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=== 'terms-accepted') { fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: window.tp.pianoId.getUser().uid, form_id: config.CETermsAccepted.formName, custom_fields: JSON.stringify(config.CETermsAccepted.params) }), { method: 'POST', headers: { 'Authorization': window.tp.pianoId.getToken(), 'Content-Type': 'application/json; charset=UTF-8' } }).then(() => { if (window.nzzDebugPiano) { console.log('##piano## customEvent triggered: fetch done'); } }).catch(err => console.log(err)); window.tp.offer.close(); } if (window.nzzDebugPiano) { console.log(`##piano## customEvent triggered3: ${event.eventName}`); } }]); window.tp.push(['addHandler', 'showOffer', offerParams => { if (window.digitalData && window.digitalData.component && typeof window.digitalData.component.push == 'function') { window.digitalData.component.push({ componentInfo: { componentID: offerParams.offerId, componentName: offerParams.offerId }, category: { primaryCategory: 'offer', componentType: 'offer' 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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>Antizyklisch in Zykliker investieren</span></h1></div></div> <div class="headline__inner"><p class="headline__lead">Die Einkaufsmanagerindizes haben begonnen, sich auf tiefem Niveau zu stabilisieren. Das dient Anlageprofis als Signal, Positionen in zyklischen Titeln wie Bossard, Oerlikon oder Georg Fischer aufzubauen.</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">Andreas Kälin</span>    <span class="metainfo__item metainfo__item--date"><time datetime="2024-01-21T22:15:59.816Z"> 21.01.2024, 23.15 Uhr </time> </span></div> <div class="headline__meta-extra"><div class="actionbar actionbar--header"> <div class="popover__placeholder"><div><div class="actionbar__item"><button class="actionbar__button button actionbar__button--header"><svg version="1.1" viewBox="0 0 18 16" class="svg-icon" style="width:16px;height:18px;"><path stroke="#000000" fill="none" pid="0" d="M17.477 7.5C17.148 3.747 13.165.5 9 .5 4.834.5.85 3.747.52 7.5M2.5 8.5h-2v7h2v-7zM17.5 8.5h-2v7h2v-7z" _stroke="#000"/><path stroke="#000000" fill="none" pid="1" fill-rule="evenodd" clip-rule="evenodd" d="M7.5 9.04v5.92L11.2 12 7.5 9.04z" _fill="#000" _stroke="#000"/></svg> <span class="actionbar__label">Hören</span></button></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-1hkgivgde1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text">Kommt die Rezession, oder gelingt der Wirtschaft eine weiche Landung? Für die Privatbank Reichmuth & Co bildet auf Sicht von einem halben Jahr eine weiche Landung das Hauptszenario, mit einer Eintretenswahrscheinlichkeit von 40%, erläutert Silvan Betschart, Leiter Anlagepolitik.</p><div id="id-doc-385265bb" content="" pagetype="Article" componenttype="barrier" is-new-line-child="true"><div id="paywall_container" class="disabled-overlay"></div></div><div id="id-doc-d3c9741c" content="" pagetype="Article" componenttype="advertisement" is-new-line-child="true" class="nzzinteraction"></div><p data-team-paragraph="" id="id-doc-1hkgj0pr40" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Er verweist darauf, dass die tonangebende Wirtschaft der USA allen Unkenrufen zum Trotz 2023 real immer noch um 2% gewachsen ist. Die Inflation von über 3% eingerechnet, ergebe sich ein nominales Wachstum von 5 bis 6%: «Dadurch erhalten die Unternehmen, die ihren Umsatz und Gewinn ja nominal ausweisen, einen gewissen Rückenwind.»</p><p data-team-paragraph="" id="id-doc-1hkgj0pr70" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Während Analyst Betschart die Chance gewahrt sieht, dass in den USA eine scharfe Rezession vermieden wird und ihre Wirtschaft weich landet, befindet sich Europas Wirtschaft «wohl schon in der Rezession». Und China ist nach langer Zeit mit hohen Wachstumsraten ebenfalls in einem Zyklustief.</p><h2 data-team-subtitle="" id="id-doc-1hkgj0pr80" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span><strong>Richtlinien zum Anlegen</strong></span></h2><p data-team-paragraph="" id="id-doc-1hkgj0pr81" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Wie soll in diesem Umfeld investiert werden? Eine offene Frage ist, wohin die Inflation treibt. Wird sie sich wellenartig von Hoch zu Hoch bewegen wie in den Siebziger- bis Anfang der Achtzigerjahre, und bleibt das Zinsniveau hoch? Betschart geht davon aus, dass die Staaten von ihrer expansiven Fiskalpolitik nicht lassen können und die Budgetdefizite hoch bleiben. Der systemverträglichste Weg, ihre Schuldenprobleme handhaben zu können, sei die Finanzrepression, sprich: mittelfristig höhere Inflationsraten akzeptieren bei vergleichsweise tiefen Zinsen. Dies spricht dafür, Nominalanlagen wie Anleihen auf längere Sicht zu meiden und in Sachwerte wie Aktien zu investieren.</p><p data-team-paragraph="" id="id-doc-1hkgj0pr90" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Wie Betschart ausführt, muss dabei auch ein Zukunftsszenario Stagflation, also eine Konstellation von wenig Wirtschaftswachstum und höherer Inflation, für qualitativ gute Unternehmen nicht schlecht sein, sofern sie weiter ein gewisses Umsatzwachstum generieren und dem Margendruck entgegenhalten können. Zu meiden gelte es in solchen Zeiten aber zinssensitive Valoren, also hoch bewertete Titel von Wachstumsunternehmen: «Zyklische Aktien sind dagegen weniger zinssensitiv, und auch unter ihnen finden sich Qualitätswerte.»</p><h2 data-team-subtitle="" id="id-doc-1hkgj0pr91" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span><strong>Mit den PMI vorausschauen</strong></span></h2><p data-team-paragraph="" id="id-doc-1hkgj0pra0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Derzeit spricht noch ein Faktor für Engagements in zyklische Aktien: Die Einkaufsmanagerindizes oder Purchasing Managers Indices (PMI). Das mag auf den ersten Blick überraschen. Denn sie befinden sich vielerorts unter der Marke von 50 und damit in einem Bereich, der nach wie vor eine Kontraktion der Wirtschaft signalisiert. Entscheidend aber ist der Trend, wie Anlageprofis betonen.</p><p data-team-paragraph="" id="id-doc-1hkgj0pra1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Stephan Sola, Manager des Plutos Schweiz Fund, beobachtet genau, wie sich die PMI als vorlaufende Konjunkturindikatoren entwickeln: «Drehen sie nachhaltig nach oben ins Positive, werden zyklische Aktien profitieren, und von diesen gibt es in der Schweiz viele, die günstig bewertet sind.»