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August 23rd, 2022 | 11:57 CEST

Stock roulette! Sell-off at Uniper and Deutsche Bank, Kleos Space sets a good mood!

  • Space
  • Investments
  • Banking
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Again a weak start to the week. After a tentative recovery in the first half of August, it is now back to business. With 13,930 on the DAX, the bear market rally seems to have been completed. Today, a low of 13,250 is already on the board again. The stock market now has war, even higher inflation and a coming recession to price in, so the relatively high level is already surprising. However, there is still hope, and some selected share titles have already fallen far. The time of the bargain hunters is thus perhaps also no longer far away. We provide a few ideas.

time to read: 4 minutes | Author: André Will-Laudien
ISIN: UNIPER SE NA O.N. | DE000UNSE018 , DEUTSCHE BANK AG NA O.N. | DE0005140008 , KLEOS SPACE CDI/1/1 | AU0000015588

Table of contents:

    Uniper - And if the state aid is not enough?

    It should have become apparent to everyone that the ailing power plant operator and gas trader Uniper would slide deep into the red in the first half of the year. At the latest when the German government had to step in and provide Uniper with lavish state aid in the form of equity investments and KfW credit facilities. In total, the rescue package involves a 30% equity stake and debt instruments worth around EUR 14 billion.

    Mainly due to further reduced Russian gas supplies, EBIT in the first half of 2022 slumped to EUR -564 million from plus EUR 580 million a year earlier, and the consolidated net loss according to IFRS even provides for an impending loss write-down of around EUR 12 billion. That already includes expected future losses from gas supply interruptions. In addition, around EUR 2.7 billion in impairment losses had to be recognized due to Nord Stream 2 and Russian power generation. The Group's net debt also rose sharply, multiplying from EUR 324 million to EUR 2.06 billion.

    Due to the volatile environment, it is still not possible to give an earnings forecast for the current fiscal year within an adequate range. It may be that everything will improve again with an abrupt end to the war; if not, aid may even have to be extended. The German citizen will participate in the additional costs of replacement procurement via a gas levy; unfortunately, there is no guarantee that the measures will be sufficient. After an 85% price loss in 12 months, the Uniper share has become a casino stock. For gamblers only!

    Kleos Space SA - Satellite-based data collection is more necessary than ever

    In uncertain times, information and intelligence are valuable assets for strategic decisions in geopolitics. Currently, there is a lot of activity, especially in international hotspots such as the Black Sea or the South China Sea. Governments worldwide need clear information about what movements are taking place on the ground and behind hidden borders. For Kleos Space SA (KSS), the high demand for geospatial data analysis is always a positive component for growth, even though no one really wants such a framework. However, the need for satellite-based data analysis for military purposes is on the rise. The high-tech company, which has its business headquarters in Luxembourg, puts satellites into orbit to remotely capture primarily maritime and land-based radio and motion activities and process them in a high-quality and customer-oriented manner.

    Leading space experts have stressed the importance of space-based data and technologies to the "green deal" as well. There is currently a tremendous amount of data that can help monitor climate change, a speaker said at the European Space Conference in Brussels. He noted that this data needs to be utilized more specifically to support concrete steps to combat climate change. Kleos is currently in the process of upgrading its database once again. The DAAS specialist will have 16 satellites in orbit with the newly planned launch on the Transporter-6 Space-X mission in October. This will further increase data yield and quality. Whether the European Space Agency (ESA) can also be helped is still up in the clouds, but it would certainly be a highly interesting and sustainable topic.

    The KSS share is currently trading in a narrow band between AUD 0.44 and AUD 0.55 and is available at EUR 0.30 on German stock exchanges. The Kleos business model fits perfectly with the times and delivers technological added value to the portfolio.

    Deutsche Bank - Penalties for messenger services

    Deutsche Bank is once again under pressure in the US. After double-digit billion fines for an active role in the subprime crisis of 2007, it is now about the illegal use of messenger services. However, according to a media report, the bank is close to reaching an agreement with the authorities. Other financial institutions are also affected.

    At issue is the non-logged use of WhatsApp and private email accounts for business purposes. Prosecutors are the US Securities and Exchange Commission (SEC) and the derivatives regulator CFTC, with fines of up to USD 200 million per institution in the offing. Under SEC and CFTC rules, financial institutions must archive and monitor the written communications of their employees. This is to ensure that compliance regulations are adhered to. However, WhatsApp and other messenger services allow messages to be deleted after they have been read. The Group has also already reacted and has since introduced new technologies for communication that include seamless archiving.

    Deutsche Bank is still in the middle of its cost-cutting program but is earning good money again on the bottom line. In the second quarter, for example, the bank surprisingly generated another profit of EUR 1.05 billion, despite the economic headwinds caused by the Ukraine war. In the first half of the year, the institution thus achieved its highest after-tax profit since 2011, according to its own figures. Operationally, the bank sees itself on a very good path in 2022.

    With a 21% loss in 12 months, the share is in line with the general trend; technically, the price still needs to break out above EUR 9.70 to generate major buy signals. With a 2023 P/E of 5 and just under 4% dividend yield, the stock is fundamentally too cheap at EUR 8.30. The potential US penalty payment is to be booked loosely according to Hilmar Kopper under "peanuts" and the former 50 million DM open craftsmen's invoices from 1994, which were incurred in connection with the real estate bankruptcy of Jürgen Schneider. Collect and put aside!

    Stocks are currently often fluctuating more than 10% per week. Typically, an asset manager expects about 7 to 8% growth per year. Now, however, the major indices in 2022 are already down more than 20% on average, and the losses continue to expand. One should not lose sight of Uniper and Deutsche Bank; at Kleos, the next satellite launch in October could already give wings again.

    Conflict of interest

    Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a "Transaction"). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.

    In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.

    For this reason, there is a concrete conflict of interest.

    The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies.

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    Der Autor

    André Will-Laudien

    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.

    About the author

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