Home » DAX with 7th record level!: Tesla: Price war 3.0 – Telekom: Grab it now? – Sixt: Record

DAX with 7th record level!: Tesla: Price war 3.0 – Telekom: Grab it now? – Sixt: Record

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DAX with 7th record level!: Tesla: Price war 3.0 – Telekom: Grab it now?  – Sixt: Record

The hunt for records in the DAX continued on Friday. In early trading, the leading German index reached a new all-time high for the seventh time in a row – most recently it rose by 0.73 percent to 17,807.65 points. There are even indications that it could be the eighth consecutive record day on a closing price basis. After a strong February, there are signs of a weekly increase of 2.2 percent.

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The MDAX of medium-sized companies gained 0.70 percent to 26,004.69 points on Friday morning. The CDAX also reached a record high on Thursday. It includes all German stocks listed on the Frankfurt Stock Exchange in the General Standard and Prime Standard.

The Eurozone leading index EuroStoxx 50 rose by 0.4 percent.

Interest rate cut is coming

The influential head of the New York Federal Reserve District, John Williams, expressed expectations on Thursday that the US Federal Reserve would likely cut interest rates.

During a public appearance in New York, Williams said: “I expect we will see a rate cut later this year.” He added that with inflation falling and the economy more balanced, normalizing interest rates makes sense. However, Williams stressed that there is no rush to take this step. He expressed the view that monetary policy was well managed and that the focus now was on increasing confidence that inflation would return to the two percent target.

Tesla: Price war in China is entering the next round!

The Californian car manufacturer is pulling an ace out of its sleeve in the price war on the Chinese market. In the price war against established rivals such as BYD, the Musk Group is setting new incentives. Tesla wants to win over consumers in the world‘s largest car market with insurance subsidies. The US electric vehicle giant is setting the next mark in the protracted price war.

According to a post on its Weibo account, Tesla said pickups of existing inventory of Model 3 sedans and Model Y SUVs through the end of March would be eligible for a maximum of 34,600 yuan (4,444 euros) in incentives. The incentives include an 8,000 yuan (1,027 euros) discount on car insurance products in partnership with Tesla and a 10,000 yuan (1,300 euros) discount if the buyer chooses a paint color change.

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Tesla also offers limited-time preferred financing plans that could save up to 16,600 yuan when buying a Model Y.

When asked about Tesla’s inventory in China, a sales representative said it was limited, but declined to provide details.

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Daimler Truck: Record results

The DAX group increased its operating result by 39 percent to almost 5.5 billion euros in 2023. Revenues rose by ten percent to 55.9 billion euros, although sales only increased by one percent to around 526,000 trucks and buses. Supplier bottlenecks prevented even higher sales and ensured that Daimler slightly missed its own targets. However, higher prices and a larger proportion of profitable vehicles drove up sales and profits. “2023 was a record year for Daimler Truck,” explained CEO Martin Daum.

The adjusted return on sales in the industrial business rose by a good two percentage points to 9.9 percent. The company did better than expected by analysts, who had forecast an average adjusted EBIT of 5.1 billion euros.

The DAX group plans to increase the dividend to 1.90 euros per share from 1.30 euros in the previous year. CEO Daum gave a “robust” outlook for the current year: Although demand in the North American and European markets is declining, sales are expected to fall to 490,000 to 510,000 units.

Nevertheless, the world market leader for heavy trucks aims to keep sales and EBIT stable and to generate a margin of 9.0 to 10.5 percent. The markets are expected to normalize this year – the catch-up effect after the delivery backlog during the corona pandemic is decreasing, and the weaker economy is slowing down cyclical business.

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Sixt: Sales great – profit bad – dividend bad, bad

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Despite record sales, car rental company Sixt recorded a decline in profits last year due to falling residual values ​​for electric cars.

The car rental company has announced its preliminary figures. Accordingly, pre-tax profit fell by 15.6 percent to 464.3 million euros in 2023. However, group sales rose by 18 percent to a record 3.62 billion euros. All three of Sixt’s regional segments contributed to this growth.

Earnings before interest, taxes, depreciation and amortization (EBITDA) also reached a high of 1.33 billion euros (2022: 1.14 billion euros). However, shareholders will be confronted with a reduced dividend: they will receive EUR 3.90 per ordinary share and EUR 3.92 per preference share. In the previous year the dividend was 4.11 euros per ordinary share.

“In 2023 we will have achieved our ambitious goals both in terms of business figures and the implementation of the strategy,” said co-chief executive Alexander Sixt. “In view of the significantly worsening market conditions for e-mobility over the course of the year, rising interest rates and continued high investments, our result is all the more remarkable.”

Sixt particularly complains about the poorer conditions for the resale of electric cars. In Germany, prices for electric cars have fallen by more than 20 percent over the past year. The falling residual values ​​for electric vehicles led to increased depreciation and losses from vehicle sales, which led to a negative impact on earnings of around 40 million euros.

The evening before, Sixt had already announced that the company would slip into the red in the first quarter of 2024 and wanted to reduce its inventory of electric cars.

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New York Community Bancorp: New Problems

The US regional bank had already caused major price losses for mortgage banks worldwide in February. Last night the situation escalated again. Shares came under heavy pressure after the bank replaced previous CEO Thomas Cangemi.

Additionally, New York Community Bancorp announced a $2.4 billion retroactive write-down for the fourth quarter due to a “significant weakness” in the bank’s risk management. In particular, the values ​​of companies acquired in recent years were written off.

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Idea of ​​the day: Get Telekom’s support!

Germany’s largest telecommunications provider was not completely convincing with its results for 2023. The outlook was also not quite as expected. The market estimated higher EBITDA and free cash flow forecasts in 2024.

Telekom is aiming to increase EBITDA by six percent to around 42.9 billion euros in 2024 compared to 2023, which would mean significantly stronger growth than in 2023. The board has set its sights on a free cash flow of almost 19 billion euros.

The strength of the cash flow is a major advantage when compared internationally. The company’s current valuation at the current level still offers development potential. The current price-earnings ratio (P/E) is twelve and is estimated to fall to eleven by 2025.

In terms of the chart, the share has corrected and is now just before the important support level of 22 euros. If the mark holds, then the price could pick up speed again and next jump above the 50-day line again.

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Markus Weingran, stock expert wallstreetONLINE Börsenlounge

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