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    Deutsche Balaton betreibt Wertschöpfung ! (Seite 117)

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      schrieb am 11.11.02 17:23:24
      Beitrag Nr. 243 ()
      Jede Korrektur der letzten Wochen war ruckzuck Makulatur. Auch habe ich das Gefühl, daß, in Anbetracht des seltener gelesenen Threads, die meisten Wallstreet-Onliner draußen sind.
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      schrieb am 05.11.02 19:59:32
      Beitrag Nr. 242 ()
      Jetzt hat der Kurs von 3,15 auf 3,10 € korrigiert...und trotzdem kein Wort vom Vaddar. Normalerweise hätte er jetzt schon den Untergang des Abendlandes verkündet. Aber vermutlich ist er vom Frustsaufen der letzten Tage noch nicht wieder ganz nüchtern...




      Gute Geschäfte wünscht

      M@D M@X
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      schrieb am 05.11.02 14:39:26
      Beitrag Nr. 241 ()
      Balaton: 3,25 bG
      Hier wird tatsächlich alles mitgenommen, was der Markt hergibt!

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      schrieb am 02.11.02 12:55:15
      Beitrag Nr. 240 ()
      Aus dem näheren Umkreis des Unternehmens ist zu hören, daß sich hinter den Kulissen für die gesamte Balaton-Gruppe derzeit einiges abspiele. Die mir zugetragene Palette reicht von einem großen Deal bis hin zu Going-Private-Gerüchten. Für Balaton und die beiden börsennotierten Sonstigen Beteiligungen bin ich weiterhin und umso mehr äußerst bullish.
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      schrieb am 29.10.02 19:20:01
      Beitrag Nr. 239 ()
      Was ist bei Balaton los?

      Der Markt geht auf Talfahrt und die DBH-Aktie steigt mit relativ großen Umsätzen: aktuell 3,05 auf 3,10 gestellt!

      Gibt`s irgendwelche Neuigkeiten von Balaton?

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      Was die Börsencommunity nach Ostern auf keinen Fall verpassen willmehr zur Aktie »
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      schrieb am 23.10.02 11:27:37
      Beitrag Nr. 238 ()
      Cornerstone-HP
      WINNING THE MITTELSTAND

      Since the once-friendly "house bank" turned stingy, the German Mittelstand has been searching for new financing options. Private equity could come to the rescue. But the winners in this race are not likely to be the usual suspects.

      Real Deals, 10. Oktober 2002

      Carl Gerhard Schmidt used to be well-regarded in northern Bavaria`s hilly Franconia region. The liberal credit policies of the 175-year-old Schmidtbank, based in the city of Hof, helped boost the local economy and kept thousands of small and medium-sized - mostly privately-owned - companies alive in an otherwise depressed region.

      But the region`s benefactor is no more. In March, the troubled bank announced a loss of 1.3bn for 2001. As part of a bailout plan by a consortium of shareholding banks, 800 employees will be made redundant; 50 of the 120 branches are set to be closed down. Schmidt himself is the subject of a criminal investigation. And although shareholders BayernLB, Commerzbank, Deutsche Bank, Dresdner Bank and Hypo-Vereinsbank have pumped more than 1bn into Schmidtbank to save it from bankruptcy, 1,200 of the SMEs it lent to are now on the verge of insolvency themselves. Schmidtbank`s generosity only delayed the companies` inevitable financial difficulties.

      Mittelstand under pressure
      The Schmidtbank disaster is one more reason for Germany`s banks to tighten up their lending to the network of SMEs still considered to be the backbone of the country`s economy (see "What is the Mittelstand?") It also brings home the kind of pressure faced by the Mittelstand.

      Banks, besides being economically pressed, are preparing for tougher capital requirements after the implementation of Basel II - the Bank of International Settlement`s updated capital adequacy framework, set to be introduced over the next two to five years.

      Under the new rules, banks will be required to rate SMEs, adjusting their reserves according to companies` creditworthiness. Before the legislation, all German companies received loans on similar terms, regardless of creditworthiness. But the new reserve requirements will drive costs up for banks lending to weaker customers. These costs will be passed on to their clients.

