. Buy. $BC8 (-0,42%)

- STIFEL downgrades WACKER CHEMIE from Buy to Hold. $WCH (-0,13%)

- RBC lowers the price target for DAIMLER TRUCK from EUR 55 to EUR 51. Outperform. $DTG (-1,07%)

Interest rates will fall much more slowly + Bitcoin continues to weaken + Online pharmacy Redcare grows strongly in 2024 as expected

The latest FOMC minutes suggest that it is time to slow down the pace of interest rate cuts. The FED emphasizes that the high uncertainty requires a gradual approach and there is a risk of persistently high inflation, while trade and immigration shifts may affect the slowdown in disinflation.

Bitcoin $BTC (+0,5%)continues to weaken

• Bitcoin continued to weaken in early trading on Thursday, falling back to levels seen at the end of 2024.
• The oldest and best-known cryptocurrency cost around 94,200 dollars on the Bitstamp trading platform in the morning.
• Bitcoin thus extended its recent losses.
• At the beginning of the week, one Bitcoin still cost almost 103,000 dollars.
• Sharp price fluctuations are quite normal for Bitcoin.
• In the past two years, the value has increased significantly.
• Investors on the crypto market are eagerly awaiting the inauguration of Donald Trump on January 20.
• Bitcoin supporters are hoping for the introduction of a strategic Bitcoin reserve and a relaxation of regulations.
• Trump's re-election was one of the reasons for Bitcoin's surge last year, with the price climbing to more than 108,000 dollars in mid-December.

Online pharmacy Redcare $RDC (-1,39%)grows strongly in 2024 as expected

• The online pharmacy Redcare Pharmacy (formerly Shop Apotheke) benefited greatly from growth with electronic prescriptions in Germany in 2024.
• Last year, turnover increased by 32 percent to 2.4 billion euros compared to 2023, as the MDax-listed company surprisingly announced in Sevenum on Thursday.
• Growth was broadly in line with analysts' expectations.
• Sales of prescription drugs increased by 64 percent to 749 million euros.
• In Germany, this area has been growing particularly since the middle of the year.
• Over the year as a whole, sales of prescription medicines in Germany increased by 69 percent to 254 million euros, with growth accelerating significantly over the course of the year. In the fourth quarter, it amounted to 142 percent.

Thursday: Stock market dates, economic data, quarterly figures

US stock markets remain closed on the occasion of the National Day of Mourning in honor of former US President Carter

• ex-dividend of individual stocks
• Mastercard Registered USD 0.76

• Quarterly figures / company dates USA / Asia
• 13:00 Walgreens Boots Alliance Quarterly figures

• Quarterly figures / company dates Europea
• 06:00 Sika AG Annual sales
• 07:30 About You quarterly figures
• 08:15 Traton Pre-Close Call Q4
• 09:00 Munich Re Natural Catastrophe Report 2024
• 17:45 Airbus incoming orders and deliveries of commercial aircraft 2024
• 18:30 Airbus PK

• Economic data

08:00 DE: Trade balance November trade balance calendar and seasonally adjusted FORECAST: +15.6 bn euros previously: +13.4 bn euros Exports FORECAST: +2.0% yoy previously: -2.8% yoy Imports FORECAST: +0.8% yoy previously: -0.1% yoy

08:00 DE: Production in the manufacturing sector November seasonally adjusted PROGNOSE: +0.5% yoy previous: -1.0% yoy

11:00 EU: Retail Sales November Eurozone PROGNOSE: +0.3% yoy previous: -0.5% yoy

$RDC (-1,39%) Always good for a swing trade thanks to the nice volatility. I am starting again with a tranche around €2,000 / €126.90

It still has some downside potential, but I've got one foot in. Should the level around €116 be reached. It will be built up again.

