Telematics Hardware and Software - Two in One - 500 Beiträge pro Seite

[Lassemann]

Hi there,

ich greife mal eine etwas ältere, dafür ausführliche, Analyse von BNP PARIBAS auf. Diese soll natürlich nicht den Anspruch auf Vollständigkeit haben. Sie gibt jedoch einen relativ guten Überblick über die möglichen Aussichten, die bisherigen Erfolge und ein paar Indizien für den Telematik-Markt an sich. Auch wenn die Analyse schon älter ist (03.Mai), so gibt sie m.E. die ausführlichsten Infos, die jeder für scih natürlich hinterfragen sollte. Wir haben schliesslich alle gelernt, welche Motive Analysten haben. Die ganze Studie inklusive explizitem Zahlenmaterial (DCF, PeerGroup etc.) ist im IR Bereich von http://www.funkwerk.com zu finden. Ich stelle mal den ersten Teil hier rein:

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A) SHORT SUMMARY
Two in one

- Price in May: €35.95 (heute ca. 26 Euro), Target price: €41.00, Rating: Outperformer

- Funkwerk is a leading supplier to the future-oriented telematics market. It has two autonomous divisions. Professional Wireless Technology develops systems to rationalise rail and other transport systems and enhance safety while Commercial Wireless Technologies markets systems to integrate telematics services. This division’s business is driven by the trend towards the mobile car-based office.

- Funkwerk has many years’ experience of working with rail companies(it is a long-standing supplier to the German railways) and is, therefore, extremely well positioned to secure tenders from other European rail companies. Its position is further strengthened through partnerships with large international companies.

- Funkwerk’s special amplifier for mobile telecoms is unique and will become more important as GPRS and UMTS technology gains market share. Meanwhile, growth will be driven by the boom in demand for hands-free kits, due to new legal regulations in Germany. We put Funkwerk’s technological edge in this field in terms of time at over a
year.

- This excellent position should enable the company to report a sales CAGR of 41% in the period 2000–03e. We believe Funkwerk’s financials are very sound with an estimated EBITDA in excess of €12m (20% margin).

- On the basis of these data, we arrive at a fair value of €293.70m for the company and a target price of €41.00 per share.

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B) ANALYSIS
On track for success with all product groups

Funkwerk’s core competency comprises integrated telematics solutions for traffic and logistics operations. Its business model includes application specifications and the development, production, modification and implementation of hardware and software solutions as well as services
(such as maintenance and training). Our investment recommendation is based on the following core
considerations:

A clear business model
- Funkwerk’s business model is transparent. The two divisions – PWT and CWT – have completely separate product and customer portfolios, but benefit from the overlap in R&D on basic applications. (Synergieeffekte)

Experienced management
- The company has an experienced management team and highly effective finance department.

Europe’s sole supplier of compensers
- The CWT division markets two product groups. CWT, with its
Compenser technology (special amplifiers to bridge gaps in the cellular phone network and which also check the integrity of data), is the sole supplier in the European market. This product is also currently boosting demand for its hands-free mobile phone kits. The new Kombox, which includes a range of additional functions, should enhance its competitive position when it comes onto the market in around mid-2002.

Legislation has boosted demand for hands-free cell phone kits
- In Germany there is currently high demand for hands-free kits for mobile phones following legislation prohibiting the use of hand-held phones whilst driving. At present, Funkwerk produces just under 30,000 units of each product group (Compensers and hands-free kits) per month. The CWT divisions monthly production capacity in the CWT division will be raised to 90,000 Compensers and 50,000 hands-free mobile phone kits, in May of this year. ---> Bereits erfolgt. At present, it looks as though this additional capacity will be fully utilised within a year. In our opinion, this increase in capacity has yet to be fully factored into the company’s projections.

