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window.location.reload(); } });}; ((bT, clientCountryPreference, config) => { let tags = []; if (bT && bT.standard) { Object.keys(bT.standard).forEach(key => { tags.push([`set${key}`, bT.standard[key]]); }); } if (bT && bT.custom) { Object.keys(bT.custom).forEach(key => { tags.push(['setCustomVariable', key, bT.custom[key]]); }); } return function pianoMain() { if (!window.tp) { window.tp = window.tp || []; window.digitalData = window.digitalData || {}; window.digitalData.user = [{ profile: [{ attributes: { piano: { clientCountryCode: clientCountryPreference || 'CH' } }, profileInfo: { profileID: '', gender: '', userHash: '4defa01e671ab8c019597a9b2cc3d662' } }] }]; /* Set Application ID */ if (window.nzzDebugPiano) { console.log('%c ##piano## :VERSION V43', 'background: yellow;color:black'); } window.tp.push(['setAid', config.aid]); if (config.dmpSiteId) { window.tp.push(['setCxenseSiteId', config.dmpSiteId]); } /* Is application in sandbox */ window.tp.push(['setSandbox', config.isSandbox === 'true']); /* Does application use Piano ID? */ if (config.isSandbox === 'false') { window.tp.push(['setPianoIdUrl', 'https://id-eu.piano.io']); window.tp.push(['setEndpoint', 'https://buy-eu.piano.io/api/v3']); } else { window.tp.push(['setPianoIdUrl', 'https://sandbox.piano.io']); window.tp.push(['setEndpoint', 'https://sandbox.tinypass.com/api/v3']); } window.tp.push(['setUseTinypassAccounts', false]); window.tp.push(['setUsePianoIdUserProvider', true]); /* gift article */ try { const urlParams = new URLSearchParams(window.location.search); if (urlParams.has('gift_created') && new Date(urlParams.get('gift_created') / 1 * 1000) > Date.now() - 7 * 24 * 60 * 60 * 1000) { window.tp.push(['setCustomVariable', 'shared_article_valid', 'true']); } } catch (e) { console.log(e); } /* Execute when the page is first loaded */ if (window.nzzDebugPiano) { console.log('%c set tags', 'background: yellow;color:black'); } tags.forEach(function (tag) { window.tp.push(tag); }); window.tp.push(['init', function () { if (window.nzzDebugPiano) { console.log('%c init piano', 'background: green;color:yellow'); } window.nzzPianoLoaded = true; window.tp.push(['addHandler', 'registrationSuccess', data => { if (window.nzzDebugPiano) { console.log('##piano## registrationSuccess:'); } fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: data.user.sub, form_id: config.RSEvent.formName, custom_fields: JSON.stringify(config.RSEvent.params) }), { method: 'POST', headers: { 'Authorization': data.token, 'Content-Type': 'application/json; charset=UTF-8' } }); }]); window.tp.push(['addHandler', 'loginSuccess', callbackData => { if (window.nzzDebugPiano) { console.log('##piano## loginSuccess in init', callbackData.source); } window.tp.pianoId.loadExtendedUser({ extendedUserLoaded: function (data) { if (window.nzzDebugPiano) { console.log('##piano## extendedUserLoaded for salutation', data); } let salutationField = null; const customFieldValues = data.custom_field_values; if (customFieldValues && customFieldValues.length > 0) { for (const field of customFieldValues) { if (field.field_name === "account_salutation") { salutationField = field; } } } let forceReload = false; if (callbackData.source == "PIANOID") { forceReload = true; } pianoUpdateSalutation(config, data, salutationField, forceReload); }, formName: 'salutation_form' }); }]); window.tp.push(['addHandler', 'checkoutCustomEvent', event => { if (window.nzzDebugPiano) { console.log('##piano## onCheckoutExternalEvent'); } const params = JSON.parse(event.params.params); if (event.eventName === 'purchaseCustom' && params.pmId == 'inbas') { if (window.nzzDebugPiano) { console.log('##piano## onCheckoutExternalEvent: Invoice payments'); } fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: window.tp.pianoId.getUser().uid, form_id: config.CEEvent.formName, custom_fields: JSON.stringify(config.CEEvent.params) }), { method: 