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pianoUpdateSalutation forceReload, because of source PIANOID'); } window.location.reload(); } } if (window.nzzDebugPiano) { console.log('##piano## pianoUpdateSalutation'); } let accountSalutation = null; if (field && field.value) { accountSalutation = field.value; } /* Determine values for new custom field for TEM (here called "salutation_text_TEM") */ let salutation_text_TEM = ''; if (accountSalutation === "[\"female\"]") { salutation_text_TEM = "Sehr geehrte Frau"; } else if (accountSalutation === "[\"male\"]") { salutation_text_TEM = "Sehr geehrter Herr"; } /* Update custom field with new value */ fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: data.uid, /* replace correct form ID and custom field ID */ form_id: config.salutationForm.formName, custom_fields: JSON.stringify({ salutation_text_TEM: salutation_text_TEM }) }), { method: 'POST', headers: { 'Authorization': window.tp.pianoId.getToken(), 'Content-Type': 'application/json; charset=UTF-8' } }).then(() => { if (window.nzzDebugPiano) { console.log(`##piano## salutation_text_TEM updated to ${salutation_text_TEM}`); } if (window.localStorage) { window.localStorage.setItem(`nzz-salutation`, data.uid); } }).catch(e => { if (window.nzzDebugPiano) { console.log(`##piano## salutation_text_TEM error: ${e}`); } }).finally(() => { if (forceReload) { if (window.nzzDebugPiano) { console.log('##piano## pianoUpdateSalutation forceReload, because of source PIANOID'); } window.location.reload(); } });}; ((bT, clientCountryPreference, config) => { let tags = []; if (bT && bT.standard) { Object.keys(bT.standard).forEach(key => { tags.push([`set${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: 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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': window.tp.pianoId.getToken(), 'Content-Type': 'application/json; charset=UTF-8' } }); } else if (event.eventName == 'purchaseCustom' && params.pmId == 'inbaf') { if (window.nzzDebugPiano) { console.log('##piano## onCheckoutExternalEvent: inbaf'); } fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: window.tp.pianoId.getUser().uid, form_id: config.CEEventInbaf.formName, custom_fields: JSON.stringify(config.CEEventInbaf.params) }), { method: 'POST', headers: { 'Authorization': window.tp.pianoId.getToken(), 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data-resor="false" class="article"><section data-vars-danzz-article="" data-nzz-tid="article" data-nzz-referrer="articleLink" data-nzz-article="true" class="container container--article layout--regular"><div id="id-doc-1fop1174q0" content="" pagetype="Article" componenttype="header" data-vars-danzz-first-article-element="true" is-new-line-child="true" 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"> Analyse </span> </div></div> <h1 class="headline__title"> <span>Fünf deutsche Aktientipps für 2022</span></h1></div></div> <div class="headline__inner"><p class="headline__lead">Die Börsen haben sich letztes Jahr ausgezeichnet entwickelt. Doch welche Einzeltitel werden nun mit Blick nach vorne die nächsten Gewinner sein? The Market präsentiert fünf spannende Anlageideen zum deutschen Aktienmarkt.</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">Tim Schäfer</span>    <span class="metainfo__item metainfo__item--date"><time datetime="2022-01-07T01:17:02.497Z"> 07.01.2022, 02.17 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 popover--bottom 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 Verfügung. 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-1fop11bp30" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text">Das neue Jahr beginnt unter schwierigen Vorzeichen. Die Zinsen steigen, weltweit nimmt an den Börsen die Verunsicherung zu. Vor allem stolz bewerte Titel aus dem Technologiesektor haben in den letzten Tagen bedeutende Verluste erlitten.</p><div id="id-doc-9e402456" content="" pagetype="Article" componenttype="barrier" is-new-line-child="true"><div id="paywall_container"></div> <div class="disabled-overlay"><div class="disabled-overlay--show--text"><h3>Optimieren Sie Ihre Browsereinstellungen</h3> <p> Themarket.ch benötigt JavaScript für wichtige Funktionen. Ihr Browser oder Adblocker verhindert dies momentan. </p> <p>Bitte passen Sie die Einstellungen an.</p></div></div></div><div id="id-doc-1aa033aa" content="" pagetype="Article" componenttype="advertisement" is-new-line-child="true" class="nzzinteraction"></div><p data-team-paragraph="" id="id-doc-1fop11bp50" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">In diesem anspruchsvollen Umfeld dürfte es sich lohnen, auf eine sorgfältige Auswahl von Unternehmen zu setzen. Das gilt auch am deutschen Aktienmarkt, dessen Leitindex Dax im internationalen Vergleich letztes Jahr mit einem Plus von knapp 16% im hinteren Mittelfeld abgeschnitten hat.</p><p data-team-paragraph="" id="id-doc-1fop11bp70" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die grossen Gewinner f¨ür einen bestimmten Zeitraum zu bestimmen, ist immer schwierig. Als Ausgangspunkt haben wir uns deshalb an Werten orientiert, die letztes Jahr unter Druck gekommen sind und nun Potenzial für ein Comeback haben.</p><p data-team-paragraph="" id="id-doc-1fop11bp80" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Im Folgenden stellt The Market fünf Aktientipps für 2022 zur deutschen Börse aus den Branchen Agrarrohstoffe, Kommunikation, Industrie, Medizin und Freizeit vor. Sie sind zwar nicht ohne Risiko, bieten dafür aber auch Chancen auf überdurchschnittliche Kursgewinne.</p><h2 data-team-subtitle="" id="id-doc-1fop11bp90" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span><strong>Südzucker: Süsse Turnaround-Wette</strong></span></h2><div id="id-doc-1fop13c3l0" 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/chart/349450-1573-814#market-widget-doc-1fop13c3l0" id="market-widget-doc-1fop13c3l0"> </iframe> </div><p data-team-paragraph="" id="id-doc-1fop11bpb0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Ein klassischer Kandidat mit Aufholpotenzial ist Südzucker. Die Aktien des zu 2,8 Mrd. € bewerteten Konzerns aus Mannheim notierten vor fünf Jahren bei 25 €, dann stürzten sie auf bis zu 10.70 € ab. Der Grund dafür war ein Kollaps der Zuckerpreise, wodurch der Konzerngewinn schrumpfte. Inzwischen hat sich der Kurs auf 13.70 € erholt.</p><p data-team-paragraph="" id="id-doc-1fop11bpc0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Aussichten stehen gut, dass sich die Erholung im operativen Geschäft fortsetzen wird. Zucker braucht es schliesslich immer – auch in Krisen. Der Preis für Weisszucker hat sich denn auch bereits kräftig erholt, wie bei anderen Agrarrohstoffen zieht die Nachfrage an.