Boom in business with the car industry
- We expect the buoyant demand experienced by the CWT division to be replicated by even stronger growth for the PWT division, probably from 2003 onwards. Our expectation is supported by the European rail system’s switch to the new GSM-R standard, which has been agreed by 32 European rail companies. As part of the changeover, rail companies will have to be equipped with digital GSM-R technology. Funkwerk is already taking part in tenders for this.---> hier ist einiges zu erwarten.

Funkwerk’s user knowledge is a key advantage
- Funkwerk’s PWT division stands apart from its competitors for two reasons. First, it has established long-standing relationships with rail companies, thus enhancing user know-how. Secondly, PWT has established high-quality and advanced technology.

International orders in the pipeline
- Deutsche Bahn AG and Nortel Networks are currently Funkwerk’s biggest customers in this field, with an order volume in Germany of around €175m through to 2007 (inclusive). With test tracks in Sweden and Germany, excellent alliances to provide an entry into the French and Italian markets, enquiries from the UK (e.g. from Freightliner) and scope to expand into Eastern Europe, we anticipate a clear expansion of orders on the books already in the short term. We estimate the potential demand from each country is between €50m and €100m.

Good scalability to other modes of transport
- The PWT division’s products can also be used for other target groups that have yet to be tapped (e.g. ports and airports).

Blue-chip customers
- Most of Funkwerk’s customers are blue-chip companies. The PWT division’s key account customers include Deutsche Bahn AG and the CWT division’s portfolio includes the major German car manufacturers.

Alliances with major international companies
- Both divisions have strong partners. The PWT division’s co-operation partners include Sagem, Siemens and Nortel Networks, while the CWT division works with DaimlerChrysler, BMW, VW Votex, Sony and Nokia.

Expanding into software - Acquisitions in the pipeline
- Funkwerk plans to use the proceeds of last November’s IPO mainly for acquisitions. We anticipate an acquisition in the software sector in response to the general increase in the proportion of software in the overall product mix (currently 30%).

Private networks as a third division
- Funkwerk is also planning to set up a third division to capitalise upon growth in private networks. The company’s applications are already suitable for private networks but it does not yet have the necessary marketing and customer structures.

Sound financial position underpins growth plans - Still undervalued (das war im Mai, jetzt erst recht
- Funkwerk has a sound financial platform. It raised its EBITDA margin from 17.8% in 1999 to 18.7% in FY 2000. For FY 2000 the company reported a negative cash flow of -€ 1.4m before financing (FCF), chiefly because of the rise in inventories and heavy capital expenditure needs in the CWT
division.

Aiming to raise margins to 19%; business performance in 2001 essentially secure
- We expect Funkwerk to raise its EBITDA margin to 19% in 2001, especially as it generated 28% of forecast annual sales of €53.2m (company forecast) in the first 75 days of the current financial year. Orders and offers made already cover an impressive 85% of the company’s projected sales.

Funkwerk has a conservative forecast ‘policy’; our forecasts have been adjusted upwards by by ca. 15%
- Our sales and earnings forecasts are deliberately about 15% above the company’s conservative expectations since the first few months of the year have been very successful and we anticipate even higher growth momentum during the reminder of the year, especially for the CWT division. Despite having brought forward some investment plans (for instance at the plant based in Dabendorf), we estimate Funkwerk will not consume cash this year. We also assume it to report a positive free cash flow in 2002 and 2003 (excluding acquisitions).

Undervalued despite good performance
- On the basis of our revised forecasts, we believe that the company is still undervalued both compared with other companies in the sector and on the basis of a DCF model. We put the fair value at €294m, i.e. €41 per share.

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C) VALUATION

- We used two approaches to value the company. Our starting point was a DCF valuation highlighting the company’s long-term prospects. We then undertook a peer group comparison. However, our comparison should be treated with a degree of caution as Funkwerk’s focus on professional and commercial wireless communications technology is unique.
Key aspects of our valuation:

--> Peak sales still in the distant future
Although Funkwerk AG has been profitable since its inception, its peak sales and earnings are not expected until the distant future, which is in common for many other growth stocks listed on the Neuer Markt. Our sales CAGR forecast is an impressive 41% for the period up to 2003
(estimated turnover of €111.4m in 2003).