'POST', headers: { 'Authorization': 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class="headline"><div class="headline__highlight"><div class="headline__inner headline__inner--highlight"><div class="teaser__flag teaser__flag--content teaser__flag--colored"><div class="teaser__flag teaser__flag--colored teaser__flag--default teaser__flag--default-regular"><span class="teaser__flag--text"> Mr Market </span> </div></div> <h1 class="headline__title"> <span>Die Jacobs Holding bricht ihr Versprechen mit Barry Callebaut</span></h1></div></div> <div class="headline__inner"><p class="headline__lead">Der Grossaktion盲r des Schokoladekonzerns h盲lt sich nicht an seine Verkaufssperre und trennt sich von einem 10%-Aktienpaket. Das belastet Barry tempor盲r, doch die langfristigen Perspektiven f眉r das Unternehmen sind intakt.</p> <div class="progressbar__wrapper"><div class="progressbar"><div class="progressbar__line"><div class="progressbar__line--fill" style="transform:translateX(-100%);"></div></div></div></div> <div class="headline__meta"> <div class="metainfo metainfo--content"> <span class="metainfo__item metainfo__item--author">Mark Dittli</span>    <span class="metainfo__item metainfo__item--date"><time datetime="2021-04-28T07:52:29.407Z"> 28.04.2021, 09.52 Uhr </time> </span></div> <div class="headline__meta-extra"><div class="actionbar actionbar--header"> <div class="popover__placeholder"><div></div> <div class="popover popover--header hidden"><div class="popover__container popover--header"><button class="button popover__close"><svg version="1.1" viewBox="0 0 14 14" class="button popover__close-icon svg-icon svg-fill" style="width:12px;height:12px;"><path stroke="#000000" fill="none" pid="0" d="M1 1l12 12M1 13L13 1" _stroke="#000"/></svg></button> <div class="popover__content"><div class="popover__title">Neue Vorlese-Stimmen</div> <div class="popover__desc">Eine verbesserte Vorlesefunktion steht zur Verf眉gung. Probieren Sie es aus!</div></div></div></div></div>  <div class="actionbar__item actionbar__item--print"><div class="actionbar__button actionbar__button--header"><svg version="1.1" viewBox="0 0 18 16" class="svg-icon" style="width:18px;height:16px;"><path stroke="#000000" fill="none" pid="0" fill-rule="evenodd" clip-rule="evenodd" d="M3.5.5v4h11v-4h-11z" _stroke="#000"/><path stroke="#000000" fill="none" pid="1" d="M3.5 12.5H1.8a1.3 1.3 0 01-1.3-1.3V5.8a1.3 1.3 0 011.3-1.3h14.4a1.3 1.3 0 011.3 1.3v5.4a1.3 1.3 0 01-1.3 1.3h-1.7" _stroke="#000"/><path stroke="#000000" fill="none" pid="2" d="M12.5 8.5h-7a2 2 0 00-2 2v3a2 2 0 002 2h7a2 2 0 002-2v-3a2 2 0 00-2-2z" _stroke="#000"/></svg> <span class="actionbar__label">Drucken</span></div></div> <div class="actionbar__item share" style="position:relative;"><div class="contextmenu-closed"><div class="actionbar__button actionbar__button--header"><svg version="1.1" viewBox="0 0 18 18" class="svg-icon" style="width:18px;height:18px;"><path stroke="#000000" fill="none" pid="0" d="M10.48 1.18l6.795 6.584-6.794 6.353v-3.796l-.513.013c-2.052.051-3.758.423-5.238 1.2-1.471.773-2.684 1.927-3.785 3.49.565-2.854 1.539-5.138 3.005-6.82 1.467-1.683 3.456-2.8 6.116-3.263l.414-.072V1.181z" _stroke="#000"/></svg> <span class="actionbar__label">Teilen</span></div></div>  <div data-nzz-tid="contextmenu-overlay" class="overlay--container"> </div></div> </div></div></div></div></div><p data-team-paragraph="" id="id-doc-1f4bii2o00" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text">Gesch盲tzte Leserin, gesch盲tzter Leser</p><div id="id-doc-35334dd5" content="" pagetype="Article" componenttype="barrier" is-new-line-child="true"><div id="paywall_container" class="disabled-overlay"></div></div><div id="id-doc-7ccb6e9d" content="" pagetype="Article" componenttype="advertisement" is-new-line-child="true" class="nzzinteraction"></div><p data-team-paragraph="" id="id-doc-1f4bimm2v0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Jacobs Holding hat in der Nacht auf heute in einem sogenannten Accelerated-Bookbuilding-Verfahren ein 10%-Aktienpaket des Schokoladenherstellers Barry Callebaut verkauft. Die Titel wurden von Credit Suisse und Goldman Sachs zu einem Preis von 1990 Fr. platziert, was einem Abschlag von 9,5% zum Schlusskurs vom 27. April entspricht.