</p><p data-team-paragraph="" id="id-doc-1fop11bpe0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Südzucker entstand 1926 durch den Zusammenschluss von fünf Zuckerfirmen. Aus regionalen Zuckerrübenanbauern hat sich Europas Marktführer etabliert. Die Aktivitäten umfassen neben Zucker und Süssungsmitteln Tiefkühlkost wie Fertigpizza und Pasta-Gerichte, wo der Konzern weltweit zu den grössten Herstellern zählt. Die Süddeutsche Zuckerrübenverwertungs-Genossenschaft besitzt bis heute 60% der Aktien.</p><p data-team-paragraph="" id="id-doc-1fop11bpf0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Ein Engagement wird durch die attraktiven Eigenschaften der Aktien versüsst. Auf Basis der Schätzungen für 2022 beträgt die Dividendenrendite rund 2%. Der Kurs notiert zudem auf dem Buchwert, womit die Titel günstig erscheinen. Auch das Umsatz-Vielfache ist mit 0,7 wenig anspruchsvoll.</p><p data-team-paragraph="" id="id-doc-1fop11bpg0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Zum Vergleich: Der Zuckerproduzent Associated British Foods, dessen Aktien an der Börse London im Leitindex FTSE 100 vertreten sind, handelt zu einem Umsatz-Multiple von über 1. Das Kurs-Buchwert-Verhältnis beträgt 1,5. Die Briten sind allerdings breiter aufgestellt. Zum Konglomerat gehört etwa auch der Billigmodeanbieter Primark.</p><p data-team-paragraph="" id="id-doc-1fop11bpi0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Auf operativer Stufe läuft es Südzucker ansprechend. Mitte Dezember hat CEO Niels Pörksen die <a target="_blank" rel="nofollow" href="https://www.suedzucker.de/de/presse/suedzucker-q3-mit-deutlicher-ergebnissteigerung">Prognose</a> für das Geschäftsjahr 2021/22 per Ende Februar erneut bestätigt. Analysten rechnen mit einer Umsatzverbesserung von 11% auf 7,4 Mrd. €. Unter dem Strich soll ein Ergebnis von knapp 140 Mio. € resultieren; der erste Konzerngewinn nach vier Jahren.</p><p data-team-paragraph="" id="id-doc-1fop11bpj0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Erfreulich entwickelt sich vor allem das Segment Zucker. Massgeblich zum positiven Ergebnis trägt zudem die boomende Tochtergesellschaft CropEnergies bei. Das Unternehmen ist in Europa ein führender Produzent von Treibstoff auf Basis von Bioethanol. Das Mutterhaus hält eine Beteiligung von 65%. Die separat kotierte Firma hat ihren Sitz ebenfalls in Mannheim. Seit Mitte August entwickelt ihr Aktienkurs neue Dynamik und ist über 30% vorgerückt.</p><div id="id-doc-1fop17avc0" content="" pagetype="Article" componenttype="q-embed" is-new-line-child="true" class="articlecomponent q-embed widget--qembed nzzinteraction"><div></div></div><h2 data-team-subtitle="" id="id-doc-1fop11bpk0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span><strong>United Internet: 5G-Netz wird zum Game Changer</strong></span></h2><div id="id-doc-1fop187nh0" 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/chart/1115836-1573-814#market-widget-doc-1fop187nh0" id="market-widget-doc-1fop187nh0"> </iframe> </div><p data-team-paragraph="" id="id-doc-1fop11bpl0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Eine Wette auf einen Turnaround bietet sich ebenfalls bei United Internet an. Die Aktien des MDax-Unternehmens mit einem Börsenwert von 6,4 Mrd. € markierten 2018 ein Höchst von 59 €. Aktuell notieren sie auf 34.44 €.</p><p data-team-paragraph="" id="id-doc-1fop11bpn0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Schuld am Kursdesaster war mitunter die kostspielige Ersteigerung von Mobilfunkfrequenzen für rund 1 Mrd. € im Jahr 2019. Analysten fragen sich seither, ob sich das Unternehmen mit dem Aufbau eines eigenen 5G-Netzes nicht übernimmt.</p><p data-team-paragraph="" id="id-doc-1fop11bpo0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Valoren des Internetkonzerns aus Montabaur im Westerwaldkreis haben einen ausgeprägten spekulativen Charakter. Sie eigenen sich daher nur für Investoren, die bereit sind, überdurchschnittliche Risiken zu tragen. Ein Pluspunkt ist die moderate Bewertung. Auf Basis der Analystenschätzungen für 2022 beträgt das Kurs-Gewinn-Verhältnis leicht weniger als 14. Die Dividendenrendite beläuft sich auf 1,5%.</p><p data-team-paragraph="" id="id-doc-1fop11bpq0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Besonders interessant: Gründer und Konzernchef Ralph Dommermuth hat kurz vor Weihnachten seinen Anteil am Unternehmen von 42 auf über 50% <a target="_blank" rel="nofollow" href="https://www.united-internet.de/investor-relations/publikationen/meldungen/meldungen-detail/news/ad-hoc-mitteilung-nach-art17-mar-ralph-dommermuth-gmbh-co-kg-beteiligungsgesellschaft-schliesst-kaufvertraege-ueber-den-erwerb-von-ca-784-der-aktien-an-der-united-internet-ag-ralph-dommermuth-nimmt-abstand-von-aufstockungsangebot.html">aufgestockt</a>. Offenbar reizt den 58-jährigen Milliardär der tiefe Aktienkurs, nachdem er schon seit längerer Zeit mit dem Gedanken gespielt hat, seine Position auszubauen.</p><p data-team-paragraph="" id="id-doc-1fop11bpr0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Dommermuth, der United Internet 1988 lanciert hat, pflegt ein Image als konservativer hanseatischer Kaufmann. Sein Plan zum Aufbau eines 5G-Netzes verdeutlicht jedoch, dass er Risiken nicht scheut, wenn er eine Chance sieht. Auch der private Aktienkauf, den er möglicherweise mit Krediten finanziert, zeugt davon.</p><p data-team-paragraph="" id="id-doc-1fop11bps0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Mit dem eigenen 5G-Netz könnte der Konzern anderen Netzbetreibern auf Augenhöhe entgegentreten und ist kein Wiederverkäufer mehr. United Internet hat aber auch viel Substanz. Das Unternehmen ist mit 26 Mio. zahlenden Kunden und 39 Mio. werbefinanzierten Gratis-Accounts ein führender Anbieter von Internetdiensten in Europa. Kern ist die «Internet-Fabrik» mit über 10’000 Mitarbeitenden, von denen 3000 im Produktmanagement, in der Entwicklung und in Rechenzentren tätig sind. </p><p data-team-paragraph="" id="id-doc-1fop11bpu0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Zu den Stärken des Unternehmens zählt der Vertrieb über Marken wie 1&1, GMX, Web.de, STRATO, 1&1 Versatel sowie Drillisch Online. Analysten rechnen damit, dass die Einnahmen 2021 gut 4% auf 5,6 Mrd. € gestiegen sind. Für das laufende Jahr sollen es 5,8 Mrd. € sein. Das Ergebnis auf Stufe Ebitda soll sich 2022 auf rund 1,25 Mrd. € belaufen, was etwa dem Niveau des vergangenen Jahrs entspricht.