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25/09/2018 14:48:08
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Börse Frankfurt News

Scale Market Report: Quite different industries at the top

Over the last few weeks, the Scale All Share Index followed a lateral trend. In the long run, the share price performance of the index members differs widely.
25 September 2018 FRANKFURT (Börse Frankfurt). Unlike in the USA, where technology stocks have clearly won the race in recent months, the Scale segment of the Frankfurt Stock Exchange sees companies from very different sectors at the top of the best list. The top performers of the past twelve months include a fund issuing house, a Fintech company, a measurement engineer, a real estate developer and a software company.

It is a colourful segment, with many winners, but also some losers. However, analysts specializing in small companies are seeing many interesting opportunities for entry into Scale stocks.

The Scale All Share Index, which reflects the development of all Scale stocks, has hardly moved after price gains and losses compared to the previous month. On Tuesday morning, it reached 1,276 points. Since the start of the stock market segment in March 2017, the index has therefore increased by almost 28 percent. With currently at 1,165 points, the Scale 30 selection index is at a similar level to four weeks ago.

Lloyd Fonds doubles share price

The fund issuing house Lloyd Fonds (WKN A12UP2) is now in first place on the list looking at the past twelve months with an increase of 116 percent; since March alone the share price has more than doubled. In second and third position are the Frankfurt FinTech Group (WKN FTG111) with a price increase of 66 percent, followed by the measuring instrument manufacturer for medical and environmental technology Nynomic (WKN A0MSN1) - formerly m-u-t - with 61 percent and the real estate developer Noratis (WKN A2E4MK) with 57 percent. In the last three months, artec technologies, a provider of video systems, was ahead of the field, with Consus Real Estate (WKN A2DA41) and Lloyd Fonds in second and third position respectively.

As in the previous months, Fintechs are not only among the best, but also among the worst performers: Over the last twelve months, the Fintech company Naga Group (WKN A161NR) was coming in last place with a decrease of 81 percent, and the real estate investor Publity (WKN 697250) is among the biggest losers, the streaming service Pantaflix (WKN A12UPJ), the ring tone provider CLIQ Digital (WKN A0HHJR), the provider of POS systems Vectron Systems (WKN A0KEXC) and Fintech MyBucks (WKN A2AJLT).

Joint venture of FinTech Group and Austrian Post

Many Scale companies have presented their figures for the second quarter and the first half of the year over the past few weeks. Sales of the FinTech Group rose by 18 percent to 58.5 million euros, while earnings before interest, taxes, depreciation and amortization climbed by 42 percent to 18.4 million euros. The broker subsidiary Flatex again accounted for the lion's share of earnings and proceeds in the first half of 2018. In addition, the company announced a joint venture with Austrian Post, which will soon sell FinTech Group banking services. In return, the Austrian Post will acquire a 7 percent stake.

The JDC Group (WKN A0B9N3) successfully completed a capital increase in August. According to its own statements, 1.2 million new shares at 8.70 euros were placed with qualified investors as part of a private offer. The financial services provider, whose subsidiaries include the broker pool Jung, DMS & Cie., intends to use the money for further growth and, in particular, for acquisitions.

Many new purchase recommendations

Once again, there were numerous entry recommendations for Scale-enterprises, from SMC Research for mVISE, artec Technologies, Nanogate and the Naga Group. GBC advises Fintech Group, HELMA and JDC Group to purchase.

The IT service provider mVISE (WKN 620458) grew very dynamically in the first half of the year according to SMC Research, an analyst firm based in Münster, Germany. However, it profited above all from an acquisition, and in the second half of the year the product business is expected to gain momentum. SMC expects a very strong profit jump and quotes a price target of 7 Euro, far above the current price (4.37 Euro). Artec technologies (WKN 520958) is, according to SMC, well on its way to achieving the high expectations for the year as a whole, with the analysts particularly being impressed by the profit development. For the time being, however, they are sticking with the price target of EUR 8.40 (currently EUR 4.98) and the "speculative buy" rating.

SMC believes that Nanogate (WKN A0JKHC) is well on the way to meeting its expectations for the year as a whole after presenting its half-year figures. The surface specialist is expected to again exceed its own forecasts showing that the Nanogate share still has a lot of potential. The price target is EUR 64.10 (currently EUR 37.20). According to the GBC, the JDC Group (WKN A0B9N3) continued the positive trend of previous reporting periods in the first half of the year and has generated sales as well as a significant increase in the share price.

Price targets far above current quotations

According to GBC, HELMA Eigenheimbau (WKN A0EQ57) increased ore-tax earnings and earning before interest significantly in the first six months of the 2018 financial year despite a decline in sales. As a result, the analysts have raised their price target from 53 to 57.70 euros (currently 36.55 euros) and confirm the buy recommendation. SMC also sees the NAGA Group (WKN A161NR) in a very positive light, the share having recently recovered somewhat after significant price losses. The Naga Group had delivered very good figures for 2017, even though the company was not making as fast of a progress as expected in all areas. The analysts assume, however, that the company will now push ahead with the scaling of the introduced platforms. The fair value of 6.70 euros per share is far above the current price (today's level is 2.69 euros), but due to the forecasting risk due to the early stage of business development, the ruling is called a "speculative buy".

According to GBC, the FinTech Group (WKN FTG111) will continue to grow in the 2018 financial year, increasing its turnover to 120 million euros and earnings before interest, taxes, depreciation and amortization to 40 million euros. As a result, analysts are raising their share price target from 35 to 41.70 euros (currently 27.50 euros) with a still positive vote.

Analysts do not see potential everywhere

Meanwhile, GBC is only rating Deutsche Grundstücksauktionen (WKN 553340) as "Hold". According to GBC, the first half of 2018 was very positive for the company, but analysts had expected a better performance from the subsidiaries. They are therefore slightly reducing the price target from 18.85 to 18.70 euros (currently 17) and are now voting "hold" instead of "buy".

GSC Research ("German Small Caps"), the Düsseldorf-based analyst firm, is also placing the EQS Group (WKN 549416), which specializes in software solutions and corporate communications, on "hold". Although EQS had achieved a positive result after minority interests in the first half of the year due to special effects, the operating profit figures were negative due to investments. As a result, the analysts leave the price target at 80 euros (currently 70) and the vote at "Hold".

Bonds continue to hold up well

There is little movement in the Scale bond segment. All bonds continue to be quoted above par, particularly the securities of the Gelsenkirchen Schalke 04 football club (WKN A2AA04), the Karlsberg brewery (WKN A2AATX), Neue ZWL Zahnradwerk Leipzig (WKN A13SAD), Hoermann Industries (WKN A2AAZG) and Eyemaxx Real Estate (WKN A12T37). Scale was launched in March 2017 and replaced its predecessor Entry Standard.

The segment offers access to shares and bonds of small and medium-sized companies. Companies wishing to be listed in Scale must have an existence for two years and have a market capitalization of 30 million euros. In addition, five criteria are applied, of which each company must meet three: a minimum turnover of ten million euros, a positive annual result, a positive balance sheet equity, a minimum number of 20 employees and at least five million euros equity.In addition, there are obligatory research reports by the two analysts Morningstar and Edison Investment Research, which are commissioned by Deutsche Börse - and not by the companies themselves. In general, the segment is only targeting well-informed investors.

by Anna-Maria Borse 25 September 2018, © Deutsche Börse AG

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