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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': 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(), 'Content-Type': 'application/json; charset=UTF-8' } }); } }]); window.tp.push(['addHandler', 'checkoutClose', event => { if (event && event.state == "checkoutCompleted") { window.location.reload(); } }]); window.tp.push(['addHandler', 'externalCheckoutComplete', event => { /* Default behavior is to refresh the page on successful checkout 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<button role="button" aria-label="Suche" data-nzz-search-button="" class="header-button header-main__item header-main__item--search"> <span class="header-button__label header-button__label--hide-mobile"><svg version="1.1" viewBox="0 0 48 48" class="icon--search svg-icon svg-fill" style="width:64px;height:56px;"><path stroke="#ffffff" fill="none" pid="0" d="M28 28l5 5" _stroke="#000"/><circle stroke="#ffffff" fill="none" pid="1" cx="22.5" cy="22.5" r="7" _stroke="#000"/></svg> </span> </button> <div id="adnz_header_1"></div></div></div></div></div>  </div></div> </div> <div id="page" class="nzz-page-transition"> <div><div 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-1g4kcud2k0" 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>Diese gefallenen deutschen Börsen-Champions sind wieder interessant</span></h1></div></div> <div class="headline__inner"><p class="headline__lead">Nicht nur in der Schweiz, auch in Deutschland sind viele ehemalige Börsenlieblinge im Zuge der Marktturbulenzen stark zurückgekommen.</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"><a target="_blank" href="mailto:henning.hoelder@themarket.ch">Henning Hölder</a> ✉</span>    <span class="metainfo__item metainfo__item--date"><time datetime="2022-06-06T23:44:09.193Z"> 07.06.2022, 01.44 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 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-1g4kru5bs0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text">Hoch geflogen und tief gefallen. In der Schweiz sind zahlreiche ehemals gefeierte Börsen-Darlings in luftigen Höhen plötzlich höhenkrank geworden. Allseits beliebte Qualitätsaktien wie Lonza, Straumann, Sika oder VAT notieren gegenwärtig zwischen 25 und fast 45% unter ihren im vergangenen Jahr erreichten Höchstständen. Etwas zu viele Vorschusslorbeeren, ein seit Anfang Jahr deutlich restriktiveres geldpolitisches Umfeld sowie der Ukrainekrieg lasten vor allem auf hoch bewerteten Wachstumsaktien.</p><div id="id-doc-796e75c8" content="" pagetype="Article" componenttype="barrier" is-new-line-child="true"><div id="paywall_container" class="disabled-overlay"></div></div><div id="id-doc-6e32407c" content="" pagetype="Article" componenttype="advertisement" is-new-line-child="true" class="nzzinteraction"></div><p data-team-paragraph="" id="id-doc-1g4kru5bv0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Doch nicht nur in der Schweiz haben es einstige Börsenüberflieger zuletzt schwer gehabt. Auch in Deutschland sind beliebte Champions aus dem Large-, Mid- und Small-Cap-Bereich in diesem Jahr unter die Räder gekommen. The Market wirft ein Blick nach Deutschland und zeigt fünf gefallene Börsen-Darlings, bei denen ein Einstieg jetzt wieder interessant wird.</p><h2 data-team-subtitle="" id="id-doc-1g4krusnd0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Sartorius hat den Sturz nach dem Corona-Hype verarbeitet</span></h2><p data-team-paragraph="" id="id-doc-1g4kru5c10" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Sartorius erlebte seinen vorläufigen Höhepunkt im vergangenen September. Nach einer Verzehnfachung des Aktienkurses in den vorangegangen fünf Jahren, wurde der Pharma- und Laborzulieferer aus Niedersachsen in die erste deutsche Börsenliga – den neuen Dax 40 – aufgenommen. Offenbar ein schlechtes Omen, denn seitdem ging es steil abwärts: Die Aktie büsste bis Anfang Mai zwei Drittel ihres Werts ein.</p><div id="id-doc-1g4ksk7gc0" content="" pagetype="Article" componenttype="datawrapper" is-new-line-child="true" class="articlecomponent datawrapper nzzinteraction"><iframe title="Sartorius outperformt den Dax noch immer deutlich" aria-label="Interactive line chart" id="datawrapper-chart-NE0v7" src="https://datawrapper.dwcdn.net/NE0v7/2/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="400"></iframe></div><p data-team-paragraph="" id="id-doc-1g4kru5c30" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Das Unternehmen verdient sein Geld zur Hauptsache damit, Labore mit Verbrauchsmaterialien sowie Maschinen und Komponenten für die Entwicklung von Biopharmazeutika auszustatten – ein hoch profitables Geschäft, das Sartorius zu einer Ebitda-Marge von 34,1% im ersten Quartal verhilft.</p><p data-team-paragraph="" id="id-doc-1g4l1et4b1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Den Niedersachsen kommen zwei Dinge zugute: Erstens wird in der Pharmaforschung immer mehr outgesourct, was die Nachfrage nach Sartorius-Dienstleistungen weiter ankurbelt. Zweitens ist Sartorius grosser Profiteur vom zunehmenden Trend des Einmalgebrauchs von Materialien und Produkten (SUT) in den Laboren. UBS-Analyst Michael Leuchten sieht hier noch viel Spielraum für Wachstum. «Diese Lösung ist zur Herstellung von Antikörpern billiger, schneller und sauberer als herkömmliche Methoden.»</p><h2 data-team-subtitle="" id="id-doc-1g4ks09mf0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Aktienbewertung schoss in die Höhe</span></h2><p data-team-paragraph="" id="id-doc-1g4kru5c60" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">In den letzten beiden Jahren war Sartorius ein typischer Coronagewinner. Das Unternehmen wurde überrannt mit Bestellungen von Impfstoff- und Coronatestherstellern, was sowohl den Gewinn als auch die Bewertung der Aktie hochgetrieben hat. Zwischenzeitlich wurde die Aktie mit einem vorwärts gerichteten Kurs-Gewinn-Verhältnis (KGV) von über 100 gehandelt.</p><p data-team-paragraph="" id="id-doc-1g4kru5c70" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Mittlerweile hat sich der coronabedingte Umsatz wieder normalisiert – und damit auch die Bewertung. Das KGV für von 35 liegt deutlich unter dem Fünfjahresschnitt von 51.