Wednesday , June 23 2021

At Klingelnberg, the switches change



From the market war (b) he, November 10, 2018

Klingelnberg in Zurich: In the first half of the year sales rose to 99 million euros. Photo: Melanie Duchene / Keystone

For the first time since it went public, the manufacturer of transmission has Klingelnberg oriented about its activities. In the first half of September, sales rose by almost 30 percent to 99 million euros. Operating profit was in red with a loss of 4.7 (previous year: 5.5) million. A red first half of the year is the rule at Klingelnberg, because during this period much lower income is generated than during the winter half. Overall, but it goes around. For the whole year, as promised by IPO and now confirmed, Klingelnberg wants to achieve 5 to 9 percent more sales and 30 percent higher operating profit. The fact that the stock price has adjusted dramatically after the listing is, in my opinion, not so much because of Klingelnberg's business, as today's stockbroker expects industrial stocks to be much more reserved than in June. Following the positive price response on the publication of the half-year figures, further progress is likely. buy

Just a shadow of itself

Ascom has sparked a lot of optimism on the latest Investors Day in Zurich: New mobile phones and a software platform for the hospitality industry are ready for delivery. And in the United States, Ascome's most important market, the cover seems to have been successful. "We're back in the game," said CEO Holger Cordes, which was a lot too busy considering the size and importance of the company (about 300 million francs). Because today's Ascom is just a shadow of it: Over the past 25 years, the company has lost about 90 percent of its sales and labor. Ascom has always disappointed, even lately. The stock price has slowed by over 40 percent this year. Analysts expect the medium-term targets by 2020 to be adjusted downwards. I'm waiting better until Ascom can deliver solid numbers next year. Perhaps then I have to buy at a higher price. But it's too much to bear because stocks have potential, Ascom will finally enter a longer period of growth. Shun

Competition grows faster

The recruiter Adecco has reported higher earnings for the third quarter than analysts expected. But it must not hide the fact that growth trends are pointing down: the economy in Europe is weakened. This is felt by the group working in a cyclical business. Since the high in the quarter of 2017, when it increased organic sales by 7 percent, growth has gradually declined, to 1 percent in September and October. Adecco was the industry number one for a long time. It is also annoying that the Dutch competitor Randstad continues to grow a little faster and claims that he is "world leader in human resources". After a loss of a third in the current year, Adecco's shares seem to be cheap. Still, I let it go. When the economy starts to slow down and sales growth slows down, cyclical shares are not recommended. sell

Confidence is gone

Also beneficial to me German bank, Only this year, the shares have lost more than 40 percent in value. Price ratio 0.3 means that the bank's equity can be purchased at a discount of 70 percent. I'm still careful. The company has largely disappeared investors' confidence. Then I was surprised that Deutsche Bank has done better in a negative market environment than some of its competitors in the stress test of the European Supervisory Authority. Perhaps these are the first signs of stabilization. The results of the third quarter exceeded the expectations of analysts. For the first time since 2014, the bank expects a profit this year. Hedge fund Hudson Executive Capital also believes that the Institute has overcome the worst. New Yorkers announced at the beginning of November that they hold a 3.1 percent share in the German industry leader. First, I want to see that the turn is really done. Shun

Increase in cheap tourism

Dufry does not get up to speed. During the third quarter, the travel trader's growth fell. Organic sales growth of only 3.1 percent in the first nine months of 2018 was below the already low expectations. This bothered investors. The reason for skepticism is justified. In Spain, Dufry struggles with an increase in cheap tourism. Even though the same number of tourists was registered in the summer of the year before, the return per passenger had decreased. In Brazil and Argentina, where the company generates around every twelve francs, the strong devaluation of local currencies heavily weighs on customers' purchasing power. However, the problems are beyond doubt that Dufry has made progress. Thanks to the operational improvements, the company has once again managed to increase profitability. The inflow of money was also appealing. Due to greater financial flexibility, debt has fallen further. Against this background, I am convinced that the shares became excessively punished. buy


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