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which entailed a risk of further dilution (authorised capital, issue of convertible and warrant bonds) were therefore withdrawn.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: 8,31% |
HFG
HELLOFRESH INH | |
Anteil der Short-Position: 7,92% |
VAR1
Varta | |
Anteil der Short-Position: 6,22% |
NDA
Aurubis | |
Anteil der Short-Position: 5,30% |
SGL
SGL Carbon | |
Anteil der Short-Position: 5,03% |
NDX1
Nordex | |
Anteil der Short-Position: 4,76% |
AIXA
Aixtron | |
Anteil der Short-Position: 4,42% |
EVT
Evotec OAI | |
Anteil der Short-Position: 4,01% |
DHER
DELIVERY HERO | |
Anteil der Short-Position: 3,68% |
LXS
Lanxess | |
Anteil der Short-Position: 3,58% |
S92
SMA Solar Techn. | |
Anteil der Short-Position: 3,42% |
WAF
SILTRONIC | |
Anteil der Short-Position: 2,24% |
CLIQ
CLIQ DIGITAL | |
Anteil der Short-Position: 1,73% |
GXI
Gerresheimer | |
Anteil der Short-Position: 1,68% |
WCH
Wacker Chemie | |
Anteil der Short-Position: 1,62% |
SZG
Salzgitter | |
Anteil der Short-Position: 1,61% |
RHM
Rheinmetall | |
Anteil der Short-Position: 1,54% |
FRA
Fraport | |
Anteil der Short-Position: 1,36% |
HABA
HAMBORNER REIT | |
Anteil der Short-Position: 0,71% |
UTDI
United Internet | |
Anteil der Short-Position: 0,66% |
NB2
NORTHERN DATA INH | |
Anteil der Short-Position: 0,59% |
LHA
Lufthansa | |
Anteil der Short-Position: 0,58% |
SRT
Sartorius | |
Anteil der Short-Position: 0,50% |