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(1) Standard Terms & Conditions
In the event that you and the bank enter into an agreement or conduct individual transactions via the Internet, it shall be deemed that you consent to the applicability of our Standard Terms and Conditions (T&Cs).
The information provided on our website is based on sources that we consider reliable. However, we assume no guarantee for the accuracy, completeness, or timeliness of such information, nor for any recommendations or for the economic or fiscal implications thereof. This publicly accessible information is provided for general information purposes and shall not under any circumstances replace investor/product-related advisory services. In particular, information relating to securities shall not constitute solicitations to buy or sell. The public offering and sale of securities are subject to the national laws and other statutory provisions in force in each individual country.
All information published on this website is diligently and promptly verified and updated by Hauck & Aufhäuser Privatbankiers AG. Nevertheless, Hauck & Aufhäuser Privatbankiers AG does not assume any guarantee for the completeness, accuracy, and timeliness of such information. Hauck & Aufhäuser Privatbankiers AG cannot be made liable in the event of inaccurate, incomplete, or not current data, nor in the event of falsification of information.
(3) Governing law
All legal relationships between you and our bank shall be governed by the laws of the Federal Republic of Germany. We expressly inform you that our Internet offering is aimed exclusively at persons who are subject to a legal system in which such choice of law clause is permitted. Place of jurisdiction – to the legally permissible extent – is agreed as Frankfurt am Main, Munich, or Luxembourg City.
(4) Limitations of liability
Hauck & Aufhäuser Privatbankiers AG cannot guarantee the failure-free functionality of this website. In no event shall Hauck & Aufhäuser Privatbankiers AG be liable for any loss or damage of any kind. This disclaimer includes direct, indirect, and consequential damage arising out of or related to the access to, performance of, or queries submitted to the Hauck & Aufhäuser site, or that could arise through links to other sites, even where Hauck & Aufhäuser Privatbankiers AG has not indicated the possibility that such damage could occur.
(5) No acceptance für orders by email
We would like to inform you that we do not accept any legally binding orders or instructions via email. Such orders may only be submitted through our online banking system. Please contact your account manager.
(6) Linked websites
When you click specific links on the Hauck & Aufhäuser website, under certain circumstances, you will leave the Hauck & Aufhäuser website. Hauck & Aufhäuser Privatbankiers AG has not reviewed the other websites linked to the Hauck & Aufhäuser website, and does not assume any responsibility for their contents, including for the products or services offered, or other offerings and information.
The content and structure of this website are protected by copyright. The prior consent of Hauck & Aufhäuser Privatbankiers AG is to be obtained before reproducing any information or data, particularly the use of text, text extracts, or images.
Institutional Sell-Side Research
Institutional Research – also known as sell-side research – is solely directed at institutional clients. Clients can access analysis and assessments on these companies via various information service providers (Bloomberg, Thomson Reuters, etc.). We mainly analyze German and Austrian companies. They can be downloaded in the separate secure client area of Institutional Research.
Buy-Side Research of our Investment Management unit
The buy-side research of our Investment Management unit primarily analyzes companies on the DAX30, Stoxx50, and EuroStoxx50 indexes for internal purposes. These assessments are used by Portfolio Management and investment advisers. In Research News we present corporate news from the stock exchanges as well as the development of key markets and indexes. The report is supplemented by the latest economic and political news. The analyses and Research News can be downloaded in the secure client area.
In order to ensure the highest level of transparency, Hauck & Aufhäuser Privatbankiers produces the following quarterly report in accordance with article 6 paragraph 3 of the Delegate Regulation (EU) 2016/958. It provides information on all analyst estimates issued and relates them proportionally to the companies who received investment-banking services over the last twelve months.
Our Equity Research team focused on Mid Caps are specialists for stocks in the German-speaking region (DACH). We deliver proactive, detailed and idea-driven research right on the pulse of the market for a coverage consisting over 150 companies. Whether we are writing ongoing research for maintaining our voluntary coverage or writing transactional research in support of ECM transactions (e.g. IPO research), we consistently go beyond the norm and dissect the story from all the angles we can find before putting pen to paper.
Our Sales approach combines global reach with local presence, with distribution into UK, France, Germany, Switzerland, Nordics (Sweden, Finland and Denmark) and Benelux (Belgium, Netherlands, Luxembourg). Close and long-standing relations to the relevant investor group for our Mid Cap niche undoubtedly makes us the ideal partner in both the primary and secondary market.
