INTEGRA ZAHLEN !!! - 500 Beiträge pro Seite

[oppaduska]

was ist davon zu halten?
wie siehts montag aus?




*vwd Ad hoc-Service: INTEGRA S.A. <FR0004035947>

2000-07-28 um 20:07:58

Ad hoc-announcement edited and sent by DGAP.
The sender is responsible for the content of this announcement.
------------------------------------------------------------------------------
Integra reports Q2-00 and H1-00 revenues
Industry leading 30% quarter to quarter organic growth in Managed and
Application Hosting representing an annualized 181% organic growth rate.
Paris, 28 July 2000 - Integra (IEA NM or INTG NM), Europe`s leading complex
Internet site operator and provider of e-commerce solutions, today announces:
2000 v. 1999:
- Q2-00 revenues grew to EUR 13.74 million from EUR 1.60 million in Q2-99,
representing an increase of 759%.
- H1-00 revenues increased to EUR 18.86 million from EUR 3.08 million in
1999, representing an increase of 512%.
Quarter 2-2000 v. Quarter 1-2000:
- Revenues grew to EUR 13.74 million in Q2-00 from EUR 5.11 million in Q1-00,
representing a sequential growth of 169%. Managed and Application Hosting
revenues grew to EUR 3.87 million in Q2-00 from EUR 1.42 million in Q1-00
representing a sequential growth of 173%.
- On a like for like basis, Managed and Application Hosting revenues grew to
EUR 3.87 million in Q2-00 from EUR 2.98 million in Q1-00, representing an
annual organic growth rate of 181%.
None of the above figures include NetSite Productions Ltd and NCI Gmbh, which
will be consolidated as of Q3-00.
Audited Q2-00 and H1-00 results will be reported on August 31, 2000.
Key Highlights
- As of July 28, 2000, strong cash position of EUR 105 million, including
proceeds of EUR 57.4 million from July capital increase, enabling Integra to
complete its current planned investment program.
- Significant increase in average contract values for Managed and Application
Hosting. Average annual value of the five largest new contracts signed in
Q2-00 was EUR 168,600 representing an increase of 22.2% as compared to
EUR 138,000 in Q1-00.
- Number of sites operated up 237% to 1,266 in Q2-00 from 391 in Q2-99 and up
11,25% from 1,138 in Q1-00, representing an annualized growth rate of 53%.
- Major new clients include mix blue chips and dot coms: Emap, Mondiale
Assistance, ParisBourse, Saint-Gobain, Trading.com, Rewe Grossverbraucher-
Service, efoodmanager, London Metal Exchange, Prudential, Ducato Gestioni,
Sydkraft Energy and SEB Tryggliv.
- Opening of a 2,500 sqm total surface, 1,300 sqm raised floor, second
generation Technical Center in Frankfurt, designed to achieve a density of 3
servers per sqm. This is the first of eight new generation centers planned
to be operational across Europe in the next three quarters.
- First European provider to launch an international e-commerce infrastructure
with Compaq. Compaq Financial Services (CFS) will provide Integra with
$ 15 million in equipment lease financing.
- Acquisition plan across Western Europe close to completion. Reinforcement of
Integra`s position in the UK with the acquisition of NetSite Productions
and in Germany with the acquisition of NCI GmbH.
- None of the figures above include NetSite Productions Ltd and NCI Gmbh.
Commenting on the results, Philippe Guglielmetti, Chairman of Integra said:
"The second quarter has seen another very strong performance by Integra, driven
by exceptional levels of organic growth. We have increased the total number of
clients, the number of sites operated and the average revenues per site. New
large contracts will become effective as of Q4-00 as new generation ITCs
become operational in Q4-00 and Q1-01. This further consolidates Integra`s
place as one of the world`s leading specialists in the Managed and Application
Hosting Market."
"Our recent capital raising, which was completed on July 21, 2000, gives us
the necessary funding to complete our investment program, including second
generation ITCs and sales & marketing."
About Integra
Integra is the leading European provider of integrated e-commerce and
Internet systems for enterprises requiring comprehensive e-commerce
solutions. The Company`s Integra Technical Centers provide the e-commerce
infrastructure comprising all the components required to deliver, operate
and maintain fully functional e-commerce-enabled web sites. The
Integra Technical Center is a flexible and scalable e-commerce
solution which may be linked to the merchant`s back-office systems, such
as enterprise resource planning systems, customer and marketing databases,
as well as to third-party systems, such as call centers, credit card
networks and delivery systems.
Integra, which has operations in Denmark, France, Germany, Iceland, Italy,
the Netherlands, Norway, Spain, Sweden, and the UK, has more than 800
employees and operates more than 1,200 sites. Its clients range from
pioneering Internet businesses to leading enterprises and include
companies such as efoodmanager, France Telecom, Hachette-Filipacchi, Havas
Voyages-American Express, Lloyd`s Register, Mitsubishi, Packard-Bell,
ParisBourseSBF SA, Psion, Quelle, Rewe Grossverbraucher-Service, Scandinavia
Online AB, Shell, Siemens and Toshiba.
More information can be obtained from: http://www.integra-europe.com
Cautionary statement
This release contains information relating to Integra_s expectations. These
expectations are, however, subject to a number of risk factors, cf. reference
document dated March 3, 2000 approved by the COB. This document is
available at the company`s headquarters and can be downloaded in pdf format
at www.integra-europe.com

