Varta steht am Mittwoch massiv unter Druck. Wir haben die Abstufung am Morgen direkt aufgegriffen und noch vor Eröffnung der Börse den passenden Schein vorgestellt. Nur 40 Minuten später konnten unsere Abonnenten einen Verdoppler verbuchen. Das funktioniert natürlich nicht immer so gut, jedoch versprechen wir immer direkt für Sie da zu sein wenn es “brennt”. Alle Infos zum Blocktrade, welcher die Aktie zum Absturz brachte gab es ebenfalls in unserem Exklusivbereich. Hier können Sie unseren Dienst abonnieren.
Unsere Mail von 08.33 Uhr:
Varta (VAR1 GY)
We downgrade Varta from Buy to Hold, reiterating our €135 target price. We believe that Varta would have hoped for a better start to 2020. While fundamentally the business is running from strength to strength, a report of an active shortseller uncovered that Chinese companies have successfully broken into several key accounts such as Samsung, Jabra, Sony and JBL. Given the fact that we conducted extensive product research, so far always finding Varta products and publishing on them, we were surprised and had to evaluate on the current status of Varta’s sole supply proposition. Varta confirmed to us that they only learned about the situation in December. The Chinese second sources seem to have arisen as the market demand was too strong for Varta to satisfy and its earbud clients seem to have been afraid to lose market share with supply from Varta only. Nonetheless, Varta sees severe patent and IP infringements backed by their respective lawyers. Thus, Varta admonished both their clients and retailers against these earbuds. Legal steps are taken against the alleged infringement by Chinese producers EVE and MIC. Management confirmed that they neither lost traction with any of their clients nor lost any client. The strategy of capacity built up will be continued by Varta, momentum and positive margin mix shift are further unfolding. Fundamentally we see no pressure on Varta in the short-term, but whether the new battery suppliers are legitimate or actively infringing Varta’s IP cannot be answered at the moment. Unfortunately that fact alone might stir uncertainty and we rather take a neutral stance until we have more clarity on the situation.
Unsere Mail von 09.12 Uhr: