26.09.2016

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Companies remain optimistic about their growth prospects

From 20-22 September 2016, the 5th Baader Investment Conference brought together some 650 institutional investors from a total of 33 countries with representatives of 141 listed companies from Germany and Austria. In 85 group presentations and nearly 2,500 individual and small group meetings the participating companies used the opportunity to present their investment case and discuss current business trends.

Highlights: The following nineteen buy-rated companies surpassed our pre-conference expectations: AURELIUS, CompuGroup, Deutsche Beteiligungs AG, H&R, Infineon, K+S, KION Group, Medigene, MorphoSys, MPC Capital, PATRIZIA Immobilien, RHI, Rosenbauer, Sixt, Stada, VIB Vermögen, Vienna Insurance Group, VTG and Wirecard.

Earnings outlook: Most companies presenting at our conference were confident to reach their targets for growth and profitability. Regarding the pillars of this optimism, several corporates highlighted the strong support coming from a business model geared to megatrends. Against this backdrop, most companies saw themselves well-prepared to digest temporary headwinds quite well. On top, several companies described atransformation that would put them in a better position to unlock further growth potential. Last but not least, corporates remained constructive about their potential to seize external growth opportunities as well.

Topics of interest: With respect to the consequences of the Brexit vote, no major concerns have been mentioned so far. Still, recent signs of weakening in surveys for the eurozone economy are reflected in a more cautious near-term outlook than usual. This may herald that the upcoming 3Q16 reporting season starting in mid-October may still provide some hiccups, even though consensus estimates for 2016 earnings growth already have been slashed significantly. Still, companies remained upbeat about their ability to further increase the shareholder return via higher dividends.

Strategy update: During the presentations, several companies highlighted that their strategy to focus on a strong position in attractive markets would enable them to generate further above-average and profitable growth. In this respect, several corporates also illustrated their ability for innovation and stressed that this will be an important driver for future profits. All in all, corporates were continuing to broaden their global reach and also were optimistic about opportunities in those emerging markets that did suffer lately.

Impressions: The analysts of the Baader Helvea Equity Research team collected their impressions from the company presentations held over all three days. Compared to our pre-conference expectations, the impression we got from 40 companies was more positive. 37 companies basically met our expectations and only 4 companies fell short (Adler Modemärkte, IMMOFINANZ, Lenzing, Semperit). In our view, 29 companies were projecting a more positive outlook than the YTD trend and only 11 companies a more negative one, while the outlook given by 41 companies was broadly flat.

Source: Company data, Baader Helvea Equity Research

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