</p><div id="id-doc-1hkgj1vsq0" content="" pagetype="Article" componenttype="datawrapper" is-new-line-child="true" class="articlecomponent datawrapper nzzinteraction"><iframe title="Industrie-PMI sind in Stabilisierungsphase eingetreten" aria-label="Interactive line chart" id="datawrapper-chart-0Qx03" src="https://datawrapper.dwcdn.net/0Qx03/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="400" data-external="1"></iframe></div><p data-team-paragraph="" id="id-doc-1hkgj0prb1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Der PMI für die Industrie der Eurozone, der im Juli ein Tief von 42.7 erreichte, hat sich im Dezember etwas weiter auf 44,4 verbessert. In den USA lag er gemäss dem Institute for Supply Management (ISM) zuletzt mit 47,4 um 0,7 Punkte höher als im November.</p><p data-team-paragraph="" id="id-doc-1hkgj0prc0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Betschart von Reichmuth & Co geht davon aus, dass die PMI sich nicht mehr deutlich verschlechtern und sich auf tiefem Niveau in einer Stabilisierungsphase befinden. «Historisch betrachtet entsprechen die aktuellen PMI-Werte den Tiefstständen im Zyklus, deshalb haben wir begonnen, schrittweise zyklische Schweizer Nebenwerte zuzukaufen.» Denn die Erfahrung zeige, dass die Börse Entwicklungen vorwegnehme und meist ein halbes Jahr vorausschaue. Das heisst, wenn die PMI die Wachstumsschwelle von 50 erreichen und überschreiten, haben sich die Kurse von zyklischen Aktien bereits um einiges von ihren Tiefs entfernt.</p><h2 data-team-subtitle="" id="id-doc-1hkgj0prc1" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span><strong>Bossard: der Pulsmesser</strong></span></h2><div id="id-doc-1hkgjb7r90" 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://boerse.themarket.ch/widgets/instrument/23862714-4-1#market-widget-doc-1hkgjb7r90" id="market-widget-doc-1hkgjb7r90"> </iframe> </div><p data-team-paragraph="" id="id-doc-1hkgj0prd0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Ein klassischer Frühzykliker ist <a target="_blank" href="https://themarket.ch/analyse/bossard-staerkt-den-ruf-als-qualitaetstitel-ld.9720">Bossard</a>. Der Markt des Zuger Spezialisten für Verbindungstechnik bewegt sich stark mit dem PMI, und seine Aktie gilt daher als Pulsmesser für die produzierende Industrie. Betschart bestätigt diese Einschätzung und hält die Bossard-Titel im derzeitigen Umfeld für «eine spannende Anlage». Das sei auch deshalb der Fall, weil das Unternehmen auf dem nordamerikanischen Markt gut vertreten sei und davon profitiere, wenn dort die weiche Landung gelinge.</p><div id="id-doc-1hkgj1qj90" content="" pagetype="Article" componenttype="datawrapper" is-new-line-child="true" class="articlecomponent datawrapper nzzinteraction"><iframe title="Bossard ist auch in Amerika gut vertreten" aria-label="Interactive line chart" id="datawrapper-chart-2pHjh" src="https://datawrapper.dwcdn.net/2pHjh/2/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="400" data-external="1"></iframe></div><p data-team-paragraph="" id="id-doc-1hkgj0pre0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Gruppe, die Verbindungselemente beschafft und vertreibt sowie damit verbundene Dienstleistungen anbietet, musste im vergangenen Jahr einen Umsatzverlust von 7,3% oder in Lokalwährungen von 2,6% auf 1,07 Mrd. Fr. hinnehmen. Im Schlussquartal fiel der Rückgang mit 7,3% in Lokalwährungen noch stärker aus: Bossard büsste in dieser Periode in allen Regionen Umsatz ein, mit Abstand am meisten in Asien, das damit weniger als 18% zum Gruppenumsatz beitrug. Der Anteil von Amerika erreichte gut 29%, aus Europa kam mit 53% weiterhin der Grossteil des Umsatzes.</p><h2 data-team-subtitle="" id="id-doc-1hkgj0pre1" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span><strong>Zurzeit noch Kurzarbeit</strong></span></h2><p data-team-paragraph="" id="id-doc-1hkgj0prf0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Für das laufende Jahr erwarten die Analysten insgesamt eine stagnierende Umsatzentwicklung. Festzuhalten bleibt aber auch, dass das Geschäft von Bossard kurzfristiger Natur ist. Gemäss CEO Daniel Bossard habe man «eine Visibilität von knapp einem Monat». Gegenüber The Market bestätigt Finanzchef Stephan Zehnder nun, dass das Unternehmen Anfang Jahr Kurzarbeit eingeführt habe, «betroffen davon sind 60% der Mitarbeiter am Platz Zug». Die Massnahme sei für die nächsten drei Monate eingeplant.</p><p data-team-paragraph="" id="id-doc-1hkgj0prf1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">In diesen Zeiten in Bossard zu investieren, bedarf einigen Mutes. Das Anlagerisiko ist aber insofern beschränkt, als der Spezialist für Verbindungtechnik unbestritten zu den Schweizer Qualitätsunternehmen zählt. Langfristig zeigt sein Wachstumstrend nach oben. Er erzielt eine Rendite auf das eingesetzte Kapital, die jeweils über dem gewichteten Kapitalkostensatz liegt, und generiert so steten Mehrwert für die Aktionäre.</p><p data-team-paragraph="" id="id-doc-1hkgjr95n1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Eine Anlagealternative zu Bossard sind die Titel der im Handels- und im Logistikgeschäft als Konkurrentin auftretenden <a target="_blank" href="https://themarket.ch/analyse/sfs-verdient-mehr-vertrauen-ld.10388">SFS-Gruppe</a>, die ebenfalls hohe Qualität bietet. Am Freitag hat sie ihre Umsatzzahlen für 2023 publiziert: Sie belegen, dass sich das organische Wachstum im zweiten Halbjahr gegenüber dem ersten wieder beschleunigt hat. Weil SFS aber etwas unterhalb der eigenen Prognosespanne und der Markterwartungen abgeschnitten hat, ist der Aktienkurs wieder gesunken.</p><div id="id-doc-1hkgjua210" 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://boerse.themarket.ch/widgets/instrument/23922930-4-1#market-widget-doc-1hkgjua210" id="market-widget-doc-1hkgjua210"> </iframe> </div><h2 data-team-subtitle="" id="id-doc-1hkgj0prg0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span><strong>Oerlikon: bereit für neuen Zyklus?</strong></span></h2><p data-team-paragraph="" id="id-doc-1hkgj0prg1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Einen speziellen Fall unter den Zyklikern bildet Oerlikon. An der Börse geniesst sie wenig Wertschätzung, der Kurs ist am Boden. Das Unternehmen habe «zwei Gesichter», meint Fondsmanager Sola.</p><div id="id-doc-1hkgjbdmd0" 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://boerse.themarket.ch/widgets/instrument/81682-4-1#market-widget-doc-1hkgjbdmd0" id="market-widget-doc-1hkgjbdmd0"> </iframe> </div><p data-team-paragraph="" id="id-doc-1hkgj0prh0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Das freundliche Gesicht wird repräsentiert von der Division Surface Solutions. Ihre Beschichtungen erhöhen die Leistung und verlängern die Lebensdauer von Werkzeugen oder Motorbauteilen und Konsumgütern bis hin zu elektrischen Zahnbürsten. So ermöglichen sie in der Öl- und Gasförderung, die harten Belastungen ausgesetzt ist, eine bis zu zehnfache Verlängerung der Lebensdauer von Bohrwerkzeugen.