Edit: 13.01.2025 increased to a total of 40 shares

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 (+3,14%)

- BOFA raises target price for UNDER ARMOUR from USD 9 to USD 13. Neutral. $UAA (-0,73%)

- 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 (-0,45%)

- JEFFERIES raises the price target for HOCHTIEF from EUR 135 to EUR 138. Buy. $HOT (-0,13%)

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS HEALTHINEERS from EUR 60 to EUR 62. Buy. $SHL (+0,45%)

- DEUTSCHE BANK RESEARCH raises the price target for NORDEX from EUR 18 to EUR 19. Buy. $NDX1 (+0,87%)

- DEUTSCHE BANK RESEARCH raises the price target for RATIONAL from 832 EUR to 841 EUR. Hold. $RAA (+1,23%)

- DEUTSCHE BANK RESEARCH raises the target price for AXA from 37 EUR to 39 EUR. Buy. $CS (+0,45%)

- WARBURG RESEARCH raises the price target for BASTEI LÜBBE from EUR 11.70 to EUR 12.20. Buy. $BST (-0,76%)

- DEUTSCHE BANK RESEARCH raises the price target for ARCELORMITTAL from EUR 28 to EUR 29. Buy. $MT (-0,49%)

- DZ BANK raises the price target for SWISS RE from CHF 130 to CHF 140. Buy. $SREN (-0,09%)

- ODDO BHF raises the price target for HEIDELBERG MATERIALS from EUR 99 to EUR 110. Neutral. $HEI (+0,51%)

- KEPLER CHEUVREUX raises the price target for DAIMLER TRUCK from EUR 35 to EUR 41. Hold. $DTG (-1,07%)

- KEPLER CHEUVREUX upgrades REDCARE PHARMACY from Reduce to Hold. $RDC (-1,39%)

- ODDO BHF raises the price target for HENKEL from EUR 67 to EUR 73. Neutral. $HEN (-0,41%)

- ODDO BHF raises the price target for FREENET from EUR 27 to EUR 28. Neutral. $FNTN (+0,91%)

- BARCLAYS raises the target price for ABOUT YOU from EUR 3.10 to EUR 3.40. Underweight. $YOU (+0,15%)

- BARCLAYS raises the target price for NEMETSCHEK from EUR 108 to EUR 125. Overweight. $NEM (-0,34%)

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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 (-1,07%)

- UBS lowers the price target for JCDECAUX from EUR 21.60 to EUR 18.50. Neutral. $DEC (+0,33%)

- WARBURG RESEARCH lowers the price target for ADTRAN HOLDING from EUR 9.70 to EUR 9.30. Buy. $ADTN (-4,43%)

- ODDO BHF lowers the price target for NORDEX from EUR 18 to EUR 17. Outperform. $NDX1 (+0,87%)

- BARCLAYS lowers the target price for VESTAS from DKK 99 to DKK 80. Underweight. $VWS (-1,47%)

- KEPLER CHEUVREUX lowers the price target for FRAPORT from EUR 62 to EUR 59. Buy. $FRA (+0,51%)

- 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 (-0,63%)

- BERENBERG lowers the price target for JUNGHEINRICH from EUR 41 to EUR 39. Buy. $JUN3 (-0,22%)

- JEFFERIES lowers the target price for SUSS MICROTEC from EUR 87 to EUR 75. Buy. $SMHN (-1,71%)

08.11.2024

US Federal Reserve lowers key interest rate by 25 basis points
+ Goldman raises Biontech to 'Buy' - target up to 137 dollars + Bechtle higher - remains optimistic for the final quarter + Redcare at three-year high

The US Federal Reserve has lowered its key interest rate by 25 basis points. This decision had been firmly expected on the markets. The decision was taken unanimously by the Federal Open Market Committee (FOMC). The decision, which was taken in the week of Donald Trump's re-election as US president, followed an initial cut of 50 basis points in September and will bring the key interest rate to a range of 4.50 to 4.75 percent. US Federal Reserve officials have said that these rate cuts are justified because they are more confident that inflation will return to the central bank's target and because they believe that interest rates are still high enough to dampen economic activity even after the recent cuts. "The Council judges that the risks to achieving the employment and inflation objectives are roughly balanced," the Fed's statement said. Trump's election victory has the potential to reshape the economic outlook as the Republicans' likely majority in Congress allows for a sweeping change of course on taxes, spending, immigration and trade. The changing outlook has in turn raised questions on Wall Street as to whether the Fed will change its previous expectation that interest rates could be steadily lowered over the next year or two.

