May 14th, 2021 | 05:40 CEST
E.ON, Commerzbank, Scottie Resources - Surprisingly good figures!
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Born in Munich, he first studied economics and graduated in business administration at the Ludwig-Maximilians-University in 1995. As he was involved with the stock market at a very early stage, he now has more than 30 years of experience in the capital markets.
E.ON - Strong foreign business and the long winter
In the first quarter, energy group E.ON benefited from the winter weather and the restructuring of its UK business. Because of the well-running business, E.ON also confirmed the outlook for 2021, the dividend commitment, and the already known medium-term targets.
However, the stock was under pressure yesterday in the general sell-off and initially lost EUR 0.20 to EUR 10.40, but even here, there was enough demand for the DAX laggard. The stock had received little attention on the stock market in the last 3 years, but for about 6 months, the E.ON share has been one of the strongest stocks.
The Group's figures improved significantly in the first three months. Earnings before interest and taxes (EBIT) rose by 14% to EUR 1.7 billion, while adjusted net income climbed by as much as 19% to EUR 809 million. Things were going well for E.ON in all areas at the start of the year, with the new customer solutions division the clear driver. Due to the long and cold winter, gas sales also increased accordingly. Furthermore, the Innogy business in the UK has finally been radically restructured and digitized. E.ON aims to be completely climate-neutral by 2040.
The E.ON share is a joy again, and with the announced dividend, it has become a stable portfolio anchor. From a chart perspective, the EUR 12.50 level remains in focus - Buy!
Commerzbank - Instead of a loss, a solid quarterly profit
Commerzbank is also slowly seeing light at the end of the long tunnel. The Frankfurt-based credit institution benefited in the first quarter of 2021 from favorable interest rate deals with the ECB and strongly recovered capital markets. The bad news for us consumers is that there will soon be penalty interest rates and account management fees for private customers.
Overall, Commerzbank's business figures were a positive surprise. While analysts, on average, had expected a net loss of EUR 131 million, CEO Manfred Knof, who has been in office since January 1, 2021, presented a consolidated net profit of EUR 133 million. The quarterly profit came as a surprise mainly because, as announced, the bank set aside EUR 465 million for severance payments to more than 10,000 employees who were no longer needed due to restructuring measures. According to Chief Financial Officer Bettina Orlopp, Commerzbank had so far experienced hardly any loan defaults despite rising insolvencies in Germany. Loan loss provisions will probably even be below EUR 1 billion in 2021 as a whole; in 2020, Commerzbank had had to set aside EUR 1.7 billion for possible loan defaults.
The price of the share, which is included in the M-DAX, has made a technical turnaround. With overcoming the EUR 5.75, the mark around EUR 6.80 is now in the room. We recommend an initial position. The story is developing surprisingly well.
Scottie Resources - Private placement of CAD 5.4 million successful
Scottie Resources offer another highlight in the gold and silver sector. The projects are located in prime locations in the so-called "Golden Triangle" - close to some of the heavyweights in precious metals production. Scottie owns a 100% interest in the high-grade, past-producing Scottie Gold Mine and the Bow, Cambria and Sulu properties. In addition, it holds an option to earn a 100% interest in the claims surrounding Summit Lake.
Recently, a merger of nearby properties has now occurred. AUX Resources Corp. and Scottie Resources Corp. signed a merger agreement on May 4, 2021. A wholly-owned subsidiary of Scottie will be merged into AUX, and all outstanding common shares of AUX will be immediately exchanged on a one-for-one basis for the common shares of Scottie.
The transaction will combine the contiguous gold-silver exploration assets of Scottie's Cambria project and AUX's Silver Crown, Independence, American Creek, Lower Bear and Bear Pass projects, which will benefit from future operational and geological synergies. Scottie also announced that it was able to complete a bought-deal private placement through Stifel GMP of 20 million flow-through common shares of the Company at a price of 27 cents. The Company will receive approximately CAD 5.4 million from the tax-deferred transaction.
Things are happening at Scottie! The integration of the properties and the bulging treasury put the explorer in a position to initiate its planned drilling. The Scottie share had recently improved from CAD 0.18 to 0.24. With the news at hand, the share should really start trading again, especially since the gold price was able to break out.
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