</p><p data-team-paragraph="" id="id-doc-1hkgj0prh1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Generell werden immer mehr Teile beschichtet, sagt Sola. Der Markt dafür wachse um 2 bis 3% jährlich, wobei Surface Solutions die Ambition verfolgt, doppelt so stark zu expandieren. Die operative Marge auf Stufe Ebitda von zuletzt 16% soll rasch auf 20% gesteigert werden: Dazu beitragen wird auch die kürzlich angekündigte Redimensionierung des Geschäftsteils Additive Fertigung, der sich dem Metall-3-D-Druck widmet.</p><div id="id-doc-1hkgj1d3c0" content="" pagetype="Article" componenttype="datawrapper" is-new-line-child="true" class="articlecomponent datawrapper nzzinteraction"><iframe title="Bestellungseingang von Oerlikon im Fokus (Kopie)" aria-label="Säulen (gestapelt)" id="datawrapper-chart-NELSy" src="https://datawrapper.dwcdn.net/NELSy/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="400" data-external="1"></iframe></div><h2 data-team-subtitle="" id="id-doc-1hkgj0pri1" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span><strong>Das zweite Gesicht</strong></span></h2><p data-team-paragraph="" id="id-doc-1hkgj0prj0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Division Polymer Processing Solutions bildet das problematische Gesicht von Oerlikon: Ihre Anlagen dienen zur Herstellung von synthetischen Garnen, Fasern und Vliesstoffen, die wiederum in Bekleidungen, Geotextilien, Teppichen, Filtern, Seilen und anderen Produkten verarbeitet werden. Der weitaus grösste Markt für diese Division ist China.</p><p data-team-paragraph="" id="id-doc-1hkgj0prj1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Allein im dritten Quartal 2023 brach der Umsatz der Division gegenüber dem Vorjahr mehr als 35% ein. Die operative Ebitda-Marge sank um 5,3 Prozentpunkte auf 11,1%. Das stark zyklische Geschäft steckt wieder in einem Tief. Gemäss Fondsmanager Sola bekommt Oerlikon von Investoren zu hören, dass sie erst dann einen Aktienkauf erwägen würden, wenn es Polymer Processing Solutions wieder besser laufe.</p><p data-team-paragraph="" id="id-doc-1hkgj0prk0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Chance besteht, dass das Momentum in der Division bald drehen wird. Ein Indikator dafür sind die Cash-Margen ihrer Kunden, die aus den Verkaufspreisen von Polyesterprodukten abzüglich der Rohstoff- und der Verarbeitungskosten resultieren. Nach der negativen Entwicklung 2022 haben sich diese Margen im letzten Jahr in den positiven Bereich gewendet, weiss Sola. Dies deute an, dass die Kunden von Polymer Processing Solutions wieder bereit seien, zu investieren, und ein neuer Zyklus beginne.</p><h2 data-team-subtitle="" id="id-doc-1hkgj0prk1" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span><strong>Abspaltung ein Thema</strong></span></h2><p data-team-paragraph="" id="id-doc-1hkgj0prl0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Je mehr die Division sich erholt, umso weiter oben auf der Agenda dürfte ihre Abspaltung kommen. Aus Gesprächen mit dem Management von Oerlikon hat Fondsmanager Sola herausgehört, dass die Kapitalallokation zwischen den beiden Divisionen des Unternehmens nicht gut sei und es ein Thema sei, Polymer Processing Solutions abzustossen. Dafür muss aber wohl zugewartet werden, bis sich die Division zu einer vernünftigen Bewertung verkaufen lässt.</p><p data-team-paragraph="" id="id-doc-1hkgj0prl1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Eine Abspaltung von Polymer Processing Solutions würde Oerlikons Attraktivität erhöhen: Diese Möglichkeit verschafft den zyklischen Titeln zusätzliche Fantasie. Eine auf absehbare Zeit bestehen bleibende Last ist dagegen der in Anlegerkreisen unbeliebte und mit Sanktionen behaftete Hauptaktionär Viktor Vekselberg, der mit der Liwet Holding fast 43% an Oerlikon hält. Die Bewertung der Aktien ist anhand der Bloomberg-Konsensschätzung mit einem Kurs-Gewinn-Verhältnis 2025 von 9 aber so gering, dass es sich lohnen kann, sie auf den Radar zu nehmen und antizyklisch eine Position aufzubauen.</p><h2 data-team-subtitle="" id="id-doc-1hkgj0prm0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span><strong>Georg Fischer: zyklische Qualitätsaktie</strong></span></h2><div id="id-doc-1hkgjblel0" 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://boerse.themarket.ch/widgets/instrument/116915100-4-1#market-widget-doc-1hkgjblel0" id="market-widget-doc-1hkgjblel0"> </iframe> </div><p data-team-paragraph="" id="id-doc-1hkgj0prm1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction"><a target="_blank" href="https://themarket.ch/analyse/georg-fischer-steht-an-einer-wegscheide-ld.9055">Georg Fischer</a> (GF) vereint die Merkmale eines Zyklikers und eines Qualitätsunternehmens, hat aber auch ihre Besonderheiten. Die überdurchschnittlich starken Kursschwankungen in den letzten Jahren zeigen, dass die Valoren weiterhin als stark zyklisch wahrgenommen werden. Dabei hat der Industriekonzern viel unternommen, um die Zyklizität seines Geschäftsgangs zu reduzieren.</p><p data-team-paragraph="" id="id-doc-1hkgj0prn0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Von seinen inzwischen vier Divisionen sind vor allem Casting Solutions mit den Leichtbauteilen insbesondere für Elektrofahrzeuge sowie Machining Solutions mit ihren Anlagen zur Herstellung präziser Formen, Werkzeuge oder Bauteile starken Zyklen ausgesetzt.</p><p data-team-paragraph="" id="id-doc-1hkgj0prn1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Das Geschäft mit Kunststoff-Rohrleitungssystemen etwa für die Wasseraufbereitung oder -verteilung ist demgegenüber deutlich robuster. So konnte es selbst im schwierigen Pandemiejahr 2020 den Umsatz organisch, aus eigener Kraft, leicht steigern. Seit Jahren ist es von der GF-Führung stetig ausgebaut worden, 2022 trug die Division Piping Systems bereits 54% zum Umsatz bei.</p><p data-team-paragraph="" id="id-doc-1hkgj0pro0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Im letzten Jahr machte GF dann den grossen Expansionsschritt mit der <a target="_blank" href="https://themarket.ch/mister-market/georg-fischer-wird-besser-ld.9139">Übernahme des finnischen Rohrleitungsherstellers Uponor</a> (Umsatz 2022: 1,4 Mrd. €). Mit dem Neuzugang hat der GF-Konzern jetzt die neue Division Uponor gebildet, die sich auf Haustechnik fokussiert.