Commerzbank om den tyske regnskabs sæson:
Q3 reporting season: DAX companies off to a weak start
The Q3 reporting season is gaining momentum. Some 31% of DAX companies and 26% of MDAX companies have now presented their reports. The results are a rather mixed bag, with the MDAX companies somewhat more convincing than the DAX companies. From today’s vantage point, currency losses exerted much less of a drag on company results in Q3 than in the preceding quarters thanks to the weaker euro. These mixed results will hardly support the German equity market.
The reporting season for Q3 is picking up momentum. Some 31% of the companies in the DAX and 26% of MDAX companies have now presented their reports, with the results turning out very mixed (table 4):
• DAX: Up to now, 44% of companies exceeded our expectations, 23% were in line and 33% of the results fell short of our expectations. This results distribution for Q3 is currently well below that of the previous year and also remains below the average of the last eight quarters.
• MDAX: To date, 38% of companies exceeded our expectations, 31% were in line and 31% of the results fell short. This distribution is above that of last year, but remains below the average of the last eight quarters. We find the Q3 results of MDAX companies somewhat more convincing than the figures presented by DAX companies. Thanks to the weaker euro, the results in Q3 presented up to now were far less affected by negative currency losses than in the preceding quarters. The mixed results are unlikely to offer broad-based support for the German equity market at present. CHART 14: Q3 results of MDAX companies have been more convincing so far.
Se tabeller her: commz
