Givaudan Downgraded to Hold by Berenberg Berenberg cut Givaudan to 'hold' on Mar 31, 2026, citing a Middle East fragrance slowdown; investors should watch backlog, regional orders and near-term organic growth.

Givaudan Downgraded to Hold by Berenberg: Berenberg cut Givaudan to 'hold' on Mar 31, 2026, citing a Middle East fragrance slowdown; investors should watch backlog, regional orders and near-term organic growth. 👈 Read full analysis #Givaudan #Berenberg #StockMarket #Investing #MarketTrends

ProCredit Shares Rise After Berenberg Buy Initiation Berenberg initiated a Buy on ProCredit on Mar 25, 2026 (Investing.com); the note cites earnings growth and sparked increased trading activity on the publication date.

ProCredit Shares Rise After Berenberg Buy Initiation: Berenberg initiated a Buy on ProCredit on Mar 25, 2026 (Investing.com); the note cites earnings growth and sparked increased trading activity on the publication… 👈 Read full analysis #ProCredit #Berenberg #StockMarket #Investing #EarningsGrowth

Donald-Duck-Panel: Text: Mit uns ist's aus. Er und die 3 Neffen fahren im Auto über die Klippe ins Nichts.

SCHLUCHZ!
Der #Berenberg Verlag macht den Laden dicht!
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Berenberg lifts Ørsted to “buy,” trims target after DKK60B rights issue Investing.com -- Berenberg has upgraded its rating on Ørsted A/S to “buy” from “hold,” lowering its price target to DKK225 from DKK250. The brokerage said the DKK60 billion rights issue announced on Aug. 11 strengthens the company’s balance sheet and provides funding capacity for capital expenditures through 2027. The analysts said the capital increase, which is underwritten, adds about DKK60 billion to Ørsted’s finances, allowing it to cover investment needs until 2028 even in a worst-case scenario. That modeling includes cancellations of both the Sunrise Wind and Revolution Wind projects in the United States, along with a failure to complete planned disposals. Berenberg acknowledged the risks tied to the U.S. portfolio, including the Aug. 22 halt order on the 704MW Revolution Wind project and the inability to secure financing or a partner for Sunrise Wind. The brokerage estimated a downside valuation of DKK172 per share if both projects are canceled, which it described as a valuation floor. The report also noted that the rights issue improves Ørsted’s key credit metric, though pressure on credit ratings could emerge if farm-downs and disposals fail. The analysts said a 1% increase in the weighted average cost of capital could reduce valuations to current levels or below. Ørsted’s funding strategy relies on partial sales of its Hornsea 3 project in the U.K. and Greater Changhua 2 project in Taiwan, along with the disposal of its European onshore portfolio, expected to raise about DKK35 billion. 3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. “More likely, in our view, is that confirmation of the farm-downs/disposals will provide positive catalysts over the next 6-12 months,” Berenberg said. That's one option, but what if there are better opportunities hiding in plain sight? Investing.com's ProPicks AI has identified growth stocks that often get overlooked by individual investors. Compare your choice against our global range of AI-selected picks - with 3 out of 4 beating their benchmark index year to date and 98% in the green. Get fresh new picks every month, now available at 50% off while our Summer Sale lasts. Hurry, offer ends soon!