</p><div id="id-doc-1g4ktaklu0" content="" pagetype="Article" componenttype="datawrapper" is-new-line-child="true" class="articlecomponent datawrapper nzzinteraction"><iframe title="Bewertung von Sartorius deutlich unter Fünfjahreschnitt" aria-label="Interactive line chart" id="datawrapper-chart-QZf8p" src="https://datawrapper.dwcdn.net/QZf8p/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="400"></iframe></div><p data-team-paragraph="" id="id-doc-1g4kru5c90" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">«Die Bewertung ist wieder auf dem Vor-Corona-Niveau», stellt Andreas Strobl, Fondsmanager bei der Hamburger Privatbank Berenberg fest. Coronarückenwinde seien kaum noch im Kurs eingepreist. Dafür sei die Wachstumsstory von Sartorius abgesehen vom Coronasondereffekt extrem konjunkturunabhängig. Für Anleger bietet sich jetzt eine gute Chance zum Einstieg.</p><h2 data-team-subtitle="" id="id-doc-1g4ks0ne90" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Bausoftware-Marktführer Nemetschek baut sch zweites Standbein auf</span></h2><p data-team-paragraph="" id="id-doc-1g4kru5cb0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Gäbe es einen Preis für die am wenigsten digitalisierte Branche, wäre der Bausektor wohl einer der Favoriten. Nemetschek hat das Aufholpotenzial in der Branche erkannt und entwickelt heute Softwarelösungen für den gesamten Bauprozess: von der Planung über das Designen bis hin zum Bauen und Nutzen von Gebäuden. Das Münchner Unternehmen hat die digitale Entwicklung in der Bauindustrie von zweidimensionalen Modellen hin zu dreidimensionalen Entwürfen aktiv vorangebracht.</p><p data-team-paragraph="" id="id-doc-1g4kru5cc0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Das hat die Aktie in der letzten Dekade zu einem Liebling unter Anlegern gemacht. Allerdings ist auch den Münchnern die hohe Bewertung zum Verhängnis geworden. Gepaart mit konjunktureller Unsicherheit und Befürchtungen, dass die Digitalisierung in der Baubranche fürs Erste ausgereizt sei, büsste die Aktie seit ihrem Höchst Ende Dezember über 40% ein.</p><div id="id-doc-1g4ktjjm20" content="" pagetype="Article" componenttype="datawrapper" is-new-line-child="true" class="articlecomponent datawrapper nzzinteraction"><iframe title="Anfang Jahr kam der Sturz" aria-label="Interactive line chart" id="datawrapper-chart-OdTE5" src="https://datawrapper.dwcdn.net/OdTE5/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="400"></iframe></div><p data-team-paragraph="" id="id-doc-1g4kru5ce0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Dem widerspricht Strobl vehement. «Die Bauindustrie befindet sich in Sachen Digitalisierung noch immer im Steinzeitalter.» Die Branche sei noch immer aufgeteilt in Architekten, Genehmigungsbehörden, Baufirmen und vielen anderen Parteien, die es zu vernetzen gelte. «Das steht alles noch am Anfang.»</p><h2 data-team-subtitle="" id="id-doc-1g4l0ceq60" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>3D und Metaverse bieten Wachstumsfantasie</span></h2><p data-team-paragraph="" id="id-doc-1g4kru5cf0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Zudem baut Nemetschek bereits an einem zweiten Standbein. Mit der Akquisition von Pixologic durch die Nemetschek-Tochter Maxon Anfang Jahr steigt das Unternehmen den Markt der 3D-Animations ein, wo insbesondere in der Gaming-Industrie sowie dank des Metaverse-Trends Wachstumsfantasien liegen. «Dieses Geschäft macht erst 13% des Umsatzes aus, könnte aber ein hohes Wachstum zeigen», glaubt Strobl. Er glaubt, dass das Momentum in der virtuellen Welt allfällige Konjunkturabschwächungen generell langfristig mehr als kompensieren werden.</p><p data-team-paragraph="" id="id-doc-1g4kru5cg0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Aktie ist trotz Kurskorrektur mit einem KGV von 43 für 2022 noch immer sportlich bewertet, liegt damit allerdings deutlich unter dem Fünfjahresschnitt von 54. Das Unternehmen arbeitet mit einer Ebitda-Marge von 36,3% im ersten Quartal hochprofitabel und will dieses Jahr zwischen 12 und 14% wachsen. «Die Gewinnschätzungen zeigen ein starkes konstantes Wachstum, so etwas hat natürlich eine Qualitätsprämie», sagt Strobl.</p><div id="id-doc-1g4ku8ugo0" content="" pagetype="Article" componenttype="datawrapper" is-new-line-child="true" class="articlecomponent datawrapper nzzinteraction"><iframe title="Bewertung von Nemetschek wieder unter Fünfjahreschnitt " aria-label="Interactive line chart" id="datawrapper-chart-5gDJ0" src="https://datawrapper.dwcdn.net/5gDJ0/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="400"></iframe></div><h2 data-team-subtitle="" id="id-doc-1g4ks1tnc0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Bechtle profitiert von Digitalisierung in der KMU-Branche</span></h2><p data-team-paragraph="" id="id-doc-1g4kru5cj0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Um Defizite in der Digitalisierung geht es auch bei der Wachstumsgeschichte von Bechtle. Das IT-Systemhaus aus Baden-Württemberg ist führend bei der Digitalisierung von KMU-Betrieben in Deutschland, aber auch in der Schweiz und Österreich aktiv.</p><p data-team-paragraph="" id="id-doc-1g4l0u8qr1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Das Hauptgeschäft ist die IT-Strategieberatung von Unternehmen samt Lieferung von Hard- und Software, bis hin zum Komplettbetrieb der IT. Daneben etablieren sich die Schwaben aber auch im einfachen E-Commerce-Geschäft mit dem Verkauf von Hardware und Software.</p><p data-team-paragraph="" id="id-doc-1g4kru5cl0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Mit einem KGV von 20 für 2022 ist Bechtle nicht teuer bewertet. Das liegt einerseits am überschaubaren Wachstum des IT-Markts in Deutschland. Selbst im Coronajahr 2021 betrug der Zuwachs laut Statistischem Bundesamt nur 6,3%. Zudem ist der Markt umkämpft, was die Ebit-Marge von Bechtle auf rund 5% drückt. Darüber hinaus machten sich zuletzt Lieferkettenprobleme und der Chipmangel in Bechtles Hauptgeschäftsfeld bemerkbar.</p><div id="id-doc-1g4kudhhu0" content="" pagetype="Article" componenttype="datawrapper" is-new-line-child="true" class="articlecomponent datawrapper nzzinteraction"><iframe title="Outperformance der letzten drei Jahre wieder eingebüsst" aria-label="Interactive line chart" id="datawrapper-chart-8oLTU" src="https://datawrapper.dwcdn.net/8oLTU/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="400"></iframe></div><p data-team-paragraph="" id="id-doc-1g4kru5cn0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Hoffnung macht aber, dass das Management kürzlich seinen optimistischen Ausblick einer deutlichen Umsatzsteigerung um bis zu 10% bekräftigt hat. Bechtle sitzt auf einem hohen Auftragsbestand und zeigt sich zuversichtlich, dass sich dieser nach und nach realisieren lässt.