The Stuttgart-based asset Manager, Georg Thilenius, for his optimism known. In the regular surveys of the F. A. Z. to sub-investment managers to the beginning of the year, Thilenius stands out regularly by the fact that he indicates the highest Shares. In the year 2018, Thilenius has sold to its customers but a lot of shares just out of cyclical sectors. Also, the recovery on the stock markets since the beginning of the year, he observed with caution. “It’s constantly one of the many political risks can be dangerous,” he says and points out that the trade war between the United States and China, and the UK’s exit are not solved from the EU. At the same time he hopes that it will come in Italy this summer to new elections.
Hanno Mußler
editor in the economy.
F. A. Z.
The Optimist Thilenius market looks to be in a state of unstable shares, but also certain opportunities. The world economy is currently in the second half of the year 2009, the ongoing, unusually long, but slow economic recovery. Instead of the particularly cyclical companies, investors should, in his opinion, now more on consumption values and shares, the companies benefit from the ageing population.
WIRECARD — — (–) Xetra tradegate exchange London SE Int. Level 1Lang & black Switzerland OTCStuttgartFrankfurtWienSchweiz 1T 1W 3M 1J 3J 5J For detail view
Bank equity is not to stay away Thilenius, but from the Bank’s business. These include shares of companies such as Paypal and Wirecard, which handle payments on the Internet. Banks would have taken care of this low-risk business and the technical product development too little. “Now, Wirecard takes some of the Butter and the sausage from the bread and eat the bread,” said Thilenius. Wirecards earnings per share growth in the past ten years, an average of 24 and in the past five years, an average of 29 percent. Because of this high earnings growth is currently still high price-to-earnings is a ratio of 34 is appropriate, says Thilenius.
Also on the topic of consumption and the digitalization drives him. So how large a purchase had stores such as Harrods in London, Galeries Lafayette in France or the KDW in Berlin, consolidates 150 years ago, the “noble retail,” under one roof, and after the Second world war, discounters such as Aldi and Lidl in Germany, and Walmart in the United States consumers, “super prices” would have brought to roll now Amazon, two generations later, the world of Consumption.
Amazon.com — — (–) NASDAQ Switzerland otctrade gate exchange Xetra, Frankfurt, Stuttgart, lang & Schwarz, Vienna, Switzerland, London, Switzerland, 1T 1W 3M 1J 3J 5J For detail view
Started as a book dealer, the offer Amazon is now all over the world, with the exception of China, almost all of the articles online. While Amazon’s market share was 5 percent is still low. In addition, Amazon has a high-margin Cloud software business, by capacities of other companies own computer. “Here it is, with the exception of Microsoft, and perhaps Hewlett.Packard Amazon little competition. I assume that the Cloud business, Amazon will be around for many years is a growth driver,“ said Thilenius. Therefore, it is understandable that the exchange rate Amazon with a price-to-earnings ratio of 60 in the case of an annual profit growth of about 30.
“You just have to search for something”
Even if the topic of old Department stores versus Amazon for Thilenius, The middle class, so the classic Kaufhof or Karstadt customer dies, ultimately, a demographic topic (“”), the asset managers on the topic of aging society thinks, but rather on medical technology and pharmaceutical shares. Good, but expensive, about the shares of Intuitive Surgical. The on the American technology stock exchange Nasdaq-listed manufacturer of robots for operations with artificial hips have almost a monopoly. The Swiss dental implant manufacturer Straumann is worth a look.
INTUITIVE SURG. — — (–) NASDAQ London tradegate exchange Frankfurt, Stuttgart, lang & Schwarz, Switzerland Vienna 1T 1W 3M 1J has separated 3J 5J For detail view
on the other hand Thilenius of the shares of the health care group Fresenius to a large extent. Apparently, with the departure of a charismatic CEO Ulf Schneider was a cunning streak in 2016, the Success. Much better Thilenius pharmaceutical values that offer an interesting mix of earnings growth and dividends have fallen. To do this, he has about the American Merck & co., thanks to a good product portfolio, with often long-term, patent-protected drugs last a profit growth of 8 percent a year and currently has a dividend yield of almost 3 percent. The price-to-earnings ratio of 16 is, therefore, attractive.
