Report
Cosmin Filker ...
  • Marcel Goldmann
  • Marcel Schaffer
  • Matthias Greiffenberger

GBC Best of German Mittelstand - 29.10.2024

Liebe Investoren,

hätten Sie unmittelbar nach Ausbruch des Ukraine-Krieges einen DAX-ETF gekauft, würden Sie sich heute über eine Performance von über 35 % freuen. Hätten Sie dagegen im gleichen Zeitraum in die kleineren deutschen Aktienindizes investiert, hätten Sie im besten Fall keinen Verlust gemacht, im schlechtesten Fall ein Minus von mehr als 15 %. Seit nunmehr fast drei Jahren gilt die Börsenweisheit nicht mehr, dass kleinere Unternehmen zwar ein höheres Risiko aufweisen als Large Caps, dafür aber auch ein höheres Renditepotenzial. In den zehn Jahren vor Ausbruch des Krieges in der Ukraine hätte beispielsweise eine Investition in Small und Mid Caps eine mehr als doppelt so hohe Rendite erzielt wie eine Investition in Large Caps.

Es gibt verschiedene Erklärungsansätze, warum sich dieses Verhältnis in den letzten Jahren umgekehrt hat. So dürfte die Verteuerung der Finanzierungskosten die kleineren Unternehmen mit ihrem höheren Fremdkapitalanteil an der Gesamtfinanzierung besonders getroffen haben. Darüber hinaus dürfte auch die Tatsache, dass kleinere Unternehmen einen höheren Anteil ihres Umsatzes in Deutschland erwirtschaften, eine Rolle für die schwächere Kursentwicklung kleinerer Unternehmen spielen. Denn Deutschland weist im internationalen Vergleich derzeit eine besonders schwache konjunkturelle Entwicklung auf. Die unterschiedliche Performance nach Unternehmensgröße führt aber derzeit zu besonders günstigen Bewertungsrelationen. Europäische Small Caps werden aktuell mit einem KGV von 13,5 bewertet, ein deutlicher Abschlag zum langfristigen Durchschnitt von 19,3. Darin sehen wir aktuelle die besondere Investmentchance.

Die aktuellen Zinssenkungen könnten zu einer Auflösung der derzeit günstigen Bewertungen von Small und Mid Caps führen. Historische Auswertungen für den US-amerikanischen Kapitalmarkt zeigen eine Outperformance kleinerer Unternehmen nach Zinssenkungen. Vor diesem Hintergrund haben wir dreizehn Unternehmen in den GBC Best of German Mittelstand aufgenommen, die nach unseren Bewertungsmaßstäben derzeit attraktive Bewertungsrelationen aufweisen. Acht dieser Unternehmen sind im SDAX und fünf im MDAX gelistet. Ein Unternehmen ist zudem im TecDAX vertreten.

In der „GBC Best of German Mittelstand“-Studie sind Einschätzungen zu folgenden Unternehmen enthalten:
Aurubis AG (DE0006766504)
Fielmann Group AG (DE0005772206)
Fraport AG (DE0005773303)
Heidelberger Druckmaschinen AG (DE0007314007)
HORNBACH Holding AG & Co. KGaA (DE0006083405)
Hypoport SE (DE0005493365)
INDUS Holding AG (DE0006200108)
KWS SAAT SE & Co. KGaA (DE0007074007)
Medios AG (DE000A1MMCC8)
PVA TePla AG (DE0007461006)
Rational AG (DE0007010803)
RENK Group AG (DE000RENK730)
United Internet AG (DE0005089031)