      Mittelstand companies with low equity ratios are particularly vulnerable to the proposed rating system, which will make their access to capital more expensive. In a poll of 300 Mittelstand companies conducted by KPMG and the Faz Institute this year, 44 per cent of respondents said they expect their credit conditions to deteriorate under a rating system.

      According to credit information service Creditreform, if Basel II were applied today, banks would have to charge some 28 per cent of the 667,000 companies it regularly polls higher rates. East German companies would be particularly hard hit; of its 124,000 SMEs, half would belong to a poor rating class.

      The effects are already being felt. Companies are complaining that Germany`s banks have turned off the cash tap. Sector-wise, construction and retailing have suffered most; geographically, the East German companies are hardest hit. According to Creditreform, over 40 per cent of the Mittelstand has reported credit negotiations with banks becoming more difficult in recent months.

      Insolvencies have also risen precipitously - Mittelstand companies make up half of the record 40,000 company insolvencies expected by year`s end in Germany.

      "This is a massive problem," complains Walter Mendisch, chairman of the Bavarian Chapter of the German Association of Mittelständische Companies (BVMW). He says that he regularly gets phone calls from desperate small business owners demanding a solution. But is the perceived credit crunch good news for those waiting on the sidelines to provide alternative forms of financing to the Mittelstand?

      The buy-out wave hoax
      For more than a decade, private equity players have been expecting a wave of deals from the German Mittelstand tapping into buy-outs, buy-ins, mezzanine finance and growth capital. That estimate was based on the fact that thousands of companies founded in the fifties and sixties should have succession issues looming. A management buy-out or buy-in could be a good solution for these companies.

      The Institute for Mittelstandsforschung says that even today 71,000 businesses a year in Germany - with roughly 900,000 employees - are seeking a new owner. Additionally, it has long been known that the typical Mittelstand company needs to boost its equity base (see "Facing the future" on page 20). As German manufacturing companies are perceived as strong in the engineering sector - with several holding top positions in niche markets - many are attractive buy-out candidates.

      Buy-outs have certainly become more accepted in Germany since their introduction from the US and UK in the late eighties. According to the Centre for Management Buy-out Research, the UK`s buy-out market is still more mature, with buy-outs running at 2.5 per cent of GDP, compared to 0.75 per cent in Germany. But the value - if not the number - of German deals has soared, from 1bn in 1992 to 7.4bn in 2001.

      And yet the Mittelstand buy-out wave has not materialised. Relatively few deals making the headlines stem from the middle market. CMBOR reports only five buy-outs of privately-held companies so far this year. The market has been dominated by mega-deals, such as the 1.69 billion buy-out of seven separate Siemens businesses by US giant Kohlberg Kravis Roberts. Holger Frommann, chairman of the German Venture Capital Association, is positive. "The expected wave of buy-outs - since the tax law allowing tax-free disposal of profits on the sale of cross-holdings - appears to be getting rolling," he said in a statement accompanying the Association`s half-year results.

      Financial firms hoping to capitalise on a wave of mid-cap buy-outs have been largely disappointed. "Germany has always promised more than it delivers," says Nigel McConnell, managing director of Electra Partners Europe, a pan-European firm that has a dedicated 1bn to invest in deals with an enterprise value of between 100m and 500m. It plans to invest in up to 15 companies across Europe over the next three to four years. But its last two deals in Germany were completed in 1998: the 556m buy-out of Deutsche Woolworth and the 126m buy-out of commercial cleaning equipment manufacturer WAP Reinigungssysteme. The latter was sold to a Danish manufacturer in mid-1999.

      Electra is under no immediate pressure to invest in Germany, claims McConnell, as its partners across Europe share in the carry from all deals. "It`s irrelevant whether we do German deals over the next two to three years or the next three to four," he says, adding that the firm hopes to close a deal in Germany shortly.

      Bridging the Gap
      McConnell believes there are great businesses to acquire in Germany, although the cultural gap still looms large. "It`s hard for us to get management teams to see things the way we do. The management culture of shareholder value is not at the top of the agenda," he says. Another problem he notes is the difficulty in properly analysing companies: "Mittelstand companies lack financial clarity."

      Other UK-based buy-out firms have had similar experiences in Germany. "It`s been very, very slow to take off," says Trevor Bayley, head of HgCapital`s Frankfurt office, of the Mittelstand buy-out market.