End of Message

[dikker]

http://www.integra-europe.com/communique/Q2resultdef.pdf

Integra Bloomberg : INTG NM or IEA NM | Sicovam : 7293 | Reuters : INTA.LN Q2-00
Currency used : Euro (€)
2/10
Integra reports second quarter 2000 results
Highlights
•Q2-00 consolidated revenues of € 13.74 million compared to € 1.60 million in Q2-99. Pro-forma organic growth of Managed
and Application Hosting was 29.9 % from € 2.98 million in Q1-00 to € 3.87 million in Q2-00.
•The gross margin improved from - 0.8% in Q1-00 to + 5.1% in Q2-00.
•Managed and Application Hosting core business increased from 24.6 % of total revenue in Q1-00 to 28.1 % in Q2-00.
•Significant increase in the average value of the 5 largest new Managed and Application Hosting contracts in Q2-00 to €
168,640 per year from € 138,000 per year in Q1-00.
•Opening of the first new generation Integra Technical Center (ITC) in Frankfurt, Germany.
•Strategic Partnership with Compaq.
•Strong cash position.
All figures exclude NCI GmbH and Netsite Productions Ltd. Both companies having been acquired in Q2-00 and are not consolidated.
Revenues
•Q2-00 consolidated revenues rose 759% to € 13.74 million on a year on year basis (Q2-99: € 1.60 million).
•Q2-00 consolidated revenues increased by 169 % to € 13.74 million on a quarter by quarter basis (Q1-00: € 5.11 million).
•Pro-forma organic growth of Managed and Application Hosting was 29.9 % from € 2.98 million in Q1-00 to € 3.87 million in Q2-
00, representing an annualized growth rate of 184%.
All figures exclude NCI GmbH and Netsite Productions Ltd. Both companies having been acquired in Q2-00 and are not consolidated.
Gross Margins *
Integra’s total gross margins rose from - 0.8 % in Q1-00 to + 5.1 % in Q2-00, following improved margins for both Integra’s
Managed and Application Hosting business and Professional Services. Managed and Application Hosting gross margin improved from
-52.4 % in Q1-00 to -34.0 % in Q2-00, it remained negative as a result of continued investment in Integra Technical Centers
(ITCs). Meanwhile, the gross margin for Professional Services increased from 18.9 % in Q1-00 to 21.0 % in Q2-00.
*Gross Margin figures equal net sales less cost of sales. Cost of sales include amortization and depreciation.
All figures exclude NCI GmbH and Netsite Productions Ltd. Both companies having been acquired in Q2-00 and are not consolidated.
Number of sites operated
The number of operated sites increased 224% to 1,266 in Q2-00 from 391 in Q2-99 and rose 11.25% from 1,138 in
Q1-00, representing an annualized growth rate of 53%.
All figures exclude NCI GmbH and Netsite Productions Ltd. Both companies having been acquired in Q2-00 and are not consolidated.
Average value of contracts
Integra achieved a significant increase in the average value of new signed managed and application hosting contracts in Q2-00. The
five largest contracts signed in Q2-00 ranged from € 82,800 to € 456,000 per year, with an average of € 168,640. This can be
compared to the average of the five largest new contracts signed in Q1-00 of € 138,000, representing an increase of 22.2%.
Contracts signed this quarter are expected to come on line and generate revenues in 3 to 6 months. These figures represent
minimum fixed guaranteed revenues only and do not include additional variable revenues, which are based on the site’s traffic,
bandwidth utilized and additional services provided by Integra.
All figures exclude NCI GmbH and Netsite Productions Ltd. Both companies having been acquired in Q2-00 and are not consolidated.
Servers
Integra operated an average of 695 servers in Q2-00. Each server generated an annualized average revenue of € 22,245.
All figures exclude NCI GmbH and Netsite Productions Ltd. Both companies having been acquired in Q2-00 and are not consolidated.ഊIntegra Bloomberg : INTG NM or IEA NM | Sicovam : 7293 | Reuters : INTA.LN Q2-00
Currency used : Euro (€)
3/10
Infrastructure
Integra opened its new generation ITC for e-commerce in Frankfurt, Germany, on June 15. The Frankfurt ITC has a capacity of
more than 2,000 servers and is specially designed for mission-critical applications. The deployment of 7 additional new generation
ITCs is planned to be completed by the end of Q1-01 and will allow Integra to have the physical capacity to generate annual
Managed and Application Hosting revenues of € 600 million.
Product Development
Along with the deployment of Integra’s next generation ITCs, a new range of services is being introduced: New Managed Server
configurations from Compaq and Sun; Application Hosting of Oracle, Microsoft, Intershop and other applications; Premium Hosting
Services such as Load Balancing and Managed Firewalls; Client Services such as Premium Support, Monitoring and Reporting.
Integra Services: key factor of success
Integra Services Q2-00 consolidated revenues surged 822% to € 9.87 million on a year on year basis (Q2-99: € 1.07 million).