</p><p data-team-paragraph="" id="id-doc-1fop11bpv0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Der Ausbau der 5G-Infrastruktur wird United Internet in den nächsten Jahren mehrere Milliarden Euro kosten. Die exakten Investments für 2022 hängen dabei von der Verfügbarkeit von Hardware und Tiefbauleistungen ab. Veranschlagt sind Ausgaben zwischen 800 Mio. und 1 Mrd. €, nachdem es im vergangenen Jahr etwa 350 Mio. € gewesen sein dürften.</p><p data-team-paragraph="" id="id-doc-1fop11bq10" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Um Kosten beim Aufbau des 5G-Netzes zu sparen, setzt United Internet in Zusammenarbeit mit dem japanischen Tech-Konzern Rakuten auf die neue OpenRAN-Technologie; ein offener Standard, bei dem die Komponenten des Mobilfunknetzes modulartig von verschiedenen Anbietern gekauft werden können. Zudem soll die Cloud-Tochter IONOS in diesem Frühjahr als separate Gesellschaft an die Börse gehen. Ihre Bewertung wird auf rund 5 Mrd. € geschätzt.</p><div id="id-doc-1fop1agrn0" content="" pagetype="Article" componenttype="q-embed" is-new-line-child="true" class="articlecomponent q-embed widget--qembed nzzinteraction"><div></div></div><h2 data-team-subtitle="" id="id-doc-1fop11bq20" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span><strong>ThyssenKrupp: IPO des Wasserstoffgeschäfts sorgt für Kursfantasie</strong></span></h2><div id="id-doc-1fop1cdek0" 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/chart/412006-1573-814#market-widget-doc-1fop1cdek0" id="market-widget-doc-1fop1cdek0"> </iframe> </div><p data-team-paragraph="" id="id-doc-1fop11bq40" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Bei ThyssenKrupp hat sich in letzter Zeit viel getan und es steht weiterhin viel Arbeit an. Defizitäres Geschäft wie die Grobblechfertigung wurde abgestossen, ein neues Management wurde eingesetzt. Dieses treibt die Sanierung voran und will nun weitere Teile des Industriekonglomerats aus Essen abspalten. </p><p data-team-paragraph="" id="id-doc-1fop11bq50" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die operativen Fortschritte reflektieren sich bereits in den Zahlen. Die Phase der Verluste neigt sich dem Ende zu, die Bilanz wird stärker. Im Geschäftsjahr 2020/21 per Ende September resultierte auf Stufe Ebit erstmals seit zwei Jahren ein leichter Gewinn. Zur guten Entwicklung trugen alle Segmente bei. Besonders die Materialgeschäfte profitierten vom steigenden Absatzvolumen und höheren Preisen.</p><p data-team-paragraph="" id="id-doc-1fop11bq70" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Obwohl grosse Herausforderungen bleiben, dürfte die erfreuliche Entwicklung anhalten. Analysten prognostizieren für das laufende Geschäftsjahr eine Steigerung der Einnahmen auf über 35 Mrd. €. Das operative Ergebnis soll sich auf knapp 1,6 Mrd. € verbessern. Unter dem Strich soll mit 1.54 € erstmals seit 2016 ein positives Ergebnis pro Aktie resultieren. «Nach gut zwei Jahren intensiver Transformationsarbeit können wir nun sagen, dass der Turnaround offensichtlich ist», meint Konzernchefin Martina Merz.</p><p data-team-paragraph="" id="id-doc-1fop11bq90" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Gruppe, die sich 2020 von ihrer profitablen Aufzugssparte trennte, um die Schieflage abzuwenden, will im ersten Quartal die auf Wasserstoff spezialisierte Tochter Uhde Chlorine Engineers (UCE) an die Börse bringen. Der Mutterkonzern will damit die Begeisterung an den Aktienmärkten für <a target="_blank" href="https://themarket.ch/analyse/welche-aktien-wasserstoff-antreibt-ld.5065">wasserstoffbasierte Technologien</a> nutzen.</p><p data-team-paragraph="" id="id-doc-1fop11bqa0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">UCE ist ein Joint-Venture mit dem italienischen De-Nora-Konzern, einem Branchenleader bei der Herstellung von Elektroden zum Einsatz in elektrochemischen Prozessen. Das Gemeinschaftsunternehmen ist der weltgrösste Anwender von Chlor-Alkali-Membrantechnologien zur Produktion von Wasserstoff.</p><p data-team-paragraph="" id="id-doc-1fop11bqc0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Analysten bewerten UCE mit 3 bis 6 Mrd. €. ThyssenKrupp will eine Mehrheitsbeteiligung an UCE nach dem Börsengang (IPO, Initial Public Offering) behalten. Am kommenden Mittwoch hält der Konzern einen virtuellen <a target="_blank" href="https://www.thyssenkrupp.com/de/investoren/berichterstattung-und-publikationen">Kapitalmarkttag</a> zu den IPO-Plänen ab.</p><p data-team-paragraph="" id="id-doc-1fop11bqe0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Um den Fokus auf eine klimaneutrale Produktion zu verlagern, erwägt ThyssenKrupp zudem die Ausgliederung der Stahlsparte. Das Unternehmen geht dabei mit dem Trend: <a href="https://themarket.ch/analyse/mit-siemens-auf-das-comeback-der-industrie-wetten-ld.3876">Siemens</a> hat sich bereits neu aufgestellt, um den Divisionen Healthineers und Energy mehr Freiraum zu geben. <a href="https://themarket.ch/hinter-der-headline/der-call-der-woche-general-electric-ld.5779">General Electric</a> hat im November angekündigt, sich in drei Teile aufzuspalten. Weitere aktuelle Beispiele sind Toshiba und Johnson & Johnson. Nicht selten machen aktivistische Hedge Funds Druck, weil sie in einer Aufspaltung Kurspotenzial sehen.</p><p data-team-paragraph="" id="id-doc-1fop11bqg0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Der Börsenwert von ThyssenKrupp beträgt rund 6,3 Mrd. €. Die Aktien notieren damit fast 50% unter dem Buchwert. Auf dem niedrigen Kursniveau von 10.09 € sind sie ein klarer Fall für Value-Anleger. Das Kurs-Gewinn-Verhältnis für das Rechnungsjahr 2022 beträgt lediglich 7. Der Dax handelt demgegenüber zum KGV von knapp 13.</p><p data-team-paragraph="" id="id-doc-1fop11bqh0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Grossaktionärin ist mit rund 21% die Alfried Krupp von Bohlen und Halbach Stiftung, die das Familienvermögen und Erbe der Familie Krupp verwaltet. Der Value-Investor Harris Associates aus Chicago hält gut 8%. Der schwedisch-schweizerische Aktionärsaktivist <a href="https://themarket.ch/mister-market/cevian-hat-thyssenkrupp-geknackt-ld.334">Cevian Capital</a>, der die treibende Kraft hinter der Abspaltung des Aufzugsgeschäfts war, ist mit 7,9% beteiligt. Der norwegische Staatsfonds hält 4,7%.