Münchener Rückversicherung report Q3 2013

I was not very happy with my own graphical skills and have therefore decided to take pictures of the front page of the quarter reports that I am making a summary of instead of the ugly triangle that I used the last couple of times. On the other hand some companies have very basic quarter report so the picture might not always look nice but at least better than my failed graphical attempt.

The stock market responded with disappointment (-2% today) concerning the third quarter report from Münchener Rückversicherung and the question is... should they?

Analysis of Axel Springer

Company: Axel Springer

Business: A German publishing house and media provider that are divided into five segments: Digital Media (online news papers and magazines, 36% of revenue and the segment they are currently pushing the hardest which is not strange since it is also available and giving world wide access), Newspapers National (German newspapers, 35% of revenue), Magazines National (German magazines, 14% of revenue), Print International (the few newspapers and magazines that are publish internationally, 13% of revenue) and finally Services/Holdings (Newspaper printing plants as well as logistics etc., 4% of revenue)

Active: Very much focused on Germany and are currently trying to expand much more internationally via digital media.

P/E: 18.4

Analysis of Aurubis

Company: Aurubis

Business: A German company with main focus on the production and recycling of copper. They have three business units: Primary Copper (production of copper and copper cathodes from raw material meaning copper ore), Recycling/Precious Metals (are producing copper cathodes from recycled copper in electronic equipment etc. as well as precious metals are then also being recycled) and finally Copper Products (value-added chain of copper products making wires, rolls and rods).

Active: Production sites in Europe and the US and product sales besides from the two mentioned also in Asia.

P/E: 5.9

Analysis of Aareal Bank

Company: Aareal Bank Group

Business: A German bank specialising in property. They have two larger segments: Structured Property Financing (offers financing concepts for hotels and retail etc.) and secondly Consulting/Services (services for housing, commercial property as well as waste disposal and energy markets in terms of electronic banking and mass payment transactions).

Active: They have three regions: Europe, North America and Asia in total they are present in 25 countries.

P/E: 19.9

Analysis of Kernel 2013

Company: Kernel Holding S.A.

Business: A Ukrainian agricultural, cattle (around 16,000 heads) and logistics company. Has the entire chain from farmland in 405,000 hectare (owned as well as leased), silos for storage, oilseed crushing plants (one sixth of all sunflower oil seed runs over them), logistics both inland as well as deep-sea harbour for further transport. They also have their own brands of for instance sunflower oil.

Active: Ukraine and Russia is where the farmland is. The company it is traded in the Warsaw stock exchange.

P/E: 8.9