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K+S stock falls 4% after Berenberg downgrade to “sell,” price target cut to €11 Investing.com -- K+S AG (ETR:SDFGn) shares fell 4% on Wednesday after Berenberg downgraded the stock to “sell” and cut its price target to €11 from €17 a share, warning that the upcycle in agricultural commodities and potash prices has ended. The brokerage said weaker crop prices, new supply and high production costs in Germany will pressure the company’s earnings outlook. K+S’s share price closed at €12.39 on Xetra on Aug. 19, valuing the company at €2.2 billion. The downgrade follows a string of earlier “buy” recommendations this year, but Berenberg said there is no plausible case to keep that stance as conditions turn against the sector. The analysts pointed to record U.S. corn acreage of 95 million, which could initially support fertilizer demand but risks lowering corn prices and farmer profitability, a key driver of potash use. Brazilian granular potash prices have already fallen to $355 per tonne from a $1,200 peak in 2022, and Berenberg warned they could drop further given cost benchmarks at BHP’s Jansen mine of $105-120 per tonne. Supply expansion also looms large. The Jansen project, despite a six-month delay and higher costs, is still expected to bring more than 4 million tonnes of new potash capacity in its first phase, with potential doubling later. Berenberg said this will weigh heavily on market prices from 2027. The bank cut its earnings forecasts, estimating 2026 EBITDA of €624 million and 2027 EBITDA of €563 million, around 7% and 20% below Bloomberg consensus. Recurring earnings per share are projected to fall from €0.32 in 2025 to €0.09 in 2027. Berenberg said K+S’s high-cost German potash production leaves it more exposed in a weaker pricing environment. The downgrade underscores the sector’s vulnerability as the post-pandemic boom in agricultural markets fades and fresh capacity comes online.

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Berenberg upgrades Quilter to “buy,” lifts price target to 195p on strong flows Investing.com -- Berenberg has upgraded Quilter plc to “buy” from “hold,” raising its price target to 195p from 150p following a review of the company’s recent performance and growth prospects. The brokerage cited a transformation in the business over the past 18 months, which has driven a significant acceleration in client asset inflows. Assets under management and advice rose from £119.4 billion in 2024 to an expected £133.1 billion in 2025, with net new money forecast at £8.5 billion in 2025 compared with £4.8bn in 2024. The upgrade is supported by expectations for organic net inflows of 6-7% annually between 2025 and 2027, driven by Quilter’s investment platform, in-house products such as the WealthSelect managed portfolio service, and expansion of its financial adviser network. The company has improved its underlying profit before tax margin from 19% in 2021 to 29% in 2024 and is projected to reach 31% by 2027. Revenue is expected to grow at a compound annual rate of 5.8% from 2025 to 2027, with adjusted earnings per share forecast to increase from 11p in 2025 to 12.9p in 2027. Berenberg also flagged Quilter’s strong balance sheet, with about £0.4bn in holding company cash and a net cash position of roughly £0.2bn. This financial flexibility could support higher dividends or share buybacks; the dividend yield is forecast to rise from 4% in 2025 to 4.9% in 2027. The valuation at 14 times forecast 2026 earnings was seen as attractive relative to growth prospects. The broker’s revised estimates reflect higher net flow assumptions and the benefit of an equity market recovery, leading to earnings per share upgrades of 10-13% across 2025-2027. Before you buy stock in QLT, consider this: ProPicks AI are 6 easy-to-follow model portfolios created by Investing.com for building wealth by identifying winning stocks and letting them run. Over 150,000 paying members trust ProPicks to find new stocks to buy – driven by AI. The ProPicks AI algorithm has just identified the best stocks for investors to buy now. The stocks that made the cut could produce enormous returns in the coming years. Is QLT one of them?

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Berenberg schärft Profil in der Schweiz Die Hamburger Privatbank Berenberg konzentriert sich auf Small Caps und Private Debt und setzt damit gezielt auf die Entwicklung bei Investoren in Zürich und Genf.

Berenberg schärft Profil in der Schweiz: Die Hamburger Privatbank Berenberg konzentriert sich auf Small Caps und Private Debt und setzt damit gezielt auf die Entwicklung bei Investoren in Zürich und Genf. #Privatbank #Berenberg

Berenberg Sharpens Its Profile in Switzerland The Hamburg-based private bank Berenberg is focusing on small caps and private debt, thereby putting targeted development with on investors in Zurich and Geneva.

