Your analyst Daniel Kukalj

01 April 2025

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Dividend payout finally back

Delticom AG

01 April 2025

Can the free fall still be stopped?

Norma Group SE

25 March 2025

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Chasing for (E)MOTION(s)

Schaeffler AG

18 November 2024

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Strong top line development in a recessionary environment

Delticom AG

06 November 2024

Dynamics in the valuation are out

Duerr AG

01 October 2024

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Cease of coverage

Vitesco Technologies AG

04 September 2024

‘Improvements’ simply do not reach investors

Norma Group SE

28 August 2024

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Solid H1 results in a challenging environment – focus on Q4

Delticom AG

18 June 2024

Summer slump or recessionary trend in the automotive sector?

Stabilus SE

23 May 2024

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On track to fulfill FY targets

Delticom AG

15 May 2024

Generally solid but liquidity in the share remains poor

JOST Werke AG

13 May 2024

Positive swing in valuation since our BUY recommendation

Duerr AG

12 May 2024

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Management keeps its promises - TTM adj. EBIT margin further improving

Vitesco Technologies AG

06 May 2024

TTM order intake and EBIT margin development not convincing

Elringklinger AG

24 April 2024

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Capital market confidence takes time but management delivers

Delticom AG

01 April 2024

Looks like outperformance

JOST Werke AG

25 March 2024

Still too early to buy

Norma Group SE

17 March 2024

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Significant margin improvement qoq & yoy as promised

Vitesco Technologies AG

26 February 2024

Valuation at lowest level since years

Duerr AG

20 February 2024

Take a closer look on yoy Q1 margins

Stabilus SE

28 January 2024

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Positive catalyst – margin expansion!

Delticom AG

14 November 2023

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Operationally, things are going as the management promised

Vitesco Technologies AG

12 November 2023

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Consumer sentiment: No recovery in sight for 2023

Delticom AG

30 October 2023

How do they calculate their targets?

Duerr AG

16 October 2023

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The air is out in the valuation trend – takeover offer at EUR 91 per share

Vitesco Technologies AG

14 August 2023

Alarming development in order intake

Elringklinger AG

13 August 2023

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Consumer sentiment one big issue, DEX`s profitability step-up positive

Delticom AG

13 August 2023

Hold and wait!

JOST Werke AG

09 August 2023

One swallow does not make a summer

Norma Group SE

09 August 2023

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The trend is your friend – positive valuation trend unbroken

Vitesco Technologies AG

06 August 2023

So far surprises fall out

Duerr AG

30 July 2023

Margins still above peers, but valuation trend is still negative

Stabilus SE

29 May 2023

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Strong indication for Q2 top line

Delticom AG

18 May 2023

High OI cannot boost the share

Duerr AG

14 May 2023

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Q1 figures – not a share price trigger

Vitesco Technologies AG

11 May 2023

Stop talking, act now and efficiently

Norma Group SE

01 May 2023

Declining TTM adj. EBIT margin trend

Stabilus SE

16 April 2023

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Without high quality components no success of e-mobility – VTSC might become the next German HELLA!

Vitesco Technologies AG

02 April 2023

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Solid FY 2022 results, P/B below 1.0x

Delticom AG

15 March 2023

Valuation tends again to the downside

Duerr AG

31 January 2023

Solid Q1 results, FYe ROIIC negative

Stabilus SE

23 November 2022

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50:50 chance to survive, but we are not gamblers

Compleo Charging Solutions AG

20 November 2022

Risks for 23, long-term view positive

Duerr AG

15 November 2022

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Mixed bag for Q3 2022

Delticom AG

08 November 2022

Inefficiencies in profitability and capital spending

Elringklinger AG

01 November 2022

Solid Q3, new CEO still pending

Norma Group SE

18 September 2022

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Running out of cash!

Compleo Charging Solutions AG

15 August 2022

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Strong Q2 EBIT margin – Future impact by tough markets

Delticom AG

14 August 2022

Who cares about NOVA?