</p><p data-team-paragraph="" id="id-doc-1g4kru5co0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Länger anhaltende Lieferschwierigkeiten oder gar eine Verschlechterung der Situation sind zwar ein Risiko, für Strobl werden die negativen Auswirkungen allerdings überschätzt. «Die Vergangenheit hat gezeigt, dass Bechtle mit Lieferschwierigkeiten gut umgehen kann. Am Markt wird die Situation aber momentan noch eher negativ gesehen.»</p><h2 data-team-subtitle="" id="id-doc-1g4ks2be30" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Digitalisierung bei KMU steckt noch in den Anfängen</span></h2><p data-team-paragraph="" id="id-doc-1g4kru5cq0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die langfristigen Trends spielen Bechtle in die Hände: Der Ausbau des Cloud-Geschäfts steht bei KMU erst am Anfang, ebenso die Vernetzung der Arbeitsplätze sowie die Stabilität der IT-Landschaft. «Corona war ein Katalysator für die Digitalisierung von KMU, trotzdem ist das erst der Anfang», ist Strobl überzeugt. Bechtles Vorteil: Wer als KMU einmal einen guten IT-Provider gefunden hat, wechselt in der Regel nicht.</p><p data-team-paragraph="" id="id-doc-1g4kru5cr0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Im Aktienkurs scheint mittlerweile sehr viel Negatives eingepreist. Das KGV für 2022 befindet sich mit 20 klar unter dem Fünfjahresschnitt von 25. Die Aktie bietet positives Überraschungspotenzial, sobald sich Anzeichen für eine Entspannung der Lieferketten zeigen.</p><div id="id-doc-1g4kuqd8m0" content="" pagetype="Article" componenttype="datawrapper" is-new-line-child="true" class="articlecomponent datawrapper nzzinteraction"><iframe title="Bewertung erstmals seit 2,5 Jahren unter Fünfjahreschnitt" aria-label="Interactive line chart" id="datawrapper-chart-aZeoc" src="https://datawrapper.dwcdn.net/aZeoc/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="400"></iframe></div><h2 data-team-subtitle="" id="id-doc-1g4ks2o660" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Carl Zeiss Meditec leidet unter China-Exposure</span></h2><p data-team-paragraph="" id="id-doc-1g4kru5cu0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Auch mit der Aktie von Carl Zeiss Meditec hatten Anleger lange Zeit Freude. Als eines der führenden Medizintechnikunternehmen in der Augenheilkunde wirft das Unternehmen zuverlässig hohe Margen ab. Nachdem sich die Aktie jedoch Anfang Jahr dem allgemeinen Ausverkauf an den Börsen nicht entziehen konnte, erhielt es im März mit den Lockdowns in China den nächsten Nackenschlag.</p><p data-team-paragraph="" id="id-doc-1g4kru5cv0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Das Problem: Zeiss macht rund 25% des Umsatzes im Reich der Mitte. Wenn China hustet, würde Zeiss Schnupfen bekommen, so die Sorgen am Markt.</p><div id="id-doc-1g4kuuutg0" content="" pagetype="Article" componenttype="datawrapper" is-new-line-child="true" class="articlecomponent datawrapper nzzinteraction"><iframe title="Outperformance fast wieder eingebüsst" aria-label="Interactive line chart" id="datawrapper-chart-eaome" src="https://datawrapper.dwcdn.net/eaome/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="400"></iframe></div><p data-team-paragraph="" id="id-doc-1g4kru5d10" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Und tatsächlich weist das Management in seinem Halbjahresbericht von Mitte Mai (das Geschäftsjahr 2021/2022 endet im September) darauf hin, dass durch die China-Lockdowns kurzfristig Umsatzausfälle durch die Verschiebung von chirurgischen Prozeduren entstünden.</p><p data-team-paragraph="" id="id-doc-1g4l0m74k1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Allerdings: Das Unternehmen lässt seine Umsatzprognose in Höhe des Vorjahres und seine anvisierte Ebit-Marge von 20% zur Überraschung vieler Analysten unverändert. Zudem überraschte Zeiss mit einem rund 31% höheren Auftragseingang gegenüber der Vorjahresperiode. Das zeigt: Die Nachfrage ist ungebrochen.</p><h2 data-team-subtitle="" id="id-doc-1g4ks34e50" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Zeiss ist bei vielen Produktlinien ein «Quasi-Monopolist»</span></h2><p data-team-paragraph="" id="id-doc-1g4kru5d30" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Trotz – oder gerade wegen – der China-Unsicherheiten sieht Stifel-Analyst Markus Gola bei dem aktuellen Kursniveau «eine reizvolle Einstiegsgelegenheit für Langfristinvestoren», wie er in einer aktuellen Studie schreibt. «Das Unternehmen ist bei vielen seiner Produktlinien ein Quasi-Monopolist, sodass Auftragsstornierungen mangels Alternativen unwahrscheinlich sind.» Geringere Wachstumsraten sollten daher aller Voraussicht nach im nächsten Jahr aufgeholt werden, so Gola.</p><p data-team-paragraph="" id="id-doc-1g4kru5d40" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Aktie notiert mit einem vorwärts gerichteten KGV von 39 unter ihrem Fünfjahresschnitt von 45. Sobald bei den Lieferkettenproblemen Licht am Ende des Tunnels zu sehen ist, oder in China die Restriktionen wieder gelockert werden, dürfte die Aktie davon profitieren. Die jüngsten Meldungen aus Schanghai, wonach erste Coronarestriktionen wieder aufgehoben wurden, stimmen zuversichtlich.</p><div id="id-doc-1g4kv64k20" content="" pagetype="Article" componenttype="datawrapper" is-new-line-child="true" class="articlecomponent datawrapper nzzinteraction"><iframe title="Phase der starken Überwertung scheint vorbei" aria-label="Interactive line chart" id="datawrapper-chart-vw6Mu" src="https://datawrapper.dwcdn.net/vw6Mu/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="400"></iframe></div><h2 data-team-subtitle="" id="id-doc-1g4ks5sen0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Eckert & Ziegler ist einer wenigen wichtigen Player in der Nuklearmedizin</span></h2><p data-team-paragraph="" id="id-doc-1g4kru5d80" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Hoch geflogen, und tief gefallen: Das beschreibt wohl am besten den Kursverlauf der Aktie von Eckert & Ziegler in den letzten 24 Monaten. Das kleine Berliner Unternehmen für Strahlen- und Medizintechnik ist einer der wenigen Zulieferer der aufstrebenden Nuklearmedizin.</p><p data-team-paragraph="" id="id-doc-1g4l0pmer1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Mithilfe schwach radioaktiver Isotope setzen Pharmaunternehmen wie Novartis, Bayer oder Ipsen auf neue Behandlungsmethoden für schwere Krankheiten wie Krebs. Sie sollen sowohl erfolgversprechender als auch mit deutlich weniger Nebenwirkungen verbunden sein.