--> We estimate the Funkwerk will generate EBITDA of €23.78m in 2003, which equates to a margin 21%.

--> Positive free cash flow in 2001
Funkwerk reported a slightly negative free cash flow of €1.4m in 2000. Factoring out IPO expenses of €4.m, we calculate a positive free cash flow of around €2.6m for 2000. Our forecast for 2001 is a positive free cash flow of €0.66m, rising to €5.5m by 2003.

C1) Valuation based on a DCF model
- The discounted cash flow model is our preferred method of valuing growth companies with no homogenous peer group. Although some of the assumptions underlying this model are subjective (risk-adjusted discount rate and assumed terminal growth rate), the subsequent sensitivity analysis
is used to check their plausibility. The main assumptions are as follows:

--> Risikoloser Zins
The risk-free interest rate is the yield on 10-year German government bonds, which is currently 4.83%.

--> Risikoprämie
The consolidated risk premium for equity capital is 5.8%, comprising a four percent risk premium for the German equity market (BNP Paribas Database Team) plus a special risk premium of 1.8% applied to companies listed on the Neuer Markt.

--> Beta-Faktor
We use a company-specific beta factor of 1.0. That equates to the adjusted beta factor estimated by Bloomberg. However, given the current high market volatility, the beta factor may vary, even though our assumptions cover a long forecasting period. In addition the Funkwerk share has been only listed since November 2000 and, thus, provides a limited reference database. Nevertheless, in comparison with the average peer beta of 1.2 a beta value for Funkwerk of 1.0 is plausible and underlines the more stable development of its share price when compared with its competitors.

--> FK/EK-Anteil
Funkwerk currently has liabilities to banks totalling €2.6m, about half of which have long maturities of one to five years.

--> Gewichteter Kapitalkostensatz
On the basis of these assumptions, we derive a WACC to 9.3%.

--> End-Wachstumsrate
We assume a terminal growth rate of 2.5%. This is based primarily on our long-term forecasts for the provision of equipment for the PWT market in Europe. The company’s long-term growth prospects are based on the following assumptions:

--> We assume an average annual sales growth of 15% in the period 2004–2007, dropping to 11% over 2007–2009.

--> We forecast an EBITDA margin of slightly above 21% in 2005. That is only about two percentage points above the margin reported in 2000 because, on a the longer-term view, we expect margins on business with the auto industry to come under pressure.

--> The present comparatively high inventory levels are primarily attributable to business with Deutsche Bahn AG. This contract requires Funkwerk to hold high levels of inventories of terminals (<40% of inventory) and material. We assume that inventories will decline relative to sales from 2003 onwards. Advance payments on orders are common
in this business and provide a long-term basis for our working capital model.

--> As from 2005 we assume a tax rate of 25%.

Accordingly, we come to the conclusion that the free cash flow will develop as shown in the table. This results in an EV of €293.70m or €41 per share.

C2) Sensitivity Analysis

- Sensitivity analysis shows valuation range of €264.01m to €332.78m
For our standard model, we assume a WACC of 9.3% for 2001 and of 9.4% from 2003 onwards. Our estimate of the terminal growth rate is 2.5%. A sensitivity analysis of these two factors gives a valuation range of €229.67m to €423.95m. However, we only regard values of €264.01m (€ 37 per share) to €332.78m (€ 46.30 per share) as a realistic basis for the valuation.

C3)Peer group comparison

Few competitors with a similar focus
Valuing Funkwerk by comparison with a peer group proves difficult because it is the only supplier of wireless data transmission technology for the traffic and transport sector that is listed on the Neuer Markt. Competitors such as Siemens and ComRoad either do not operate in both
segments or do not define these operations as part of their core business. Moreover, the market is relatively new and highly fragmented; therefore, competition is likely to increase as market penetration increases.