The US investment bank Goldman Sachs has Biontech $BNTX (+3,14%) from "Neutral" to "Buy" and raised its price target from 90 to 137 US dollars. Analyst Chris Shibutani now includes BNT327 - an antibody that the Mainz-based company is testing against various solid tumors - in his buy recommendation published on Friday. The investment story is moving further away from the difficult-to-assess Covid vaccine market.

With Bechtle $BC8 (-0,42%) a very weak 2024 share was in demand in pre-market trading on Friday. Following the IT service provider's final quarterly figures, the shares rose by 2.7 percent in Tradegate trading compared to the Xetra closing price. An attempt to recover from the low since 2020 thus continues. So far this year, the share has lost around 28% despite the recent stabilization and a gain of 3.3% the day before. Since the record high in 2021, the share price has even more than halved. According to a trader, the business environment for Bechtle in the third quarter was characterized by challenges. The results showed a mixed picture with weak demand in the core markets of Germany and France, but solid organic growth in other international markets, and another trader emphasized that Bechtle is optimistic about the future and continues to expect an improvement in the fourth quarter. However, the first mentioned trader sees risks in the fact that public IT spending in Germany could suffer for the time being from the end of the traffic light coalition.

The good performance of the shares of Redcare Pharmacy $RDC (-1,39%) continued on Friday with a high since December 2021. The shares were already the biggest MDax gainer in 2023 and are among the better performers in the mid-cap index this year. On Friday, they rose by up to three percent to EUR 157.60 in early Xetra trading. So far this year, they have repeatedly struggled in the EUR 153 to 154 range.

Friday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Apple USD 0.25

Pfizer USD 0.42

ConocoPhillips USD 0.78

Wells Fargo USD 0.4

Quarterly figures / company dates USA / Asia

07:00 Sony quarterly figures

Untimed: Baxter International quarterly figures

Quarterly figures / Company dates Europe

07:00 LEG Immobilien | Richemont Quarterly figures

07:30 Bechtle | Deutsche Wohnen Quarterly figures

08:00 Banca Monte dei Paschi | International Consolidated Airlines Quarterly figures

10:00 Freenet earnings call and strategy update until 2028

10:30 Bechtle analyst and press conference

14:00 Pernod Ricard AGM

Economic data

• 06:00 JP: Leading indicators 9/24 (preliminary)
• 08:00 DE: Domestic tourism | Truck toll mileage index October
• 09:00 DE: Bundestag, Plenum, Berlin
• 11:30 DE: Government Pk, Berlin
• 16:00 US: Consumer Sentiment Index Uni Michigan (1st survey) November FORECAST: 71.0 previous: 70.5

Redcare Pharmacy Q3 2024 $RDC (-1,39%)

Financial performance

• Sales growth: Group sales increased by 33.8% to EUR 1.7 billion in the first nine months of 2024. Excluding MediService, growth amounted to 23 %.
• Growth in non-prescription products: Sales of non-prescription products grew by 20 % to 1.2 billion euros.
• Prescription sales in Germany: Growth in prescription drugs was particularly notable, with an increase of 7 % in the first quarter, 37 % in the second quarter and 81 % in the third quarter.

Balance sheet overview

• Total assets: Remained stable at 1.0 billion euros, unchanged compared to year-end 2023.
• Current assets: Increased by 16.6 million euros to 516.1 million euros, with inventories rising to 142.4 million euros.
• Cash and cash equivalents: Increased to 99.4 million euros.

Details of the income statement

• Adjusted EBITDA: Increased slightly to 38 million euros in the first nine months of 2024.
• Gross margin: Decreased year-on-year from 25.2% to 23.3%.

Cash flow overview

• Operating cash flow: Positive at 39.1 million euros, compared to 69.6 million euros in the previous year.
• Investing activities: Net amount of -9.3 million euros.
• Financing activities: Outflow of 14.9 million euros.

Key figures and profitability metrics

• Adjusted EBITDA margin: Decreased to 2.3% year-to-date.
• Sales and distribution margin: Improved to 18.2% from 19.4% year-on-year.

Segment information

• DACH segment: Sales of 1.376 billion euros with a gross profit of 315.5 million euros.
• International segment: Sales of 319.4 million euros with a gross profit of 79.8 million euros.

Competitive position

• Market share in Germany: Doubled from January to the end of the third quarter, with further acceleration into the fourth quarter.