Integra Services provides a complete line of Internet Professional Services assisting large clients in strategy, design, development
and integration of advanced e-business solutions and complex websites. Integra Services also provides support to Integra’s partner
web design agencies and IT services companies.
The Norwegian Association of Stockbroking Companies selected Integra to operate its trading solution for Norway’s € 6 billion Over-the-
Counter (OTC) Stock Market in its Oslo ITC, ensuring maximum stability and uptime for the entire Norwegian OTC market.
REWE GROSSVERBRAUCHER-SERVICE GmbH (GVS), part of Europe’s largest food retailer REWE-group, also selected Integra to
operate its e-commerce BtoB solution, which will optimize communication with its customers enabling them to view its complete
product offering and execute orders trough its extranet. Integra was selected because of the combination of Integra Professional
Services expertise and the high quality of its ITCs.
Integra Clients
In Q2-00, Integra continued to grow its client base across the various client categories : blue chips, “dot coms” and telcos. New
blue chip clients include: Emap, Mondiale Assistance, ParisBourse and Saint-Gobain in France, Rewe Grossverbraucher-Service and
Hermann Meier in Germany, The Italian Chamber of Deputies, Ducato Gestioni and Merloni Energia in Italy, Sydkraft Energy and
SEB Tryggliv in Sweden, Blatchford & Sons, The London Metal exchange and Prudential in the UK, and The Ministry of Trade and
Industry in Norway. New dot com clients include Metacommerce and efoodmanager in Germany, E:GO Systems, Photoshot and Via
Vasco in the UK, and Nettavisen in Norway.
Integra is now developing synergies between its European subsidiaries to focus on clients having pan European operations and
serve them in all of their location.
All figures exclude NCI GmbH and Netsite Productions Ltd. Both companies having been acquired in Q2-00 and are not consolidated.
Acquisitions
The acquisition program is now close to completion and Integra is now working on integrating acquired companies and existing
operations.
In Q2-00, Integra reinforced its position in the UK with the € 5.34 million (entirely paid in Integra shares) acquisition of NetSite
Productions Ltd. NetSite Productions Ltd, a leading UK provider of commercial Internet and e-commerce solutions, which will be
integrated within Integra’s UK operations.
Integra also expanded in Germany following the acquisition of NCI GmbH, a successful German hosting provider which operates
more than 120 servers and web sites, for € 3.98 million (fully paid for with Integra shares). NCI will be integrated within Integra’s
existing German operations.
Management and human resources
The total number of employees was 831 as of June 30, 2000, up considerably from 118 employees at the end of June last year, as
a result of acquisitions and strong organic growth during the past 12 months.
To optimise the business organization, and foster growth and development in both Managed and Application Hosting and
professional Services, Integra has decided to promote Aymeric de Cardes (French) to Chief Operating Officer for Managed and
Application Hosting and David Chartier (American) to Chief Operating Officer for Integra Services. Aymeric was formerly Business
Development Director at Integra, while David was previously CEO of InfoStream.
Integra is further strengthening its international Product Development team which has extensive experience in new technologies.
Andy McLeod (British), formerly Integra’s U.K. Country Manager, has been promoted to Executive Vice President of Product
Management, and Per Karlsson (Swedish), formerly Business Development Manager of Lucent Technologies in Amsterdam, has
been appointed Vice President of Product Development.ഊIntegra Bloomberg : INTG NM or IEA NM | Sicovam : 7293 | Reuters : INTA.LN Q2-00
Currency used : Euro (€)
4/10
Fredrik Tangeraas (Norwegian) has recently joined Integra as Investor Communications Manager. He has a background in
corporate communications from InfoStream and as a reporter for Bloomberg News.
All figures exclude NCI GmbH and Netsite Productions Ltd. Both companies having been acquired in Q2-00 and are not consolidated.
Partnerships
A strategic agreement with iAsiaWorks allows Integra to provide hosting services in Europe to iAsiaWorks’ customers and offers
Integra’s international and dotcom customers operation capabilities in Asia and Australia. The agreement has already generated
several leads for new managed and application hosting contracts.
Integra continues to develop technological partnerships with market leaders to further enrich the offering of high value added
services provided through the ITCs. Major new partnerships signed in Q2-00 include a strategic collaboration with Compaq to deliver
a robust and scalable e-commerce infrastructure at ITCs. Integra will use Compaq ProLiant servers and Compaq StorageWorks, as