The forecast sales CAGR of 77% (average) for our peer group is well above the targets set by Funkwerk (CAGR 00–02:48%). This is partly attributable to the fact that business of Funkwerk is already experiencing ‘booming’ growth (therefore, starting from a higher base comparison) and partly because of its conservative budget. Whereas Funkwerk’s EV/sales ratio in 2000 was clearly below the sector average it is expected to be slightly above
average in 2001 and 2002. This can partly be explained by the current consolidation of the market. Its EV/EBITDA-ratios are slightly below the sector average, which implies that Funkwerk is more profitable than the
majority of its competitors. Nevertheless, when looking at PER ratios Funkwerk’s valuation looks a little bit stretched, but comparing its valuation to companies such as Trafficmaster, U.K., there is still 15–20% upside potential (on a PER basis). This is especially noteworthy given
Funkwerk’s well-advanced stage of business development. A table in the appendix provides an overview of the peer group companies and their main fields of business.

Price target and recommendation
Based on our DCF model we obtain a fair value of €294m or €41.00 per share, giving the share about 15% upside potential.

C4)SWOT-Analysis

Strengh
1. Diversification of business in two completely independent
market segments.
2. Many years’ experience in developing systems for rail operators giving Funkwerk a technological edge over potential competitors.
3. The only company with test tracks for rail companies in a variety of countries, putting it in a good position to win orders in this segment.
4. Demand for digital systems for rail operators is secure now that European countries have settled for the new GSM-R standard.
5. Legislation banning the use of mobile phones while driving has boosted demand for the hands-free kits and Compensers marketed by the CWT division.
6. 100% market share for Compensers because no comparable
product is available from other suppliers at present.
7. Strong co-operation partners.
8. Customer base primarily comprises blue-chip companies, thus enhancing the likelihood that the business will be successful.
9. Experienced management with many years’ experience of
running a company and sound technical knowledge.
10.Conservative budget policy; only contractual orders are
included, verbal assurances are not.

Weaknesses
1. Business has low geographical diversification.
2. Funkwerk is forced to keep relatively high inventories.
3. The PWT division is currently entirely dependent on the Deutsche Bahn AG (Nortel Networks).

Opportunities
1. Funkwerk is investing in future-oriented markets which are at the start of a promising development phase; internationalisation should provide further opportunities.
2. By expanding its co-operation agreements, Funkwerk could
generate additional order potential and expand its customer base.
3. Transferring technology in PWT segment to other modes of
transport and freight companies provides additional growth
potential.
4. Planned acquisitions in the software and private networks
sector provide additional scope to expand business operations.

Threats
1. Business with rail companies, whose finances are often in a somewhat precarious situation, entails a risk that projects will be delayed as a result of budgetary restrictions.
2. Since Funkwerk frequently handles large-scale orders, cancellation of an order would have a serious impact on earnings. The same applies to its customer base.
3. Funkwerk is dependent on possible fluctuations in prices set by suppliers because it sources most components from other companies.
4. There is a risk of capacity bottlenecks if demand continues to grow strongly.

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Für mich ein klarer Favorit am Neuen Markt mit jetzt hervorragenden Einstiegschancen.

Gruesse und schoenes Wochenende.

Lassemann

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The information and opinions contained in this report have been obtained from public sources believed to be reliable, but no representation or warranty, express or implied, is made that such information is accurate or complete and it should not be relied upon as such. Information and opinions contained in the report are published for the assistance of recipients, but are not to be relied upon as authoritative or taken in substitution for the exercise of judgement by any recipient, and are subject to change without notice. This report is not, and should not be construed as, an offer document or an offer or solicitation to buy or sell any investments. No BNP Paribas Group Company accepts any liability whatsoever for any direct or consequential loss arising from any use of material contained in this report.

[Lassemann]

Gruss

Lassemann

[Lassemann]

Zur Info:

FUNKWERK O.N.

