In Klingelnberg, toothed gears



From the market to cry (b) he, November 10, 2018

Klingelnberg in Zurich: Sales in the first half of the financial year totaled 99 million euros. Photo by Melanie Duchene / Keystone

For the first time since its start-up, the gear manufacturer has been established Klingelnberg oriented on his business. In the first half of the fiscal year, sales increased by almost 30 percent to 99 million euros in the first half of fiscal year, while operating profit remained in the red with a loss of 4.7 (previous year: 5.5) million. Red first half of the year is the rule in Klingelnberg, because much less revenue is generated in this period than in the winter semester. Overall, it's running. All year, as promised by the IPO and now confirmed, Klingelnberg wants to achieve 5 to 9 percent more revenue and 30 percent higher operating profit. The fact that the stock price after the IPO has been dramatically corrected is, in my view, not so far due to Klingelnberg's business in terms of the fact that today's stock traders appreciate industrial shares much more reserved than in June. After a favorable price response to the publication of half-yearly numbers, further advances are expected. buy

Just shadow on yourself

Ascom the recent optimism of the Zurich investor's day has come: New mobile phones and a software platform for the hospital sector are ready to be delivered. And in the US, Ascom's most important market, the turnover seems to have succeeded. "We are back in the game," said CEO Holger Cordes on an occasion that was too busy due to the size and importance of the company (about 300 million francs). Because today's Ascom is only its own shadow: over the last 25 years, it has lost about 90 percent of its sales and labor. Ascom is always disappointed, even in the recent past. The stock price dropped by more than 40 percent this year. Analysts expect the medium-term targets by 2020 to be adjusted downwards soon. I would like to wait for Ascom to be able to deliver solid numbers next year. Maybe I have to buy at a higher price. But that's too much to do because stocks have the potential, Ascom should finally enter a longer period of growth. avoid

Competitors grow faster

Recruiter Adecco has higher third-quarter earnings than analysts expected. However, this must not hide the fact that the growth trend is going down: the economy in Europe is weakening. This is reflected in the group operating in cyclical business. Since growth in the last quarter of 2017, when sales grew organically by 7%, growth gradually slowed to 1% in September and October. Adecco has been an industrial number one for a long time. It is also annoying that Randstad, a Dutch competitor, continues to grow a bit faster and claims to be a "global leader in personnel services". After losing one third in the current year, Adecco's stock seems to be cheap. However, I let go. When the economy starts to slow down and sales growth slows down, cyclical stocks are not recommended. sell

Trust is gone

Also good for me German Bank, This year alone, the shares lost more than 40 percent. The price / book ratio of 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 missed investor confidence. Then I was surprised that Deutsche Bank was better developing in a negative market environment than some of its competitors in the European Regulator's stress test. Perhaps they are the first signs of stabilization. After all, the result of the third quarter surpassed analysts' expectations. For the first time since 2014, the bank expects profit this year. The Hudson Executive Capital reinsurance fund also believes the institute has overcome the worst. New Yorkers reported at the beginning of November that they account for 3.1 percent of German industry. First, I would like to see that the turnover is actually made. avoid

Increase in cheap tourism

Dufry does not reach speed. In the third quarter, the growth in travel retail slowed down. In the first nine months of 2018, organic sales grew by only 3.1 percent below lower expectations. This was a concern for investors. Reasons for skepticism are legitimate. In Spain, Dufry is struggling with an increase in cheap tourism. Even though summer was the same number of tourists as in the previous year, the return on one passenger dropped. In Brazil and Argentina, where the company creates around every twelfth franc, the sharp devaluation of local currencies heavily weighs on the purchasing power of customers. Problems, however, conceal that Dufry has also made progress. With operational improvements, the company has again managed to increase profitability. The influx of funds was also pleasant. Thanks to greater financial flexibility, the debt further declined. In this context, I am convinced that the actions were too severely punished. buy


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