Norma Group SE

10 August 2022

Strong Q2 results, but qoq adj. EBIT margin development behind SFQ`s

JOST Werke AG

07 August 2022

Risk increase of downturn in FY 2023

Duerr AG

01 August 2022

Strong Q3, uncertain FY 2022/23

Stabilus SE

23 May 2022

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Disappointment at all important KPIs

Compleo Charging Solutions AG

18 May 2022

Profit warning and recession ahead

Duerr AG

15 May 2022

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Q1 top line and EBITDA yoy up

Delticom AG

10 May 2022

Weak performance in the important WSD division – Salvation by Pierer?

Leoni AG

04 May 2022

FY profit warning not ruled out in the course of this year

Norma Group SE

01 May 2022

Solid Q2 results, but sluggish future

Stabilus SE

24 April 2022

New downside cycle has begun

Elringklinger AG

27 March 2022

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Incremental improvement in margin

Delticom AG

23 March 2022

Oil prices above USD 100 are poison for transportation sector

SAF-Holland SE

31 January 2022

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First task: Win investors’ confidence

Compleo Charging Solutions AG

30 January 2022

Solid Q1 figures in challenging times

Stabilus SE

15 November 2021

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Waiting for deal financing structure

Compleo Charging Solutions AG

10 November 2021

Strong yoy growth, but FCF declining

JOST Werke AG

08 November 2021

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Solid Q3 top line growth and high TTM EBITDA – attractive valuation

Delticom AG

03 November 2021

Again low Q3 OE business margin

Elringklinger AG

02 November 2021

Lack of share price catalysts

Norma Group SE

12 October 2021

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Without EV infrastructure no success of e-mobility – C0M the German Play

Compleo Charging Solutions AG

28 September 2021

Outlook adjustment/warning again?

Duerr AG

06 September 2021

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H1 results and portfolio expansion

Aggregate Holdings SA

11 August 2021

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Incremental profitability rise

Delticom AG

10 August 2021

What if the auto party ends

Leoni AG

04 August 2021

Q2 OE business margin disappointing

Elringklinger AG

03 August 2021

So far no buying catalysts - Neutral

Norma Group SE

01 August 2021

Good Q3 figures, solid Q4 outlook

Stabilus SE

27 July 2021

Is Duerr starting a super-cycle again?

Duerr AG

18 May 2021

Clear outperformance; all priced in!

JOST Werke AG

17 May 2021

Weak Q1 performance vs peers

SAF-Holland SE

16 May 2021

Losing grip to competitors - SELL

Leoni AG

13 May 2021

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Solid Q1 KPIs – attractive valuation

Delticom AG

10 May 2021

Q1 figures mixed bag, high valuation

Duerr AG

05 May 2021

Back to 15% margin level! Wait until!

Norma Group SE

03 May 2021

Good Q3 results and sell speculation

HELLA GmbH & Co KGaA

12 April 2021

It´s cheap – strong H2 ahead

Stabilus SE

30 March 2021

Where are the fruits?

Elringklinger AG

28 March 2021

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Turnaround succeeded, Solid 2021

Delticom AG

24 March 2021

Return on capital employed figures show mismatch to valuation

SAF-Holland SE

23 March 2021

Promising 2021 outlook but valuation uptrend left – Downside risk Europe

Norma Group SE

24 February 2021

Upper valuation range reached

Duerr AG

22 February 2021

Overvalued stock

Elringklinger AG

16 February 2021

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Aggregation of cash flows driven by undervalued real estate businesses

Aggregate Holdings SA

27 January 2021

Many special items in Q4 2020

Leoni AG

14 December 2020

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Third guidance increase in a row

Delticom AG

23 November 2020

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Tyres are running again – turn-around story takes shape

Delticom AG

11 November 2020

Solid Q3 figures, positive high FCF

JOST Werke AG

05 November 2020

Solid Q3 figures, 2021 uncertain

Duerr AG

03 November 2020

2020 is done; watch 2021 prospects

Norma Group SE

20 September 2020

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We believe in Greentech business – IBU-tec with promising future

IBU-tec advanced materials AG

06 August 2020

No BUY catalysts so far: order intake down – no real 2020 guidance

Elringklinger AG

29 July 2020

FY20 net loss and decreasing LTM income orders

Duerr AG

28 July 2020

20/21 guidance priced in; valuation at the top of the range since IPO

HELLA GmbH & Co KGaA

25 May 2020

V-shaped recovery in valuation done!