</p><p data-team-paragraph="" id="id-doc-1f4bj27e70" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Von diesem Verkauf belastet er枚ffneten die Aktien des Schokoladenherstellers heute Mittwoch mit Verlusten von knapp 7%.</p><div id="id-doc-1f4bk278j0" content="" pagetype="Article" componenttype="idms-article" is-new-line-child="true" class="articlecomponent idms nzzinteraction"> <iframe style="border:0;width:100%" class="market-iframe" allowfullscreen="false" src="https://themarket.nzz.ch/widgets/instrument/900296-4-1#market-widget-doc-1f4bk278j0" id="market-widget-doc-1f4bk278j0"> </iframe> </div><p data-team-paragraph="" id="id-doc-1f4biucm40" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Jacobs Holding hat mit der Transaktion ihren Anteil an Barry Callebaut von zuvor 40,1 auf neu 30,1% abgebaut. In den Worten von Patrick de Maeseneire, CEO der Jacobs Holding, sieht sie sich weiterhin als 芦Referenzaktion盲r禄 von Barry Callebaut. Zudem verpflichtet sie sich, w盲hrend einer Lock-up-Periode von einem Jahr keine weiteren Aktien zu verkaufen.</p><p data-team-paragraph="" id="id-doc-1f4bja2fv0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Sch枚n w盲r's. Diese vollmundigen Versprechen von Seiten der Jacobs Holding sind, man muss es leider deutlich sagen, 眉berhaupt nichts wert.</p><h2 data-team-subtitle="" id="id-doc-1f4bkiio50" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>芦Sittenzerfall sondergleichen禄</span></h2><p data-team-paragraph="" id="id-doc-1f4bjfd9i0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Bereits am 12. November 2019 hatte die Jacobs Holding ein 10%-Aktienpaket an Barry Callebaut verkauft und damals ihren Anteil von gut 50% auf 40,1% gesenkt. Damals <a target="_blank" rel="nofollow" href="https://www.barry-callebaut.com/de-CH/group/media/news-stories/jacobs-holding-has-successfully-completed-sale-1002-barry-callebauts">liess die Holding verlauten</a>, sie habe keine Absicht, weitere Aktien zu verkaufen. Zudem verpflichtete sie sich auf eine Lock-up-Periode von zwei Jahren.</p><p data-team-paragraph="" id="id-doc-1f4bjlfd40" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Dieses Versprechen hat die Jacobs Holding nun nach nur siebzehn Monaten gebrochen. Das ist m枚glich, weil derartige Verkaufssperren jederzeit im Einvernehmen mit den Banken, die an der Verkaufstransaktion beteiligt sind, aufgehoben werden k枚nnen. In j眉ngerer Vergangenheit geschah dies an der Schweizer B枚rse bereits zwei Mal beim IT-Dienstleister <a target="_blank" href="https://themarket.ch/mister-market/die-platzierung-von-softwareone-sorgt-fuer-aufruhr-ld.2200">SoftwareOne</a>. </p><p data-team-paragraph="" id="id-doc-1f4bjv74n0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">芦Das ist ein Sittenzerfall sondergleichen, da z盲hlt nur noch die Gier der an der Platzierung beteiligten Banken禄, kommentiert ein Schweizer Fondsmanager die Transaktion.</p><p data-team-paragraph="" id="id-doc-1f4bk1aqs0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">In einem schlechten Licht erscheint im Zusammenhang mit der Transaktion der Jacobs Holding auch eine Insidertransaktion bei Barry Callebaut: Gem盲ss <a target="_blank" rel="nofollow" href="https://www.ser-ag.com/de/resources/notifications-market-participants/management-transactions.html#/transaction-details/T1L4N00023">Meldung vom 23. April</a> hat ein exekutives Mitglied des Verwaltungsrats oder des Managements Aktien im Wert von 2,3 Mio. Fr. verkauft.