      Bayley still believes there are more opportunities in corporate spin-offs than in the Mittelstand. Since the firm opened its Frankfurt office in 1999, it has completed two buy-outs of software companies and purchased, then merged, Pipetronix, a subsidiary of Preussag. HgCapital, formerly Mercury Private Equity, was "distracted" during that time by its own buy-out from Merrill Lynch, according to Bayley.

      The problem of finding deals is not unique to UK firms. A number of newly-formed domestic buy-out houses have struggled over several years. This has partly been due to the difficult market, but can also be put down to resistance from the Mittelstand. Christoph Tiefenbacher, a partner with Frankfurt-based buy-out firm Arcadia Beteiligungen, points to one reason for the stumbling pace of deals: "One simply doesn`t sell one`s company." Founded in 2000 by a team of Electra Europe`s former German managers, Arcadia closed a 137m fund in March 2002. It is still searching for deals in the 25m to 75m range, but has yet to close one.

      HgCapital`s Bayley identifies another key obstacle in Germany: "There are no teams to back." A typical Mittelstand company has relied on one strong entrepreneur to make decisions. Many lack a second tier of managers ready to take responsibility, he says.

      Finding the jewels
      Active Equity Management, a Munich-based investment boutique, promises not only to invest its own funds in the Mittelstand, but to run the companies when necessary. The firm, formerly called GMM, acquired Paal Ballenpressen in 1998, a recycling machinery company based in Georgsmarienhütte. One of its managing partners spent three years as chief executive of what is now called RT Recycling Technology, acquiring French and Spanish competitors and tripling annual sales to 45m. The company is now looking for similar deals, but competition has become stiffer over the past few years, according to managing partner Harald Fett.

      Market participants believe the problem is that more money than ever before has been set aside to tap into a limited pool of candidates (see "No shortage of funds"). Everyone is looking for the potential jewels - the companies that are essentially healthy, but undervalued or mismanaged. But few meet the criteria. "There may be 300,000 SMEs out there but only a few thousand of them are really targets for a buy-out," says Oliver Böhme, partner with CornerstoneCapital, a firm focused on deals of up to 50m in value.

      Berthold Bonanni, managing director of Beteiligungsgesellschaft der deutsche Wirtschaft (BdW) in Frankfurt, agrees. "Right now there are quite a number of low-quality deals out there. Those with low exit and earnings potential often have a problematic history and you barely achieve the margins you need. The main challenge is to find the right deals."

      The competition heats up
      With few appropriate targets, competition for the good deals can become cut-throat. That is why CornerstoneCapital, a 3i spin-off, is focusing on what it sees as the under-served market for companies with annual turnover of only 2m to 3m. "Auctions are a lot of work for little money in the end," says Böhme.

      Market participants know all too well the dangers of expensive bidding contests, such as the Bundesdrückerei (Federal Printing Office) auction, ultimately won by Apax Partners in 2000. The deal, valued at 1.02bn, was subsequently bailed-out by the government.

      Still, competition can be expected to increase in the arena. A number of early-stage teams, having seen deal-flow dry up, have announced plans to push into the Mittelstand space. Among them are Munich-based GI Ventures, which began its life as an incubator for early-stage companies, and UBAG Unternehmer Beteiligungen, formerly Internet Media House, a publicly-traded early-stage investor.

      The new managers of UBAG are no newcomers to the private equity business. In November 2000, three partners in the later-stage firm, VTC Partners, took over Internet Media House, intending to focus on Mittelstand deals. Having disposed of some of its dot-com portfolio, they are now seeking to continue their buy-and-build strategy under the umbrella of a publicly-traded company. UBAG is seeking companies with a healthy core and sustainable cash flows, a top-three position in their market and annual returns of 25 per cent or more, according to managing partner Richard Ramsauer.

      Those are tough targets, but the firm claims it will see little competition for the type of deals it seeks. "The typical Mittelständler with a succession problem has no experience with private equity. He has a contact with a tax consultant or lawyers, and that person calls you," says Ramsauer. "The network of a private equity firm is a success factor. It comes down to whether he trusts you and likes you. Will you make something sustainable out of his company?"

