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which entailed a risk of further dilution (authorised capital, issue of convertible and warrant bonds) were therefore withdrawn.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.
HFG
| HELLOFRESH INH | |
| Anteil der Short-Position: 11,95% | |
BOSS
| HUGO BOSS | |
| Anteil der Short-Position: 8,82% | |
LXS
| Lanxess | |
| Anteil der Short-Position: 8,07% | |
EVT
| Evotec OAI | |
| Anteil der Short-Position: 7,73% | |
AIXA
| Aixtron | |
| Anteil der Short-Position: 6,30% | |
NDA
| Aurubis | |
| Anteil der Short-Position: 5,74% | |
PBB
| DT.PFANDBRIEFBK | |
| Anteil der Short-Position: 5,42% | |
VAR
| Varta | |
| Anteil der Short-Position: 4,72% | |
LHA
| Lufthansa | |
| Anteil der Short-Position: 3,94% | |
SZG
| Salzgitter | |
| Anteil der Short-Position: 3,13% | |
TKA
| ThyssenKrupp | |
| Anteil der Short-Position: 2,57% | |
WAF
| SILTRONIC | |
| Anteil der Short-Position: 2,31% | |
NDX1
| Nordex | |
| Anteil der Short-Position: 2,20% | |
RDC
| REDCARE PHARMACY ... | |
| Anteil der Short-Position: 1,93% | |
S92
| SMA Solar Techn. | |
| Anteil der Short-Position: 1,78% | |
EVK
| EVONIK INDUSTRIES | |
| Anteil der Short-Position: 1,69% | |
CON
| Continental | |
| Anteil der Short-Position: 1,27% | |
AFX
| Carl Zeiss Meditec | |
| Anteil der Short-Position: 1,02% | |
GLJ
| GRENKE | |
| Anteil der Short-Position: 0,84% | |
FTK
| FLATEXDEGIRO | |
| Anteil der Short-Position: 0,79% | |
DTG
| DAIMLER TRUCK HLD... | |
| Anteil der Short-Position: 0,59% | |
NB2
| NORTHERN DATA INH | |
| Anteil der Short-Position: 0,57% | |
HEI
| HeidelbergCement | |
| Anteil der Short-Position: 0,50% | |