</p><h2 data-team-subtitle="" id="id-doc-1hkgj0pro1" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span><strong>Resilienter und rentabler</strong></span></h2><p data-team-paragraph="" id="id-doc-1hkgj0prp0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Der konsequente Ausbau des Rohrleitungsgeschäfts macht GF nicht nur allgemein resilienter in Phasen des wirtschaftlichen Abschwungs, sondern auch rentabler. Piping Systems erzielte deutlich höhere operative Margen als die Divisionen Casting Solutions und Machining Solutions und zog damit auch die Konzernmarge nach oben. Mit Uponor werden sich beide Effekte verstärken.</p><div id="id-doc-1hkgj156h0" content="" pagetype="Article" componenttype="datawrapper" is-new-line-child="true" class="articlecomponent datawrapper nzzinteraction"><iframe title="GF: Robuster und rentabler dank dem Rohrleitungsgeschäft" aria-label="Säulen (gruppiert)" id="datawrapper-chart-xs8gC" src="https://datawrapper.dwcdn.net/xs8gC/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="400" data-external="1"></iframe></div><p data-team-paragraph="" id="id-doc-1hkgj0prq0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Grossübernahme hat allerdings das Kreditprofil von GF geschwächt. Zu ihrer Finanzierung war auch eine <a target="_blank" href="https://themarket.ch/analyse/welche-prioritaeten-stark-verschuldete-unternehmen-jetzt-setzen-ld.10223">Kapitalerhöhung eingeplant</a> – auf dem derzeitigen Kursniveau (um 57 Fr.) erachtet die Konzernführung die Ausgabe neuer Titel aber als unattraktiv. Die Investoren müssen einkalkulieren, dass die Kapitalerhöhung ab einem Aktienkurs von 65 Fr., den GF als indikativen Orientierungswert dafür nannte, nachgeholt wird.</p><p data-team-paragraph="" id="id-doc-1hkgj0prr0" content="" pagetype="Article" componenttype="p" data-vars-danzz-last-article-element="true" is-new-line-child="true" class="articlecomponent text nzzinteraction">Wer eine weiche Landung der Wirtschaft erwartet, ist mit den GF-Papieren jedoch grundsätzlich gut bedient. Sie werden von einer Verbesserung des Sentiments profitieren. Gleichzeitig bietet GF den Investoren die Sicherheit eines Qualitätsunternehmens, das über die Zyklen hinweg stetes Wachstum und steten Mehrwert für die Aktionäre generiert.</p><div id="id-doc-1hkgivgde2" content="" pagetype="Article" componenttype="sharebox" is-new-line-child="true" class="nzzinteraction"><div class="sharebox"><div class="sharebox__line"></div> <ul class="sharebox__content"><li class="sharebox__item sharebox__item--bookmark"></li> <li class="sharebox__item sharebox__item--print"><a href="" aria-current="page" title="Drucken" class="sharebox__link nuxt-link-exact-active nuxt-link-active"><svg version="1.1" viewBox="0 0 18 16" class="sharebox__icon sharebox__icon--print svg-print svg-icon" style="width:18px;height:18px;"><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 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_fill="#000"/></svg></a></li></ul> <div class="sharebox__line"></div></div> </div><section id="id-doc-1hkgivgde3" content="" pagetype="Article" componenttype="moreToSubject" is-new-line-child="true" class="pageelement pageelement--moretosubject nzzinteraction"><div class="pageelement__inner"> <div class="widget__row 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_9139" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/mister-market/georg-fischer-wird-besser-ld.9139" 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="Georg Fischer wird besser" src="https://img.themarket.ch/2023/06/12/596c18f6-ae09-4692-aff2-863e4d882f8c.png?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=751,563,x26,y0" loading="eager" srcset="https://img.themarket.ch/2023/06/12/596c18f6-ae09-4692-aff2-863e4d882f8c.png?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=751,563,x26,y0 160w, https://img.themarket.ch/2023/06/12/596c18f6-ae09-4692-aff2-863e4d882f8c.png?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=751,563,x26,y0 320w, https://img.themarket.ch/2023/06/12/596c18f6-ae09-4692-aff2-863e4d882f8c.png?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=751,563,x26,y0 120w, https://img.themarket.ch/2023/06/12/596c18f6-ae09-4692-aff2-863e4d882f8c.png?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=751,563,x26,y0 240w" width="751" height="563" class="image-placeholder__image poster__image">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/mister-market/georg-fischer-wird-besser-ld.9139" 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"> Mr Market </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--0">  <span class="teaser__title-name">Georg Fischer wird besser</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Die Übernahme des finnischen Rohrleitungsherstellers Uponor macht Georg Fischer weniger zyklisch und rentabler. Das finanzielle Risiko ist verkraft-, die unternehmerische Herausforderung bewältigbar.</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">Giorgio Müller ✉</span> <time class="metainfo__item metainfo__item--date">12.06.2023</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_9720" 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/bossard-staerkt-den-ruf-als-qualitaetstitel-ld.9720" 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="CEO Daniel Bossard gibt den Mitarbeitenden mehr Verantwortung. (zvg)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2023/09/15/aab21138-0f5d-4356-90df-6be3b559f22d.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=889,667,x55,y0 160w, https://img.themarket.ch/2023/09/15/aab21138-0f5d-4356-90df-6be3b559f22d.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=889,667,x55,y0 320w, https://img.themarket.ch/2023/09/15/aab21138-0f5d-4356-90df-6be3b559f22d.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=889,667,x55,y0 120w, https://img.themarket.ch/2023/09/15/aab21138-0f5d-4356-90df-6be3b559f22d.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=889,667,x55,y0 240w" width="889" height="667" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/analyse/bossard-staerkt-den-ruf-als-qualitaetstitel-ld.9720" 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">Bossard stärkt den Ruf als Qualitätstitel</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Mit der «Strategie 200» befindet sich der Spezialist für Verbindungstechnik in einer Übergangsphase. Nach einer Zeit mit erhöhten Investitionen und konjunkturellen Turbulenzen sollte er die Wachstumsraten verdoppeln können.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Andreas Kälin</span> <time class="metainfo__item metainfo__item--date">19.09.2023</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_10388" 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/sfs-verdient-mehr-vertrauen-ld.10388" 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="SFS verdient mehr Vertrauen" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/01/05/ebd886d2-b84e-41d5-be26-d92765c8c59c.