Berenberg Sharpens Its Profile in Switzerland: The Hamburg-based private bank Berenberg is focusing on small caps and private debt, thereby putting targeted development with on investors in Zurich and Geneva. #berenberg #privatebanking

Berenberg upgrades SGS to "buy" on restructuring progress and margin expansion Investing.com -- SGS SA (SIX:SGSN) has been upgraded to "buy" from "hold" by Berenberg, citing operational restructuring, accelerated acquisitions, and improved financial metrics as justification. The shift follows the arrival of CEO Géraldine Picaud and CFO Marta Vlatchkova in early 2024, who have initiated a broad overhaul of the business. SGS has guided for 5-7% annual organic growth and at least a 150bps adjusted EBITA margin improvement between FY2023 and FY2027. Berenberg forecasts 170bps improvement, exceeding guidance. The margin is projected to rise from 14.7% in FY2023 to 16.3% by FY2027. Adjusted EPS is expected to grow from CHF3.85 in FY2025 to CHF4.59 in FY2027, representing a 9% CAGR. Free cash flow is forecast to total CHF4.5bn over FY2024–FY2028, with CHF1.1bn available for acquisitions after dividends and the ATS deal. SGS has pursued 20 acquisitions since March 2024, significantly exceeding its historical pace. The July 2025 acquisition of Applied Technical Services (ATS) for USD1.39bn is expected to add 3.7% to EPS in year one. The deal moves North American revenue closer to the CHF1.4bn 2027 target, up from CHF720m in 2024. However, the ATS acquisition reduces estimated ROIC from 11.8% in FY2024 to 9.5% in FY2025, though Berenberg considers this acceptable due to long-term growth potential. The company’s low cyclical exposure, about 20% of revenue, is another factor supporting stable growth. SGS’s revenue mix is diversified across industries, with limited exposure to oil and gas, minerals, and agriculture. In contrast, segments such as environmental testing, food safety, and pharmaceuticals are expected to grow steadily, aided by regulatory demand. The restructuring includes a CHF150m efficiency program (CHF100m from lean operations, CHF50 million procurement savings), and a move of headquarters from Geneva to Zug, generating CHF80 million in H1 2025. Cash conversion has improved from 42% in FY2023 to 51% in FY2024. Scrip dividends introduced in 2023 and 2024 had take-up rates of 64.9% and 63.3%, saving CHF765m in cash outflows and partially funding M&A. Valuation remains attractive. SGS trades at 19.9x FY2026 P/E, a 14% discount to its long-term average and 16% below Berenberg’s target multiple of 23.4x.

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Berenberg downgrades Munters to “hold,” cuts target on margin concerns Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website. Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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Kenmare downgraded to “hold” by Berenberg after failed bid talks Investing.com -- Berenberg has downgraded Kenmare Resources (LON:KMR) to “hold” from “buy,” cutting its price target to GBp390 from GBp580, after the collapse of a takeover bid led by Oryx Global Partners (NYSE:GLP) and former CEO Michael Carvill. The brokerage cited increased market volatility and operational uncertainty as key drivers of the downgrade. The analysts said the original proposal, announced on March 6, was seen as attractive, prompting a temporary upgrade to “buy.” However, they had anticipated a higher offer that failed to materialize. The revised bid was lower due to deteriorating market conditions, including new tariffs and weakening demand from China. As no agreement was reached, both parties withdrew, and Kenmare’s shares fell around 20%. With no other bidders in sight and the bid process concluded, Berenberg sees limited upside. The GBp390 target is based on a blend of 1x risked NAV, using a 0.7x risk factor, and 2.1x EV/EBITDA, Kenmare’s three-year trailing average. The stock was trading at GBp314 as of June 19, equivalent to 0.61x NAV and 2.9x EBITDA. Kenmare is entering a transitional phase, commissioning its Wet Concentrator Plant A upgrade. Berenberg expects this to drive negative free cash flow in 2025. Capital expenditure is projected at $200 million for the year, with free cash flow per share estimated at –$0.63. Earnings per share are forecast at $0.53 in 2025, flat from earlier estimates. The company reported a strong order book for the second half of 2025 but gave no additional detail on pricing or demand. Berenberg warned of downside risks due to global economic softness and tariff pressures. Operational performance remains a concern. While Kenmare aims for a 1.2mtpa ilmenite run rate, delivery has lagged. Meanwhile, the company’s Implementation Agreement with the Mozambique government expired in December 2024, and no new deal has been signed, adding strategic uncertainty. Financially, Kenmare’s 2025 sales are forecast at $406 million, down from $415 million in 2024. EBITDA is expected to fall to $138 million in 2025 from $157 million in 2024, with EBIT projected at $71 million. Net profit is estimated at $47 million. The dividend per share is expected to decline to $0.21 in 2025, with a yield of 5.2%. Margins are also forecast to contract, with EBITDA margin at 34.0% and EBIT margin at 17.5%. Return on capital employed is expected to fall to 5.0%. Net debt is forecast to rise to $100 million from $21 million in 2024. Berenberg noted that although the Moma asset remains attractive, Kenmare’s operational track record and current macroeconomic conditions justify its lower valuation. Absent another suitor or operational turnaround, the analysts see no immediate catalyst for share price upside.