</p><div id="id-doc-1fop1eiov0" content="" pagetype="Article" componenttype="q-embed" is-new-line-child="true" class="articlecomponent q-embed widget--qembed nzzinteraction"><div></div></div><h2 data-team-subtitle="" id="id-doc-1fop11bqj0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span><strong>Eckert & Ziegler: Nuklearmediziner auf Expansionskurs </strong></span></h2><div id="id-doc-1fop1hhta0" 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/chart/433950-1573-814#market-widget-doc-1fop1hhta0" id="market-widget-doc-1fop1hhta0"> </iframe> </div><p data-team-paragraph="" id="id-doc-1fop11bql0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Einiges Aufholpotenzial könnte auch in Eckert & Ziegler Strahlen- und Medizintechnik stecken. Die Aktien des auf Nuklearmedizin spezialisierten Medtech-Unternehmens aus Berlin haben zuletzt einen herben Rückschlag erlitten. Seit dem Höchst vom September ist der Kurs von 141 auf etwas mehr als 90 € abgerutscht.</p><p data-team-paragraph="" id="id-doc-1fop11bqm0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Für den happigen Rücksetzer mitverantwortlich ist der <a href="https://www.ezag.com/fileadmin/user_upload/ezag/investors-financial-reports/deutsch/euz321d.pdf">Abschluss</a> zum dritten Quartal. Für 2021 betätigte das Management zwar die Prognose mit 180 Mio. € Umsatz und einem Ergebnis je Aktie von 1.70 €. An der Börse hatte man sich jedoch mehr erhofft und eine Anhebung der operativen Ziele erwartet.</p><p data-team-paragraph="" id="id-doc-1fop11bqo0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Beim zu knapp 1,9 Mrd. € bewerteten Unternehmen aus dem TecDax ist einiges in Bewegung. Letzten März hat es angekündigt, das Geschäft mit Tumorbestrahlungsgeräten zu verkaufen. Der Geschäftsgang der beiden Segmente Medical und Isotope Products verläuft zudem robust. Speziell der Verkauf von Dienstleistungen und Radiopharmazeutika sowie Radioisotopen an die Pharmaindustrie konnte mit einem Plus von 16% in den ersten neun Monaten deutlich zulegen.</p><p data-team-paragraph="" id="id-doc-1fop11bqq0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Erfreuliche Nachrichten gab es diesen November, als Eckert & Ziegler in Japan die <a target="_blank" rel="nofollow" href="https://www.ezag.com/de/startseite/presse/pressemeldungen/detail/?tx_ttnews%5Btt_news%5D=1663&cHash=b21f39057e628f7cb4decd873faf1ced">Genehmigung</a> für eine klinische Studie in Zusammenarbeit mit Novartis erhielt. Es geht dabei um ein Prüfpräparat zur Therapie von Prostatakrebs, der häufigsten Krebsart bei Männern in Japan mit 106’000 Fällen pro Jahr. Die Firma kann damit ihr Know-how als Isotopendienstleister für die Pharmabranche demonstrieren.</p><p data-team-paragraph="" id="id-doc-1fop11bqs0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Um in Lateinamerika zu expandieren, hat Eckert & Ziegler vor wenigen Tagen den argentinischen Nuklearmedizinspezialisten Tecnonuclear mit einem Jahresumsatz von rund 10 Mio. $ <a target="_blank" rel="nofollow" href="https://www.ezag.com/de/startseite/presse/pressemeldungen/detail/?tx_ttnews%5Btt_news%5D=1669&cHash=f6e0c4dd37ae403f5fac7995b82cfda6">übernommen</a>. Auch diese arbeitet an Produkten für den Nachweis von Krebs und Unregelmässigkeiten im Herz-Kreislauf-System. Die Transaktion wird ohne Aufnahme von Krediten vollständig aus dem Cashflow finanziert.</p><p data-team-paragraph="" id="id-doc-1fop11bqu0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Mit einer Netto-Cashposition von 72 Mio. € per Ende September kann das deutsche Medtech-Unternehmen die Akquisition problemlos stemmen. Die kerngesunde Bilanz und der operativ ansprechende Geschäftsgang könnten in den nächsten Jahren zudem vermehrt Spielraum für eine Erhöhung der Ausschüttung zulassen.</p><p data-team-paragraph="" id="id-doc-1fop11br00" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Aktien von Eckert & Ziegler werden wie bei anderen kleinkapitalisierten Unternehmen nur von wenigen Analysten abgedeckt. Hauck & Aufhäuser Privatbankiers rechnet gemäss dem Datendienst S&P Global Market Intelligence für das laufende Jahr mit 26% Umsatzverbesserung und einer deutlichen Steigerung des Gewinns pro Aktie auf 1.86 €, wobei die Akquisition von Tecnonuclear nicht in der Schätzung enthalten ist.</p><p data-team-paragraph="" id="id-doc-1fop11br10" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Für mutige Anleger mit starken Nerven ergibt der Kurssturz damit eine Gelegenheit, den Nebenwert Eckert & Ziegler als Portfoliobeimischung einzusetzen. Berücksichtigt werden sollte diesbezüglich aber, dass die Titel trotz der jüngsten Turbulenzen in den vergangenen fünf Jahren bereits über 1200% vorgeprescht sind – sehr zur Freude von Gründer und CEO Andreas Eckert, der 31% der Aktien besitzt.</p><div id="id-doc-1fop1i6hs0" content="" pagetype="Article" componenttype="q-embed" is-new-line-child="true" class="articlecomponent q-embed widget--qembed nzzinteraction"><div></div></div><h2 data-team-subtitle="" id="id-doc-1fop11br40" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span><strong>Bike24: Auf Velotour in Südeuropa</strong></span></h2><div id="id-doc-1fop1jjoh0" 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/chart/112129306-1573-814#market-widget-doc-1fop1jjoh0" id="market-widget-doc-1fop1jjoh0"> </iframe> </div><p data-team-paragraph="" id="id-doc-1fop11br60" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Bike24 tritt kräftig in die Pedale. Der Onlinehändler für Fahrradbedarf ist in den <a target="_blank" rel="nofollow" href="https://ir.bike24.com/websites/bike24/German/2999/news-detail.html?newsID=2165204">ersten neun Monaten</a> des letzten Jahres über 30% gewachsen. Die Zahl der Kunden hat gegenüber der Vorjahresperiode um mehr als ein Viertel auf annähernd 800’000 zugenommen.</p><p data-team-paragraph="" id="id-doc-1fop11br80" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Weniger rund läuft hingegen die Aktie. Bike24 ging Ende Juni mit einem Emissionspreis von 15 € je Titel an die Börse. Der Kurs schoss zunächst bis auf 27 € hoch, ist inzwischen aber fast wieder auf das Niveau zurückgekommen, auf dem er sich beim IPO bewegt hatte. Die Unternehmensleitung hat daraufhin gegen Ende September beschlossen, ein <a target="_blank" rel="nofollow" href="https://ir.bike24.com/websites/bike24/German/2999/news-detail.html?newsID=2152366">Aktienrückkaufprogramm </a>im Umfang von bis zu 425’000 € zu starten.</p><p data-team-paragraph="" id="id-doc-1fop11bra0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Firma aus Dresden mit einer Marktkapitalisierung von rund 710 Mio. € profitiert von der robusten Nachfrage nach Fahrrädern sowie Equipment, Ersatzteilen und Bekleidung für Radsportler. Jetzt nutzt sie das frische Kapital aus dem Börsengang, um die Expansion in Südeuropa zu forcieren.