      That is why Ramsauer is confident that domestic firms still have an edge in Germany`s Mittelstand buy-out market, even if the companies snagging the big name deals have been American or British. "Foreign teams lack access to the Mittelstand. It`s hard to break the ice," he says.

      Who can unlock the Mittelstand?
      A number of home-grown venture firms are doing a steady stream of Mittelstand deals. One such firm is BdW, founded as far back as 1969. Its roster of clients over the past four years includes: recycled office and catalogue paper manufacturer Steinbeis Temming; Pitti Holdings, a producer of pet accessories and food; and noodle manufacturer Birkel Teigwaren, bought from the Danone Group. Its portfolio companies had a combined annual revenue of 6bn as of December 2001. So, what is the key?

      "We have traditionally been focused on Mittelstand companies. You have to know and understand their philosophy," says BdW`s Bonanni. "Many are still hesitant to work with financial investors. They may have never heard of a buy-out," he adds, although he admits that attitudes are changing.

      Another firm with a list of relatively large Mittelstand clients is publicly-quoted Deutsche Beteiligungs, probably Germany`s oldest buy-out firm. Its public status provides a rare insight into the health of an established firm. Even this player has not been immune to market woes, as borne out by its results. It posted a consolidated pre-tax loss of 1.8m for fiscal year ending April 30, 2002. The firm nonetheless expects recent exits from investments in Heilmeier & Weinlein Fabrik für Oel-Hydraulik and Rheinhold & Mahla to improve its outlook in coming months.

      Interestingly, both private equity firms have long histories with - and firm connections to - German banks. BdW is 45 per cent owned by Dresdner Bank Group, while Deutsche Beteiligungs counts Deutsche Bank as a shareholder. Half of BdW`s deal flow comes from its connection with the bank and its related subsidiary, Dresdner Kleinwort Wasserstein, says Bonanni.

      Newcomer GI Ventures, which is seeking to raise a 100m fund dedicated to Mittelstand deals, has HypoVereinsbank as one of its investors. Although there is no exclusive agreement for the bank to funnel clients to GI Ventures, the connection is certainly beneficial. "For us, a good relationship with a bank is crucial," says managing partner Jürgen Diegruber. "These are the institutions that have the best relationships with the Mittelstand." The firms lacking those cosy relationships with banks or already-existing Mittelstand networks will have to scramble hard to develop them if they want to make headway in this market.

      Cash crunch catalyst?
      Whether it chooses foreign or domestic players, it is quite clear that the Mittelstand has gradually become more open to financial investors over the past decade. The current cash crunch could help the cause of making private equity an easier sell to the Mittelstand. "Companies have this on their radar. This could catalyse a real change in thinking among the Mittelstand," says Diegruber, with cautious optimism.

      But in a Catch-22 situation, those companies most in need of capital are probably the least likely candidates for a successful buy-out. So buy-out firms are stuck with the painstaking task of finding the hidden jewels.

      Embracing the private equity business will require structural change. The same transparency required of Mittelstand companies under the banks` proposed rating system is also necessary for private equity houses to assess whether they can squeeze the right margins from a buy-out, take-private or growth capital deal. "Company owners must think differently. They must show more transparency - something they have hesitated to do in the past," says Diegruber.

      That means, one way or another, that the Mittelstand has to change. If the pundits are right, the sector could look radically different a decade down the road.

      What is the Mittelstand?
      The Mittelstand is a broad network of small and medium-sized, private or family-run businesses - including tradesmen, industrial manufacturers, retailers, and service businesses - in areas as diverse as software, finance and tourism. Estimates of the number of companies can be as high as 3.3 million if freelance businesses and tiny mom-and-pop shops are included in the classification.

      However, a recent Dresdner Bank study, produced in co-operation with the Berlin Institute for Mittelstandsforschung, takes a narrower view. It defines the Mittelstand as 1.1 million companies with a minimum annual turnover of 125,000 and up to 500 employees. These companies, the study says, employ 20 million people, making them a pillar of the German employment market.

      A majority of these companies sprang up in Germany`s post-war economy, in what is now known as the Wirtschaftswunder (economic miracle). Although people today complain of a lack of willingness to take ntrepreneurial risk in Germany, the post-war generation was markedly different. "These people didn`t have anything. They had to roll up their sleeves and work for it," says Peter Koppe, senior partner with Munich-based law firm Dr Koppe & Kollegen.