We cover the important financial centers in which our target investors are based and are consistently ranked as the number 1 broker for German Mid Caps according to Extel rankings.
Our highly experienced, customer-oriented team executes the buying and selling of securities based on orders by institutional clients. Of particular importance in the Mid Cap niche is the reduction of volatility of illiquid stocks to minimize the total transaction costs, achieved by matching up buyers and sellers and creating transaction opportunities which previously did not exist. Our long-standing relationships with interested investors and access to shareholders of various companies leads to high trading market shares and a strong feel for the movement of German Mid Cap shares
1. General information/liability
This financial analysis has been produced for the information purposes of institutional investors only, and is not in any way to be construed as a recommendation, offer, or solicitation to buy or sell the financial instruments mentioned herein. The document is confidential and is made available by Hauck & Aufhäuser Privatbankiers AG exclusively to selected recipients [in DE, GB, FR, CH, U.S.A., Scandinavia, and Benelux or, in individual cases, also in other countries]. Distribution to private clients as defined in the German Securities Trading Act (WpHG) is excluded. It is not permitted to disclose the financial analysis to persons other than the intended recipient without the consent of Hauck & Aufhäuser Privatbankiers AG. Reproduction of this document, in whole or in part, is not permitted without the prior consent of Hauck & Aufhäuser Privatbankiers AG. All rights reserved.
Under no circumstances shall Hauck & Aufhäuser Privatbankiers AG or any of its employees involved in the production of this document bear any liability for possible errors or incompleteness of the information included in this financial analysis – neither in relation to indirect or direct damage nor consequential losses. Liability for damages arising either directly or as a consequence of the use of information, opinions, and estimates is also excluded.
Past performance of a financial instrument is not necessarily indicative of future performance.
This financial analysis was prepared by the Hauck & Aufhäuser Privatbankiers AG analyst named on the front page (the “Author”). The Author is solely responsible for the opinions and estimates expressed therein. The analysis was produced independently.
The content of the financial analysis was not influenced at any time by the issuer of the analyzed financial instrument. It may be possible that parts of the financial analysis were handed out to the issuer for information purposes prior to the publication without any major amendments being made thereafter.
3. Organizational requirements
Hauck & Aufhäuser Privatbankiers AG has made internal organizational arrangements and put rules in place to prevent or accordingly disclose possible conflicts of interest in connection with the production and dissemination of the financial analysis. All employees of Hauck & Aufhäuser Privatbankiers AG involved in the production of the financial analysis are subject to internal compliance regulations.
There is no direct or indirect link between the Author’s remuneration and the production of this financial analysis. In the event that an analyst or a person close to the analyst is faced with a conflict of interest, the analyst is no longer permitted to be involved in the preparation of financial analyses relating to the company.
4. Information relating to valuation methods/update
The fair value per share, i.e. the price target and the resultant recommendation, is determined on the basis of the adjusted free cash flow (adj. FCF) method and on the basis of the discounted cash flow – DCF model. Furthermore, a peer group comparison is carried out.
The adj. FCF method is based on the assumption that investors purchase assets at a price (enterprise value) at which the operating cash flow return after taxes on this investment exceeds their opportunity costs in the form of a hurdle rate of 7.5%. The operating cash flow is calculated as EBITDA less maintenance capex and taxes.
The DCF approach involves calculating the future free cash flows initially on the basis of a fictitious capital structure of 100% equity, i.e., interest and repayments on debt capital are initially not factored in. The adjustment toward the actual capital structure is conducted by discounting the calculated free cash flows with the weighted average cost of capital (WACC), which takes into account both the cost of equity capital and the cost of debt capital. After discounting, the calculated total enterprise value is reduced by the interest-bearing debt capital in order to arrive at the equity value.
Hauck & Aufhäuser Privatbankiers AG uses the following three-step rating system for the analyzed companies:
Buy: Sustainable upside potential of more than 10% within 12 months.
Sell: Sustainable downside potential of more than 10% within 12 months.
Hold: Limited upside/downside potential. No immediate catalyst visible.
NB: The ratings of Hauck & Aufhäuser Privatbankiers AG are not based on a performance that is expected to be “relative” to the market.