</p><h2 data-team-subtitle="" id="id-doc-1f4bkhhhh0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Barry Callebaut ist hervorragend positioniert</span></h2><p data-team-paragraph="" id="id-doc-1f4bkecdh0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Was soll man als Investor tun? Grunds盲tzlich halte ich Barry Callebaut nach wie vor f眉r ein solides, hervorragend positioniertes Unternehmen. Die Entwicklung der Gewinnmargen und der Kapitalrenditen zeigte in den vergangenen Jahren vor Ausbruch der Covid-Pandemie sachte, aber stetig nach oben. Unter der Pandemie hat im vergangenen Jahr auch der weltweite Schokolade-Absatz gelitten, f眉r Barry besonders im hochmargigen Premium-Segment, aber insgesamt hat der Konzern die Krise gut 眉berstanden. Von der allm盲hlichen 脰ffnung der Weltwirtschaft wird nun auch Barry Callebaut profitieren.</p><p data-team-paragraph="" id="id-doc-1f4bl1hdc0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Aktien sind nicht g眉nstig; f眉r das laufende Gesch盲ftsjahr (per Ende August 2021) bel盲uft sich das Kurs-Gewinn-Verh盲ltnis auf 30, f眉r das kommende Gesch盲ftsjahr betr盲gt das KGV 26. Die Dividendenrendite betr盲gt 1,3%. Angesichts der Qualit盲t des Unternehmens und seiner starken Position im weltweiten Schokolademarkt halte ich die Bewertung im aktuellen Umfeld aber f眉r angemessen.</p><p data-team-paragraph="" id="id-doc-1f4blu67a0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Deshalb mein Rat an Investoren: Der heutige Abschlag ist grunds盲tzlich eine Kaufgelegenheit. Die langfristigen Perspektiven von Barry Callebaut sind intakt. Die Aktien sind auch im <a target="_blank" href="https://themarket.ch/best-ideas-portfolio/the-market-best-ideas-portfolio-erreicht-im-maerz-eine-avance-von-54-ld.3950">Best Ideas Portfolio</a> von The Market enthalten.</p><h2 data-team-subtitle="" id="id-doc-1f4bm3cf40" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Gr枚sster Malus ist die Jacobs Holding</span></h2><p data-team-paragraph="" id="id-doc-1f4bl9oj60" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Gr枚sste Schwachstelle bleibt, wie bereits <a target="_blank" href="https://themarket.ch/analyse/das-duell-der-schokoladenkoenige-ld.1863">hier beschrieben</a>, die Corporate Governance beziehungsweise die Pr盲senz des Grossaktion盲rs Jacobs Holding mit nun noch 30,1% des Aktienkapitals. Die wiederholten Verk盲ufe der Holding bilden einen latenten Angebots眉berhang, da man als Kleinaktion盲r stets damit rechnen muss, dass weitere Pakete abgestossen werden. Es ist mittlerweile offensichtlich, dass die junge Generation des Jacobs-Clans kein Interesse mehr hat an dieser vermeintlich langweiligen Beteiligung.</p><p data-team-paragraph="" id="id-doc-1f4bllt130" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Daher zum Schluss mein Rat an die Jacobs Holding sowie an die Investment Banker der Credit Suisse und Goldman Sachs: Lasst es doch einfach sein mit diesen grossspurigen Versprechen von Verkaufssperren. Sie sind wertlos. Damit ist null Glaubw眉rdigkeit verbunden.</p><p data-team-paragraph="" id="id-doc-1f4bm1l660" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Freundlich gr眉sst im Namen von Mr Market</p><p data-team-paragraph="" id="id-doc-1f4bm1tvf0" content="" pagetype="Article" componenttype="p" data-vars-danzz-last-article-element="true" is-new-line-child="true" class="articlecomponent text nzzinteraction">Mark Dittli</p><div id="id-doc-1f4bii2o01" content="" pagetype="Article" componenttype="sharebox" is-new-line-child="true" class="nzzinteraction"><div class="sharebox"><div class="sharebox__line"></div> <ul class="sharebox__content"><li class="sharebox__item sharebox__item--bookmark"></li> <li class="sharebox__item sharebox__item--print"><a href="" aria-current="page" title="Drucken" class="sharebox__link nuxt-link-exact-active nuxt-link-active"><svg version="1.1" viewBox="0 0 18 16" class="sharebox__icon sharebox__icon--print 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data-team-more-to-subject class="widget--articlelist-a"><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_3950" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/best-ideas-portfolio/the-market-best-ideas-portfolio-erreicht-im-maerz-eine-avance-von-54-ld.3950" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Das The Market Best Ideas Portfolio erreicht im M盲rz eine Avance von 5,4%" src="https://img.themarket.ch/2021/4/1/af3c7a88-2e0e-486a-af64-767198472624.png?