If you're looking for good small caps, you'll have to take a close look. Because the segment as a whole continues to lag behind the large caps. And individual stocks have lost a lot of ground. The three questions this time go to Thomas Milz of Apontis Pharma.
16 August 2023. FRANKFURT (Börse Frankfurt). The smaller the stocks, the smaller the price jumps: While the DAX can boast a gain of 12 percent this year despite recent price setbacks, the MDAX and SDAX are only up by around 8 percent. And the scale segment for the very small stocks is even treading water this year. At present, the gloomy economic situation and the gloomy outlook are causing problems for the "small" companies. In addition, there are a number of problems, for example in the real estate sector. The Scale All Share is on Wednesday morning at 1,235 points after 1,256 points a month ago. The all-time high from 2021 of 1,969 points is far away.
But the close look is worthwhile, there are also the success stories: The best share price performance over twelve months is now achieved by the POS system provider Vectron Systems (DE000A0KEXC7) - known to many from bakeries and the catering trade. The Vectron share currently costs 5.12 euros after 3.46 euros a year ago - a plus of 48 percent. Vectron is benefiting from its acquisition of Acardo, a provider of "consumer activation tools" such as coupons and consumer apps. The company reported a strong increase in sales for the first half of the year as a result of the acquisition, as well as a profit on an Ebitda basis. It was still in the red in the same period last year.
Also performing well since August 2022 are investment house Laiqon, formerly Lloyd Fonds (DE000A12UP29), geothermal specialist Daldrup & Söhne (DE0007830572), Düsseldorf-based online retailer of luxury accessories Fashionette (DE000A2QEFA1) and high-tech photonics company Nynomic (DE000A0MSN11). Real estate stocks such as Helma Eigenheimbau (DE000A0EQ578) and Erwe Immobilien (DE000A1X3WX6) continue to be badly hit. Helma's share price has fallen from 40 to 5 euros since August 2022, and Erwe's from 2.26 to 0.60 euros.
ParTec: Share price up 21 percent
Scale newcomer ParTec is performing well. The first share price of the manufacturer of super and quantum computers at the beginning of July was 112.50 euros, meanwhile it is 136 euros. According to Montega, ParTec is "an investment for friends of the binary system". Due to numerous patents, the company has a high competitive quality and is therefore well positioned to profit from a structurally strongly growing market in the medium term. However, Montega also sees risks, for example the business is subject to high uncertainties due to postponements or the absence of project sales. In addition, the expected positive business development is already priced into the current market valuation. The recommendation is therefore only "hold", the price target of 111 euros is below the current quotation.
Cliq with ever new records
Cliq Digital (<DE000A0HHJR3>), on the other hand, is far too cheap, according to Montega. The streaming provider is currently rushing from record to record. Cliq once again reported record figures for cash flow, revenue and earnings for the second quarter. But that was not enough for the stock market, and the share price fell. Because the strong increase in sales of the previous quarters has not continued.
Montega, however, continues to advise buying the share and gives a target price of 75 euros, more than three times the current value of 20 euros. "Overall, Cliq looks back on a strong development in the first six months and, with confirmation of the outlook, also holds out the prospect of ongoing double-digit growth," the analyst firm explains. Cliq has also been able to celebrate various successes outside of the operational development: "For example, the campaign for the launch of the new flagship product in Germany 'cliq.de' won the Brand Award. Furthermore, the share was recently named the best German growth stock by Börse Online."
Ökoworld: Further fall in share price
The change at the top of scale member Ökoworld made headlines: on August 4, the Supervisory Board decided to part company with CEO and co-founder Alfred Platow with immediate effect. The stated reason: different ideas about the future development of the company. The background is likely to be criticism of Platow's offer to pay the fines for climate activists. Platow founded the sustainably oriented asset management company back in 1975 with Klaus Odenthal and took it public in 1999. The stock (DE0005408686) has lost heavily after soaring in 2020 and 2021 and currently costs 34 euros, less than a third of its 2021 peak.
"Bitter pill", but no doubt about potential
Apontis Pharma (DE000A3CMGM5), a leading pharmaceutical company in this country for single pills, i.e. combination drugs (see interview), has recovered somewhat from the recent price lows. Based on its half-year figures and expectations for the second half of the year, Apontis had lowered its forecast for 2023 and its medium-term plan for 2026. The reason for this was slower growth in the Single Pill business. The share price is currently only 6 euros.
