From the Equity Week The ATX followed the subdued sentiment in Europe this week and closed 1% easier. New record numbers of corona infections in the USA and concerns about a rapid economic recovery spoiled the risk appetite. The financial stocks, heavily weighted in the ATX, and OMV were on the sales lists – in line with international requirements. For the next week, we are most likely to see the ATX further sideways in the area of around 2,250 points.
Unsurprisingly, the OMV trading statement for the second quarter clearly showed the effects of the corona pandemic, but the market was prepared. The average Brent price halved compared to the same quarter of the previous year, and refining margins also suffered significantly. The reduced demand due to the mobility restrictions was reflected in lower sales volumes.
After the OK of the EU competition authorities, ams completed the takeover of 69% of OSRAM shares yesterday and plans to move into the supervisory board of the takeover target soon. The next step is the conclusion of a domination agreement, which requires a 75% approval at a special meeting. We expect details of the further takeover schedule with the upcoming half-year figures at the end of July. After a takeover battle that lasted almost a year, ams can now start implementing its plans to create a world market leader in sensor solutions and photonics.
On the analysis side, we confirmed our hold recommendation for the Lenzing share, but significantly reduced our price target to EUR 46.40.