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=3728,2796,x0,y0" loading="eager" srcset="https://img.themarket.ch/2021/4/1/af3c7a88-2e0e-486a-af64-767198472624.png?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=3728,2796,x0,y0 160w, https://img.themarket.ch/2021/4/1/af3c7a88-2e0e-486a-af64-767198472624.png?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=3728,2796,x0,y0 320w, https://img.themarket.ch/2021/4/1/af3c7a88-2e0e-486a-af64-767198472624.png?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=3728,2796,x0,y0 120w, https://img.themarket.ch/2021/4/1/af3c7a88-2e0e-486a-af64-767198472624.png?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=3728,2796,x0,y0 240w" width="3728" height="2796" class="image-placeholder__image poster__image">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/best-ideas-portfolio/the-market-best-ideas-portfolio-erreicht-im-maerz-eine-avance-von-54-ld.3950" data-nzz-referrer="articleTeaser" ordinal-number="1" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> The Market Best Ideas Portfolio </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--0">  <span class="teaser__title-name">Das The Market Best Ideas Portfolio erreicht im M盲rz eine Avance von 5,4%</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Das aus 38 Aktien bestehende Musterportfolio schneidet im M盲rz mit einer robusten Performance ab. Belimo, Accenture und der Neuzugang Newmont verzeichnen die h枚chsten Gewinne.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli und Gregor Mast</span> <time class="metainfo__item metainfo__item--date">01.04.2021</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_1863" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/analyse/das-duell-der-schokoladenkoenige-ld.1863" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Lindt & Spr眉ngli gegen Barry Callebaut: Wer ist besser? (Bild: Laurent Burst)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2020/4/8/2ae71636-b9d1-40fc-8b76-c7edcfa57dc6.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=3584,2688,x414,y265 160w, https://img.themarket.ch/2020/4/8/2ae71636-b9d1-40fc-8b76-c7edcfa57dc6.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=3584,2688,x414,y265 320w, https://img.themarket.ch/2020/4/8/2ae71636-b9d1-40fc-8b76-c7edcfa57dc6.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=3584,2688,x414,y265 120w, https://img.themarket.ch/2020/4/8/2ae71636-b9d1-40fc-8b76-c7edcfa57dc6.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=3584,2688,x414,y265 240w" width="3584" height="2688" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/analyse/das-duell-der-schokoladenkoenige-ld.1863" data-nzz-referrer="articleTeaser" ordinal-number="2" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Analyse </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--1">  <span class="teaser__title-name">Das Duell der Schokoladenk枚nige</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Die Schweizer Schokoladeproduzenten Lindt & Spr眉ngli und Barry Callebaut sind von hoher Qualit盲t und schlagen mit ihrer Kursentwicklung den Swiss Performance Index deutlich. Doch welche der beiden Aktien ist besser?</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli</span> <time class="metainfo__item metainfo__item--date">09.04.2020</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_2200" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/mister-market/die-platzierung-von-softwareone-sorgt-fuer-aufruhr-ld.2200" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Die Platzierung von SoftwareOne sorgt f眉r Aufruhr" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2020/6/19/fee35914-15e4-4cfc-88f5-7fb71875b8bb.png?