</p><p data-team-paragraph="" id="id-doc-1fop11brc0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Als Basis dafür dient das neue Logistikzentrum im Grossraum Barcelona. Es soll bis Ende 2022 vollständig fertigstellt sein und zusätzliche Kapazität für ein jährliches Umsatzvolumen von bis zu 180 Mio. € bieten. Bereits im vergangenen Sommer hat Bike24 ausserdem einen Online-Shop speziell für den spanischen Markt lanciert. Dieses Jahr sollen länderspezifische Plattformen für Frankreich und Italien hinzukommen.</p><p data-team-paragraph="" id="id-doc-1fop11bre0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Dank dem Trend zu «grüner» Mobilität und dem generell wachsenden Interesse an Outdoor-Aktivitäten eröffnen sich Bike24 auch in diesem Jahr spannende Perspektiven. Als Nebenwerte werden die Aktien allerdings wie im Fall von Eckert & Ziegler nur von wenigen Investmenthäusern abgedeckt. Die zwei Analysten, die eine Prognose abgeben, erwarten für 2022 ein Umsatzwachstum von 23% auf 306 Mio. €. Der Gewinn pro Aktie soll sich von 23 auf 39 Eurocent verbessern.</p><p data-team-paragraph="" id="id-doc-1fop11brg0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Zum aktuellen Kurs lässt sich daraus ein Umsatz-Vielfaches von 2,3 ableiten, was im Branchenvergleich relativ sportlich erscheint. Bei diesem Titel schwingt damit die Wette mit, dass das Unternehmen über die nächsten Jahre in die Bewertung hineinwachsen wird.</p><p data-team-paragraph="" id="id-doc-1fop11bri0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Überzeugt davon ist der New Yorker Private-Equity-Investor Riverside Partners, der 35% der Aktien hält. CEO und Unternehmensgründer Andrés Martin-Birner ist zu 4,7% beteiligt. 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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/heimliche-champions-aus-dem-deutschen-mittelstand-ld.4775" 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="Heimliche Champions aus dem deutschen Mittelstand" src="https://img.themarket.ch/2021/8/6/4a9ebcd2-11c5-4bcd-9fac-174d7de50d41.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=4621,3466,x258,y0" loading="eager" srcset="https://img.themarket.ch/2021/8/6/4a9ebcd2-11c5-4bcd-9fac-174d7de50d41.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=4621,3466,x258,y0 160w, https://img.themarket.ch/2021/8/6/4a9ebcd2-11c5-4bcd-9fac-174d7de50d41.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=4621,3466,x258,y0 320w, https://img.themarket.ch/2021/8/6/4a9ebcd2-11c5-4bcd-9fac-174d7de50d41.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=4621,3466,x258,y0 120w, https://img.themarket.ch/2021/8/6/4a9ebcd2-11c5-4bcd-9fac-174d7de50d41.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=4621,3466,x258,y0 240w" width="4621" height="3466" class="image-placeholder__image poster__image">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/analyse/heimliche-champions-aus-dem-deutschen-mittelstand-ld.4775" 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"> Analyse </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--0">  <span class="teaser__title-name">Heimliche Champions aus dem deutschen Mittelstand</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Die Finanznachrichten werden von Kolossen wie Apple, VW und Nestlé dominiert. Wer nach Weltklasseunternehmen sucht, kann aber auch im Segment der kleinen und mittelgrossen Firmen verborgene Perlen entdecken. The Market präsentiert vier Spezialitäten an der deutschen Börse.</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">Tim Schäfer</span> <time class="metainfo__item metainfo__item--date">09.08.2021</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_5236" 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/flinke-dauerlaeufer-aus-dem-deutschen-mittelstand-ld.5236" 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="Flinke Dauerläufer fürs Aktienportfolio" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2021/10/16/2555538d-17ef-43eb-81b5-59813d3fc8a8.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=1351,1013,x569,y0 160w, https://img.themarket.ch/2021/10/16/2555538d-17ef-43eb-81b5-59813d3fc8a8.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=1351,1013,x569,y0 320w, https://img.themarket.ch/2021/10/16/2555538d-17ef-43eb-81b5-59813d3fc8a8.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=1351,1013,x569,y0 120w, https://img.themarket.ch/2021/10/16/2555538d-17ef-43eb-81b5-59813d3fc8a8.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=1351,1013,x569,y0 240w" width="1351" height="1013" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/analyse/flinke-dauerlaeufer-aus-dem-deutschen-mittelstand-ld.5236" 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">Flinke Dauerläufer fürs Aktienportfolio</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">An der deutschen Börse finden sich diverse mittelständische Unternehmen mit blendenden Perspektiven. The Market präsentiert vier Ausdauerspezialisten, die bereits eine lange Strecke zurückgelegt haben und weiter auf dem Weg nach oben sind.</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">Tim Schäfer</span> <time class="metainfo__item metainfo__item--date">20.10.2021</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_5453" 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/fuenf-spannende-turnaround-wetten-an-der-deutschen-boerse-ld.5453" 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="Fünf spannende Turnaround-Wetten an der deutschen Börse" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2021/11/15/83f31324-7913-4285-8a06-ae78ad3ee76a.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=3546,2660,x0,y50 160w, https://img.themarket.ch/2021/11/15/83f31324-7913-4285-8a06-ae78ad3ee76a.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=3546,2660,x0,y50 320w, https://img.themarket.ch/2021/11/15/83f31324-7913-4285-8a06-ae78ad3ee76a.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=3546,2660,x0,y50 120w, https://img.themarket.ch/2021/11/15/83f31324-7913-4285-8a06-ae78ad3ee76a.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=3546,2660,x0,y50 240w" width="3546" height="2660" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/analyse/fuenf-spannende-turnaround-wetten-an-der-deutschen-boerse-ld.5453" 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"> Analyse </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--2">  <span class="teaser__title-name">Fünf spannende Turnaround-Wetten an der deutschen Börse</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Ein heftiger Kursabschlag hat meistens einen guten Grund. Trotzdem schätzt der Markt die Perspektiven eines Unternehmens manchmal auch zu pessimistisch ein. Das eröffnet Chancen. Hier sind fünf Einzeltitel mit Comeback-Potenzial aus dem deutschen Mittelstand.