ISIN: DE0005753149
WKN: 575314
Mnemonic/Kürzel: FEW
Instrument Type: EQU
Instrument Sub-Type:
Instrument Group: NM2
Trading Model Type: Continuous Trading
Maximum Spread: 4
Minimum Quote Size: 800
Maximum Surplus Quantity: 16000
Domestic Indicator: Domestic
First Trading Day: 15. NOV 2000
Start Pre Trading: 07:30
End Post Trading: 20:31
Start Opening Auction: 08:50
Start Intraday Auctions: 13:10, 17:40
Start Closing Auction: 20:00
Designated Sponsor(s):
GZ Bank AG
SchmidtBank
BHF-Bank AG


Gruss

Lassemann

[Lassemann]

Bei Funkwerk verfahre ich seit längerer Zeit so:

1. Halte 2 Langfristpositionen
2. Nutze ab und dann Trading-Gelegenheiten.

So habe ich vor ca. 14 Tagen eine Tradingposition gekauft und sie bei ca. 20 und heute bei ca. 23 mit sattem Gewinn realisert. Meine 2 Langfristpositionen bleiben im Depot (solange keine Negativmeldungen kommen). Hiervon erhoffe ich mir irgendwann (durchaus auch mehrere Jahre) einen satten steuerfreien Gewinn.

Hier zur Vollständigkeit nochmal die letzten News:

XiQu-IR : Funkwerk AG - Funkwerk AG übernimmt MSC von Tenovis, Funkwerk AG (WKN: 575314)

Funkwerk AG übernimmt Geschäftsbereich Mobile Security Communications von Tenovis

Frankfurt am Main / Kölleda / Salzgitter, den 25.September 2001. Die Funkwerk AG, seit 15. November 2000 an der Frankfurter Börse im Segment Neuer Markt notiert, übernimmt mit Wirkung zum 1. Oktober 2001 den Geschäftsbereich Mobile Security Communications (MSC) der Tenovis GmbH & Co. KG. Dieser Geschäftsbereich entwickelt, fertigt und vertreibt die Produktlinien Funkrufsysteme für betriebliche
Anwendungen, Personen-Sicherungs-Systeme und DECT-Systeme. Auf dem Gebiet der Funkrufsysteme ist MSC Marktführer in Deutschland. Der Geschäftsbereich Mobile Security Communications - mit Sitz in Salzgitter - erzielte im Jahr 2000 einen Umsatz in Höhe von rund 30 Millionen Euro und beschäftigt ca. 200 Mitarbeiter. Der Geschäftsbereich Mobile Security Communications wurde von der neugegründeten Funktel GmbH übernommen, einer 100-prozentigen
Tochtergesellschaft der Funkwerk AG.

Mit der Übernahme wird eine lange Partnerschaft zwischen der Funkwerk AG und Tenovis weiter vertieft. Funkwerk wird mit Tenovis zukünftig Lösungen der Telekommunikationstechnik unter Anwendung modernster
Technologien gemeinsam entwickeln und Telekommunikationsgeräte für Tenovis herstellen.

"Der Verkauf des Geschäftsbereiches Mobile Security Communications ist elementarer Teil unserer Strategie, Tenovis vom Hersteller von Telekommunikationsanlagen zum Kommunikationsdienstleister zu entwickeln", kommentiert Peter B. Záboji, CEO Tenovis, den Verkauf des
Geschäftsbereiches. Dr. Hans Grundner, Vorstandsvorsitzender der Funkwerk AG begründet die Übernahme: "Funkwerk AG verfolgt die Strategie, ein drittes Geschäftsfeld "private Netze" aufzubauen. Die Übernahme des Bereiches MSC ist dabei ein wesentlicher Baustein. Der
mit den Produktlinien erreichte Marktzugang ist Grundlage, neue Anwendungen für private Telekommunikationsnetze zu realisieren".