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=1038,779,x0,y32 160w, https://img.themarket.ch/2020/6/19/fee35914-15e4-4cfc-88f5-7fb71875b8bb.png?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=1038,779,x0,y32 320w, https://img.themarket.ch/2020/6/19/fee35914-15e4-4cfc-88f5-7fb71875b8bb.png?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=1038,779,x0,y32 120w, https://img.themarket.ch/2020/6/19/fee35914-15e4-4cfc-88f5-7fb71875b8bb.png?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=1038,779,x0,y32 240w" width="1038" height="779" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/mister-market/die-platzierung-von-softwareone-sorgt-fuer-aufruhr-ld.2200" data-nzz-referrer="articleTeaser" ordinal-number="3" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Mr Market </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--2">  <span class="teaser__title-name">Die Platzierung von SoftwareOne sorgt f眉r Aufruhr</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Die Altaktion盲re des B枚rsenneulings haben ein weiteres Paket von 10% an Neuinvestoren abgeladen. Doch der Informationsstand zwischen Verk盲ufer und K盲ufer k枚nnte unterschiedlicher kaum sein.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Ruedi Keller</span> <time class="metainfo__item metainfo__item--date">19.06.2020</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_3815" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/analyse/aryzta-ist-auf-gutem-weg-der-besserung-ld.3815" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Hoffnungstr盲ger Urs Jordi (Bild: ZVG)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2021/3/10/fafd627c-b57a-4461-aa9b-ceb1782b64ad.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=3556,2667,x1163,y383 160w, https://img.themarket.ch/2021/3/10/fafd627c-b57a-4461-aa9b-ceb1782b64ad.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=3556,2667,x1163,y383 320w, https://img.themarket.ch/2021/3/10/fafd627c-b57a-4461-aa9b-ceb1782b64ad.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=3556,2667,x1163,y383 120w, https://img.themarket.ch/2021/3/10/fafd627c-b57a-4461-aa9b-ceb1782b64ad.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=3556,2667,x1163,y383 240w" width="3556" height="2667" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/analyse/aryzta-ist-auf-gutem-weg-der-besserung-ld.3815" data-nzz-referrer="articleTeaser" ordinal-number="4" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Analyse </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--3">  <span class="teaser__title-name">Aryzta weckt das Interesse neuer Investoren</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Die Hoffnung auf einen Turnaround des Backwarenkonzerns w盲chst. Auch die Jacobs Holding glaubt an Aryzta und ist mit einem Anteil von knapp unter 3% eingestiegen.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Andreas K盲lin</span> <time class="metainfo__item metainfo__item--date">11.03.2021</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article></div></div></div></section></section> <div class="cve articlepromobox"></div>   </div></div></div> <div id="footer" class="footer"> <div class="footer__section"><h2 class="footer__section--title"> </h2> <ul class="footer__section--list"><li class="footer__item"><a href="https://abo.themarket.ch/kontakt/" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Abo-Service </a></li><li class="footer__item"><a href="/agb" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> AGB/Datenschutz </a></li><li class="footer__item"><a href="/impressum" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Impressum </a></li><li class="footer__item"><a href="https://themarket.ch/feedback" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Feedback </a></li></ul></div> <div class="footer__print"> Copyright 漏 The Market Media AG. 