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=649,487,x187,y0 160w, https://img.themarket.ch/2024/01/05/ebd886d2-b84e-41d5-be26-d92765c8c59c.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=649,487,x187,y0 320w, https://img.themarket.ch/2024/01/05/ebd886d2-b84e-41d5-be26-d92765c8c59c.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=649,487,x187,y0 120w, https://img.themarket.ch/2024/01/05/ebd886d2-b84e-41d5-be26-d92765c8c59c.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=649,487,x187,y0 240w" width="649" height="487" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/analyse/sfs-verdient-mehr-vertrauen-ld.10388" 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">SFS verdient mehr Vertrauen</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Die Industriegruppe bietet Anlegern viel Qualität. Die transformative Übernahme der deutschen Hoffmann warf zwar Fragen auf, ihr Sinn wird sich aber mehr und mehr zeigen. Eine andere Frage ist, ob jetzt ein guter Zeitpunkt ist, die zyklischen Aktien zu erwerben.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Andreas Kälin</span> <time class="metainfo__item metainfo__item--date">09.01.2024</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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Für die Privatbank Reichmuth & Co bildet auf Sicht von einem halben Jahr eine weiche Landung das Hauptszenario, mit einer Eintretenswahrscheinlichkeit von 40%, erläutert Silvan Betschart, Leiter Anlagepolitik."},prevElement:bh,nextElement:aE},{id:"doc-385265bb",identifier:aE,prevElement:d,nextElement:aF},{id:"doc-d3c9741c",identifier:aF,paidContent:c,prevElement:aE,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0pr40",content:{text:"Er verweist darauf, dass die tonangebende Wirtschaft der USA allen Unkenrufen zum Trotz 2023 real immer noch um 2% gewachsen ist. Die Inflation von über 3% eingerechnet, ergebe sich ein nominales Wachstum von 5 bis 6%: «Dadurch erhalten die Unternehmen, die ihren Umsatz und Gewinn ja nominal ausweisen, einen gewissen Rückenwind.»"},paidContent:c,prevElement:aF,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0pr70",content:{text:"Während Analyst Betschart die Chance gewahrt sieht, dass in den USA eine scharfe Rezession vermieden wird und ihre Wirtschaft weich landet, befindet sich Europas Wirtschaft «wohl schon in der Rezession». Und China ist nach langer Zeit mit hohen Wachstumsraten ebenfalls in einem Zyklustief."},paidContent:c,prevElement:d,nextElement:h},{component:q,identifier:h,id:"doc-1hkgj0pr80",content:{title:"\u003Cstrong\u003ERichtlinien zum Anlegen\u003C\u002Fstrong\u003E",id:"subtitle-richtlinien-zum-anlegen"},contentTable:b,paidContent:c,prevElement:d,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0pr81",content:{text:"Wie soll in diesem Umfeld investiert werden? Eine offene Frage ist, wohin die Inflation treibt. Wird sie sich wellenartig von Hoch zu Hoch bewegen wie in den Siebziger- bis Anfang der Achtzigerjahre, und bleibt das Zinsniveau hoch? Betschart geht davon aus, dass die Staaten von ihrer expansiven Fiskalpolitik nicht lassen können und die Budgetdefizite hoch bleiben. Der systemverträglichste Weg, ihre Schuldenprobleme handhaben zu können, sei die Finanzrepression, sprich: mittelfristig höhere Inflationsraten akzeptieren bei vergleichsweise tiefen Zinsen. Dies spricht dafür, Nominalanlagen wie Anleihen auf längere Sicht zu meiden und in Sachwerte wie Aktien zu investieren."},paidContent:c,prevElement:h,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0pr90",content:{text:"Wie Betschart ausführt, muss dabei auch ein Zukunftsszenario Stagflation, also eine Konstellation von wenig Wirtschaftswachstum und höherer Inflation, für qualitativ gute Unternehmen nicht schlecht sein, sofern sie weiter ein gewisses Umsatzwachstum generieren und dem Margendruck entgegenhalten können. Zu meiden gelte es in solchen Zeiten aber zinssensitive Valoren, also hoch bewertete Titel von Wachstumsunternehmen: «Zyklische Aktien sind dagegen weniger zinssensitiv, und auch unter ihnen finden sich Qualitätswerte.»"},paidContent:c,prevElement:d,nextElement:h},{component:q,identifier:h,id:"doc-1hkgj0pr91",content:{title:"\u003Cstrong\u003EMit den PMI vorausschauen\u003C\u002Fstrong\u003E",id:"subtitle-mit-den-pmi-vorausschauen"},contentTable:b,paidContent:c,prevElement:d,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0pra0",content:{text:"Derzeit spricht noch ein Faktor für Engagements in zyklische Aktien: Die Einkaufsmanagerindizes oder Purchasing Managers Indices (PMI). Das mag auf den ersten Blick überraschen. Denn sie befinden sich vielerorts unter der Marke von 50 und damit in einem Bereich, der nach wie vor eine Kontraktion der Wirtschaft signalisiert. Entscheidend aber ist der Trend, wie Anlageprofis betonen."},paidContent:c,prevElement:h,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0pra1",content:{text:"Stephan Sola, Manager des Plutos Schweiz Fund, beobachtet genau, wie sich die PMI als vorlaufende Konjunkturindikatoren entwickeln: «Drehen sie nachhaltig nach oben ins Positive, werden zyklische Aktien profitieren, und von diesen gibt es in der Schweiz viele, die günstig bewertet sind.»"},paidContent:c,prevElement:d,nextElement:m},{component:s,identifier:m,id:"doc-1hkgj1vsq0",content:{datawrapper:{html:"\u003Ciframe title=\"Industrie-PMI sind in Stabilisierungsphase eingetreten\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-0Qx03\" src=\"https:\u002F\u002Fdatawrapper.dwcdn.net\u002F0Qx03\u002F1\u002F\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"400\" data-external=\"1\"\u003E\u003C\u002Fiframe\u003E\u003Cscript type=\"text\u002Fjavascript\"\u003E!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r\u003Ce.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\u003C\u002Fscript\u003E"}},data:{_datawrapperDirective:{_embedHandler:s}},paidContent:c,prevElement:d,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prb1",content:{text:"Der PMI für die Industrie der Eurozone, der im Juli ein Tief von 42.7 erreichte, hat sich im Dezember etwas weiter auf 44,4 verbessert. In den USA lag er gemäss dem Institute for Supply Management (ISM) zuletzt mit 47,4 um 0,7 Punkte höher als im November."},paidContent:c,prevElement:m,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prc0",content:{text:"Betschart von Reichmuth & Co geht davon aus, dass die PMI sich nicht mehr deutlich verschlechtern und sich auf tiefem Niveau in einer Stabilisierungsphase befinden. «Historisch betrachtet entsprechen die aktuellen PMI-Werte den Tiefstständen im Zyklus, deshalb haben wir begonnen, schrittweise zyklische Schweizer Nebenwerte zuzukaufen.» Denn die Erfahrung zeige, dass die Börse Entwicklungen vorwegnehme und meist ein halbes Jahr vorausschaue. Das heisst, wenn die PMI die Wachstumsschwelle von 50 erreichen und überschreiten, haben sich die Kurse von zyklischen Aktien bereits um einiges von ihren Tiefs entfernt."