      This led to the unique structure of the Mittelstand. As few of these new businesses had cash on-hand, they turned to banks for funding, relying on relatively cheap credits for financing. That is why the Mittelstand has historically had a far lower equity-to-debt ratio than the US and UK, averaging between ten and 20 per cent equity, as opposed to 30 to 40 per cent. According to economic research agency Creditreform, 37.2 per cent of all German Mittelstand companies have capital reserves of less than ten per cent.

      Facing the Future: Hörmannshofer Fassaden
      After 35 years of running a business, Ilona and Jakob Frahammer, 64 and 57, began thinking two years ago about how to conduct an orderly withdrawal from their company. The Bavarian maker of insulated building facades has 300 employees at four locations and an annual turnover of 30m, making it one of Germany`s strongest players in this niche market.

      But the founders of Hörmannshofer Fassaden were luckier than many other German Mittelstand companies in having a logical choice of managers on hand to succeed them. Ilona Frahammer`s brothers Heinrich (52), Thomas (48) and Hans-Peter Heuser (46) had already helped run the business.

      Although bringing in a strategic investor was considered, it was soon decided that having Ilona`s brothers take part in a buy-out of the company would allow Hörmannshofer to grow without huge structural change and keep control within the family, says Hans-Peter Heuser, manager in charge of marketing. The brothers liked the idea of being linked to the company`s future success, while the Frahammers were keen to remain close to the company. "It would have deeply hurt them to see the firm go into a decline," Heuser says.

      The couple contacted Deutsche Bank and HypoVereinsbank, two banks with which they have a close relationship. Deutsche Bank M&A subsidiary DB Consult then sought out interested financial investors. The company narrowed this down to five candidates. In the end, they chose Frankfurt-based Beteiligungsgesellschaft der Deutsche Wirtschaft (BdW) for two reasons: the price was attractive and, more importantly says Heuser, the chemistry was right. "We felt these were people who could share our company philosophy and saw it as more than just a short-term financial arrangement." Both BdW and the Heuser brothers have undisclosed stakes in the company.

      From the investor side, Hörmannshofer was an attractive deal. "It`s well-managed and has attractive EBIT margins as a solid base for realising existing growth potential," says Berthold Bonanni, managing director of BdW. The company plans to expand its reach in Germany with funds from the buy-out, completed in April 2002, and broaden its product palette. It will consider acquiring smaller players.

      Although Hörmannshofer had to open itself up to the scrutiny of an outside investor for the deal, its managers won`t discuss the exact value of the buy-out. "We don`t want to give competitors a closer look into our business," Heuser explains.

      No shortage of funds
      The amount of capital going into private equity funds in Germany continues to rise, both on the institutional side and the consumer side. Available capital for private equity funds soared from 18.6bn in 2000 to 28.5bn in 2001, according to the German Venture Capital Association. These numbers include estimates of the per centage of international funds heading for Germany.

      Most large banks now offer private equity funds to their investors. Although the banks generally warn retail investors that the euphoric returns of the late nineties will not recur, they do promise their customers returns of ten per cent after tax.

      More recently, we have seen the emergence of funds specialising in Mittelstand investments. In July, the Bundesverbandes des Deutschen Gross & Aussenhandelsverbandes announced a fund - with a minimum investment requirement of 25,000 - that will offer institutional investors three different risk profiles in a secured senior tranche, a mezzanine tranche and a higher-risk portion. The fund guarantees returns of up to 28 per cent. Insurance company Signal Iduna Gruppe also announced its own Mittelstand fund this year.

      An election winner?
      The plight of the Mittelstand has become a key issue in the weeks running up to Germany`s national elections on September 22. No German candidate worth his or her stripes can be seen to be Mittelstand-unfriendly. "The Mittelstand decides the elections," says Walter Mendisch, chairman of the Bavarian Chapter of the German Association of Mittelständische Companies (BVMW). Here`s what Germany`s top four parties are promising this key block of voters.

