FRANKFURT (DEUTSCHE-BOERSE AG) – 2022 has not been an easy stock market year for any company, especially not for small ones. It is all the more astonishing that some people have been able to completely detach themselves from it. This time, three questions are addressed to Marc Laubenheimer of EV Digital Invest.
December 15, 2022. FRANKFURT (Frankfurt Stock Exchange). Lighthouse in difficult times: the tariff evolution of the youngest of the Scale Cantourage. Since the IPO on November 11, shares of the medical cannabis supplier have risen from 6.48 to 16 euros – more than two and a half times. In the meantime, Cantourage had even been listed at 42 euros. Shares of Porsche AG, also a newcomer to the stock market in 2022, have “only” risen 24% since the IPO in October.
However, Cantourage is an exception, the scaler segment as a whole is still struggling: while the DAX was able to recover much of its losses this year, the small business segment is not really progressing. The Scale All Share, which reflects all Scale members, is 1,267 points on Thursday morning and is therefore roughly at the level of a month ago. The Scale 30 selection index with the 30 most liquid stocks is currently at 1,158 points after 1,144 in mid-November.
lots of red
Year-to-date, this translates to less than 33% for Scale All Share and 23% for Scale 30. However, the Scale segment is not alone in this case: MDAX and SDAX suffer also much larger losses than their competitors. big brother DAX. Since the beginning of the year, they have lost 27 and 26%, the DAX “only” 9%. At least the scale segment can still score points in the long run: over a three-year period, the share of the entire scale still shows a plus of 18% overall, while the MDAX and SDAX are down 8% and 3%, respectively.
Formycon (DE000A1EWVY8), Daldrup & Söhne (DE0007830572), Deutsche Rohstoff AG (DE000A0XYG76), SGT German Private Equity (DE000A1MMEV4) and Publity (DE0006972508) currently offer the strongest price movement over a twelve-month period with price gains from 24 to 70 percent. Almost everyone has to overcome price losses. At the bottom are Advanced Blockchain AG (DE000A0M93V6), fashionette (DE000A2QEFA1) and the Veganz Group (DE000A3E5ED2).
Weak IPO year
2022 was also a weak IPO year: The only classic IPO in the scales segment was the IPO of EV Digital Invest AG at the beginning of May with a volume of 6.3 million euros (see interview below) – Cantourage and Advanced Blockchain were involved for the quotes. In 2021, two companies had collected a total of 137 million euros. Only 2019 without a single IPO was worse for the ladder segment.
Formycon as a new Biontech?
Deutsche Rohstoff AG benefits from high energy prices. It has just raised its forecast for 2022 again: oil and gas production in the fourth quarter is above expectations, so sales and profits are better than expected in October. Formycon is also on the way to success. The title recently reached a new all-time high of 89 euros, against 85.10 euros on Thursday morning. The company from Martinsried near Munich is a supplier of biosimilars, i.e. low-cost biopharmaceutical successor products. A first product, FYB201, was recently approved in the USA, EU and Great Britain.
“The global launch of FYB201 and the expected revenue from it is an important step in our transformation into a commercial company,” said Stefan Glombitza, CEO of Formycon, during the presentation of the nine-month figures. Incidentally, the main individual shareholders of Formycon are the brothers Andreas and Thomas Strüngmann. They are among the richest Germans: after the sale of the generic manufacturer Hexal for 5.6 billion euros in 2008, they provided Biontech with 150 million euros in seed capital.
IBU-tec: growing market for battery manufacturing
“A new star in the battery sky” is according to the investor magazine “Der Aktionär” a member of the IBU-tec Advanced Materials scale (DE000A0XYHT5). The background is that the specialty chemicals group from Thuringia now produces LFP battery material from lithium iron phosphate, an important component of batteries for electromobility and stationary energy storage. The latest course pilot: IBU-tec has received a major development order from an international manufacturer of commercial vehicles in the battery sector. The share price more than doubled in October and November, peaking at 36 euros and now at 27 euros.
Lesson accident at Helma
One of the big losers this year is Helma Eigenheimbau (DE000A0EQ578). The supplier of solid houses is not only affected by the drop in demand on the real estate market, but also by the insolvency of a major subcontractor. On November 24, Helma reduced its earnings forecast for this year. Since the beginning of the year, the price has almost squared, going from 64 euros to 15.60 euros currently.
Analysts say this is an exaggeration. For example, GBC expects the price to recover and recommends buying. “The company is well positioned to participate in the global residential and vacation property construction trends that continue to exist,” the analysts explain, referring to the extensive real estate portfolio and sales potential through its development. “In addition, the land, which was acquired four or five years ago on average, is likely to be associated with hidden reserves.” However, the price target drops considerably from 54.35 euros to 29 euros.
The price target of the analysis company Montega is a little higher at 32 euros, but the vote is only “Hold”. The market environment is very tense due to the war in Ukraine, inflation, high construction interest and energy costs. The price level in the German residential real estate market should therefore be under pressure in 2023. “Visibility for 2023 remains very limited.”
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