</p><div id="id-doc-1g4kva6cn0" content="" pagetype="Article" componenttype="datawrapper" is-new-line-child="true" class="articlecomponent datawrapper nzzinteraction"><iframe title="Auf den Hype folgte der Absturz" aria-label="Interactive line chart" id="datawrapper-chart-qZXi7" src="https://datawrapper.dwcdn.net/qZXi7/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="400"></iframe></div><p data-team-paragraph="" id="id-doc-1g4kru5d90" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">«Früher hat man einfach blind in die Breite bestrahlt, in der Nuklearmedizin werden die Isotope viel intelligenter eingesetzt», so Berenberg-Fondsmanager Strobl, der die Aktie im Portfolio hält.</p><p data-team-paragraph="" id="id-doc-1g4kru5da0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Dass die Aktie sich allein im vergangenen Jahr fast verdreifachte, mittlerweile aber fast 70% tiefer steht, hat auch mit Novartis zu tun. Der Schweizer Pharmariese erhielt im März die US-Zulassung einer neuen Prostatakrebstherapie (Pluvicto), für die es das schwach radioaktive Isotop Lutetium-177 benötigt. Einige Marktteilnehmer haben darauf gesetzt, dass Eckert & Ziegler zum Zug kommen würde. Doch Novartis entschied sich für den Konkurrenten ITM (Isotope Technologies Munich).</p><p data-team-paragraph="" id="id-doc-1g4kru5dc0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Heisst: Auch wenn es nur wenige Player gibt, ist Eckert & Ziegler nicht zwangsläufig in der Pole Position. «Das bedeutet aber nicht, dass Eckert & Ziegler draussen ist», betont Strobl. Denn Pharmahersteller betrieben zunehmend Dual Sourcing, wollen sich also nicht mehr nur auf einen einzigen Zulieferer verlassen.</p><h2 data-team-subtitle="" id="id-doc-1g4ks751p0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Markt für Nuklearmedizin wächst jährlich fast 20%</span></h2><p data-team-paragraph="" id="id-doc-1g4kru5df0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Für Eckert & Ziegler spricht, dass die Nuklearmedizin erst am Anfang steht. Laut einer <a target="_blank" rel="nofollow" href="https://www.fortunebusinessinsights.com/industry-reports/nuclear-medicine-radiopharmaceuticals-market-101812">Studie des Research-Unternehmens Fortune Business Insights</a> wird das Marktvolumen 2021 auf etwa 5,5 Mrd. $ geschätzt. Bis 2028 soll es bis auf rund 19,5 Mrd. $ steigen, was einer durchschnittlichen jährlichen Wachstumsrate von 19,6% entspricht. Eckert & Ziegler dürfte seinen Teil des Kuchens abbekommen. «Es handelt sich um einen oligopolistischen Markt mit extrem hohen Eintrittshürden», sagt Strobl.</p><p data-team-paragraph="" id="id-doc-1g4kru5dg0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Im ersten Quartal verzeichnet das Kerngeschäft mit Radioisotopen ein deutliches Umsatzplus von 31%. Der Gesamterlös belief sich auf 49 Mio. €, bei einem Gewinn von 6,5 Mio. €. Ein KGV von 28 für 2022 ist angesichts der Chancen, die im Markt für Nuklearmedizin liegen, nicht mehr überteuert.</p><p data-team-paragraph="" id="id-doc-1g4l0tjit1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Allerdings werden Anleger weiterhin gute Nerven brauchen. Forschungsrückschläge von Pharmapartnern können jederzeit für Rücksetzer im Aktienkurs sorgen. Zudem ist die Aktie illiquid, was die Ausschläge sowohl nach oben als auch nach unten verstärken kann.</p><div id="id-doc-1g4lhf9q30" content="" pagetype="Article" componenttype="datawrapper" data-vars-danzz-last-article-element="true" is-new-line-child="true" class="articlecomponent datawrapper nzzinteraction"><iframe title="Bewertung durch Kurssturz wieder unter Fünfjahresschnitt" aria-label="Interactive line chart" id="datawrapper-chart-xfcz8" src="https://datawrapper.dwcdn.net/xfcz8/3/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="400"></iframe></div><div id="id-doc-1g4kcud2m1" 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" 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widget__row--noBorder"><div data-team-more-to-subject class="widget--articlelist-a"><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_4775" 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/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_5783" 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-deutsche-aktientipps-fuer-2022-ld.5783" 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 deutsche Aktientipps für 2022" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2022/01/07/b6171ec0-9f2c-4ccf-8501-7b6d401c90ec.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=1778,1334,x558,y5 160w, https://img.themarket.ch/2022/01/07/b6171ec0-9f2c-4ccf-8501-7b6d401c90ec.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=1778,1334,x558,y5 320w, https://img.themarket.ch/2022/01/07/b6171ec0-9f2c-4ccf-8501-7b6d401c90ec.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=1778,1334,x558,y5 120w, https://img.themarket.ch/2022/01/07/b6171ec0-9f2c-4ccf-8501-7b6d401c90ec.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=1778,1334,x558,y5 240w" width="1778" height="1334" 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-deutsche-aktientipps-fuer-2022-ld.5783" 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">Fünf deutsche Aktientipps für 2022</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">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.</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">07.01.2022</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_6103" 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/deutsche-dividendenmaschinen-bereichern-das-portfolio-ld.6103" 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="Deutsche Dividendenmaschinen bereichern das Portfolio" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2022/02/17/82ebf60b-6966-41e1-a8b7-c9c04a37f9a0.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=1707,1280,x9,y0 160w, https://img.themarket.ch/2022/02/17/82ebf60b-6966-41e1-a8b7-c9c04a37f9a0.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=1707,1280,x9,y0 320w, https://img.themarket.ch/2022/02/17/82ebf60b-6966-41e1-a8b7-c9c04a37f9a0.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=1707,1280,x9,y0 120w, https://img.themarket.ch/2022/02/17/82ebf60b-6966-41e1-a8b7-c9c04a37f9a0.