HELLA GmbH & Co KGaA

12 May 2020

The worst is yet to come

SAF-Holland SE

10 May 2020

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Hidden Greentec champion with current attractive valuation level

IBU-tec advanced materials AG

05 April 2020

Now higher margins to survive or die

Elringklinger AG

05 April 2020

New lows ahead – deep recession!

Stabilus SE

01 April 2020

Historic drop in car markets expected

HELLA GmbH & Co KGaA

24 March 2020

Free cash flow also positive in crisis

Norma Group SE

22 March 2020

Profit taking might not be over

Duerr AG

19 March 2020

The bottom is still not reached! - Aftermarket might help to survive

SAF-Holland SE

10 March 2020

Market prices negative facts in

HELLA GmbH & Co KGaA

02 March 2020

No organic growth and margin erosion for 2020 already priced in

Grammer AG

16 February 2020

Positive IDW S6 report might ease pessimism and boost share price

Leoni AG

16 February 2020

Hidden Hydrogen play

Elringklinger AG

11 February 2020

Tipping-point - Speculative BUY

Norma Group SE

13 January 2020

FY expectations broadly priced in; lack of upside surprise, high valuation

HELLA GmbH & Co KGaA

18 December 2019

Acquisition not EPS accretive at all

JOST Werke AG

15 December 2019

German trailer market decline rates heading to financial crisis levels

SAF-Holland SE

14 November 2019

‘Star 2025’ starts again to shine - BUY

Stabilus SE

12 November 2019

Balance sheet ratios at insolvency level – success for 2020 is needed

Leoni AG

11 November 2019

When the markets play crazy then HOLD

Norma Group SE

07 November 2019

Expected Q4 loss, sharp dividend cut for FY19 and deteriorating markets

SAF-Holland SE

07 November 2019

Sales warning not a surprise – weaker quarters ahead but likely priced in

JOST Werke AG

05 November 2019

First time since years that margin improved significantly on qoq basis

Elringklinger AG

03 November 2019

What a run since August - new push is needed - wait and see - HOLD

Elringklinger AG

03 October 2019

Looming macro-picture – Next sales warning around the corner?

Norma Group SE

25 September 2019

Looming global macro-picture – consenus will be too ambitious

Grammer AG

24 September 2019

Collapsing of important SAF markets puts more pressure on the company

SAF-Holland SE

16 September 2019

Turning point - Speculative BUY

Elringklinger AG

10 September 2019

Looming macro-picture – 2020 consenus might be too ambitious

SAF-Holland SE

14 August 2019

Insolvency scenario not ruled out – Negative European car market trend

Leoni AG

04 August 2019

Mid-term slowdown – European car market with more downside risks

Stabilus SE

31 July 2019

Currently lack of positive catalysts

Duerr AG

24 July 2019

Take the dividend and sell

HELLA GmbH & Co KGaA

22 July 2019

Valuation reaches 2011/12 levels, but no trend reversal visible

Norma Group SE

27 May 2019

Peak Q1 quarter? – Ifo Logistics indicator points out weaker business

JOST Werke AG

19 May 2019

Uninspiring Q1 figures, shaky end-markets and lock-up ending ahead

STS Group AG

14 May 2019

Net debt higher than market cap. – Capital increase mandatory – Massive dilution ahead – SELL now

