Inbox: Outlook: ATX most likely directed further sideways

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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.

Immofinanz took the top spot on the ATX course chart with + 5.5%. The Immo Group raised fresh capital of over EUR 350 million this week through a share placement and a mandatory convertible bond. We think that the capital will be used for growth opportunities, whereby S Immo is certainly the top takeover target here.

Performance bottom in the ATX this week was DO&CO with – 6.2%, which suffers from the continuing corona pandemic with the travel industry. The Semperit share particularly stood out from the ATX Prime, gaining almost 40% over the week. Last Friday, the company reported that due to the strong demand for medical gloves, EBITDA would increase this year, significantly exceeding market expectations.
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.
The Q1 report from Agrana brought no major surprises after key data had been published in advance. Automotive supplier Polytec canceled its dividend proposal for 2019 this week (before Corona: EUR 0.25 / share) due to the difficult development of the pandemic.
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.

Outlook. In the coming week, Telekom Austria will present its trading statement for the second quarter and Vienna Airport will present its traffic results for June.

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