- Jungheinrich releases its annual results
- Deutsche Bank downgrades DHL shares
General market situation
Thursday's session on European stock markets is continuously marked by a bullish trend. The German DAX is currently gaining close to 0.1%, however DE40 futures are slightly losing on an intraday basis. The macro calendar for today's session will focus on reports from the US. These will include Chicago PMI data, pending home sales data and University of Michigan sentiment.
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European companies listed during Thursday's trading session are mostly on the rise at the moment. Source: xStation 5
Germany's benchmark DE40 is trading down 0.25% during today's session. The main control level remains around 18155 points. A downward break through these zones could encourage the supply side to initiate a corrective move. Source: xStation 5
News:
DHL (DHL.DE) shares are down 1.75% in today's session amid a downgrade by, Deutsche Bank to "hold" from "buy" on the German courier company, warning that macroeconomic risks could derail the company's outlook for the coming years. New target price of €43 (previously €49.5 per share).
Jungheinrich (JUN3.DE) shares are up nearly 1% in today's session, amid the release of better-than-expected financial results for 2023.
2023 RESULTS
- Ebit €430 million, +11% y/y, estimates €445.5 million
- Dividend per preferred share EUR 0.75
- Dividend per common share EUR 0.73
- Orders EUR 5.24 billion, +9.3% y/y, estimates EUR 5.2 billion
- Revenue €5.55 billion, +16% y/y, estimates €5.36 billion
- EBIT margin 7.8% vs. 8.1% y/y, estimates 8.3%
- Profit before tax €399 million, +15% y/y, estimates €410.2 million
- Profit EUR 299 million, +11% y/y
ANNUAL FORECAST
- Assume Ebit of EUR 420 to 470 million, estimates EUR 436.5 million
- Forecast orders EUR 5.2 billion to EU 5.8 billion, estimate EUR 5.38 billion
- Projected revenues €5.3-5.9 billion, estimate €5.38 billion.
Billionaire Daniel Kretinsky increases stake in Metro (B4B.DE) to 49.99% from last 46%.
Other news about individual companies included in the DAX index. Source: Bloomberg Financial LP
Analyst recommendations:
- Goldman Sachs has reissued analyst coverage on BASF (BAS.DE) with a ,,neutral" rating. Target price set at €53.
- Goldman Sachs also rated Evonik Industries (EVK.DE) at "neutral". Target price at 18.2 euros per share.
- HSBC downgraded its recommendation on shares of Munch Re (MUV2.DE) to a "hold" rating. Target price at €460.
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