This years AGM voted against item 5 (1:3 share split and conversion of the par value to 1 per share). Other items on the agenda, which were based on this and which entailed a risk of further dilution (authorised capital, issue of convertible and warrant bonds) were therefore withdrawn. Consequently, the company will have to fund future growth out of operating cash flows – which we had already assumed in our model. A number of operational successes have been scored since our last update. We see this as confirming our expectations to date. In view of this, we reduce our fair value to 3.04 which entirely results from the adjustment of the peer group valuation. We confirm our BUY rating.
SDF
K+S | |
Anteil der Short-Position: 8,57% |
HFG
HELLOFRESH INH | |
Anteil der Short-Position: 8,17% |
PBB
DT.PFANDBRIEFBK | |
Anteil der Short-Position: 7,68% |
VAR1
Varta | |
Anteil der Short-Position: 5,99% |
NA9
NAGARRO | |
Anteil der Short-Position: 5,44% |
AIXA
Aixtron | |
Anteil der Short-Position: 5,39% |
EVT
Evotec OAI | |
Anteil der Short-Position: 5,28% |
NDX1
Nordex | |
Anteil der Short-Position: 4,37% |
PSM
PROSIEBENSAT.1 | |
Anteil der Short-Position: 4,08% |
LXS
Lanxess | |
Anteil der Short-Position: 3,64% |
DHER
DELIVERY HERO | |
Anteil der Short-Position: 3,62% |
ENR
SIEMENS ENERGY | |
Anteil der Short-Position: 2,90% |
S92
SMA Solar Techn. | |
Anteil der Short-Position: 2,83% |
WAF
SILTRONIC | |
Anteil der Short-Position: 2,14% |
TEG
TAG Immobilien | |
Anteil der Short-Position: 1,86% |
GXI
Gerresheimer | |
Anteil der Short-Position: 1,77% |
RHM
Rheinmetall | |
Anteil der Short-Position: 1,51% |
PNE3
PNE Wind | |
Anteil der Short-Position: 1,50% |
FRA
Fraport | |
Anteil der Short-Position: 1,29% |
TKA
ThyssenKrupp | |
Anteil der Short-Position: 1,05% |
MOR
MorphoSys | |
Anteil der Short-Position: 0,96% |
BFSA
BEFESA ORD. | |
Anteil der Short-Position: 0,52% |
NCH2
THYSSENKRUPP NUCERA | |
Anteil der Short-Position: 0,51% |