Management forecasts and comments

• Management updated the full-year guidance on October 3, pointing to strong e-Rx metrics as the basis for the accelerated development.

Risks and opportunities

• The report highlights seasonal effects and general business expansion as factors impacting trading and other liabilities.

Summary of results

The company showed robust sales growth, particularly in the prescription segment in Germany. Despite a slight decline in gross margins, the overall financial position remains stable, with increased cash resources. The company is strategically well positioned to benefit from the growing e-Rx market, which is reflected in the increased market share. Nevertheless, the decline in operating cash flow and the need for continued investment in IT and infrastructure indicates areas that need to be carefully managed financially.

Positive Aspects

• Strong sales growth: The company recorded significant sales growth of 33.8% in the first nine months of 2024, with total sales of EUR 1.7 billion. This growth was driven by both prescription and over-the-counter sales.
• Increased market share in Germany: The company's market share in the German e-Rx segment increased significantly from 0.27% in January to 0.66% in October, indicating a strong competitive position.
• Growth in cash and equivalents: Cash and cash equivalents increased to €99.4 million, reflecting a solid liquidity position.
• Improved sales and distribution margin: The sales and distribution margin improved to 18.2% from 19.4% in the previous year, indicating better cost management in these areas.
• Expansion of the customer base: The company added 1.4 million active customers year-on-year to reach a total of 11.9 million active customers, supporting future revenue growth.

Negative aspects

• Decline in gross margin: Gross margin decreased year-on-year from 25.2% to 23.3%, which could indicate pricing pressure or increased cost of goods sold.
• Decline in operating cash flow: Operating cash flow decreased to €39.1 million compared to €69.6 million in the previous year, indicating potential challenges in generating cash from operations.
• Lower adjusted EBITDA margin: The adjusted EBITDA margin fell to 2.3% year-to-date, indicating reduced profitability.
• Increase in trade and other payables: There was an increase in trade and other payables of €23.7 million, which could indicate higher liabilities due to seasonal effects and business expansion.
• Higher capital expenditure: Net expenditure on investing activities amounted to -9.3 million euros, indicating increased capital expenditure. This could put pressure on cash reserves if it is not accompanied by corresponding sales growth.

Analyst updates, 05.11.

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- ODDO BHF raises the price target for BIONTECH from USD 110 to USD 130. Outperform. $BNTX (+3,14%)

- BARCLAYS raises the price target for AIRBUS from EUR 161 to EUR 165. Overweight. $AIR (-3,2%)

- CITIGROUP raises the price target for SCOUT24 from EUR 91 to EUR 94.50. Buy. $G24 (+0,64%)

- WARBURG RESEARCH raises the price target for REDCARE PHARMACY from EUR 174 to EUR 176. Buy. $RDC (-1,39%)

- DEUTSCHE BANK RESEARCH raises the price target for RYANAIR from EUR 17 to EUR 17.50. Hold. $RYA (-1,63%)

- BERNSTEIN rates EBAY from Market-Perform to Outperform. Target price USD 70. $EBAY (-0,09%)

- ODDO BHF raises the price target for SALZGITTER from EUR 14 to EUR 15.50. Underperform. $SZG (-3,59%)

- BARCLAYS raises the target price for COMMERZBANK from EUR 16 to EUR 17. Equal-Weight. $CBK (-0,9%)

- BARCLAYS raises the target price for MTU from EUR 295 to EUR 340. Equal-Weight. $MTX (-3,41%)

- MORGAN STANLEY rates LUFTHANSA to Equal-Weight. Target price EUR 7. $LHA (-0,44%)

- BERENBERG raises the price target for DEUTSCHE KONSUM REIT from EUR 3.50 to EUR 5. Hold.

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- GOLDMAN lowers the price target for MERCEDES-BENZ from EUR 65 to EUR 63. Buy. $MBG (-1,31%)

- UBS lowers target price for 1&1 from EUR 21.60 to EUR 21. Buy.