preferred data solutions. The companies have also agreed on further joint activities, including joint marketing and extensive
knowledge sharing. Also as part of the agreement Compaq Financial Services (CFS) will provide € 16 million in equipment lease
financing to Integra, to expedite their first year of Compaq servers deployment. This financing support will continue as Integra
expands its new generation of smart centers across Europe.
Integra expanded its partnership with web agencies and IT services companies in Europe with the official launch of its Integra
Commerce Partner (ICP) program in the UK and with new signed contracts with Colosseum MediaVision, Doubleslash Net Business,
Getlt, Servicelogiq and Think4you in Germany, Bluegrass Internet Marketing, WTBI Design, Cairnes, Schwarzgarcia and Travel
Systems Associates in the UK.
The company has launched a "dotcom program" to meet growing demand for professional assistance from start-up companies.
Integra aims to help dotcoms through all project stages, from design, specification and development, through its Integra Commerce
Partner program, by managing the projects and by operating solutions at ITCs.
Marketing and Brand
Integra participated in the ‘Internet World’ trade show in the U.K. last May and will continue to invest over the coming months in
the promotion of its services and brand. Integra is the premier sponsor of the “Infrastructure for e-business – Building a secure a
flexible network to support mission critical applications” conference organized by Giga Information Group in Paris on October 18-20,
2000. Integra will also be present at several other major events and conferences across Europe and in the U.S. in the coming few
months to promote its services and brand.
•Integra will be at the Robertson Stephens Internet Conference: The next generation, September 8 – San Francisco
•Integra France will be at WEB COMMERCE EUROPE September 13-15 – Paris
•Integra UK will be at E Business Expo 00 September 19-21 - NEC, Birmingham
•Integra Germany will be at Internet Commerce Expo Tools, Technologies & Services für eBusiness September 19-21 –
Düsseldorf
•Integra Germany will be at Deutscher Internet Kongress, October 3-5 - Karlsruhe
•Integra France will speak in a conference whose theme is "How to build your internet website ?" on October 10
•Integra Netherlands exhibits at E-Business Expo 00, October 19-21
•Integra UK at E Forum - aboard the P & O Ship Arcadia, October 19-22
•Integra is a Gold Sponsor of Intershop Open 00 : "THE DIGITAL ECONOMY IN ACTION", The Hilton New York - October
29-31
Integra has hired the global advertising agency McCann Erickson to devise an advertising campaign in France, Germany, the U.K.
and Spain, which will run in November in the printed press, on airport billboards, and on business television channels.
Cash position
Integra’s cash holdings stood at € 55.4 million at the end of Q2-00.
Integra raised € 57.4 million following a share issue in July of 4,858,000 new Integra shares to selected institutional and retail
investors. This capital increase allows Integra to finance the building and implementation of its planned network of new generation
ITCs across Europe, as outlined in the investment plan submitted to the Stock Exchange. Integra expects that the revenues
generated from the network of 8 ITCs it intends to build will enable it to reach a cash flow positive position, without returning to the
market for further funding.
As of July 28, 2000, Integra’s cash position was € 105 million.
All figures exclude NCI GmbH and Netsite Productions Ltd. Both companies having been acquired in Q2-00 and are not consolidated.
Shareholders
Robert Fleming Holdings announced on July 14, 2000 that it holds 5.07% of Integra’s share capital and 4.79% of the voting rights.ഊAmvescap, one of the world`s largest independent investment managers, announced on August 23, 2000 that it holds 5.26% of
Integra’s share capital and 5.002% of the voting rights.
Integra`s shares were heavily traded on the French Nouveau Marché and on the German Neuer Markt during the first six months of
the year, with the value of trading in Integra shares averaging more than € 5.5 million per day.
Commenting on the results, Philippe Guglielmetti, Chairman of Integra said:
“We’re proud of the strong revenue growth we’ve produced in Q2-00, and particularly delighted with the improvement in gross
margin, which has become positive in this quarter. ”
“During this period we’ve pursued integration of the acquired businesses and the development of the Group on a pan-European
basis, consolidating Integra’s position as a dominant player in the managed and application hosting market.”
“We’re confident going forward as our strong cash base allows us to focus on developing our infrastructure and services and win
new clients across Europe. Moreover, significant institutional shareholders have demonstrated strong confidence in our business by
reinforcing their positions.”
-END-