According to Montega, the renewed profit warning is "another bitter pill".
However, the analysts have no doubts about the potential of the therapy because of the clinical evidence and the successes in other countries.Apontis is still best positioned, even if implementation will take longer.Investors still need "strong nerves and patience" for the time being.The recommendation remains "buy" with a price target reduced from 20 euros to 15.50 euros. Hauck & Aufhäuser also issued a buy recommendation in July with a target price of 25 euros.
Bank | Company | Vote | Target in Euro | Price in Euro today |
SMC-Research | 2G Energy | Buy | 31.00 | 23.05 |
SMC-Research | Mensch und Maschine | Strong Buy | 66.00 | 52.30 |
GBC | Publity | Hold | 20.00 | 19,10 |
SMC-Research | Blue Cap | Buy | 33.40 | 21.20 |
Warburg Research | Blue Cap | Buy | 38.00 | 21.20 |
Montega | Nynomic | Buy | 56,00 | 34,00 |
Alster Research | Pyramid | Buy | 3,00 | 1,51 |
Oddo BHF | Deutsche Rohstoff | Buy | 40,00 | 28,00 |
Apontis musste gerade den Ausblick für 2023 und das Mittelfristziel von 100 Millionen Umsatz bis 2026 offiziell zurücknehmen. Warum?
Ursächlich war im Wesentlichen ein langsameres Wachstum des Single Pill-Geschäfts. Dazu zählen verzögerte Einführungen von zwei Single Pills im zweiten Halbjahr 2023 als auch eine schwächere Umsatzentwicklung der drei 2022 neu eingeführten Single Pills. Auf Gesamtjahressicht wird das Ebitda zusätzlich durch Einmaleffekte im Zusammenhang mit dem Start eines Programms zur Steigerung der operativen Performance und Effizienz sowie dem Ausscheiden des bisherigen CEOs belastet.
Ihre Vision ist es, die Single Pill als Goldstandard zu etablieren. Halten Sie trotz der aktuellen Herausforderungen daran fest?
Wir halten an unserer Strategie fest – auch angesichts der medizinisch-wissenschaftlich fundierten Überlegenheit der Single Pill-Therapie. Diese hat im Juni 2023 zusätzlich eine Aufwertung erhalten durch die Hervorhebung ihres Stellenwertes sowohl in der neuesten Leitlinie der europäischen Hypertonie-Gesellschaft als auch in der aktualisierten nationalen Versorgungsleitlinie „Hypertonie“. 2023 werden wir statt drei sogar vier neue Single Pills am Markt einführen.
An der Börse lief es nach einem erfreulichen Start zuletzt nicht so gut. Was spricht für Ihre Aktie?
Trotz der jüngsten Verzögerungen gilt: Unser Geschäftsmodell ist intakt! Mit liquiden Mitteln von 26,3 Millionen Euro ist die Finanzierung der Produktentwicklungen gesichert. Um die Profitabilität zu verbessern, haben wir zudem mit der Vorbereitung des oben genannten Programms begonnen. Für uns gilt es nun, das Vertrauen der Anleger zurückzugewinnen. Das durchschnittliche Analystenkursziel von 19 Euro zeigt, über welches Potenzial die Apontis-Aktie verfügt.
Die Apontis Pharma AG mit Sitz in Monheim am Rhein ist ein auf Single Pills spezialisiertes Pharmaunternehmen. Single Pills vereinen zwei bis drei patentfreie Wirkstoffe in einem Kombinationspräparat, das einmal am Tag eingenommen wird. Apontis entwickelt, vermarktet und vertreibt ein breites Portfolio an Single Pills und auch anderen Arzneimitteln, mit besonderem Fokus auf Herz-Kreislauf-Erkrankungen. Seit 2013 hat Apontis erfolgreich mehrere Single Pills allein für kardiovaskuläre Indikationen wie Hypertonie, Hyperlipidämie und Sekundärprävention eingeführt.
von: Anna-Maria Borse © 16. August 2023, Deutsche Börse AG