Markets

Secondary values: The small ones beat the big ones.

The scale index doesn’t have to hide behind its big brother DAX – on the contrary. Apart from the better average performance, the index contains some stocks with rapid price development. And according to many analysts, the rally of some stocks is not over yet. Values ​​in the report: CLIQ Digital, flatex AG, The NAGA Group AG, mic AG, EQS Group, Nanogate SE, Exasol, ÖKOWORLD, MyBucks, Cyan, Deutsche Rohstoff AG, MagForce AG

October 15, 2020. FRANKFURT (Frankfurt Stock Exchange). While the DAX has been in the red since the beginning of the year, the Scale 30, which represents small and medium-sized companies, has long since made a plus: Before the corona-related setback on Thursday, the index had even climbed to its highest level since May 2018. It currently stands at 1,238 points, which is still a clear plus for this year. This also applies to the Scale All Share, which represents the entire market, which is currently 1,103 points.

The recently significantly better development compared to the large caps is due, among other things, to the newcomer Exasol, but also to the fund provider Ökoworld (WKN 540868), the holding company MIC AG and Cliq Digital. Cliq Digital is once again far behind all other scale companies for the year: The shares of the Düsseldorf-based company, which offers streaming entertainment services, had long cost around 2 euros. Now it is – despite the recent setback – 14 euros.

The fintech The Naga Group (WKN A161NR), the price has more than tripled, now followed by EQS with an increase of 102 percent, the online broker Flatex with 96 percent and Ökoworld with 84 percent. At the bottom of the list are Nanogate, MyBucks, Cyan, MagForce and Deutsche Rohstoff AG. With the shares, investors have lost between 37 and 96 percent since October 2019.

Stock exchange newcomer Exasol shines

Exasol is a real success story in the scale segment: When it went public in May of this year, the issue price was EUR 9.50, the initial listing was EUR 14, and in September it was briefly over EUR 22. Now the share is still trading at 19.36 euros. Last week, Exasol announced a partnership with the German Football Association. According to the DFB, Exasol’s data analysis should help to make better use of the steadily growing mountains of data at the DFB.

Good numbers from Ökoworld and Naga

The share of the fund provider Ökoworld had already made a strong leap up at the beginning of September: On Thursday morning it costs 25.40 euros, at the end of 2019 it was just under 16 euros. The company, which has been listed on the stock exchange since 1996, offers ethical-ecological capital investments and is considered a pioneer of this type of investment, which is currently experiencing a great boost. After strong growth in the past year, Ökoworld was able to come up with very good figures for the first half of 2020 and more than doubled its after-tax result.

“Big boost for ethical-ecological investments”

The Naga Group also reported good figures – another record quarter: The company, which has undergone severe restructuring and is now concentrating on social trading, is running smoothly again. The company went public in 2017, when the share cost € 2.60. It rose to over 12 euros within a short time, but then disillusionment set in. On Thursday morning it is 2.54 euros.

Cliq Digital and Flatex: Still a lot of room for improvement

Some believe that the top performers in the scale segment will make further price gains: The analysis company Montega considers the operational development of Cliq Digital in the current financial year to be impressive and the share continues to be valued at low prices. Montega names a price target of now 23 instead of 19 euros (currently 14 euros) with an unchanged buy recommendation.

There were also further recommendations for Flatex: Goldman Sachs, for example, has confirmed the “Buy” rating, as has the target price of 56 euros (currently 44.60 euros). The planned inclusion of the shares in the Prime Standard is positive, and with the obligation to submit quarterly interim reports, transparency increases. In addition, an SDAX admission beckons in December, which will bring the papers into the focus of a broader class of investors.

Jefferies has also confirmed the “Buy” rating for Flatex and has given a price target of 54 euros. Flatex is even one of Jefferies’ “Quarterly Best Ideas” among the small and medium-sized continental European stocks. The online broker will shine with accelerated growth in the coming years after the takeover of the Dutch competitor DeGiro, it said. Berenberg also advises entry and gives a price target of 51 euros. This is justified with a positive report by CFO Muhamad Chahrour on the current development and prospects.

by: Anna-Maria Borse,
© October 15, 2020, Deutsche Börse AG

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