[autperfomahr]

Integra - weitet Verluste aus
Die französische Integra SA hat in den ersten sechs Monaten des laufenden Geschäftsjahres ihren Nettoverlust von -1,87 Mio. Euro im Vorjahr auf -47,31 Mio. Euro ausgeweitet.
Das Ergebnis je Aktie verschlechterte sich von -0,11 Euro auf -1,40 Euro. Der Umsatz kletterte im gleichen Zeitraum von 3,1 Mio. Euro auf 18,9 Mio. Euro. Integra-Aktien gaben 5 % auf 18,30 Euro nach.

Integra S.A. ist nach eigenen Angaben einer der führenden europäischen Anbieter von integrierten und hochkomplexen e-Commerce- und Internet-Websites. Durch die Fusion mit der Bad Homburger inTouch GmbH ist das Unternehmen auch in Deutschland vertreten. Integra möchte - vorwiegend durch Übernahmen - zum größten Application Service Provider (ASP) in Europa aufsteigen.

Uuuups, Verlust von EURO -47 Mio ?
Na ja, die haben ja noch > EURO 100 Mio cash, aber wenn das so weiter geht reicht das nicht lange und wir sind heute schon runter auf EURO 90 Mio. Beeindruckendes Wachstum, gute Story etc., aber die Kostensituation ist mehr als erschreckend, da werden weitere Kapitalerhöhungen nicht ausbleiben.

Der Markt hat die Zahlen heute relativ gelassen aufgenommen, was allerdings auch an dem guten Börsenklima liegen wird. Da Integra eh relativ volatil ist, eher noch mit einem weiteren Börsenabschwung zu rechnen ist und die Verluste exorbitant sind, hab` ich mich heute lieber davon getrennt. Was glaubt Ihr wie`s weitergeht ?

[Calliope]

Integra reports second quarter 2000 results
Highlights
•Q2-00 consolidated revenues of € 13.74 million compared to € 1.60 million in Q2-99. Pro-forma organic growth of Managed
and Application Hosting was 29.9 % from € 2.98 million in Q1-00 to € 3.87 million in Q2-00.
•The gross margin improved from - 0.8% in Q1-00 to + 5.1% in Q2-00.
•Managed and Application Hosting core business increased from 24.6 % of total revenue in Q1-00 to 28.1 % in Q2-00.
•Significant increase in the average value of the 5 largest new Managed and Application Hosting contracts in Q2-00 to €
168,640 per year from € 138,000 per year in Q1-00.
•Opening of the first new generation Integra Technical Center (ITC) in Frankfurt, Germany.
•Strategic Partnership with Compaq.
•Strong cash position.
All figures exclude NCI GmbH and Netsite Productions Ltd. Both companies having been acquired in Q2-00 and are not consolidated.