</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">Tim Schäfer</span> <time class="metainfo__item metainfo__item--date">18.11.2021</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 © The Market Media AG. 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Die Zinsen steigen, weltweit nimmt an den Börsen die Verunsicherung zu. Vor allem stolz bewerte Titel aus dem Technologiesektor haben in den letzten Tagen bedeutende Verluste erlitten."},component:e,prevElement:bd,nextElement:aD},{id:"doc-9e402456",identifier:aD,prevElement:c,nextElement:aE},{id:"doc-1aa033aa",identifier:aE,paidContent:d,prevElement:aD,nextElement:c},{identifier:c,id:"doc-1fop11bp50",content:{text:"In diesem anspruchsvollen Umfeld dürfte es sich lohnen, auf eine sorgfältige Auswahl von Unternehmen zu setzen. Das gilt auch am deutschen Aktienmarkt, dessen Leitindex Dax im internationalen Vergleich letztes Jahr mit einem Plus von knapp 16% im hinteren Mittelfeld abgeschnitten hat."},component:e,paidContent:d,prevElement:aE,nextElement:c},{identifier:c,id:"doc-1fop11bp70",content:{text:"Die grossen Gewinner f¨ür einen bestimmten Zeitraum zu bestimmen, ist immer schwierig. Als Ausgangspunkt haben wir uns deshalb an Werten orientiert, die letztes Jahr unter Druck gekommen sind und nun Potenzial für ein Comeback haben."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bp80",content:{text:"Im Folgenden stellt The Market fünf Aktientipps für 2022 zur deutschen Börse aus den Branchen Agrarrohstoffe, Kommunikation, Industrie, Medizin und Freizeit vor. Sie sind zwar nicht ohne Risiko, bieten dafür aber auch Chancen auf überdurchschnittliche Kursgewinne."},component:e,paidContent:d,prevElement:c,nextElement:j},{identifier:j,id:"doc-1fop11bp90",content:{title:"\u003Cstrong\u003ESüdzucker: Süsse Turnaround-Wette\u003C\u002Fstrong\u003E",id:"subtitle-s-dzucker-s-sse-turnaround-wette"},component:H,contentTable:b,paidContent:d,prevElement:c,nextElement:k},{identifier:k,id:"doc-1fop13c3l0",content:{idms:{service:I,params:{url:"https%3A%2F%2Fthemarket.nzz.ch%2Fwidgets%2Fchart%2F349450-1573-814"}}},styles:{},component:J,paidContent:d,prevElement:j,nextElement:c},{identifier:c,id:"doc-1fop11bpb0",content:{text:"Ein klassischer Kandidat mit Aufholpotenzial ist Südzucker. Die Aktien des zu 2,8 Mrd. € bewerteten Konzerns aus Mannheim notierten vor fünf Jahren bei 25 €, dann stürzten sie auf bis zu 10.70 € ab. Der Grund dafür war ein Kollaps der Zuckerpreise, wodurch der Konzerngewinn schrumpfte. Inzwischen hat sich der Kurs auf 13.70 € erholt."},component:e,paidContent:d,prevElement:k,nextElement:c},{identifier:c,id:"doc-1fop11bpc0",content:{text:"Die Aussichten stehen gut, dass sich die Erholung im operativen Geschäft fortsetzen wird. Zucker braucht es schliesslich immer – auch in Krisen. Der Preis für Weisszucker hat sich denn auch bereits kräftig erholt, wie bei anderen Agrarrohstoffen zieht die Nachfrage an."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bpe0",content:{text:"Südzucker entstand 1926 durch den Zusammenschluss von fünf Zuckerfirmen. Aus regionalen Zuckerrübenanbauern hat sich Europas Marktführer etabliert. Die Aktivitäten umfassen neben Zucker und Süssungsmitteln Tiefkühlkost wie Fertigpizza und Pasta-Gerichte, wo der Konzern weltweit zu den grössten Herstellern zählt. Die Süddeutsche Zuckerrübenverwertungs-Genossenschaft besitzt bis heute 60% der Aktien."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bpf0",content:{text:"Ein Engagement wird durch die attraktiven Eigenschaften der Aktien versüsst. Auf Basis der Schätzungen für 2022 beträgt die Dividendenrendite rund 2%. Der Kurs notiert zudem auf dem Buchwert, womit die Titel günstig erscheinen. Auch das Umsatz-Vielfache ist mit 0,7 wenig anspruchsvoll."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bpg0",content:{text:"Zum Vergleich: Der Zuckerproduzent Associated British Foods, dessen Aktien an der Börse London im Leitindex FTSE 100 vertreten sind, handelt zu einem Umsatz-Multiple von über 1. Das Kurs-Buchwert-Verhältnis beträgt 1,5. Die Briten sind allerdings breiter aufgestellt. Zum Konglomerat gehört etwa auch der Billigmodeanbieter Primark."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bpi0",content:{text:"Auf operativer Stufe läuft es Südzucker ansprechend. Mitte Dezember hat CEO Niels Pörksen die \u003Ca target=\"_blank\" rel=\"nofollow\" href=\"https:\u002F\u002Fwww.suedzucker.de\u002Fde\u002Fpresse\u002Fsuedzucker-q3-mit-deutlicher-ergebnissteigerung\"\u003EPrognose\u003C\u002Fa\u003E für das Geschäftsjahr 2021\u002F22 per Ende Februar erneut bestätigt. Analysten rechnen mit einer Umsatzverbesserung von 11% auf 7,4 Mrd. €. Unter dem Strich soll ein Ergebnis von knapp 140 Mio. € resultieren; der erste Konzerngewinn nach vier Jahren."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bpj0",content:{text:"Erfreulich entwickelt sich vor allem das Segment Zucker. Massgeblich zum positiven Ergebnis trägt zudem die boomende Tochtergesellschaft CropEnergies bei. Das Unternehmen ist in Europa ein führender Produzent von Treibstoff auf Basis von Bioethanol. Das Mutterhaus hält eine Beteiligung von 65%. Die separat kotierte Firma hat ihren Sitz ebenfalls in Mannheim. 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Die Aktien des MDax-Unternehmens mit einem Börsenwert von 6,4 Mrd. € markierten 2018 ein Höchst von 59 €. Aktuell notieren sie auf 34.44 €."},component:e,paidContent:d,prevElement:k,nextElement:c},{identifier:c,id:"doc-1fop11bpn0",content:{text:"Schuld am Kursdesaster war mitunter die kostspielige Ersteigerung von Mobilfunkfrequenzen für rund 1 Mrd. € im Jahr 2019. Analysten fragen sich seither, ob sich das Unternehmen mit dem Aufbau eines eigenen 5G-Netzes nicht übernimmt."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bpo0",content:{text:"Die Valoren des Internetkonzerns aus Montabaur im Westerwaldkreis haben einen ausgeprägten spekulativen Charakter. Sie eigenen sich daher nur für Investoren, die bereit sind, überdurchschnittliche Risiken zu tragen. Ein Pluspunkt ist die moderate Bewertung. Auf Basis der Analystenschätzungen für 2022 beträgt das Kurs-Gewinn-Verhältnis leicht weniger als 14. Die Dividendenrendite beläuft sich auf 1,5%."