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=1707,1280,x9,y0 240w" width="1707" height="1280" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/analyse/deutsche-dividendenmaschinen-bereichern-das-portfolio-ld.6103" 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">Deutsche Dividendenmaschinen bereichern das Portfolio</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Mit der Saison der Unternehmensabschlüsse rücken Barausschüttungen in den Fokus. Gerade in einem volatilen Marktumfeld wie heute gewinnen solide Dividendenzahler an Attraktivität. The Market präsentiert fünf deutsche Aktien mit ansprechender Bewertung und feudaler Rendite.</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">18.02.2022</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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In der Schweiz sind zahlreiche ehemals gefeierte Börsen-Darlings in luftigen Höhen plötzlich höhenkrank geworden. Allseits beliebte Qualitätsaktien wie Lonza, Straumann, Sika oder VAT notieren gegenwärtig zwischen 25 und fast 45% unter ihren im vergangenen Jahr erreichten Höchstständen. Etwas zu viele Vorschusslorbeeren, ein seit Anfang Jahr deutlich restriktiveres geldpolitisches Umfeld sowie der Ukrainekrieg lasten vor allem auf hoch bewerteten Wachstumsaktien."},component:e,prevElement:aY,nextElement:aw},{id:"doc-796e75c8",identifier:aw,prevElement:c,nextElement:ax},{id:"doc-6e32407c",identifier:ax,paidContent:d,prevElement:aw,nextElement:c},{identifier:c,id:"doc-1g4kru5bv0",content:{text:"Doch nicht nur in der Schweiz haben es einstige Börsenüberflieger zuletzt schwer gehabt. Auch in Deutschland sind beliebte Champions aus dem Large-, Mid- und Small-Cap-Bereich in diesem Jahr unter die Räder gekommen. The Market wirft ein Blick nach Deutschland und zeigt fünf gefallene Börsen-Darlings, bei denen ein Einstieg jetzt wieder interessant wird."},component:e,paidContent:d,prevElement:ax,nextElement:g},{identifier:g,id:"doc-1g4krusnd0",content:{title:"Sartorius hat den Sturz nach dem Corona-Hype verarbeitet",id:"subtitle-sartorius-hat-den-sturz-nach-dem-corona-hype-verarbeitet"},component:n,contentTable:b,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1g4kru5c10",content:{text:"Sartorius erlebte seinen vorläufigen Höhepunkt im vergangenen September. Nach einer Verzehnfachung des Aktienkurses in den vorangegangen fünf Jahren, wurde der Pharma- und Laborzulieferer aus Niedersachsen in die erste deutsche Börsenliga – den neuen Dax 40 – aufgenommen. Offenbar ein schlechtes Omen, denn seitdem ging es steil abwärts: Die Aktie büsste bis Anfang Mai zwei Drittel ihres Werts ein."},component:e,paidContent:d,prevElement:g,nextElement:h},{identifier:h,id:"doc-1g4ksk7gc0",content:{datawrapper:{html:"\u003Ciframe title=\"Sartorius outperformt den Dax noch immer deutlich\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-NE0v7\" src=\"https:\u002F\u002Fdatawrapper.dwcdn.net\u002FNE0v7\u002F2\u002F\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"400\"\u003E\u003C\u002Fiframe\u003E\u003Cscript type=\"text\u002Fjavascript\"\u003E!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r\u003Ct.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}(); \u003C\u002Fscript\u003E"}},data:{_datawrapperDirective:{_embedHandler:j}},component:j,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1g4kru5c30",content:{text:"Das Unternehmen verdient sein Geld zur Hauptsache damit, Labore mit Verbrauchsmaterialien sowie Maschinen und Komponenten für die Entwicklung von Biopharmazeutika auszustatten – ein hoch profitables Geschäft, das Sartorius zu einer Ebitda-Marge von 34,1% im ersten Quartal verhilft."},component:e,paidContent:d,prevElement:h,nextElement:c},{identifier:c,id:"doc-1g4l1et4b1",content:{text:"Den Niedersachsen kommen zwei Dinge zugute: Erstens wird in der Pharmaforschung immer mehr outgesourct, was die Nachfrage nach Sartorius-Dienstleistungen weiter ankurbelt. Zweitens ist Sartorius grosser Profiteur vom zunehmenden Trend des Einmalgebrauchs von Materialien und Produkten (SUT) in den Laboren. UBS-Analyst Michael Leuchten sieht hier noch viel Spielraum für Wachstum. «Diese Lösung ist zur Herstellung von Antikörpern billiger, schneller und sauberer als herkömmliche Methoden.»"},component:e,paidContent:d,prevElement:c,nextElement:g},{identifier:g,id:"doc-1g4ks09mf0",content:{title:"Aktienbewertung schoss in die Höhe",id:"subtitle-aktienbewertung-schoss-in-die-h-he"},component:n,contentTable:b,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1g4kru5c60",content:{text:"In den letzten beiden Jahren war Sartorius ein typischer Coronagewinner. Das Unternehmen wurde überrannt mit Bestellungen von Impfstoff- und Coronatestherstellern, was sowohl den Gewinn als auch die Bewertung der Aktie hochgetrieben hat. Zwischenzeitlich wurde die Aktie mit einem vorwärts gerichteten Kurs-Gewinn-Verhältnis (KGV) von über 100 gehandelt."},component:e,paidContent:d,prevElement:g,nextElement:c},{identifier:c,id:"doc-1g4kru5c70",content:{text:"Mittlerweile hat sich der coronabedingte Umsatz wieder normalisiert – und damit auch die Bewertung. Das KGV für von 35 liegt deutlich unter dem Fünfjahresschnitt von 51."},component:e,paidContent:d,prevElement:c,nextElement:h},{identifier:h,id:"doc-1g4ktaklu0",content:{datawrapper:{html:"\u003Ciframe title=\"Bewertung von Sartorius deutlich unter Fünfjahreschnitt\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-QZf8p\" src=\"https:\u002F\u002Fdatawrapper.dwcdn.net\u002FQZf8p\u002F1\u002F\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"400\"\u003E\u003C\u002Fiframe\u003E\u003Cscript type=\"text\u002Fjavascript\"\u003E!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r\u003Ct.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}(); \u003C\u002Fscript\u003E"}},data:{_datawrapperDirective:{_embedHandler:j}},component:j,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1g4kru5c90",content:{text:"«Die Bewertung ist wieder auf dem Vor-Corona-Niveau», stellt Andreas Strobl, Fondsmanager bei der Hamburger Privatbank Berenberg fest. Coronarückenwinde seien kaum noch im Kurs eingepreist. Dafür sei die Wachstumsstory von Sartorius abgesehen vom Coronasondereffekt extrem konjunkturunabhängig. Für Anleger bietet sich jetzt eine gute Chance zum Einstieg."