Tenovis
Tenovis, das Nachfolgeunternehmen von Telenorma und Bosch Telecom, beschäftigt mehr als 7.000 Mitarbeiter und betreut 200.000 Kunden europaweit in 82 Kundenzentren. Der Dienstleister bietet intelligente und effiziente Business Kommunikationslösungen rund um das Zusammenwachsen von Telekommunikation und Internet. Das Spektrum reicht
von Telefonanlagen, Lösungen für Internet-Telefonie und Terminals bis zu Telehousing, Multimedia-Services, Business Contact Centern, Outsourcing-Konzepten sowie spezifischen Branchenlösungen. Im Jahr 2000 erzielte Tenovis einen Umsatz von rund einer Milliarde Euro. Eigentümer
von Tenovis ist die amerikanische Private Equity Firm KKR (Kohlberg Kravis Roberts & Co.).

Funkwerk AG
Die Funkwerk AG ist führender Anbieter von Systemlösungen für Mobilfunk und Logistik. In diesen Zukunftsmärkten gehört Funkwerk zu den gefragtesten Lieferanten von Infrastrukturen und Technologien. Die Geschäftsfelder sind der professionelle Mobilfunk und der kommerzielle
Mobilfunk. Im Bereich professioneller Mobilfunk liefert die Funkwerk AG Telekommunikationslösungen zur Automatisierung der Verkehrsträger. Funkwerk ist insbesondere Lieferant der Deutschen Bahn AG für die neue Technologie GSM-Railway. Im kommerziellen Mobilfunk hat sich die Funkwerk AG als Spezialist für Telekommunikationseinrichtungen in
Fahrzeugen eine starke Marktstellung aufgebaut. Die Funkwerk AG erzielt im Jahr 2001 einen Umsatz in Höhe von 53 Millionen Euro und beschäftigt rund 300 Mitarbeiter, ohne den von Tenovis übernommenen Geschäftsbereich.

Für Rückfragen wenden Sie sich bitte an:

Susanne Theisen
Team Coach Presse- und Öffentlichkeitsarbeit
Tenovis GmbH & Co. KG
Kleyerstraße 94
60326 Frankfurt am Main
T [phone]
M [phone]
F [phone]
[e-mail]
www.tenovis.com

Thomas Lippich
Investor Relations
Funkwerk AG
Im Funkwerk 5
99625 Kölleda
T [phone]
F [phone]
[e-mail]
www.funkwerk.com

1. Ansprechpartner: Thomas Lippich, Tel: [phone], Fax: [phone], Mobil: , Email: [e-mail]
2. Ansprechpartner: , Tel: , Fax: , Mobil: , Email:

Autor: boerse-stuttgart.de (boerse-stuttgart.de AG),08:30 26.09.2001

[Lassemann]

Hi there,

tja, offensichtlich habe ich meine Trading-Position zu früh gegeben. Na, ja was solls ... die Stärke bei Funkwerk erfreut natuerlich meine Langfristposition.

Die Stärke ist schon fast unheimlich. Vielleicht sind News im Bush? Vielleicht gibt es aber auch verstärktes Interesse seitens der Investoren, da durch den Zukauf der T-Novis-Sparte sich die Multiplikatoren positiv verändert haben (EV/Ebit, KGV, und vor allem KUV)

Gruss

Lassemann

[Lassemann]

Und auch die vorläufigen Planzahlen sind über Plan:

XiQu-IR : Funkwerk AG - Funkwerk AG übertrifft erneut die Planzahlen
Funkwerk AG (WKN: 575314)


Mit einem sehr guten Ergebnis im 3. Quartal bestätigt die Funkwerk AG ihre Stellung als eines der bestpositionierten Unternehmen am Neuen Markt. Das Unternehmen gibt folgende vorläufige Zahlen für die ersten drei Quartale 2001 bekannt:

Bis zum 30.09.2001 konnte ein Umsatz von 42,4 Mio. Euro erzielt werden. Gegenüber dem Vergleichszeitraum des Vorjahres bedeutet dies eine Steigerung von 44 %. Der bereits nach oben korrigierte Planumsatz zum 30.09.2001 wurde ebenfalls um mehr als 6 % übertroffen. Der Umsatz
verteilte sich mit 21,1 Mio. Euro auf den Professionellen Mobilfunk und 21,3 Mio. Euro auf den Kommerziellen Mobilfunk nahezu gleichmäßig auf die beiden Geschäftsbereiche.