Wir wünschen Ihnen eine spannende Lektüre und erfolgreiche Investments,

Cosmin Filker
Stellv. Chefanalyst
Underlyings
Aurubis AG

Norddeutsche Steingut is a Germany-based manufacturer and distributor of tiles, concentrating on wall and floor tiles for the residential and commercial sector. As of December 31, 2011, Co. was operational through its two wholly owned subsidiaries Nord Ceram Fliesenproduktions und -vertriebs GmbH & Co. KG, which mass produces standard- and large-size floor tiles under the Pro brand for its own sale and for partners of the parent company; as well as Bremer Wandplatten GmbH, which produces floor and wall tiles under the BW brand. Co.concentrates on business activities in Germany

Fielmann AG

Fielmann is an eyewear manufacturing group based in Germany. Co. is predominately active in the optical industry and operates across every level: as manufacturer, agent and optician. Co. is involved in the operation of and investment in opticians' shops, hearing aid companies and the manufacture of and trade in visual aids and other optical products, in particular spectacles, spectacle frames and lenses, sunglasses, contact lenses, related articles and accessories, freely traded merchandise not subject to licensing of all kinds as well as hearing aids and related accessories. Co. markets its products in Germany, Switzerland, Austria, Belarus, Ukraine, Poland, Netherlands, and Luxembourg.

Fraport AG

Fraport AG Frankfurt Airport Services Worldwide is an airport operator. Co. is divided into four segments: aviation, which includes airside and terminal management as well as corporate safety and security at the Frankfurt site; retail and real estate, which consists of retailing activities, parking facility and real estate management at Frankfurt Airport; ground handling, which comprises services dealing with passengers, aircraft and cargo; and external activities and services, which comprises Co.'s companies outside the Frankfurt site and auxiliary services in Frankfurt, including information technology and facility management in particular.

Heidelberger Druckmaschinen AG

Heidelberger Druckmaschinen is engaged as a provider for the printing industry. Co.'s operating activities are divided into three segments: Heidelberg Equipment, Heidelberg Services and Heidelberg Financial Services. Co.'s Heidelberg Equipment segment primarily comprises new machinery business. Services, consumables, spare parts and remarketed equipment business are included in Co.'s Heidelberg Services segment. Co.'s Heidelberg Financial Services segment comprises sales financing business.

HORNBACH Holding AG & Co. KGaA

Hornbach Holding is engaged in the development and operation of do-it-yourself (DIY) megastores with garden centers on an international basis. In addition, Co. and its subsidiaries are engaged in the construction materials and builders' merchant business. Co. operates within two segments: retail business and its real estate business. As of Feb. 28, 2014, Co. was operating a total of 49 DIY megastores with garden centers in eight countries outside Germany.

Hypoport SE

Hypoport AG is a Germany-based company that provides technology-based financial services. The Company operates through subsidiaries assigned to its four business units. Credit Platform operates EUROPACE, an online business-to-business (B2B) financial marketplace offering mortgages and personal loans. It also includes sub-marketplaces FINMAS and GENOPACE, B2B mortgage distribution companies and providers of real estate valuation services. Private Clients is aimed at directly advising consumers on mortgages, insurance or pension products, and includes Dr. Klein Privatkunden and the consumer comparison portal Vergleich.de. Real Estate Platform, operating under the DR. KLEIN Firmenkunden brand, among others, is a financial service partner to housing companies and commercial property investors. Insurance Platform operates Smart InsurTech, a platform for advice, comparison of tariffs and the administration of insurance policies, as well as develops other insurance software.

INDUS Holding AG

Indus Holding is a holding company. Co., through its subsidiaries, is engaged in the acquisition of profitable mid-sized industrial enterprises and optimizing their business growth. Co.'s portfolio companies are organized into five segments: Construction/Infrastructure, Automotive Technology, Engineering, Medical Engineering/Life Science and Metals Technology. The Construction/Infrastructure segment comprises nine operating units; the Automotive Technology segment comprises ten operating units; the Engineering segment comprises nine operating units; the Medical engineering/Life Science segment is made up of three companies; and the Metals Technology segment encompasses nine operating units.