- WARBURG RESEARCH lowers the price target for GFT TECHNOLOGIES from EUR 40 to EUR 37.50. Buy. $GFT (-0,48%)

- HAUCK AUFHÄUSER IB lowers the price target for ECKERT & ZIEGLER from EUR 63.50 to EUR 55. Buy. $EUZ (-2,2%)

- BARCLAYS lowers the price target for BNP PARIBAS from EUR 90 to EUR 85. Overweight. $BNP (+0,41%)

- BERENBERG downgrades SCHNEIDER ELECTRIC from Buy to Hold and lowers price target from EUR 261 to EUR 255. $SU (+0,5%)

- BERENBERG lowers the price target for BEFESA from EUR 41 to EUR 31. Buy. $BFSA (-1,45%)

Earnings summary this morning (05.11.) 👇🏼

Krones | $KRN (+0,97%) increases both sales and operating profit in the third quarter, with EBITDA growing by almost 22% to almost 135 million euros. The company confirms its forecast and benefits from improved material availability.

Uniper | $UN01 generates a profit of just under EUR 1.3 billion in the first nine months of 2024, but significantly less than in the previous year. The energy group confirms its outlook for the year with an expected net profit of EUR 1.1 to 1.5 billion.

Hugo Boss | $BOSS (+0,31%) recorded a slight increase in sales of 1% to 1.03 billion euros in the third quarter despite a slump in consumption in China, but EBIT fell by 7% to 95 million euros. The Group confirms its annual targets despite higher sales and marketing costs.

Fraport | $FRA (+0,51%) is lowering its expectations for passenger numbers in 2024 to the lower end of the range of 61 million passengers and is targeting EBITDA in the middle of the previous forecast of 1.26 to 1.36 billion euros. In the summer quarter, revenue rose by 11%, while operating profit only increased by 1%.

Fresenius Medical Care | $FRE (+0,18%) increases operating profit in the third quarter by 43 % to 463 million euros, which is attributable to successful cost savings. The company raises its forecast for adjusted operating profit, but expects a slight decline in sales.

Redcare Pharmacy | $RDC (-1,39%) reports a decline in adjusted EBITDA to 11.4 million euros in the third quarter and increases the loss for the first nine months to 20.1 million euros. The company confirms adjusted annual targets and expects a lower operating profit due to higher advertising expenditure for the e-prescription.

DHL | $DHL (+0,55%) reports a decline in profit of almost 7% to 751 million euros for the third quarter and lowers its forecast for operating profit in 2024 and 2026. Revenue increases by 6% to 20.6 billion euros, while EBIT remains stable at 1.4 billion euros.

Norma Group | $NOEJ (-2,91%) is revising its annual targets downwards and now expects sales of around EUR 1.2 billion and an adjusted EBIT margin of around 8.0 percent due to a challenging market environment. In the third quarter, the company recorded a decline in sales of 7.9% to 273.6 million euros and a drop in profit to 6.1 million euros.

Nintendo | $7974 (-0,44%)
Q2 24 Earnings:

- Net Income 27.70B Yen (est 49.4B Yen)

- Sees FY Oper Income 360.00B Yen, Saw 400.00B Yen

- Sees FY Total Switch Sales 12.50M Units, Saw 13.50M

Adecco | $ADEN (+3,57%) 24 Earnings:

- Net Income EU99.0M (est EU86.8M)

- Rev EU5.70B (est EU5.84B)

- Adj EBITA EU186.0M (est EU195M)

- Plans To Repay EU430M Debt Maturing In Dec 24

25.10.2024

Lilium subsidiaries have to file for insolvency + Shop Apotheke and DocMorris pick up + US parcel service UPS earns more than expected + Bilfinger shares under pressure after tragedy in the USA

After the end of state support, Lilium announces Lilium $LILM (-43,57%) announces that its most important subsidiaries will file for bankruptcy. The air cab developer's share price then plummets by more than 58 percent.....

https://www.manager-magazin.de/unternehmen/aktien-von-lilium-mit-kurseinbruch-tochtergesellschaften-muessen-insolvenz-anmelden-a-c4e2581f-d5c9-4b8f-b60e-77e4051371ec