Leoni AG

05 May 2019

Hands off – we do not believe in H2 sales of at least EUR 496m

Stabilus SE

16 April 2019

The pressure is fading

Grammer AG

14 April 2019

Outperformance ahead – BUY now

HELLA GmbH & Co KGaA

10 April 2019

Racehorse: HRPK, NDA

7C Solarparken AG, Aurubis AG

08 April 2019

Relief rally might be over – Problems not off the table

Leoni AG

27 March 2019

High FCF, but low Dividend pay-out

JOST Werke AG

27 March 2019

Geis(inator) to spur profitability

SAF-Holland SE

20 March 2019

2019 outlook okay, but not a catalyst

Norma Group SE

18 March 2019

The manure should be out now

Leoni AG

19 February 2019

If more worse quarters than floating of up to 32m new shares –> dilution

Elringklinger AG

10 February 2019

Nepotism should come to an end – Due to ‘Value21’ blood will flow

Leoni AG

03 February 2019

Weak Q1 results and reduced outlook broadly priced into share price

Stabilus SE

13 January 2019

Maintaining contrarian to consensus - relief rally good opportunity to divest

HELLA GmbH & Co KGaA

08 January 2019

‘Motley group’ without any track record and low transparency

STS Group AG

10 December 2018

After impressive sell-off time to HOLD

Stabilus SE

21 November 2018

JOST is a cash cow vs SAF-HOLLAND

JOST Werke AG

15 November 2018

2019 consensus too high, further revisions necessary –> revaluation

Stabilus SE

07 November 2018

10 years of positive free cash flow generation might come to an end – First time since IPO negative FCF

SAF-Holland SE

06 November 2018

FY 18 profitability outlook at risk – Q4 seasonally the weakest in the year

Norma Group SE

21 October 2018

Focus on 2019: No catalysts so far

Leoni AG

15 October 2018

European car market starts to weaken – as a result reduced FY 2018 outlook

Grammer AG

04 October 2018

Downgrade to SELL – headwinds imply difficult start into Q1 18/19

Stabilus SE

26 September 2018

Toxic mix: WLTP, European car market cyclicality, US/China tensions

HELLA GmbH & Co KGaA

24 September 2018

The whole mgmt board is going to leave

Grammer AG

27 August 2018

Peak quarter and likely the turning point to the downside

JOST Werke AG

14 August 2018

Likely transition year 2019

Leoni AG

12 August 2018

Peak scenario for EBIT margin…

HELLA GmbH & Co KGaA

07 August 2018

The air has gone completely

Grammer AG

06 August 2018

Net debt higher than market cap

Elringklinger AG

05 August 2018

Strong organic growth, but some clouds regarding ‘capex’ cycle

Stabilus SE

26 July 2018

Commodity prices dragging down FY adj. EBITA margin firstly under 17%

Norma Group SE

18 July 2018

Market expectations too ambitious

HELLA GmbH & Co KGaA

16 July 2018

Second profit warning within one year

SAF-Holland SE

25 June 2018

‘Every year’ - profitability reduction

Elringklinger AG

10 June 2018

Limited upside potential

Norma Group SE

28 May 2018

The cuckoo lays its eggs in other birds' nests – in this case GRAMMER itself

Grammer AG

23 May 2018

Q1 figures not a game changer

JOST Werke AG

21 May 2018

Initiation: ‘Stabilus’ is everywhere

Stabilus SE

15 May 2018

More room to the upside

Leoni AG

08 May 2018

Weak set of financials for Q1 2018

SAF-Holland SE

06 May 2018

For FY 2018 stronger organic sales growth expected – TP upped to €70

Norma Group SE

25 April 2018

Initiation: Remember summer 2015; Mid-term expectations look exaggerated

HELLA GmbH & Co KGaA

15 April 2018

Weak profitability expected in Q1 18

SAF-Holland SE

12 April 2018

Initiation: Track record: Sales growth in 19 of 20 years with high margins

Norma Group SE

02 April 2018

Initiation: Mid-term expectations look exaggerated

JOST Werke AG

27 March 2018

Where is the 13% EBIT margin…?

Elringklinger AG

22 March 2018

Solid 2018 outlook broadly priced in

Grammer AG

15 March 2018

Final 2017 figures not a share price catalyst; Acquisition too expensive

SAF-Holland SE

06 March 2018

‘Best of two worlds’, but only adj. margin of 8-8.5%, headwinds ahead…

SAF-Holland SE

06 February 2018

Initiation: Wage increases and high R&D expense cycle around the corner

Elringklinger AG

28 January 2018

Initiation: Sword of Damocles slowly fading – chances and risks well balanced

Grammer AG

21 January 2018

The valuation play - catch-up potential to its peer group

Leoni AG