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Die Titel wurden von Credit Suisse und Goldman Sachs zu einem Preis von 1990 Fr. platziert, was einem Abschlag von 9,5% zum Schlusskurs vom 27. April entspricht."},identifier:d,component:h,paidContent:c,prevElement:ax,nextElement:d},{id:"doc-1f4bj27e70",content:{text:"Von diesem Verkauf belastet er枚ffneten die Aktien des Schokoladenherstellers heute Mittwoch mit Verlusten von knapp 7%."},identifier:d,component:h,paidContent:c,prevElement:d,nextElement:ay},{id:"doc-1f4bk278j0",content:{idms:{params:{url:"https%3A%2F%2Fthemarket.nzz.ch%2Fwidgets%2Finstrument%2F900296-4-1"},service:"idms"}},identifier:ay,component:"idms-article",paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f4biucm40",content:{text:"Die Jacobs Holding hat mit der Transaktion ihren Anteil an Barry Callebaut von zuvor 40,1 auf neu 30,1% abgebaut. In den Worten von Patrick de Maeseneire, CEO der Jacobs Holding, sieht sie sich weiterhin als 芦Referenzaktion盲r禄 von Barry Callebaut. Zudem verpflichtet sie sich, w盲hrend einer Lock-up-Periode von einem Jahr keine weiteren Aktien zu verkaufen."},identifier:d,component:h,paidContent:c,prevElement:ay,nextElement:d},{id:"doc-1f4bja2fv0",content:{text:"Sch枚n w盲r's. Diese vollmundigen Versprechen von Seiten der Jacobs Holding sind, man muss es leider deutlich sagen, 眉berhaupt nichts wert."},identifier:d,component:h,paidContent:c,prevElement:d,nextElement:m},{id:"doc-1f4bkiio50",content:{title:"芦Sittenzerfall sondergleichen禄",id:"subtitle-sittenzerfall-sondergleichen"},identifier:m,component:az,contentTable:b,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f4bjfd9i0",content:{text:"Bereits am 12. November 2019 hatte die Jacobs Holding ein 10%-Aktienpaket an Barry Callebaut verkauft und damals ihren Anteil von gut 50% auf 40,1% gesenkt. Damals \u003Ca target=\"_blank\" rel=\"nofollow\" href=\"https:\u002F\u002Fwww.barry-callebaut.com\u002Fde-CH\u002Fgroup\u002Fmedia\u002Fnews-stories\u002Fjacobs-holding-has-successfully-completed-sale-1002-barry-callebauts\"\u003Eliess die Holding verlauten\u003C\u002Fa\u003E, sie habe keine Absicht, weitere Aktien zu verkaufen. Zudem verpflichtete sie sich auf eine Lock-up-Periode von zwei Jahren."},identifier:d,component:h,paidContent:c,prevElement:m,nextElement:d},{id:"doc-1f4bjlfd40",content:{text:"Dieses Versprechen hat die Jacobs Holding nun nach nur siebzehn Monaten gebrochen. Das ist m枚glich, weil derartige Verkaufssperren jederzeit im Einvernehmen mit den Banken, die an der Verkaufstransaktion beteiligt sind, aufgehoben werden k枚nnen. In j眉ngerer Vergangenheit geschah dies an der Schweizer B枚rse bereits zwei Mal beim IT-Dienstleister \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fmister-market\u002Fdie-platzierung-von-softwareone-sorgt-fuer-aufruhr-ld.2200\"\u003ESoftwareOne\u003C\u002Fa\u003E. "},identifier:d,component:h,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f4bjv74n0",content:{text:"芦Das ist ein Sittenzerfall sondergleichen, da z盲hlt nur noch die Gier der an der Platzierung beteiligten Banken禄, kommentiert ein Schweizer Fondsmanager die Transaktion."},identifier:d,component:h,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f4bk1aqs0",content:{text:"In einem schlechten Licht erscheint im Zusammenhang mit der Transaktion der Jacobs Holding auch eine Insidertransaktion bei Barry Callebaut: Gem盲ss \u003Ca target=\"_blank\" rel=\"nofollow\" href=\"https:\u002F\u002Fwww.ser-ag.com\u002Fde\u002Fresources\u002Fnotifications-market-participants\u002Fmanagement-transactions.html#\u002Ftransaction-details\u002FT1L4N00023\"\u003EMeldung vom 23. April\u003C\u002Fa\u003E hat ein exekutives Mitglied des Verwaltungsrats oder des Managements Aktien im Wert von 2,3 Mio. Fr. verkauft."