Thomas J. Schiessle
EUR 190.00 For Business Accounts Only

Guter Start, Q2/20 wird herausfordernder, H2-Hoffnung

Der Jahresstart gelang besser als erwartet. Auch und vor allem, weil das ehedem autolastige MBB Portfolio nun - begleitet von Ertragsverstetigung und Risikostreuung - konjunkturresistenter geworden ist. Mit Fr. Vorwerk KG (inklusive Bohlen & Doyen) entsteht ein weiterer Wachstumskern. Der Dividendenvorschlag (€ 0,70/Aktie; Vj.: € 0,69) für Gj 2019 passt dazu.

Das „Ob & Wie“ der Anlaufkurve der Automobil-Produktion wird über den weiteren Geschäftsverlauf auch bei MBB SE entscheiden. Aber das Q2/20 wird für die autolastigen MBB-Töchter besonders herausfordernd.

Aumann AG

Aumann AG is a Germany-based manufacturer of machinery and production lines for components of electrified drive trains and an equipment supplier to the automotive, aerospace, consumer electric and other industries. The Company operates through two segments: E-Mobility and Classic. In the E-Mobility segment, it designs, manufactures and sells specialized machinery and automated production lines for e-mobility solutions for the automotive, aerospace, railway and other mobility industries. In the Classic segment, the Company primarily designs, manufactures and sells specialized machinery and automated production lines for the automotive, aerospace, railway, consumer electric, agricultural and clean-technology industries.

Delignit AG

Delignit AG. Delignit AG is a Germany-based supplier of technological products and system solutions produced from the ecological, wood-based Delignit material. It operates through two segments: Automotive and Technological Applications. The Automotive division focuses on the production and sale of safety features for automobile interior and loading area protection for light commercial vehicles, such as for floors, walls and partitions. The Technological Applications segment offers floors for production sites and rail vehicles, fire safety and sound proofing in public buildings, including safety components and construction elements, as well as on tool construction, such as the production of sheet-forming tools.

MBB Industries SE

MBB SE. MBB SE, formerly MBB Industries AG, is a German-based private equity firm specializing in acquisitions of established medium-sized industrial companies. The Company makes investments in entities seeking to sell off a part of their business or the entire operation, perhaps as part of a succession process; selling a subdivision or an affiliated entity that no longer forms part of the organization's core business, and seeking for a management buyout or buy-in. It targets investments in firms with turnovers of 10 million euros and above. Its portfolio consists of Aumann AG, specializing in e-mobility, coil winding and automation, CT Formpolster GmbH, a producer of flexible polyurethane foams, Delignit AG, a supplier of ecological hardwood-based materials, DTS IT AG, a cloud computing and cyber security provider, Hanke Tissue Spolka Z O.O., a producer of tissue paper, and OBO-Werke GmbH, a supplier of products for model construction, toolmaking and mould production, among others.


EQUI.TS GmbH is an innovative, equity research boutique based in Frankfurt (Germany). It is operated by its original founders and has established a reputation as a quality research provider over a period of more than 10 years. Although it generally does not focus on any particular branch of industry, its analyses often revolve around technology and growth stocks.

Thomas J. Schiessle

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