The decision on the choice of the financial instruments analyzed in this document was made solely by Hauck & Aufhäuser Privatbankiers AG. The opinions and estimates in this financial analysis are subject to change without notice. It is within the discretion of Hauck & Aufhäuser Privatbankiers AG whether and when it publishes an update to this financial analysis.
5. Key sources of information
The information required for this financial analysis was in part made available by the issuer of the financial instrument. Furthermore, it is based on publicly available sources (such as, for example, Bloomberg, Reuters, VWD-Trader, and daily press) that are considered to be reliable. Hauck & Aufhäuser Privatbankiers AG has checked the information for plausibility, but not for accuracy or completeness.
6. Competent supervisory authority
Hauck & Aufhäuser Privatbankiers AG is supervised by BaFin - the Federal Financial Supervisory Authority, Graurheindorfer Straße 108, 53117 Bonn and Marie-Curie-Straße 24 - 28, 60439 Frankfurt a.M.
7. Special information for recipients outside Germany
This investment research is subject to the laws of the Federal Republic of Germany. The dissemination of this information to other countries, in particular to the U.S.A., Canada, Australia and Japan, may be restricted or prohibited by the laws in force in such countries.
The documents prepared by Hauck & Aufhäuser’s analysts are financial analyses as defined in the German Securities Trading Act (WpHG). The analysts of the Institutional Research unit prepare these analyses independently and objectively and in compliance with statutory requirements (WpHG). Special organizational measures ensure that the analysts comply at all times with statutory requirements. This includes, in particular:
Pursuant to section 85 of the German Securities Trading Act (WpHG), any financial analysis undertaken must indicate any potential conflicts of interest with regard to the analyzed company. A conflict of interest is presumed to exist in particular if Hauck & Aufhäuser Privatbankiers AG
Further information regarding investment recommendations of the last 12 months pursuant to Article 4(1)(i) of the delegated regulation 2016/958 supplementing regulation 596/2014 of the European Parliament:
MASTERCARD® IDENTITY CHECKTM
Do you use your credit card for making payments online? If so, we have good news for you: Maximum security for credit card payments on the Internet with Mastercard® Identity Check™. This is an authentication process, whereby your identity is checked for online credit card payments, provided that the dealer is registered to offer this procedure.
What does this mean for you?
Mastercard® SecureCode™ will be replaced by Mastercard® Identity Check™ as part of a rebranding. If you are interested in using Mastercard® Identity Check™ you will need to submit your current mobile number, which will be registered with our credit card service provider, First Data. In addition, you will be required to register for the Mastercard® Identity Check™. scheme at the following link: Registration
In the future, the process for making payments on the Internet with credit cards will be as follows:
You can find a guide on how to register for the new procedure as well as further Information here:
The cardholder service of our service provider is available around the clock to answer any questions you may have relating to registration for the Mastercard® Identity Check™. Simply call +49 (0)69 7933-2555.
The following modules ensure that using your credit card will be even more secure in the future:
Mobile number validation
In order to register for Mastercard® Identity Check™, an identification code is required. The code will be sent via SMS text message only to the mobile number on file that you provided. This ensures that only you can use your credit card to register for the new athentication process. If you want to participate on the Mastercard® Identity Check™ scheme, first simply supply us with your current mobile phone number, and let us know if it changes at a later date.
This limit applies in particular to online payments. Apart from the individual transaction limit, you can define the maximum limit for online transactions for each settlement period.
„Credit Card Information Online"
We also offer you the possibility of accessing your credit card statements online. This will enable you to check your card transactions practically on the same day you make a payment.
The „SMS@lert" notification service
In combination with the “Credit Card Information Online” service, you also have the option to use the so-called “SMS@lert” service. Once activated, you receive a message by SMS or email every time your credit card is used to make a transaction. Please note that, depending on your mobile communications provider, transmission times may vary and additional charges may apply (roaming fees). This functionality is available to you whether or not you use “mobile number validation.”
MasterCard Plus with optimized insurance package
As a result of new regulatory requirements and ever-increasing demands for comfort and security when using credit cards, we have decided to convert the current MasterCard Gold into MasterCard Plus with an optimized insurance package. As of July 1, 2016, the new insurance package includes the following insurance coverage:
Scope of service
Pursuant to the German Payment Accounts Act, the basic payment account allows you to deposit funds and to make cash payments. Furthermore, you can make cashless payments (e.g. electronic
transfers). In general, it is not possible to overdraw such accounts.