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bpq0",content:{text:"Besonders interessant: Gründer und Konzernchef Ralph Dommermuth hat kurz vor Weihnachten seinen Anteil am Unternehmen von 42 auf über 50% \u003Ca target=\"_blank\" rel=\"nofollow\" href=\"https:\u002F\u002Fwww.united-internet.de\u002Finvestor-relations\u002Fpublikationen\u002Fmeldungen\u002Fmeldungen-detail\u002Fnews\u002Fad-hoc-mitteilung-nach-art17-mar-ralph-dommermuth-gmbh-co-kg-beteiligungsgesellschaft-schliesst-kaufvertraege-ueber-den-erwerb-von-ca-784-der-aktien-an-der-united-internet-ag-ralph-dommermuth-nimmt-abstand-von-aufstockungsangebot.html\"\u003Eaufgestockt\u003C\u002Fa\u003E. Offenbar reizt den 58-jährigen Milliardär der tiefe Aktienkurs, nachdem er schon seit längerer Zeit mit dem Gedanken gespielt hat, seine Position auszubauen."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bpr0",content:{text:"Dommermuth, der United Internet 1988 lanciert hat, pflegt ein Image als konservativer hanseatischer Kaufmann. Sein Plan zum Aufbau eines 5G-Netzes verdeutlicht jedoch, dass er Risiken nicht scheut, wenn er eine Chance sieht. Auch der private Aktienkauf, den er möglicherweise mit Krediten finanziert, zeugt davon."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bps0",content:{text:"Mit dem eigenen 5G-Netz könnte der Konzern anderen Netzbetreibern auf Augenhöhe entgegentreten und ist kein Wiederverkäufer mehr. United Internet hat aber auch viel Substanz. Das Unternehmen ist mit 26 Mio. zahlenden Kunden und 39 Mio. werbefinanzierten Gratis-Accounts ein führender Anbieter von Internetdiensten in Europa. Kern ist die «Internet-Fabrik» mit über 10’000 Mitarbeitenden, von denen 3000 im Produktmanagement, in der Entwicklung und in Rechenzentren tätig sind. "},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bpu0",content:{text:"Zu den Stärken des Unternehmens zählt der Vertrieb über Marken wie 1&1, GMX, Web.de, STRATO, 1&1 Versatel sowie Drillisch Online. Analysten rechnen damit, dass die Einnahmen 2021 gut 4% auf 5,6 Mrd. € gestiegen sind. Für das laufende Jahr sollen es 5,8 Mrd. € sein. Das Ergebnis auf Stufe Ebitda soll sich 2022 auf rund 1,25 Mrd. € belaufen, was etwa dem Niveau des vergangenen Jahrs entspricht."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bpv0",content:{text:"Der Ausbau der 5G-Infrastruktur wird United Internet in den nächsten Jahren mehrere Milliarden Euro kosten. Die exakten Investments für 2022 hängen dabei von der Verfügbarkeit von Hardware und Tiefbauleistungen ab. Veranschlagt sind Ausgaben zwischen 800 Mio. und 1 Mrd. €, nachdem es im vergangenen Jahr etwa 350 Mio. € gewesen sein dürften."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bq10",content:{text:"Um Kosten beim Aufbau des 5G-Netzes zu sparen, setzt United Internet in Zusammenarbeit mit dem japanischen Tech-Konzern Rakuten auf die neue OpenRAN-Technologie; ein offener Standard, bei dem die Komponenten des Mobilfunknetzes modulartig von verschiedenen Anbietern gekauft werden können. Zudem soll die Cloud-Tochter IONOS in diesem Frühjahr als separate Gesellschaft an die Börse gehen. 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Defizitäres Geschäft wie die Grobblechfertigung wurde abgestossen, ein neues Management wurde eingesetzt. Dieses treibt die Sanierung voran und will nun weitere Teile des Industriekonglomerats aus Essen abspalten. "},component:e,paidContent:d,prevElement:k,nextElement:c},{identifier:c,id:"doc-1fop11bq50",content:{text:"Die operativen Fortschritte reflektieren sich bereits in den Zahlen. Die Phase der Verluste neigt sich dem Ende zu, die Bilanz wird stärker. Im Geschäftsjahr 2020\u002F21 per Ende September resultierte auf Stufe Ebit erstmals seit zwei Jahren ein leichter Gewinn. Zur guten Entwicklung trugen alle Segmente bei. Besonders die Materialgeschäfte profitierten vom steigenden Absatzvolumen und höheren Preisen."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bq70",content:{text:"Obwohl grosse Herausforderungen bleiben, dürfte die erfreuliche Entwicklung anhalten. Analysten prognostizieren für das laufende Geschäftsjahr eine Steigerung der Einnahmen auf über 35 Mrd. €. Das operative Ergebnis soll sich auf knapp 1,6 Mrd. € verbessern. Unter dem Strich soll mit 1.54 € erstmals seit 2016 ein positives Ergebnis pro Aktie resultieren. «Nach gut zwei Jahren intensiver Transformationsarbeit können wir nun sagen, dass der Turnaround offensichtlich ist», meint Konzernchefin Martina Merz."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bq90",content:{text:"Die Gruppe, die sich 2020 von ihrer profitablen Aufzugssparte trennte, um die Schieflage abzuwenden, will im ersten Quartal die auf Wasserstoff spezialisierte Tochter Uhde Chlorine Engineers (UCE) an die Börse bringen. Der Mutterkonzern will damit die Begeisterung an den Aktienmärkten für \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fanalyse\u002Fwelche-aktien-wasserstoff-antreibt-ld.5065\"\u003Ewasserstoffbasierte Technologien\u003C\u002Fa\u003E nutzen."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bqa0",content:{text:"UCE ist ein Joint-Venture mit dem italienischen De-Nora-Konzern, einem Branchenleader bei der Herstellung von Elektroden zum Einsatz in elektrochemischen Prozessen. Das Gemeinschaftsunternehmen ist der weltgrösste Anwender von Chlor-Alkali-Membrantechnologien zur Produktion von Wasserstoff."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bqc0",content:{text:"Analysten bewerten UCE mit 3 bis 6 Mrd. €. ThyssenKrupp will eine Mehrheitsbeteiligung an UCE nach dem Börsengang (IPO, Initial Public Offering) behalten. Am kommenden Mittwoch hält der Konzern einen virtuellen \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fwww.thyssenkrupp.com\u002Fde\u002Finvestoren\u002Fberichterstattung-und-publikationen\"\u003EKapitalmarkttag\u003C\u002Fa\u003E zu den IPO-Plänen ab."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bqe0",content:{text:"Um den Fokus auf eine klimaneutrale Produktion zu verlagern, erwägt ThyssenKrupp zudem die Ausgliederung der Stahlsparte. Das Unternehmen geht dabei mit dem Trend: \u003Ca href=\"https:\u002F\u002Fthemarket.ch\u002Fanalyse\u002Fmit-siemens-auf-das-comeback-der-industrie-wetten-ld.3876\"\u003ESiemens\u003C\u002Fa\u003E hat sich bereits neu aufgestellt, um den Divisionen Healthineers und Energy mehr Freiraum zu geben. \u003Ca href=\"https:\u002F\u002Fthemarket.ch\u002Fhinter-der-headline\u002Fder-call-der-woche-general-electric-ld.5779\"\u003EGeneral Electric\u003C\u002Fa\u003E hat im November angekündigt, sich in drei Teile aufzuspalten. Weitere aktuelle Beispiele sind Toshiba und Johnson & Johnson. Nicht selten machen aktivistische Hedge Funds Druck, weil sie in einer Aufspaltung Kurspotenzial sehen."