},component:e,paidContent:d,prevElement:h,nextElement:g},{identifier:g,id:"doc-1g4ks0ne90",content:{title:"Bausoftware-Marktführer Nemetschek baut sch zweites Standbein auf",id:"subtitle-bausoftware-marktf-hrer-nemetschek-baut-sch-zweites-standbein-auf"},component:n,contentTable:b,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1g4kru5cb0",content:{text:"Gäbe es einen Preis für die am wenigsten digitalisierte Branche, wäre der Bausektor wohl einer der Favoriten. Nemetschek hat das Aufholpotenzial in der Branche erkannt und entwickelt heute Softwarelösungen für den gesamten Bauprozess: von der Planung über das Designen bis hin zum Bauen und Nutzen von Gebäuden. Das Münchner Unternehmen hat die digitale Entwicklung in der Bauindustrie von zweidimensionalen Modellen hin zu dreidimensionalen Entwürfen aktiv vorangebracht."},component:e,paidContent:d,prevElement:g,nextElement:c},{identifier:c,id:"doc-1g4kru5cc0",content:{text:"Das hat die Aktie in der letzten Dekade zu einem Liebling unter Anlegern gemacht. Allerdings ist auch den Münchnern die hohe Bewertung zum Verhängnis geworden. Gepaart mit konjunktureller Unsicherheit und Befürchtungen, dass die Digitalisierung in der Baubranche fürs Erste ausgereizt sei, büsste die Aktie seit ihrem Höchst Ende Dezember über 40% ein."},component:e,paidContent:d,prevElement:c,nextElement:h},{identifier:h,id:"doc-1g4ktjjm20",content:{datawrapper:{html:"\u003Ciframe title=\"Anfang Jahr kam der Sturz\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-OdTE5\" src=\"https:\u002F\u002Fdatawrapper.dwcdn.net\u002FOdTE5\u002F1\u002F\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"400\"\u003E\u003C\u002Fiframe\u003E\u003Cscript type=\"text\u002Fjavascript\"\u003E!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r\u003Ct.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}(); \u003C\u002Fscript\u003E"}},data:{_datawrapperDirective:{_embedHandler:j}},component:j,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1g4kru5ce0",content:{text:"Dem widerspricht Strobl vehement. «Die Bauindustrie befindet sich in Sachen Digitalisierung noch immer im Steinzeitalter.» Die Branche sei noch immer aufgeteilt in Architekten, Genehmigungsbehörden, Baufirmen und vielen anderen Parteien, die es zu vernetzen gelte. «Das steht alles noch am Anfang.»"},component:e,paidContent:d,prevElement:h,nextElement:g},{identifier:g,id:"doc-1g4l0ceq60",content:{title:"3D und Metaverse bieten Wachstumsfantasie",id:"subtitle-3d-und-metaverse-bieten-wachstumsfantasie"},component:n,contentTable:b,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1g4kru5cf0",content:{text:"Zudem baut Nemetschek bereits an einem zweiten Standbein. Mit der Akquisition von Pixologic durch die Nemetschek-Tochter Maxon Anfang Jahr steigt das Unternehmen den Markt der 3D-Animations ein, wo insbesondere in der Gaming-Industrie sowie dank des Metaverse-Trends Wachstumsfantasien liegen. «Dieses Geschäft macht erst 13% des Umsatzes aus, könnte aber ein hohes Wachstum zeigen», glaubt Strobl. Er glaubt, dass das Momentum in der virtuellen Welt allfällige Konjunkturabschwächungen generell langfristig mehr als kompensieren werden."},component:e,paidContent:d,prevElement:g,nextElement:c},{identifier:c,id:"doc-1g4kru5cg0",content:{text:"Die Aktie ist trotz Kurskorrektur mit einem KGV von 43 für 2022 noch immer sportlich bewertet, liegt damit allerdings deutlich unter dem Fünfjahresschnitt von 54. Das Unternehmen arbeitet mit einer Ebitda-Marge von 36,3% im ersten Quartal hochprofitabel und will dieses Jahr zwischen 12 und 14% wachsen. «Die Gewinnschätzungen zeigen ein starkes konstantes Wachstum, so etwas hat natürlich eine Qualitätsprämie», sagt Strobl."},component:e,paidContent:d,prevElement:c,nextElement:h},{identifier:h,id:"doc-1g4ku8ugo0",content:{datawrapper:{html:"\u003Ciframe title=\"Bewertung von Nemetschek wieder unter Fünfjahreschnitt \" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-5gDJ0\" src=\"https:\u002F\u002Fdatawrapper.dwcdn.net\u002F5gDJ0\u002F1\u002F\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"400\"\u003E\u003C\u002Fiframe\u003E\u003Cscript type=\"text\u002Fjavascript\"\u003E!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r\u003Ct.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}(); \u003C\u002Fscript\u003E"}},data:{_datawrapperDirective:{_embedHandler:j}},component:j,paidContent:d,prevElement:c,nextElement:g},{identifier:g,id:"doc-1g4ks1tnc0",content:{title:"Bechtle profitiert von Digitalisierung in der KMU-Branche",id:"subtitle-bechtle-profitiert-von-digitalisierung-in-der-kmu-branche"},component:n,contentTable:b,paidContent:d,prevElement:h,nextElement:c},{identifier:c,id:"doc-1g4kru5cj0",content:{text:"Um Defizite in der Digitalisierung geht es auch bei der Wachstumsgeschichte von Bechtle. Das IT-Systemhaus aus Baden-Württemberg ist führend bei der Digitalisierung von KMU-Betrieben in Deutschland, aber auch in der Schweiz und Österreich aktiv."},component:e,paidContent:d,prevElement:g,nextElement:c},{identifier:c,id:"doc-1g4l0u8qr1",content:{text:"Das Hauptgeschäft ist die IT-Strategieberatung von Unternehmen samt Lieferung von Hard- und Software, bis hin zum Komplettbetrieb der IT. Daneben etablieren sich die Schwaben aber auch im einfachen E-Commerce-Geschäft mit dem Verkauf von Hardware und Software."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1g4kru5cl0",content:{text:"Mit einem KGV von 20 für 2022 ist Bechtle nicht teuer bewertet. Das liegt einerseits am überschaubaren Wachstum des IT-Markts in Deutschland. Selbst im Coronajahr 2021 betrug der Zuwachs laut Statistischem Bundesamt nur 6,3%. Zudem ist der Markt umkämpft, was die Ebit-Marge von Bechtle auf rund 5% drückt. Darüber hinaus machten sich zuletzt Lieferkettenprobleme und der Chipmangel in Bechtles Hauptgeschäftsfeld bemerkbar."},component:e,paidContent:d,prevElement:c,nextElement:h},{identifier:h,id:"doc-1g4kudhhu0",content:{datawrapper:{html:"\u003Ciframe title=\"Outperformance der letzten drei Jahre wieder eingebüsst\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-8oLTU\" src=\"https:\u002F\u002Fdatawrapper.dwcdn.net\u002F8oLTU\u002F1\u002F\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"400\"\u003E\u003C\u002Fiframe\u003E\u003Cscript type=\"text\u002Fjavascript\"\u003E!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r\u003Ct.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}(); \u003C\u002Fscript\u003E"}},data:{_datawrapperDirective:{_embedHandler:j}},component:j,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1g4kru5cn0",content:{text:"Hoffnung macht aber, dass das Management kürzlich seinen optimistischen Ausblick einer deutlichen Umsatzsteigerung um bis zu 10% bekräftigt hat. Bechtle sitzt auf einem hohen Auftragsbestand und zeigt sich zuversichtlich, dass sich dieser nach und nach realisieren lässt."