On Thursday, market observers pointed to positive signals in a court case involving mail-order pharmacies in the landmark proceedings over price discounts on prescription drugs. The shares of Redcare Pharmacy $RDC (-1,39%) extended their gains by up to five percent and were still up by almost four percent in the afternoon. The competitor DocMorris $DOCM (-1,46%)which at times extended its gains in Zurich to more than ten percent. DocMorris shares thus recovered strongly from the most recent low since June 2023. Redcare shares continued their recent rally. They have gained almost 30 percent since mid-September. However, they once again encountered resistance at the EUR 150 mark. Analyst Thomas Rothäusler from Jefferies pointed out that an attorney general had issued a final opinion in proceedings in which DocMorris is taking on the North Rhine Chamber of Pharmacists. This opinion was very clearly in favor of bonuses on prescription drugs. According to Rothäusler, the final result is likely to have a significant impact on the future growth of online pharmacies. According to the expert, the final ruling of the European Court of Justice is expected in the next two to three months.

The US parcel service UPS $UPS (+0,29%) earned a surprisingly high profit in the third quarter thanks to good business and the sale of a subsidiary. The bottom line was a profit of a good 1.5 billion US dollars (1.4 billion euros), around 37 percent more than a year earlier, as United Parcel Service (UPS) announced in Atlanta on Thursday. Even without the special effect, this was more than analysts had expected on average. For the year as a whole, however, CEO Carol Tomé is now expecting lower turnover because the sold subsidiary Coyote Logistics is no longer included in the figures. According to Tomé, the Group's turnover is only expected to reach around 91.1 billion dollars in 2024. She had previously forecast 93 billion. However, before special effects, a larger share of turnover is expected to remain as operating profit at UPS. The manager is therefore expecting an adjusted operating margin of around 9.6 percent. Previously, she had assumed 9.4 percent. In the third quarter, UPS reported a turnover of 22.2 billion dollars, 5.6 percent more than a year earlier. This was about as much as analysts had expected on average.

The collapse of a ferry dock in the USA caused the shares of Bilfinger $GBF (-0,46%) shares on Thursday. The share price fell by 6.8 percent to 46.25 euros. If this remains the case, it would be the biggest daily loss in almost two years. In a letter of condolence, Group CEO Thomas Schulz and the head of the US subsidiary Centennial Contractors Enterprises, Geoff Preisman, expressed their deepest sympathy to the families of seven people who reportedly lost their lives in the collapse of a ferry dock on October 19. The accident occurred on the island of Sapelo off the coast of the US state of Georgia. Centennial acted as the general contractor for the construction of the dock and pier in question, the statement continued. The company worked with local subcontractors and suppliers to complete the project in November 2021. Should Centennial, as the general contractor, have to assume liability for the accident, a payment of an estimated 50 to 100 million euros is imminent, said a stock market analyst. This scenario is weighing on the Bilfinger share price.

Friday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Fastenal USD 0.39

Quarterly figures / company dates USA / Asia

13:00 Colgate-Palmolive Quarterly figures

Quarterly figures / company dates Europe

06:30 Sika quarterly figures | Holcim | SGS Trading Update 3Q

07:00 Mercedes-Benz | Stratec | Signify quarterly figures | Safran sales 3Q

07:30 Sanofi quarterly figures | Remy Cointreau Q2 sales

07:45 Eni quarterly figures

08:00 Yara quarterly figures | Mercedes-Benz analyst conference

09:00 Holcim analyst and press conference

09:15 Mercedes-Benz PK

14:00 Sanofi Analyst Conference

17:30 Porsche AG quarterly figures and press conference

Economic data

01:30 JP: Consumer prices Greater Tokyo October core rate (ex food)

FORECAST: +1.7% yoy previously: +2.0% yoy

08:45 FR: Consumer Confidence October FORECAST: 95 previous: 95

10:00 DE: ifo Business Climate Index October PROGNOSE: 85.6 PREVIOUS: 85.4 Situation assessment PROGNOSE: 84.3 PREVIOUS: 84.4 Business expectations

PROGNOSE: 87.0 PREVIOUS: 86.3

10:00 EU: ECB - October consumer survey results | Publication of consumer survey results | ECB, M3 money supply and lending September M3 money supply FORECAST: +3.0% yoy previously: +2.9% yoy

14:30 US: New orders for durable goods September

PROGNOSE: -1.0% yoy previous: 0.0% yoy

16:00 US: Consumer Sentiment Index Uni Michigan (2nd survey) October

FORECAST: 69.0 1st survey: 68.9 previous: 70.1