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bqg0",content:{text:"Der Börsenwert von ThyssenKrupp beträgt rund 6,3 Mrd. €. Die Aktien notieren damit fast 50% unter dem Buchwert. Auf dem niedrigen Kursniveau von 10.09 € sind sie ein klarer Fall für Value-Anleger. Das Kurs-Gewinn-Verhältnis für das Rechnungsjahr 2022 beträgt lediglich 7. Der Dax handelt demgegenüber zum KGV von knapp 13."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bqh0",content:{text:"Grossaktionärin ist mit rund 21% die Alfried Krupp von Bohlen und Halbach Stiftung, die das Familienvermögen und Erbe der Familie Krupp verwaltet. Der Value-Investor Harris Associates aus Chicago hält gut 8%. Der schwedisch-schweizerische Aktionärsaktivist \u003Ca href=\"https:\u002F\u002Fthemarket.ch\u002Fmister-market\u002Fcevian-hat-thyssenkrupp-geknackt-ld.334\"\u003ECevian Capital\u003C\u002Fa\u003E, der die treibende Kraft hinter der Abspaltung des Aufzugsgeschäfts war, ist mit 7,9% beteiligt. Der norwegische Staatsfonds hält 4,7%."},component:e,paidContent:d,prevElement:c,nextElement:l},{identifier:l,id:"doc-1fop1eiov0",content:{"q-embed":{service:K,params:{id:bg,toolRuntimeConfig:{displayOptions:{}},size:y}},html:"\u003Cdiv id=\"q_table_71b484950f9c83b648600c9d83597198_88814_container\" class=\"q-table-container\"\u003E\u003C\u002Fdiv\u003E",stylesheets:[{type:o,content:L},{type:o,content:M}],scripts:[{type:m,content:"var date19b14af2e72c13c6da935d2dc15debd86a1701a8,event19b14af2e72c13c6da935d2dc15debd86a1701a8,elements19b14af2e72c13c6da935d2dc15debd86a1701a8;window.digitalData&&window.digitalData.component&&window.digitalData.component.push&&(window.digitalData.component.push({componentInfo:{componentID:\"71b484950f9c83b648600c9d83597198\",componentName:\"Q\"},category:{componentType:\"storytelling\",componentSubType1:\"Q 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Die Aktien des auf Nuklearmedizin spezialisierten Medtech-Unternehmens aus Berlin haben zuletzt einen herben Rückschlag erlitten. Seit dem Höchst vom September ist der Kurs von 141 auf etwas mehr als 90 € abgerutscht."},component:e,paidContent:d,prevElement:k,nextElement:c},{identifier:c,id:"doc-1fop11bqm0",content:{text:"Für den happigen Rücksetzer mitverantwortlich ist der \u003Ca href=\"https:\u002F\u002Fwww.ezag.com\u002Ffileadmin\u002Fuser_upload\u002Fezag\u002Finvestors-financial-reports\u002Fdeutsch\u002Feuz321d.pdf\"\u003EAbschluss\u003C\u002Fa\u003E zum dritten Quartal. Für 2021 betätigte das Management zwar die Prognose mit 180 Mio. € Umsatz und einem Ergebnis je Aktie von 1.70 €. An der Börse hatte man sich jedoch mehr erhofft und eine Anhebung der operativen Ziele erwartet."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bqo0",content:{text:"Beim zu knapp 1,9 Mrd. € bewerteten Unternehmen aus dem TecDax ist einiges in Bewegung. Letzten März hat es angekündigt, das Geschäft mit Tumorbestrahlungsgeräten zu verkaufen. Der Geschäftsgang der beiden Segmente Medical und Isotope Products verläuft zudem robust. Speziell der Verkauf von Dienstleistungen und Radiopharmazeutika sowie Radioisotopen an die Pharmaindustrie konnte mit einem Plus von 16% in den ersten neun Monaten deutlich zulegen."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bqq0",content:{text:"Erfreuliche Nachrichten gab es diesen November, als Eckert & Ziegler in Japan die \u003Ca target=\"_blank\" rel=\"nofollow\" href=\"https:\u002F\u002Fwww.ezag.com\u002Fde\u002Fstartseite\u002Fpresse\u002Fpressemeldungen\u002Fdetail\u002F?tx_ttnews%5Btt_news%5D=1663&cHash=b21f39057e628f7cb4decd873faf1ced\"\u003EGenehmigung\u003C\u002Fa\u003E für eine klinische Studie in Zusammenarbeit mit Novartis erhielt. Es geht dabei um ein Prüfpräparat zur Therapie von Prostatakrebs, der häufigsten Krebsart bei Männern in Japan mit 106’000 Fällen pro Jahr. Die Firma kann damit ihr Know-how als Isotopendienstleister für die Pharmabranche demonstrieren."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bqs0",content:{text:"Um in Lateinamerika zu expandieren, hat Eckert & Ziegler vor wenigen Tagen den argentinischen Nuklearmedizinspezialisten Tecnonuclear mit einem Jahresumsatz von rund 10 Mio. $ \u003Ca target=\"_blank\" rel=\"nofollow\" href=\"https:\u002F\u002Fwww.ezag.com\u002Fde\u002Fstartseite\u002Fpresse\u002Fpressemeldungen\u002Fdetail\u002F?tx_ttnews%5Btt_news%5D=1669&cHash=f6e0c4dd37ae403f5fac7995b82cfda6\"\u003Eübernommen\u003C\u002Fa\u003E. Auch diese arbeitet an Produkten für den Nachweis von Krebs und Unregelmässigkeiten im Herz-Kreislauf-System. Die Transaktion wird ohne Aufnahme von Krediten vollständig aus dem Cashflow finanziert."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bqu0",content:{text:"Mit einer Netto-Cashposition von 72 Mio. € per Ende September kann das deutsche Medtech-Unternehmen die Akquisition problemlos stemmen. Die kerngesunde Bilanz und der operativ ansprechende Geschäftsgang könnten in den nächsten Jahren zudem vermehrt Spielraum für eine Erhöhung der Ausschüttung zulassen."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11br00",content:{text:"Die Aktien von Eckert & Ziegler werden wie bei anderen kleinkapitalisierten Unternehmen nur von wenigen Analysten abgedeckt. Hauck & Aufhäuser Privatbankiers rechnet gemäss dem Datendienst S&P Global Market Intelligence für das laufende Jahr mit 26% Umsatzverbesserung und einer deutlichen Steigerung des Gewinns pro Aktie auf 1.86 €, wobei die Akquisition von Tecnonuclear nicht in der Schätzung enthalten ist."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11br10",content:{text:"Für mutige Anleger mit starken Nerven ergibt der Kurssturz damit eine Gelegenheit, den Nebenwert Eckert & Ziegler als Portfoliobeimischung einzusetzen. 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Es soll bis Ende 2022 vollständig fertigstellt sein und zusätzliche Kapazität für ein jährliches Umsatzvolumen von bis zu 180 Mio. € bieten. Bereits im vergangenen Sommer hat Bike24 ausserdem einen Online-Shop speziell für den spanischen Markt lanciert. Dieses Jahr sollen länderspezifische Plattformen für Frankreich und Italien hinzukommen."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1fop11bre0",content:{text:"Dank dem Trend zu «grüner» Mobilität und dem generell wachsenden Interesse an Outdoor-Aktivitäten eröffnen sich Bike24 auch in diesem Jahr spannende Perspektiven. Als Nebenwerte werden die Aktien allerdings wie im Fall von Eckert & Ziegler nur von wenigen Investmenthäusern abgedeckt. Die zwei Analysten, die eine Prognose abgeben, erwarten für 2022 ein Umsatzwachstum von 23% auf 306 Mio. €. 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