Monday , August 15 2022

In Klingelnberg, the gears are engraved


From market salary (b) on, November 10, 2018

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

For the first time since the arrival of the public, the manufacturer of the mobile machine has KLINGELNBERG oriented to his job. In the first half of the fiscal year at the end of September sales rose by almost 30 percent to 99 million euros, operating profit remained in the red with a loss of 4.7 (the previous year: 5.5 million). The red one-half of the year was the rule in Klingelnberg, because in this period, much less revenue was generated than in the winter half-year. All in all, but this is happening. For the entire year, as promised at the IPO and now confirmed, Klingelnberg wants to achieve 5 to 9 percent more sales and 30 percent higher operating profit. The fact that the price of the action dramatically corrected after the IPO is, in my opinion, not so much due to Klingelnberg's business, given the fact that today's brokerage agencies estimate industrial shares much more reserved than in June. After a favorable price reaction to the publication of semi-annual data, there are likely to be prosperity. buy

Only the shadow itself

ASCOM on the recent day of investors in Zurich has caused a lot of optimism: The new mobile phones and software platform for the hospital sector are ready for delivery. And in the United States, Ascom's most important market, it seems to be a turning point in success. "We went back to the game," said Holger Cordes CEO, who was too busy considering the size and importance of the company (about 300 million francs of sales). Since today's Ascom only represents its own shadow: over the past 25 years, the company has lost about 90 percent of its sales and labor. Ascom is always disappointed, even in the recent past. This year's action fell by more than 40 percent. Analysts expect that mid-term goals by 2020 will soon have to be adjusted downwards. Better wait until Ascom can get solid numbers next year. Maybe I have to buy at a higher price. But it's too much to be submitted because the stocks have the potential if Ascom finally enters a longer growth period. Look out

The competitor grows faster

Recruiter adecco reported higher profits in the third quarter than analysts expected. But this should not hide the fact that the trend of growth shows down: the economy in Europe is weak. This is felt by a group doing business in a cyclical business. From the high in the last quarter of 2017, when organic sales increased by 7 percent, growth slowly slowed to 1 percent in September and October. Adecco has been industry number one for a long time. It is also noteworthy that the Dutch Randstad competitor continues to grow a bit faster and claims that he is "a global leader in HR services". After losing one-third in the current year, Adecco's shares seem to be cheap. Still, I let him go. When the economy begins to slow down and slows sales growth, cyclical stocks are not recommended. sell

Trust disappeared

I'm also a good part of the action German bank, Only this year, stocks lost more than 40 percent in value. The price coefficient of 0.3 means that the bank's capital can be bought at a discount of 70 percent. I'm still careful. The company has largely dissipated investor confidence. Then I was amazed that Deutsche Bank did better than some of its competitors in the stress test of the European regulator in a poor market environment. Perhaps these are the first signs of stabilization. After all, the third quarter results exceeded the expectations of analysts. For the first time since 2014, this bank expects a profit this year. Hedson Equity Capital also believes that the institute has overcome the worst. The New Yorkers announced in early November that they had a 3.1 percent stake in the German industry leader. First, I want to see that the turn is really made. Look out

Increase in cheap tourism

Dufri there is no speed. In the third quarter, passenger sales growth slowed down. The organic sales growth of just 3.1 percent in the first nine months of 2018 was below already low expectations. This upset investors. The reasons for skepticism are justified. In Spain, Dufri is struggling with the rise of cheap tourism. Although the same number of tourists was recorded in the summer as in the previous year, returns per passenger declined. In Brazil and Argentina, where the company generates around every twelfth franc, the sharp devaluation of local currencies strives to a large extent on the purchasing power of buyers. However, the problems were overshadowed, but Dufri also made progress. Thanks to operational improvements, the company has once again managed to increase profitability. The inflow of funds was also pleasant. Thanks to greater financial flexibility, the debt is further reduced. In this context, I am convinced that the actions were too punished. buy

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