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Berenberg initiates coverage of these two mid-cap U.K. names Investing.com - M&C Saatchi’s (LON:SAA) non-advertising business is to lead growth at the company until 2027, according to analysts at Berenberg. In a note launching their coverage of the creative solutions agency, the strategists predicted that M&C’s divisions like consulting and media would grow at a combined 5% in the period from stretching from its prior fiscal year to 2027. Earnings before interest and taxes margin at M&C’s non-advertising units was 25.3% in 2024, they noted, flagging the figure was 11.2% at its advertising segment. "The non-advertising business is less cyclical and therefore the earnings quality will continue to improve as it increases as part of the overall mix," the analysts said. Group-wide revenue is tipped to increase by 3% during that same period, they predicted, adding that the firm’s management is also "delivering cost efficiencies." In 2024, M&C, whose clients include firms like Amazon (NASDAQ:AMZN) and Google (NASDAQ:GOOGL), delivered 10 million British pounds in annualized savings and has targeted an additional 3 million pounds in efficiencies this year. EBIT margin is seen expanding to 16.3% by M&C’s 2027 fiscal year. The analysts gave M&C a "buy" rating and set a price target of 240p, indicating an increase of roughly 23% from its current level. Elsewhere, the Berenberg analysts also began coverage of specialist manufacturer and steel panel radiator distributor Stelrad (LON:SRAD) with a "buy" rating and placed a price objective on the mid-cap U.K. stock of 200p. "Management has set out a medium-term strategy to grow market share by 1-2%, to increase the contribution per radiator above GBP21 and to increase the operating margin to 13%," the analysts wrote. "With the evidence at hand, we think these targets are achievable and, as European new-build and repair, maintenance and improvement volumes recover, we think the group could go further."

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Berenberg Bank Hamburg: So kommt man an das begehrte Graduate-Programm Hamburger Privatbank lockt Master-Absolventen mit einer Topausbildung und 65.000 Euro Jahresvergütung. Neben Noten und Praktika hilft: Demut!

Uni-Absolventen mit einem #Master in #BWL haben oft Top-Noten, viele Praktika und Auslandserfahrung. Doch was braucht man noch, um an die begehrten, gut dotierten #Graduate-Programme zu kommen? Zum Beispiel bei #Berenberg.

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Berenberg stärkt den Vertrieb in der Schweiz Die Hamburger Privatbank hat für ihr Sales Management einen neuen Leiter der Region Deutschschweiz bestimmt, der den Betrieb bereits von innen kennt. 

Berenberg stärkt den Vertrieb in der Schweiz: Die Hamburger Privatbank hat für ihr Sales Management einen neuen Leiter der Region Deutschschweiz bestimmt, der den Betrieb bereits von innen kennt.  #alexandredenoyelle #berenberg

Nachrichten aus Hamburg und der Welt - Hamburger Abendblatt Nachrichten aus Hamburg und der Welt. News aus Politik, W...

Hamburger #Berenberg #Bank bestätigt Geschäfte mit Briefkastenfirmen #panamapapers m.abendblatt.de/207374183