      SPD
      After four years in power, the Social Democrats are on the defensive about their Mittelstand policies. In a first-ever TV debate in late August between CDU/CSU candidate Edmond Stoiber, and Chancellor Gerhard Schröder, Stoiber repeatedly positioned himself as defender of the Mittelstand, claiming Schröder`s tax policies helped large corporates at the expense of the little guys.

      Businesses also got nervous recently when Chancellor Schröder said that the second step of tax reform could be delayed by the need to aid victims of recent floods in Germany. But the SPD seems to be polishing its image ahead of the elections. In June, Germany`s Minister for Economics & Technology, Werner Müller, announced emergency measures for the Mittelstand, including a financing hotline for SMEs and a task force to study its problems. The German development agency, Deutsche Ausgleichsbank (DtA), also agreed to begin extending micro-loans of up to 25,000 to small businesses with up to ten employees. Schröder indicated that he may designate the DtA a "Mittelstandsbank". Critics say the proposal is merely political grandstanding, as such institutions already exist.

      CDU/CSU
      The Christian Democratic Union (and its sister party in Bavaria, the Christian Social Union) stresses its adherence to market principles, reducing bureaucracy and putting investments into education and Germany`s R&D efforts.

      The party has attacked the reigning "Red-Green coalition" (the SPD and the Green Party) for enacting tax reforms in January 2001 that omitted the Mittelstand. Although corporate tax rates were lowered to a unified 25 per cent, most Mittelstand companies are structured as private partnerships and so pay higher personal income-tax rates on profits. Currently 48 per cent, this rate will drop to 42 per cent by 2005.

      The CDU/CSU criticises what it describes as the government`s misguided attempts at tax and pension reforms, as well as the highly unpopular "Öko-tax" on gas and energy. Stoiber made it clear in the television debates that his party will call for further tax cuts for the Mittelstand. Schröder countered that Stoiber`s strategy would drive up government debt and burden future generations.

      FDP
      The Free Democratic Party, headed by Guido Westerwelle, is considered the most Mittelstand-friendly party and goes farthest in its criticisms of current government policies, even blaming it for the crisis in the Mittelstand. "The needs of small and medium-sized businesses - including lower taxes, less labour regulation and more liberalisation - must determine the direction of our economic policies, not the needs of large companies," the party says in its 2002 election agenda.

      The FDP advocates lower taxes and a simplification of regulatory codes, as well as lowering Germany`s high wage costs - by reducing unemployment benefits, for example. The FDP, like the Greens today, could serve as a coalition partner to the government if it garners enough votes.

      Alliance 90/Green Party
      The Green Party, fronted by Fritz Kuhn, is part of the current coalition government and emphasises environmental and social justice issues more than free markets. Although their programme lacks a dedicated Mittelstand agenda and any substantial base of support among Mittelstand companies, the Greens are calling for lower taxes for SMEs and the lowering of wage costs. It also advocates new financial instruments, to be subsidised by government agencies, that will prompt banks to extend credits to SMEs. Whether the Greens return as a coalition partner depends partly on whether voters are focused on environmental concerns. The recent flooding in Germany has brought these issues to the foreground once more.

      Mary Lisbeth D`Amico is a Munich-based journalist covering the private equity and technology markets.
      Avatar
      schrieb am 28.09.02 15:11:45
      Beitrag Nr. 237 ()
      Wenn man sich die Auftragseingänge, Bilanzstruktur und Teilbereiche bei Gildemeister anschaut, drängt sich m.E. ein Neuengagement noch nicht auf. Da gibt der Markt bessere Chance-Risiko-Relationen her. Die in Schmalbach gebundenen Mittel dürften hoffentlich bald frei werden.
      Avatar
      schrieb am 25.09.02 12:15:05
      Beitrag Nr. 236 ()
      Balaton könnte doch jetzt langsam wieder bei Gildemeister
      einsteigen?


      mfg
      thefarmer
      Avatar
      schrieb am 20.09.02 11:44:57
      Beitrag Nr. 235 ()
      Nur nochmal zur Vergegenwärtigung: Balaton hat den Ausstieg optimal nach den ersten Anzeichen rückläufiger Auftragseingänge erwischt.

      Avatar
      schrieb am 10.09.02 15:08:10
      Beitrag Nr. 234 ()
      Balaton hat charttechnisch jetzt endlich den Ausbruch geschafft, zumindet intraday!

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