You can use the basic Euro payment account for the following payment services not including loans:
Deposits or withdrawals: Services that allow cash to be paid into or debited from your payment account as well as all the transactions required for managing your payment account.
The execution of payment transactions including transfer of funds to the account you hold with us or with another payment service provider through
We cannot provide you a debit payment card. Payments and withdrawals can be made at our counter at Kaiserstraße 24, 60311 Frankfurt am Main, or at Lenbachplatz 4, 80333 Munich.
In addition, you can apply for the basic payment account to be held as an account exempt from attachment (section 850k of the German Code of Civil Procedure (Zivilprozessordnung)).
Charges and costs
The charges and costs for basic payment account services can be found in our List of Prices and Services. You can inspect this at our branch offices. A copy can be supplied on request.
Terms and conditions of use
When opening a bank account, the pertinent contractual provisions are agreed upon signing the account opening form. Reference is also made to the provisions of our Standard Terms & Conditions along with the terms and conditions for electronic transfers, direct debits, and the Hauck & Aufhäuser Maestro card. You can inspect them at our branch offices. Copies can be supplied on request.
The opening and use of a basic payment account is not dependent on membership of a particular profession, the acquisition of shares, or the agreement of additional services.
For further information please contact us by email:
General information with regard to account switching assistance (sections 20 to 26 of the German Payment Accounts Act (ZKG)) and on facilitating cross-border account opening (section 27 to 29 of the ZKG)
Scope of service
Pursuant to the German Payment Accounts Act (ZKG), as of September 18, 2016, statutory stipulations apply to the support given when using mandatory statutory accounting switching assistance. These support services are intended to make it easier for consumers to change their bank accounts to other providers.
Account switching assistance enables you to authorize us in writing to help you change accounts and, as the receiving credit institute, to act as main correspondent between you and the transferring credit institute.
Further details regarding the process of statutory account switching assistance can be found in the following client information sheet. We would also be delighted to advise you in the course of a personal meeting.
For further information please contact us by email:
As a reaction to experience made during the financial crisis in 2008, many countries adopted
rules designed to resolve a bank at risk of default without involving taxpayers in the future. For further information, please download our information document: Download
It is a top priority for us to ensure that our business partners are continually satisfied with the services we offer. One of the key principles of our company is to provide our business partners with continuous added value throughout our entire business relationship and to resolve any problems that may arise promptly and in the best way possible. In order to meet this expectation of ourselves, we have put sophisticated complaints-handling policies and procedures in place.
For further information about complaints management at Hauck & Aufhäuser please contact us by email: Beschwerden@hauck-aufhaeuser.com
Principles relating to voting policy of Hauck & Aufhäuser Fund Services S.A.
As of: February 2018
List of Sub-custodians Hauck & Aufhäuser Privatbankiers AG, Luxembourg branch
As of: December 2020
Renumeration principles of Hauck & Aufhäuser Fund Services S.A.
As of: February 2018
Principles for Dealing with Conflicts of Interest of Hauck & Aufhäuser Fund Services S.A.
As of: February 2018
Best Execution Policy of Hauck & Aufhäuser Fund Services S.A.
As of: December 2019
Important Information for Clients with regard to Investment Services
As of: September 2019
Information on Target Markets für Financial Instruments
Handling Conflicts of Interest (Hauck & Aufhäuser Privatbankiers AG and Hauck & Aufhäuser Privatbankiers AG, Luxembourg branch)
As of: September 2019
Best Execution Policy of Hauck & Aufhäuser Privatbankiers AG and Hauck & Aufhäuser Privatbankiers AG, Luxembourg branch
As of: September 2019
Top 5 Venue Reporting of Hauck & Aufhäuser Privatbankiers AG for trading year 2020 (Retail Clients)
Top 5 Venue Reporting of Hauck & Aufhäuser Privatbankiers AG for trading year 2020 (Professional Clients)
Top 5 Broker Reporting of Hauck & Aufhäuser Privatbankiers AG for trading year 2019 (Professional Clients)
Summary of the Quality of Execution ("Quality Report") achieved in 2020