},identifier:d,component:h,paidContent:c,prevElement:d,nextElement:m},{id:"doc-1f4bkhhhh0",content:{title:"Barry Callebaut ist hervorragend positioniert",id:"subtitle-barry-callebaut-ist-hervorragend-positioniert"},identifier:m,component:az,contentTable:b,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f4bkecdh0",content:{text:"Was soll man als Investor tun? Grunds盲tzlich halte ich Barry Callebaut nach wie vor f眉r ein solides, hervorragend positioniertes Unternehmen. Die Entwicklung der Gewinnmargen und der Kapitalrenditen zeigte in den vergangenen Jahren vor Ausbruch der Covid-Pandemie sachte, aber stetig nach oben. Unter der Pandemie hat im vergangenen Jahr auch der weltweite Schokolade-Absatz gelitten, f眉r Barry besonders im hochmargigen Premium-Segment, aber insgesamt hat der Konzern die Krise gut 眉berstanden. Von der allm盲hlichen 脰ffnung der Weltwirtschaft wird nun auch Barry Callebaut profitieren."},identifier:d,component:h,paidContent:c,prevElement:m,nextElement:d},{id:"doc-1f4bl1hdc0",content:{text:"Die Aktien sind nicht g眉nstig; f眉r das laufende Gesch盲ftsjahr (per Ende August 2021) bel盲uft sich das Kurs-Gewinn-Verh盲ltnis auf 30, f眉r das kommende Gesch盲ftsjahr betr盲gt das KGV 26. Die Dividendenrendite betr盲gt 1,3%. Angesichts der Qualit盲t des Unternehmens und seiner starken Position im weltweiten Schokolademarkt halte ich die Bewertung im aktuellen Umfeld aber f眉r angemessen."},identifier:d,component:h,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f4blu67a0",content:{text:"Deshalb mein Rat an Investoren: Der heutige Abschlag ist grunds盲tzlich eine Kaufgelegenheit. Die langfristigen Perspektiven von Barry Callebaut sind intakt. Die Aktien sind auch im \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fbest-ideas-portfolio\u002Fthe-market-best-ideas-portfolio-erreicht-im-maerz-eine-avance-von-54-ld.3950\"\u003EBest Ideas Portfolio\u003C\u002Fa\u003E von The Market enthalten."},identifier:d,component:h,paidContent:c,prevElement:d,nextElement:m},{id:"doc-1f4bm3cf40",content:{title:"Gr枚sster Malus ist die Jacobs Holding",id:"subtitle-gr-sster-malus-ist-die-jacobs-holding"},identifier:m,component:az,contentTable:b,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f4bl9oj60",content:{text:"Gr枚sste Schwachstelle bleibt, wie bereits \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fanalyse\u002Fdas-duell-der-schokoladenkoenige-ld.1863\"\u003Ehier beschrieben\u003C\u002Fa\u003E, die Corporate Governance beziehungsweise die Pr盲senz des Grossaktion盲rs Jacobs Holding mit nun noch 30,1% des Aktienkapitals. Die wiederholten Verk盲ufe der Holding bilden einen latenten Angebots眉berhang, da man als Kleinaktion盲r stets damit rechnen muss, dass weitere Pakete abgestossen werden. Es ist mittlerweile offensichtlich, dass die junge Generation des Jacobs-Clans kein Interesse mehr hat an dieser vermeintlich langweiligen Beteiligung."},identifier:d,component:h,paidContent:c,prevElement:m,nextElement:d},{id:"doc-1f4bllt130",content:{text:"Daher zum Schluss mein Rat an die Jacobs Holding sowie an die Investment Banker der Credit Suisse und Goldman Sachs: Lasst es doch einfach sein mit diesen grossspurigen Versprechen von Verkaufssperren. Sie sind wertlos. Damit ist null Glaubw眉rdigkeit verbunden."},identifier:d,component:h,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f4bm1l660",content:{text:"Freundlich gr眉sst im Namen von Mr Market"},identifier:d,component:h,paidContent:c,prevElement:d,nextElement:d},{id:"doc-1f4bm1tvf0",content:{text:p},identifier:d,component:h,paidContent:c,prevElement:d,nextElement:aA,lastContentElement:c},{id:"doc-1f4bii2o01",identifier:aA,component:"sharebox",paidContent:c,prevElement:d,nextElement:a_},{id:"doc-1f4bii2o02",containers:{"moreToSubject-area":[{id:"doc-1f4br5t470",content:{"link-box-embed":{params:{type:Q,layout:[k,R,S,T,U,E,F,G],mediaId:3950},service:V},article:{metadata:{contentTypeGroup:x,flag:H,significantUpdate:b,language:{groupId:"QY-cgeV1CDuE",label:I,locale:n},title:"Das The Market Best Ideas Portfolio erreicht im M盲rz eine Avance von 5,4%",nzzAuthors:[{external:b,name:aB,id:aC},{external:b,name:"Gregor Mast 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