Auch das Ergebnis vor Zinsen und Steuern (EBIT) stellt sich mit 5 Mio. Euro sehr positiv dar und liegt damit über der Planung. Das erzielte EBIT beim Professionellen Mobilfunk betrug 2,6 Mio. Euro, während der Kommerzielle Mobilfunk mit 2,4 Mio. Euro zum Ergebnis beitrug. Beide
Geschäftsberiche stellen damit einmal mehr ihre Profitabilität unter Beweis.

Die Geschäftsaussichten werden weiterhin als sehr gut eingeschätzt.Positive Effekte erwartet der Vorstand in Zukunft auch von der Einbeziehung der Funktel GmbH ab dem 01.10.2001, die das dritte Geschäftsfeld "Private Netze" der Funkwerk AG begründet. Mit Wireless LAN und IP Technologien erfolgt der Eintritt in zusätzliche
Wachstumsmärkte mit den Zielgruppen Institutionen und Unternehmen.

1. Ansprechpartner: Herbert Meyer, Tel: [phone], Fax: [phone], Mobil: , Email: [e-mail]
2. Ansprechpartner: Thomas Lippich, Tel: [phone], Fax: [phone], Mobil: , Email: [e-mail]
Die gesamte Nachricht im Internet: http://www.XiQu.de/ir/webdb.nsf/Lookup/BEADF654FF954099C1256…

Autor: boerse-stuttgart.de (boerse-stuttgart.de AG),08:40 17.10.2001


Gruesse und viel Spass weiterhin mit Funkwerk, die momentan fast einzige Aktie am Neuen Markt, die wirklich Spass macht.

Lassemann

[Lassemann]

Sieht weiterhin gut aus. Heute an der 200-Tagelinie. Anwärter für Nemax50. MACD und RSI weiterhin mit positiver Tendenz und dies bei nachgebenden Märkten.




Gruss

Lasse

[Lassemann]

Aktuell liegt Funkwerk am unteren Ende des Aufwärtstrendkanals und damit für Neueinsteiger m.E. durchaus interessant.

Gruss

Lassemann

[Lassemann]

Kurzer Nachtrag zum heutigen Kurs:

Der Kurs ist auf ca. 28-29 zurückgekommen, da die dt. Boerse nicht Funkwerk, sondern Plambeck, Rheinbiotech und Dialog Semicond. in den Nemax50 aufgenommen hat.

Rheinbiotech durchaus nachvollziehbar.

Aber völlig egal, wenn Funkwerk weiterhin einen so guten Job macht, dann ist es nur eine Frage der Zeit, bis auch hier die Kriterien für eine Aufnahme erfüllt sind (MK und durchschn. Handlesvolumen).

Gruss

Lassemann

[Lassemann]

Funkwerk`s Produkte kommen im Markt gut an. Das zeigen die guten Wachstumszahlen. Das einzige was mir Sorgen macht:

Die Häufigkeit der Zukäufe von relativ kleinen Unternehmen. Ich sehe hier grosse Risiken bei der Verdauung der Zukäufe. Angesichts des Geschwindigkeit der Zukäufe glaube ich kaum, dass hier gute Post-Merger-Arbeit geleistet wird.

Daher für mich weiterhin nur eine Trading-Aktie, kein longterm buy. Vorsicht ist geboten! Seid auf der Hut. Denkt an z.B. Thiel. Auch Thiel hat ständig Umsätze dazu gekauft und irgendwann war dann Feierabend. Di Bilanzen mussten gesäubert werden. Der Konzern ist nach wie vor ein einziges Firmen-Moloch.