[rütze]

Wie nicht anders zu erwarten setzte sofort eine Verkaufspanik ein, die aber nicht von sehr langer Dauer war.
Die Aktie scheint um die 16,5-17 eine gute Untertützung gefunden zu haben. Meiner Meinung nach sollte
man hier nicht zu kurzfristig denken. Woher die enormen Verluste kommen ist doch allgemein bekannt.
Mittelfristig sehe ich den Kursverlauf sehr positiv.

[Notsche]

Integra hat sich drei neue Firmen zugelegt(Infostream,Netside und eine in Italien)
Glaubt Ihr vielleicht die kosten kein Geld?
Dies waren einmalige Ausgaben,aber die Gewinne sind für die zukunft.
also lasst Euch nicht verrückt machen.
Integra ist die Zukunft!!

mfg Notsche

[autperfomahr]

`tschuldigung, Notsche,

aber hast Du mal was von der Firmenwertabschreibung gehört ? Wenn eine Firma gekauft wird, geht das Sachanlagevermögen in die Bilanz des übernehmenden Unternehmens über und wird dort weiterhin planmäßig abgeschrieben. Die Differenz zwischen Kaufpreis und dem Wert des übernommenen Vermögens nennt man (derivativer) Firmenwert, der genauso über bis zu 20 Jahre linear abgeschrieben wird. Außer diesen Abschreibungen wandert rein gar nichts in die GuV. Das heißt mit anderen Worten das nur ein Bruchteil des Kaufpreises im Jahr der Übernahme über die Abschreibungen als Aufwand verbucht wird, während der Rest über die nächsten X Jahre den irgendwann hoffentlich erzielten Gewinn mindert.

Bsp.
Ein Freiberufler kauft einen Firmenwagen für DM 100.000. Davon kann er bei normaler Nutzung steuerlich nach AfA-Tabellen über 5 Jahre per anno DM 20.000 absetzen, die jeweils seinen Gewinn mindern. Damit wird erreicht, daß hohe Aufwendungen in einem Jahr sich nicht direkt voll auf den Gewinn niederschlagen, damit Vater Staat nicht urplötzlich leer ausgeht. Im Ernst: Die Aufwendungen sollen möglichst gleichmäßig über die erwartete Nutzungsdauer des Vermögensgegenstandes anfallen.

Als Aktienbesitzer sollte man schon die Grundzüge der BWL/Buchführung kennen (nicht bös` gemeint) !!!

Trotzdem viel Glück mit Integra. Ich persönlich rechne erst mal mit einem weiteren Absacken bis auf maximal EURO 12-13. Die nächsten Quartalsumsatzzahlen werden aber wieder bombig ausfallen und wenn dann das Verhältnis Umsatz zu Verlust günstiger sein sollte, geht`s auch wieder nach `Norden`, wie es diverse Pusher so gerne formulieren...

Gruß

[rütze]

Lehmann Brothers 4.9.00

Integra Outperformer (Lehman Brothers)
Die Analysten von Lehman Brothers empfehlen die Aktien von Integra als Outperformer.

Die für das zweite Quartal gemeldeten Zahlen hätten mit den Erwartungen übereingestimmt. Die
operativen Kosten hätten sich auf 12,06 Mio. Euro belaufen, weniger als die erwarteten 13,2 Mio. Euro.
Die EPS-Rate habe bei -1,10 Euro gelegen, die Erwartungen aber bei -0,80 Euro. Diese Differenz sei
durch die Amortisation der Aquisitionen zu erklären.

Die Aktie habe in den letzten zwei Wochen gut performt, hauptsächlich getragen allerdings durch ihren
Sektor. Die Analysten sprechen der Aktie auch für die nächsten drei Monate ein gutes Aufwärtspotential
zu. Auch wenn die zu erwartenden schlechteren Zahlen des dritten Quartals die Aktie negativ
beeinflussen könnten, so erwarten die Analysten jedoch für 2001 ein starkes Wachstum. Sie bekräftigen
daher nochmals ihr Kursziel von 25 Euro.