},paidContent:c,prevElement:d,nextElement:h},{component:q,identifier:h,id:"doc-1hkgj0prc1",content:{title:"\u003Cstrong\u003EBossard: der Pulsmesser\u003C\u002Fstrong\u003E",id:"subtitle-bossard-der-pulsmesser"},contentTable:b,paidContent:c,prevElement:d,nextElement:n},{component:O,identifier:n,id:"doc-1hkgjb7r90",content:{idms:{service:P,params:{url:"https%3A%2F%2Fboerse.themarket.ch%2Fwidgets%2Finstrument%2F23862714-4-1"}}},paidContent:c,prevElement:h,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prd0",content:{text:"Ein klassischer Frühzykliker ist \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fanalyse\u002Fbossard-staerkt-den-ruf-als-qualitaetstitel-ld.9720\"\u003EBossard\u003C\u002Fa\u003E. Der Markt des Zuger Spezialisten für Verbindungstechnik bewegt sich stark mit dem PMI, und seine Aktie gilt daher als Pulsmesser für die produzierende Industrie. Betschart bestätigt diese Einschätzung und hält die Bossard-Titel im derzeitigen Umfeld für «eine spannende Anlage». Das sei auch deshalb der Fall, weil das Unternehmen auf dem nordamerikanischen Markt gut vertreten sei und davon profitiere, wenn dort die weiche Landung gelinge."},paidContent:c,prevElement:n,nextElement:m},{component:s,identifier:m,id:"doc-1hkgj1qj90",content:{datawrapper:{html:"\u003Ciframe title=\"Bossard ist auch in Amerika gut vertreten\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-2pHjh\" src=\"https:\u002F\u002Fdatawrapper.dwcdn.net\u002F2pHjh\u002F2\u002F\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"400\" data-external=\"1\"\u003E\u003C\u002Fiframe\u003E\u003Cscript type=\"text\u002Fjavascript\"\u003E!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r\u003Ce.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}(); \u003C\u002Fscript\u003E"}},data:{_datawrapperDirective:{_embedHandler:s}},paidContent:c,prevElement:d,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0pre0",content:{text:"Die Gruppe, die Verbindungselemente beschafft und vertreibt sowie damit verbundene Dienstleistungen anbietet, musste im vergangenen Jahr einen Umsatzverlust von 7,3% oder in Lokalwährungen von 2,6% auf 1,07 Mrd. Fr. hinnehmen. Im Schlussquartal fiel der Rückgang mit 7,3% in Lokalwährungen noch stärker aus: Bossard büsste in dieser Periode in allen Regionen Umsatz ein, mit Abstand am meisten in Asien, das damit weniger als 18% zum Gruppenumsatz beitrug. Der Anteil von Amerika erreichte gut 29%, aus Europa kam mit 53% weiterhin der Grossteil des Umsatzes."},paidContent:c,prevElement:m,nextElement:h},{component:q,identifier:h,id:"doc-1hkgj0pre1",content:{title:"\u003Cstrong\u003EZurzeit noch Kurzarbeit\u003C\u002Fstrong\u003E",id:"subtitle-zurzeit-noch-kurzarbeit"},contentTable:b,paidContent:c,prevElement:d,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prf0",content:{text:"Für das laufende Jahr erwarten die Analysten insgesamt eine stagnierende Umsatzentwicklung. Festzuhalten bleibt aber auch, dass das Geschäft von Bossard kurzfristiger Natur ist. Gemäss CEO Daniel Bossard habe man «eine Visibilität von knapp einem Monat». Gegenüber The Market bestätigt Finanzchef Stephan Zehnder nun, dass das Unternehmen Anfang Jahr Kurzarbeit eingeführt habe, «betroffen davon sind 60% der Mitarbeiter am Platz Zug». Die Massnahme sei für die nächsten drei Monate eingeplant."},paidContent:c,prevElement:h,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prf1",content:{text:"In diesen Zeiten in Bossard zu investieren, bedarf einigen Mutes. Das Anlagerisiko ist aber insofern beschränkt, als der Spezialist für Verbindungtechnik unbestritten zu den Schweizer Qualitätsunternehmen zählt. Langfristig zeigt sein Wachstumstrend nach oben. Er erzielt eine Rendite auf das eingesetzte Kapital, die jeweils über dem gewichteten Kapitalkostensatz liegt, und generiert so steten Mehrwert für die Aktionäre."},paidContent:c,prevElement:d,nextElement:d},{component:f,identifier:d,id:"doc-1hkgjr95n1",content:{text:"Eine Anlagealternative zu Bossard sind die Titel der im Handels- und im Logistikgeschäft als Konkurrentin auftretenden \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fanalyse\u002Fsfs-verdient-mehr-vertrauen-ld.10388\"\u003ESFS-Gruppe\u003C\u002Fa\u003E, die ebenfalls hohe Qualität bietet. Am Freitag hat sie ihre Umsatzzahlen für 2023 publiziert: Sie belegen, dass sich das organische Wachstum im zweiten Halbjahr gegenüber dem ersten wieder beschleunigt hat. Weil SFS aber etwas unterhalb der eigenen Prognosespanne und der Markterwartungen abgeschnitten hat, ist der Aktienkurs wieder gesunken."},paidContent:c,prevElement:d,nextElement:n},{component:O,identifier:n,id:"doc-1hkgjua210",content:{idms:{service:P,params:{url:"https%3A%2F%2Fboerse.themarket.ch%2Fwidgets%2Finstrument%2F23922930-4-1"}}},paidContent:c,prevElement:d,nextElement:h},{component:q,identifier:h,id:"doc-1hkgj0prg0",content:{title:"\u003Cstrong\u003EOerlikon: bereit für neuen Zyklus?\u003C\u002Fstrong\u003E",id:"subtitle-oerlikon-bereit-f-r-neuen-zyklus"},contentTable:b,paidContent:c,prevElement:n,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prg1",content:{text:"Einen speziellen Fall unter den Zyklikern bildet Oerlikon. An der Börse geniesst sie wenig Wertschätzung, der Kurs ist am Boden. Das Unternehmen habe «zwei Gesichter», meint Fondsmanager Sola."},paidContent:c,prevElement:h,nextElement:n},{component:O,identifier:n,id:"doc-1hkgjbdmd0",content:{idms:{service:P,params:{url:"https%3A%2F%2Fboerse.themarket.ch%2Fwidgets%2Finstrument%2F81682-4-1"}}},paidContent:c,prevElement:d,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prh0",content:{text:"Das freundliche Gesicht wird repräsentiert von der Division Surface Solutions. Ihre Beschichtungen erhöhen die Leistung und verlängern die Lebensdauer von Werkzeugen oder Motorbauteilen und Konsumgütern bis hin zu elektrischen Zahnbürsten. So ermöglichen sie in der Öl- und Gasförderung, die harten Belastungen ausgesetzt ist, eine bis zu zehnfache Verlängerung der Lebensdauer von Bohrwerkzeugen."},paidContent:c,prevElement:n,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prh1",content:{text:"Generell werden immer mehr Teile beschichtet, sagt Sola. Der Markt dafür wachse um 2 bis 3% jährlich, wobei Surface Solutions die Ambition verfolgt, doppelt so stark zu expandieren. Die operative Marge auf Stufe Ebitda von zuletzt 16% soll rasch auf 20% gesteigert werden: Dazu beitragen wird auch die kürzlich angekündigte Redimensionierung des Geschäftsteils Additive Fertigung, der sich dem Metall-3-D-Druck widmet."