},component:e,paidContent:d,prevElement:h,nextElement:c},{identifier:c,id:"doc-1g4kru5co0",content:{text:"Länger anhaltende Lieferschwierigkeiten oder gar eine Verschlechterung der Situation sind zwar ein Risiko, für Strobl werden die negativen Auswirkungen allerdings überschätzt. «Die Vergangenheit hat gezeigt, dass Bechtle mit Lieferschwierigkeiten gut umgehen kann. Am Markt wird die Situation aber momentan noch eher negativ gesehen.»"},component:e,paidContent:d,prevElement:c,nextElement:g},{identifier:g,id:"doc-1g4ks2be30",content:{title:"Digitalisierung bei KMU steckt noch in den Anfängen",id:"subtitle-digitalisierung-bei-kmu-steckt-noch-in-den-anf-ngen"},component:n,contentTable:b,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1g4kru5cq0",content:{text:"Die langfristigen Trends spielen Bechtle in die Hände: Der Ausbau des Cloud-Geschäfts steht bei KMU erst am Anfang, ebenso die Vernetzung der Arbeitsplätze sowie die Stabilität der IT-Landschaft. «Corona war ein Katalysator für die Digitalisierung von KMU, trotzdem ist das erst der Anfang», ist Strobl überzeugt. Bechtles Vorteil: Wer als KMU einmal einen guten IT-Provider gefunden hat, wechselt in der Regel nicht."},component:e,paidContent:d,prevElement:g,nextElement:c},{identifier:c,id:"doc-1g4kru5cr0",content:{text:"Im Aktienkurs scheint mittlerweile sehr viel Negatives eingepreist. Das KGV für 2022 befindet sich mit 20 klar unter dem Fünfjahresschnitt von 25. Die Aktie bietet positives Überraschungspotenzial, sobald sich Anzeichen für eine Entspannung der Lieferketten zeigen."},component:e,paidContent:d,prevElement:c,nextElement:h},{identifier:h,id:"doc-1g4kuqd8m0",content:{datawrapper:{html:"\u003Ciframe title=\"Bewertung erstmals seit 2,5 Jahren unter Fünfjahreschnitt\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-aZeoc\" src=\"https:\u002F\u002Fdatawrapper.dwcdn.net\u002FaZeoc\u002F1\u002F\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"400\"\u003E\u003C\u002Fiframe\u003E\u003Cscript type=\"text\u002Fjavascript\"\u003E!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r\u003Ct.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}(); \u003C\u002Fscript\u003E"}},data:{_datawrapperDirective:{_embedHandler:j}},component:j,paidContent:d,prevElement:c,nextElement:g},{identifier:g,id:"doc-1g4ks2o660",content:{title:"Carl Zeiss Meditec leidet unter China-Exposure",id:"subtitle-carl-zeiss-meditec-leidet-unter-china-exposure"},component:n,contentTable:b,paidContent:d,prevElement:h,nextElement:c},{identifier:c,id:"doc-1g4kru5cu0",content:{text:"Auch mit der Aktie von Carl Zeiss Meditec hatten Anleger lange Zeit Freude. Als eines der führenden Medizintechnikunternehmen in der Augenheilkunde wirft das Unternehmen zuverlässig hohe Margen ab. Nachdem sich die Aktie jedoch Anfang Jahr dem allgemeinen Ausverkauf an den Börsen nicht entziehen konnte, erhielt es im März mit den Lockdowns in China den nächsten Nackenschlag."},component:e,paidContent:d,prevElement:g,nextElement:c},{identifier:c,id:"doc-1g4kru5cv0",content:{text:"Das Problem: Zeiss macht rund 25% des Umsatzes im Reich der Mitte. Wenn China hustet, würde Zeiss Schnupfen bekommen, so die Sorgen am Markt."},component:e,paidContent:d,prevElement:c,nextElement:h},{identifier:h,id:"doc-1g4kuuutg0",content:{datawrapper:{html:"\u003Ciframe title=\"Outperformance fast wieder eingebüsst\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-eaome\" src=\"https:\u002F\u002Fdatawrapper.dwcdn.net\u002Feaome\u002F1\u002F\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"400\"\u003E\u003C\u002Fiframe\u003E\u003Cscript type=\"text\u002Fjavascript\"\u003E!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r\u003Ct.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}(); \u003C\u002Fscript\u003E"}},data:{_datawrapperDirective:{_embedHandler:j}},component:j,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1g4kru5d10",content:{text:"Und tatsächlich weist das Management in seinem Halbjahresbericht von Mitte Mai (das Geschäftsjahr 2021\u002F2022 endet im September) darauf hin, dass durch die China-Lockdowns kurzfristig Umsatzausfälle durch die Verschiebung von chirurgischen Prozeduren entstünden."},component:e,paidContent:d,prevElement:h,nextElement:c},{identifier:c,id:"doc-1g4l0m74k1",content:{text:"Allerdings: Das Unternehmen lässt seine Umsatzprognose in Höhe des Vorjahres und seine anvisierte Ebit-Marge von 20% zur Überraschung vieler Analysten unverändert. Zudem überraschte Zeiss mit einem rund 31% höheren Auftragseingang gegenüber der Vorjahresperiode. Das zeigt: Die Nachfrage ist ungebrochen."},component:e,paidContent:d,prevElement:c,nextElement:g},{identifier:g,id:"doc-1g4ks34e50",content:{title:"Zeiss ist bei vielen Produktlinien ein «Quasi-Monopolist»",id:"subtitle-zeiss-ist-bei-vielen-produktlinien-ein-quasi-monopolist"},component:n,contentTable:b,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1g4kru5d30",content:{text:"Trotz – oder gerade wegen – der China-Unsicherheiten sieht Stifel-Analyst Markus Gola bei dem aktuellen Kursniveau «eine reizvolle Einstiegsgelegenheit für Langfristinvestoren», wie er in einer aktuellen Studie schreibt. «Das Unternehmen ist bei vielen seiner Produktlinien ein Quasi-Monopolist, sodass Auftragsstornierungen mangels Alternativen unwahrscheinlich sind.» Geringere Wachstumsraten sollten daher aller Voraussicht nach im nächsten Jahr aufgeholt werden, so Gola."},component:e,paidContent:d,prevElement:g,nextElement:c},{identifier:c,id:"doc-1g4kru5d40",content:{text:"Die Aktie notiert mit einem vorwärts gerichteten KGV von 39 unter ihrem Fünfjahresschnitt von 45. Sobald bei den Lieferkettenproblemen Licht am Ende des Tunnels zu sehen ist, oder in China die Restriktionen wieder gelockert werden, dürfte die Aktie davon profitieren. Die jüngsten Meldungen aus Schanghai, wonach erste Coronarestriktionen wieder aufgehoben wurden, stimmen zuversichtlich."},component:e,paidContent:d,prevElement:c,nextElement:h},{identifier:h,id:"doc-1g4kv64k20",content:{datawrapper:{html:"\u003Ciframe title=\"Phase der starken Überwertung scheint vorbei\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-vw6Mu\" src=\"https:\u002F\u002Fdatawrapper.dwcdn.net\u002Fvw6Mu\u002F1\u002F\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"400\"\u003E\u003C\u002Fiframe\u003E\u003Cscript type=\"text\u002Fjavascript\"\u003E!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r\u003Ct.