Matriculation examination according to Wirecard or: The Dax did not deserve that – Munich Stock Exchange column

We were unable to pinpoint a real economic topic that made it onto the front pages of the newspapers last week. Let’s see it positively and that’s why we bring today’s headline of the Börsen-Zeitung here because it gives reason to be optimistic: “Flood of orders for German industry”. We need that in view of the other reports – “More infections across the country” (Süddeutsche Zeitung) or “USA threatens German port with devastating sanctions” (Die Welt).

The fur of the badger
It is said that the bear’s fur should not be distributed before it has been shot. It seems to be different with the Dax, because the media are speculating about the Dax successor for Wirecard. Well, Wirecard’s exit is sure to come, but which hero should then make it into the selection of the “best” 30? In addition to Delivery Hero, the fragrance specialist Symrise is also mentioned, but he doesn’t seem to like this honor. “I don’t know if it’s great to follow the heap of rubble Wirecard in the Dax. We feel at home in the MDax, ”the Börsen-Zeitung quotes CEO Heinz-Jürgen Bertram. And the Handelsblatt asks Delivery Hero to take the “final exam” (Thursday). Already on Saturday Claus Döring from the Börsen-Zeitung put it in a nutshell: “The Dax did not deserve that: Fast Food after Fast Exit”.

Euphoria or serenity
Focus Money euphorically heralds the Wednesday stock market and the day of publication of the weekly magazine: “Buy alarm”! The magazine promises “sensational mining stocks”, “super winners”, a “recommendation list” and “course hits” – 1000% that almost nobody knows ”. That made us curious, if only 100 percent! However, we don’t want to reveal any individual stocks here, just this much: In view of the respective price developments, investors should have strong nerves, after all, a lot of opportunity also means a lot of risk, as trivial as it is true. Börse Online, on the other hand, presents “6 clever investments” that promise the “right ideas for critical stock market phases”. The solution: themed funds and ETFs! This means that investors can then “sit back and relax without having to forego returns,” the editorial team promises.

Barely satisfactory
Knowledge tests are in vogue right now, not just for US presidents. North Rhine-Westphalia is introducing economics at all secondary schools. Finally, we think. However, the teachers of economics should understand something. A study among, albeit Hessian, student teachers showed that they could only answer a little more than half of the 46 multiple-choice questions correctly. That would be grade 4 – 5. This is how the current WirtschaftsWoche reports. However, the questions did not include subtracting 7 out of 100, but rather what opportunity costs are or what measures GDP. Adequate training would be an option. As a result of the Corona crisis, the outdoor sector is booming, or, as Börse Online puts it somewhat strangely: “Up is where there is outside”. According to the Federal Motor Transport Authority, new registrations increased by 65 percent in June compared to the previous month, according to the newspaper. The only question is whether the number of parking spaces has increased in the same way, otherwise it will be difficult to use the distance rule from mobile home to mobile home and herring to herring.

Only uncertainty is certain
Once again the Handelsblatt (on Tuesday) asks the question, “Are stocks currently too expensive or not?” Editor Andrea Cünnen presents seven key figures that should make it easier for investors to choose: the price / earnings ratio, the price / book value, the price / cash flow and the price / sales ratio, as well as the ratio of profit and debt, the dividend yield and the equity risk premium. The conclusion should not, however, significantly eliminate the uncertainties in the selection: “Key figures are estimated values ​​and are currently fraught with many uncertainties”.

Pepsi or Coca Cola, that has always been a question of faith, like Geha or Pelikan, Adidas or Puma. Now it is official: “Pepsi is more popular with stockbrokers”, states the Börsen-Zeitung. In fact, the two beverage makers’ courses run somewhat parallel to each other, but Pepsico is slightly above Coca-Cola. Pepsi’s strategy seems to be working not to focus exclusively on sugar drinks, but also to offer snacks (which make you thirsty again). In the past five years, Pepsico has grown by over 31 percent and CocaCola by just under 7 percent, as a look at our website shows. In view of the sugar content of the drinks, it is not surprising that, for example, J.P. Morgan puts the Pepsi share on “overweight”!

Author of the press review: Ulrich Kirstein, Bayerische Börse AG

Disclaimer: This text is a column of the Bavarian Stock Exchange AG. The content of the column is not the responsibility of 4investors and therefore does not necessarily have to agree with the opinion of the 4investors editorial team. Any liability and claims are therefore expressly excluded by 4investors!

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