},paidContent:c,prevElement:d,nextElement:m},{component:s,identifier:m,id:"doc-1hkgj1d3c0",content:{datawrapper:{html:"\u003Ciframe title=\"Bestellungseingang von Oerlikon im Fokus (Kopie)\" aria-label=\"Säulen (gestapelt)\" id=\"datawrapper-chart-NELSy\" src=\"https:\u002F\u002Fdatawrapper.dwcdn.net\u002FNELSy\u002F1\u002F\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"400\" data-external=\"1\"\u003E\u003C\u002Fiframe\u003E\u003Cscript type=\"text\u002Fjavascript\"\u003E!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r\u003Ce.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}(); \u003C\u002Fscript\u003E"}},data:{_datawrapperDirective:{_embedHandler:s}},paidContent:c,prevElement:d,nextElement:h},{component:q,identifier:h,id:"doc-1hkgj0pri1",content:{title:"\u003Cstrong\u003EDas zweite Gesicht\u003C\u002Fstrong\u003E",id:"subtitle-das-zweite-gesicht"},contentTable:b,paidContent:c,prevElement:m,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prj0",content:{text:"Die Division Polymer Processing Solutions bildet das problematische Gesicht von Oerlikon: Ihre Anlagen dienen zur Herstellung von synthetischen Garnen, Fasern und Vliesstoffen, die wiederum in Bekleidungen, Geotextilien, Teppichen, Filtern, Seilen und anderen Produkten verarbeitet werden. Der weitaus grösste Markt für diese Division ist China."},paidContent:c,prevElement:h,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prj1",content:{text:"Allein im dritten Quartal 2023 brach der Umsatz der Division gegenüber dem Vorjahr mehr als 35% ein. Die operative Ebitda-Marge sank um 5,3 Prozentpunkte auf 11,1%. Das stark zyklische Geschäft steckt wieder in einem Tief. Gemäss Fondsmanager Sola bekommt Oerlikon von Investoren zu hören, dass sie erst dann einen Aktienkauf erwägen würden, wenn es Polymer Processing Solutions wieder besser laufe."},paidContent:c,prevElement:d,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prk0",content:{text:"Die Chance besteht, dass das Momentum in der Division bald drehen wird. Ein Indikator dafür sind die Cash-Margen ihrer Kunden, die aus den Verkaufspreisen von Polyesterprodukten abzüglich der Rohstoff- und der Verarbeitungskosten resultieren. Nach der negativen Entwicklung 2022 haben sich diese Margen im letzten Jahr in den positiven Bereich gewendet, weiss Sola. Dies deute an, dass die Kunden von Polymer Processing Solutions wieder bereit seien, zu investieren, und ein neuer Zyklus beginne."},paidContent:c,prevElement:d,nextElement:h},{component:q,identifier:h,id:"doc-1hkgj0prk1",content:{title:"\u003Cstrong\u003EAbspaltung ein Thema\u003C\u002Fstrong\u003E",id:"subtitle-abspaltung-ein-thema"},contentTable:b,paidContent:c,prevElement:d,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prl0",content:{text:"Je mehr die Division sich erholt, umso weiter oben auf der Agenda dürfte ihre Abspaltung kommen. Aus Gesprächen mit dem Management von Oerlikon hat Fondsmanager Sola herausgehört, dass die Kapitalallokation zwischen den beiden Divisionen des Unternehmens nicht gut sei und es ein Thema sei, Polymer Processing Solutions abzustossen. Dafür muss aber wohl zugewartet werden, bis sich die Division zu einer vernünftigen Bewertung verkaufen lässt."},paidContent:c,prevElement:h,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prl1",content:{text:"Eine Abspaltung von Polymer Processing Solutions würde Oerlikons Attraktivität erhöhen: Diese Möglichkeit verschafft den zyklischen Titeln zusätzliche Fantasie. Eine auf absehbare Zeit bestehen bleibende Last ist dagegen der in Anlegerkreisen unbeliebte und mit Sanktionen behaftete Hauptaktionär Viktor Vekselberg, der mit der Liwet Holding fast 43% an Oerlikon hält. Die Bewertung der Aktien ist anhand der Bloomberg-Konsensschätzung mit einem Kurs-Gewinn-Verhältnis 2025 von 9 aber so gering, dass es sich lohnen kann, sie auf den Radar zu nehmen und antizyklisch eine Position aufzubauen."},paidContent:c,prevElement:d,nextElement:h},{component:q,identifier:h,id:"doc-1hkgj0prm0",content:{title:"\u003Cstrong\u003EGeorg Fischer: zyklische Qualitätsaktie\u003C\u002Fstrong\u003E",id:"subtitle-georg-fischer-zyklische-qualit-tsaktie"},contentTable:b,paidContent:c,prevElement:d,nextElement:n},{component:O,identifier:n,id:"doc-1hkgjblel0",content:{idms:{service:P,params:{url:"https%3A%2F%2Fboerse.themarket.ch%2Fwidgets%2Finstrument%2F116915100-4-1"}}},paidContent:c,prevElement:h,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prm1",content:{text:"\u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fanalyse\u002Fgeorg-fischer-steht-an-einer-wegscheide-ld.9055\"\u003EGeorg Fischer\u003C\u002Fa\u003E (GF) vereint die Merkmale eines Zyklikers und eines Qualitätsunternehmens, hat aber auch ihre Besonderheiten. Die überdurchschnittlich starken Kursschwankungen in den letzten Jahren zeigen, dass die Valoren weiterhin als stark zyklisch wahrgenommen werden. Dabei hat der Industriekonzern viel unternommen, um die Zyklizität seines Geschäftsgangs zu reduzieren."},paidContent:c,prevElement:n,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prn0",content:{text:"Von seinen inzwischen vier Divisionen sind vor allem Casting Solutions mit den Leichtbauteilen insbesondere für Elektrofahrzeuge sowie Machining Solutions mit ihren Anlagen zur Herstellung präziser Formen, Werkzeuge oder Bauteile starken Zyklen ausgesetzt."},paidContent:c,prevElement:d,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prn1",content:{text:"Das Geschäft mit Kunststoff-Rohrleitungssystemen etwa für die Wasseraufbereitung oder -verteilung ist demgegenüber deutlich robuster. So konnte es selbst im schwierigen Pandemiejahr 2020 den Umsatz organisch, aus eigener Kraft, leicht steigern. Seit Jahren ist es von der GF-Führung stetig ausgebaut worden, 2022 trug die Division Piping Systems bereits 54% zum Umsatz bei."},paidContent:c,prevElement:d,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0pro0",content:{text:"Im letzten Jahr machte GF dann den grossen Expansionsschritt mit der \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fmister-market\u002Fgeorg-fischer-wird-besser-ld.9139\"\u003EÜbernahme des finnischen Rohrleitungsherstellers Uponor\u003C\u002Fa\u003E (Umsatz 2022: 1,4 Mrd. €). Mit dem Neuzugang hat der GF-Konzern jetzt die neue Division Uponor gebildet, die sich auf Haustechnik fokussiert."