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}(); \u003C\u002Fscript\u003E"}},data:{_datawrapperDirective:{_embedHandler:j}},component:j,paidContent:d,prevElement:c,nextElement:g},{identifier:g,id:"doc-1g4ks5sen0",content:{title:"Eckert & Ziegler ist einer wenigen wichtigen Player in der Nuklearmedizin",id:"subtitle-eckert-amp-ziegler-ist-einer-wenigen-wichtigen-player-in-der-nuklearmedizin"},component:n,contentTable:b,paidContent:d,prevElement:h,nextElement:c},{identifier:c,id:"doc-1g4kru5d80",content:{text:"Hoch geflogen, und tief gefallen: Das beschreibt wohl am besten den Kursverlauf der Aktie von Eckert & Ziegler in den letzten 24 Monaten. Das kleine Berliner Unternehmen für Strahlen- und Medizintechnik ist einer der wenigen Zulieferer der aufstrebenden Nuklearmedizin."},component:e,paidContent:d,prevElement:g,nextElement:c},{identifier:c,id:"doc-1g4l0pmer1",content:{text:"Mithilfe schwach radioaktiver Isotope setzen Pharmaunternehmen wie Novartis, Bayer oder Ipsen auf neue Behandlungsmethoden für schwere Krankheiten wie Krebs. Sie sollen sowohl erfolgversprechender als auch mit deutlich weniger Nebenwirkungen verbunden sein."},component:e,paidContent:d,prevElement:c,nextElement:h},{identifier:h,id:"doc-1g4kva6cn0",content:{datawrapper:{html:"\u003Ciframe title=\"Auf den Hype folgte der Absturz\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-qZXi7\" src=\"https:\u002F\u002Fdatawrapper.dwcdn.net\u002FqZXi7\u002F1\u002F\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"400\"\u003E\u003C\u002Fiframe\u003E\u003Cscript type=\"text\u002Fjavascript\"\u003E!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r\u003Ct.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}(); \u003C\u002Fscript\u003E"}},data:{_datawrapperDirective:{_embedHandler:j}},component:j,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1g4kru5d90",content:{text:"«Früher hat man einfach blind in die Breite bestrahlt, in der Nuklearmedizin werden die Isotope viel intelligenter eingesetzt», so Berenberg-Fondsmanager Strobl, der die Aktie im Portfolio hält."},component:e,paidContent:d,prevElement:h,nextElement:c},{identifier:c,id:"doc-1g4kru5da0",content:{text:"Dass die Aktie sich allein im vergangenen Jahr fast verdreifachte, mittlerweile aber fast 70% tiefer steht, hat auch mit Novartis zu tun. Der Schweizer Pharmariese erhielt im März die US-Zulassung einer neuen Prostatakrebstherapie (Pluvicto), für die es das schwach radioaktive Isotop Lutetium-177 benötigt. Einige Marktteilnehmer haben darauf gesetzt, dass Eckert & Ziegler zum Zug kommen würde. Doch Novartis entschied sich für den Konkurrenten ITM (Isotope Technologies Munich)."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1g4kru5dc0",content:{text:"Heisst: Auch wenn es nur wenige Player gibt, ist Eckert & Ziegler nicht zwangsläufig in der Pole Position. «Das bedeutet aber nicht, dass Eckert & Ziegler draussen ist», betont Strobl. Denn Pharmahersteller betrieben zunehmend Dual Sourcing, wollen sich also nicht mehr nur auf einen einzigen Zulieferer verlassen."},component:e,paidContent:d,prevElement:c,nextElement:g},{identifier:g,id:"doc-1g4ks751p0",content:{title:"Markt für Nuklearmedizin wächst jährlich fast 20%",id:"subtitle-markt-f-r-nuklearmedizin-w-chst-j-hrlich-fast-20"},component:n,contentTable:b,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1g4kru5df0",content:{text:"Für Eckert & Ziegler spricht, dass die Nuklearmedizin erst am Anfang steht. Laut einer \u003Ca target=\"_blank\" rel=\"nofollow\" href=\"https:\u002F\u002Fwww.fortunebusinessinsights.com\u002Findustry-reports\u002Fnuclear-medicine-radiopharmaceuticals-market-101812\"\u003EStudie des Research-Unternehmens Fortune Business Insights\u003C\u002Fa\u003E wird das Marktvolumen 2021 auf etwa 5,5 Mrd. $ geschätzt. Bis 2028 soll es bis auf rund 19,5 Mrd. $ steigen, was einer durchschnittlichen jährlichen Wachstumsrate von 19,6% entspricht. Eckert & Ziegler dürfte seinen Teil des Kuchens abbekommen. «Es handelt sich um einen oligopolistischen Markt mit extrem hohen Eintrittshürden», sagt Strobl."},component:e,paidContent:d,prevElement:g,nextElement:c},{identifier:c,id:"doc-1g4kru5dg0",content:{text:"Im ersten Quartal verzeichnet das Kerngeschäft mit Radioisotopen ein deutliches Umsatzplus von 31%. Der Gesamterlös belief sich auf 49 Mio. €, bei einem Gewinn von 6,5 Mio. €. Ein KGV von 28 für 2022 ist angesichts der Chancen, die im Markt für Nuklearmedizin liegen, nicht mehr überteuert."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1g4l0tjit1",content:{text:"Allerdings werden Anleger weiterhin gute Nerven brauchen. Forschungsrückschläge von Pharmapartnern können jederzeit für Rücksetzer im Aktienkurs sorgen. Zudem ist die Aktie illiquid, was die Ausschläge sowohl nach oben als auch nach unten verstärken kann."},component:e,paidContent:d,prevElement:c,nextElement:h},{identifier:h,id:"doc-1g4lhf9q30",content:{datawrapper:{html:"\u003Ciframe title=\"Bewertung durch Kurssturz wieder unter Fünfjahresschnitt\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-xfcz8\" src=\"https:\u002F\u002Fdatawrapper.dwcdn.net\u002Fxfcz8\u002F3\u002F\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"400\"\u003E\u003C\u002Fiframe\u003E\u003Cscript type=\"text\u002Fjavascript\"\u003E!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r\u003Ct.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}(); 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Bitte prüfen Sie Ihre Internetverbindung oder versuchen Sie es später erneut.\u003C\u002Fp\u003E","bellevue","judi.header","judi.moreToSubject","Bild: John Arano\u002FUnsplash","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.",5192,"ld.4775","2022-01-07T01:17:02.497Z",60,"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.",55,"ld.5783","2022-02-18T04:36:05.796Z","Mit der Saison der Unternehmensabschlüsse rücken Barausschüttungen in den Fokus. Gerade in einem volatilen Marktumfeld wie heute gewinnen solide Dividendenzahler an Attraktivität. The Market präsentiert fünf deutsche Aktien mit ansprechender Bewertung und feudaler Rendite.",1920,1138,1280,"ld.6103",{},{},2389,"CH","MKT",100,{},"Diese gefallenen deutschen Börsen-Champions sind wieder interessant,Analyse,Analyse, Finanznachrichten, The Market",{},"redaktion@themarket.ch","2024 The Market Media AG, Schweiz","index, follow, noarchive, noodp, max-snippet:-1, max-image-preview:large, max-video-preview:-1",{},Array(0),"de","Sun, 24 Nov 2024 17:01:26 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