KWS SAAT SE & Co KGaA

KWS SAAT is a holding company. Through its subsidiaries, Co. is engaged in developing, producing and distributing seed for agriculture. Co.'s operational business is divided into three segments: corn, which is engaged in the production and distribution activities of corn for grain and silage corn, oil and field seed; sugarbeet, which is engaged in the multiplication, processing and distribution activities for sugarbeet seed, as well as Co.'s seed potato business; and cereals, which is engaged in the production and distribution of hybrid rye, wheat and barley, as well as oil and field seed.

Medios

Medios AG. Medios AG, formerly Crevalis Capital AG, is a Germany-based company that is active in the pharmacy business. It wholesales, markets, distributes and produces various kinds of goods for pharmacies and other pharmaceutical companies. The Company also provides related services and is engaged in the acquisition and management of other companies from the pharmaceutical industry.

PVA TePla AG

PVA Tepla AG. PVA TePla AG is a Germany-based company that provides vacuum solutions for high temperature and plasma treatment processes, as well as plant engineering solutions. The Company operates through two segments: Industrial Systems and Semiconductor Systems. The Industrials Systems segment specializes in the development, construction and marketing of vacuum heat treatment furnaces for processing materials at high temperatures. The Semiconductor Systems segment provides systems for the semiconductor and solar industry ranging from systems for the production of silicon crystals for the semiconductor, solar and opto-electronic industry to systems for plasma treatment in the semiconductor assembly, as well as systems for non-destructive, ultrasonic quality inspection of materials. The Company operates through subsidiaries in Europe, Asia and North America.

RATIONAL AG

Rational is a producer and supplier of equipment for industrial and commercial kitchens. Co. is engaged in providing units for heating and cooking all types of food. Co.'s products include the SelfCooking Center®, a cooking appliance with intelligent cooking processes for roasting and pan-frying, poultry, fish, vegetables and other side dishes, potato dishes, egg dishes, desserts and bakery products; and the VarioCooking Center®, used for cooking in liquid or in direct contact with heat; and the CombiMaster®, a combi-steamer. Co.'s customers include restaurants, hotels, company canteens, hospitals, schools, universities, miliatry facilities, prisons and retirement homes.

RENK GROUP AG

United Internet AG

United Internet AG is a Germany-based Internet service provider (ISP) and holding company of the United Internet Group. The Company's products and technical services are divided into two key segments. The Access segment comprises narrowband, broadband and mobile access subscriptions, including the corresponding applications. The Applications segment includes such applications as home pages, e-shops, Personal Information Management applications, group work, online storage and office software. The Application segment also includes the operations of the Company's brands Sedo and affilinet, which serve customers performance-based advertising and sales possibilities. The Company's brand portfolio also includes GMX, WEB.DE, 1&1, united-domains, Fasthosts and InterNetX. In addition, the Company develops Internet based applications, such as cloud applications. The Company acts primarily via its wholly owned subsidiary 1&1 Internet AG, and Sedo Holding AG, in which it holds a majority stake.

Provider
GBC AG
GBC AG

Die GBC AG mit Sitz in Augsburg ist eines der führenden bankenunabhängigen Investmenthäuser in Deutschland und erfahrener Emissionsexperte für den deutschen Mittelstand.

Die GBC AG kennt als eigentümergeführtes Unternehmen die Bedürfnisse des deutschen Mittelstandes im Finanzierungsbereich und ist ein unabhängiger und verlässlicher Partner bei allen Fragestellungen rund um den Kapitalmarkt.

In der GBC Gruppe bietet die GBC AG Unternehmensanalysen & Research, Kapitalmarkt- & Finanzierungsberatungen sowie Kapitalmarktkonferenzen.

Die GBC Kapital GmbH ergänzt die Leistungen in der Gruppe um das Corporate Finance in den Bereichen Platzierung & Vermittlung von Anleihen und Aktien

Analysts
Cosmin Filker

Marcel Goldmann

Marcel Schaffer

Matthias Greiffenberger

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