},paidContent:c,prevElement:d,nextElement:h},{component:q,identifier:h,id:"doc-1hkgj0pro1",content:{title:"\u003Cstrong\u003EResilienter und rentabler\u003C\u002Fstrong\u003E",id:"subtitle-resilienter-und-rentabler"},contentTable:b,paidContent:c,prevElement:d,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prp0",content:{text:"Der konsequente Ausbau des Rohrleitungsgeschäfts macht GF nicht nur allgemein resilienter in Phasen des wirtschaftlichen Abschwungs, sondern auch rentabler. Piping Systems erzielte deutlich höhere operative Margen als die Divisionen Casting Solutions und Machining Solutions und zog damit auch die Konzernmarge nach oben. Mit Uponor werden sich beide Effekte verstärken."},paidContent:c,prevElement:h,nextElement:m},{component:s,identifier:m,id:"doc-1hkgj156h0",content:{datawrapper:{html:"\u003Ciframe title=\"GF: Robuster und rentabler dank dem Rohrleitungsgeschäft\" aria-label=\"Säulen (gruppiert)\" id=\"datawrapper-chart-xs8gC\" src=\"https:\u002F\u002Fdatawrapper.dwcdn.net\u002Fxs8gC\u002F1\u002F\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"400\" data-external=\"1\"\u003E\u003C\u002Fiframe\u003E\u003Cscript type=\"text\u002Fjavascript\"\u003E!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r\u003Ce.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\u003C\u002Fscript\u003E"}},data:{_datawrapperDirective:{_embedHandler:s}},paidContent:c,prevElement:d,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prq0",content:{text:"Die Grossübernahme hat allerdings das Kreditprofil von GF geschwächt. Zu ihrer Finanzierung war auch eine \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fanalyse\u002Fwelche-prioritaeten-stark-verschuldete-unternehmen-jetzt-setzen-ld.10223\"\u003EKapitalerhöhung eingeplant\u003C\u002Fa\u003E – auf dem derzeitigen Kursniveau (um 57 Fr.) erachtet die Konzernführung die Ausgabe neuer Titel aber als unattraktiv. Die Investoren müssen einkalkulieren, dass die Kapitalerhöhung ab einem Aktienkurs von 65 Fr., den GF als indikativen Orientierungswert dafür nannte, nachgeholt wird."},paidContent:c,prevElement:m,nextElement:d},{component:f,identifier:d,id:"doc-1hkgj0prr0",content:{text:"Wer eine weiche Landung der Wirtschaft erwartet, ist mit den GF-Papieren jedoch grundsätzlich gut bedient. Sie werden von einer Verbesserung des Sentiments profitieren. Gleichzeitig bietet GF den Investoren die Sicherheit eines Qualitätsunternehmens, das über die Zyklen hinweg stetes Wachstum und steten Mehrwert für die Aktionäre generiert."},paidContent:c,prevElement:d,nextElement:aG,lastContentElement:c},{component:"sharebox",identifier:aG,id:"doc-1hkgivgde2",paidContent:c,prevElement:d,nextElement:bi},{component:"moreToSubject",identifier:bi,id:"doc-1hkgivgde3",containers:{"moreToSubject-area":[{component:aH,identifier:aI,id:"doc-1hkgjkjsh0",content:{"link-box-embed":{service:aJ,params:{type:aK,layout:[o,aL,aM,aN,aO,aP,Q,aQ,R,S,T,aR,U,V,W,X,Y],mediaId:9139}},article:{metadata:{contentTypeGroup:B,flag:z,significantUpdate:b,language:{groupId:"Opj7y7lCYmHx",label:Z,locale:t},title:bj,seoTitle:bj,nzzAuthors:[{external:b,name:"Giorgio Müller (gvm)",id:6160,shortName:"gvm"}],designName:A,nzzExchangeCode:"116915100-4-1",significantUpdateTill:"2023-06-12T23:47:40.181Z",department:{path:C,premium:b,level:u,name:z},publicationDate:bk,slug:"georg-fischer-wird-besser",firstPublicationDate:bk,authorLine:"Giorgio Müller ✉",nzzCharacterCount:8085,numberOfContentComponents:35,leadText:"Die Übernahme des finnischen Rohrleitungsherstellers Uponor macht Georg Fischer weniger zyklisch und rentabler. Das finanzielle Risiko ist verkraft-, die unternehmerische Herausforderung bewältigbar.",publicationLastUpdated:"2023-09-27T14:27:16.407Z",nzzArticleSnippet:"Die Übernahme des finnischen Rohrleitungsherstellers Uponor macht Georg Fischer weniger zyklisch und rentabler. 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Das dient Anlageprofis als Signal, Positionen in zyklischen Titeln wie Bossard, Oerlikon oder Georg Fischer aufzubauen.",487,853,"https:\u002F\u002Fthemarket.ch\u002Fanalyse\u002Fantizyklisch-in-zykliker-investieren-ld.10445","nzzas","preload","idms-article","idms","longformvisual","longformstandard","briefing","briefing-intl","opinion","advertisement-regular","advertisement-longformvisual","advertisement-gallery","advertisement-video","German","16:9",1.77778,563,"1:1","4:3",1.33333,"image\u002Fjpeg",667,"2024-01-22T01:15:59+02:00","The Market","main","Empfehlungen","\u002Fempfehlungen","Unternehmen","\u002Funternehmen","Strategie","\u002Fstrategie","Meinung","\u002Fmeinung","Interview","\u002Finterview","English","\u002Fenglish","https:\u002F\u002Fabo.themarket.ch\u002Fkampagne\u002F?lp=19003844","\u002Fagb","Impressum","\u002Fimpressum",void 0,"48","anonymous","font\u002Fwoff2","font","judi.barrier","judi.advertisement","judi.sharebox","moreToSubject--internal","judi.moreToSubject--internal","embed-teaser","link-box-embed","gallery","video","fullwidth","alias-teaser","matchcard-teaser","headlesslongformvisual","recipe","fastly",1000,"Bossard stärkt den Ruf als Qualitätstitel","Ruedi Keller (rk)",5,"rk","SFS verdient mehr Vertrauen","2024-01-09T03:05:48.418Z","classification=default,language=de-CH","themarket","https:\u002F\u002Fthemarket.ch","Article","The Market abonnieren","Startseite","\u002F","\u003Cp\u003EEs ist ein Fehler aufgetreten. Bitte prüfen Sie Ihre Internetverbindung oder versuchen Sie es später erneut.\u003C\u002Fp\u003E","bellevue","judi.header","judi.moreToSubject","Georg Fischer wird besser","2023-06-12T11:47:40.181Z",889,"ld.9139","zvg","2023-09-19T02:15:04.640Z",47,"Mit der «Strategie 200» befindet sich der Spezialist für Verbindungstechnik in einer Übergangsphase. Nach einer Zeit mit erhöhten Investitionen und konjunkturellen Turbulenzen sollte er die Wachstumsraten verdoppeln können.","ld.9720","CEO Daniel Bossard gibt den Mitarbeitenden mehr Verantwortung.","Die Industriegruppe bietet Anlegern viel Qualität. Die transformative Übernahme der deutschen Hoffmann warf zwar Fragen auf, ihr Sinn wird sich aber mehr und mehr zeigen. Eine andere Frage ist, ob jetzt ein guter Zeitpunkt ist, die zyklischen Aktien zu erwerben.","ld.10388",{},{},"23862714-4-1; 81682-4-1; 116915100-4-1; 23922930-4-1",1280,1137,"CH","MKT",100,{},"Antizyklisch in Zykliker investieren,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","Sat, 23 Nov 2024 16:39:53 GMT",{},"doc-1d59otdjj0","doc-1d59otdjj1","doc-1e4qqffpn0","doc-1e4qqgct70","doc-1e4qqgsqk0","doc-1e4qqhhf90","doc-1e4qqi80t0","doc-1e4qqinal0","doc-1e4qqj75c0","doc-1cujumg810","doc-1cujumg830","subscription","doc-1cujumohi0","doc-1dkgfp6c00","Abonnemente","doc-1e9b0hpst0","Probeabo abgelaufen","showForTrialExpired mobnavOnly","doc-1cv5t47ce0","showForTrial mobnavOnly","doc-1d5mqh1t80","Newsletter","https:\u002F\u002Fabo.themarket.ch\u002Fnewsletter\u002F","doc-1d0n745un0","doc-1e4qr0dfc0","Neueste 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