Mark Hubenthal

In Düsseldorf, participating in the seminar “Clean Hydrogen – Recent Developments in Norway and Germany,” organized by Clifford Chance and co-hosted by Wikborg Rein. Good reflections and updates from market participants who have skin in the game. The discussions highlighted the development of the Norwegian-German collaboration in the hydrogen sector. This partnership opens significant opportunities for Norway to export hydrogen and drive technological innovation, reinforcing our role in the European energy transition. Germany's recent initiatives, such as the "Hydrogen Acceleration Act," underscore their commitment to building a robust hydrogen infrastructure, presenting a crucial opportunity for Norway to contribute to and benefit from this transition. Special thanks to the German-Norwegian Chamber of Commerce for their support. Clifford Chance Germany Wikborg Rein Norsk-Tysk Handelskammer #CleanHydrogen #EnergyTransition #NorwayGermanyCooperation #HydrogenEconomy #SustainableEnergy https://lnkd.in/d5RNGvyr

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Energy Transition as part of the up-tick in deals. Great analysis by KKR and Philipp Freise about the market and it’s opportunities especially in Germany. #energytransition #soler #energy #PV https://lnkd.in/dQ2gYmzV

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I attended today’s results presentation of Swiss utility firm BKW (formerly known as Bernische Kraftwerke AG) and had the opportunity to speak with CFO Martin Zwyssig. Earnings quality wise I think today’s “beat and raise” looks even better at second glance when adjusting operating profits for a CHF 24mn impairment charge on a Swiss hydro project. I also think management does a good job in explaining why profits from energy trading are structurally higher and more sustainable nowadays. In my view, BKW remains a still much overlooked, but good equity story. Simply because of its limited correlation to the earnings cycle of the wider market BKW should be a core holding in any Swiss equity portfolio. BKW is also one of the names, Stifel positively flagged after its Swiss Summer Summit Conference in Interlaken

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Have you ever wondered what our indirect infrastructure equity team does on a daily basis and how they achieve to build a diversified portfolio? 📺 Listen to Maria Aguilar-Wittmann and Tilman Müller, Co-Heads Infrastructure Fund & Co-Investments at ACP | Allianz Capital Partners, give insights into their team and mission. Interested to learn more? Join Maria at IPEM Paris for a session on "Mapping infrastructure and real assets returns" to gain insight on a comprehensive and in-depth look at a wide range of alternative investment strategies. 📅 Panel detail: September 10 (Day 1) at 11:15am CEST, Summit Room 2 📍 Visit us at Booth R114, Level 1, Hall Paris, The Palais des Congrès 🕥 Make an appointment with our investment specialists: https://bit.ly/3MrtV1A #privatemarkets #infrastructureequity #infrastructure Allianz Global Investors For fund distributors and professional investors only. Not for retail investors. Investing involves risk. Infrastructure Equity investments are highly illiquid and designed for long term professional investors only pursuing a long-term investment strategy only.

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🔔𝟯𝟬.𝟬𝟬𝟬! 𝗛𝗼𝘄 𝗼𝘂𝘁 𝗼𝗳 𝘁𝗼𝘂𝗰𝗵 𝗶𝘀 𝘁𝗵𝗮𝘁?🚀 😀The DAX, our most important stock market barometer, is scratching at the 19,000-point mark. After the major crises of recent years - it fell to almost 8,000 points in March 2020 during the coronavirus pandemic and was temporarily below 12,000 points after the start of the Russian invasion of Ukraine - hardly anyone would have expected this. ☝️𝗔𝘃𝗲𝗿𝗮𝗴𝗲 𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲: Despite all the setbacks, the DAX has achieved an average annual return of around 10% since its launch in July 1988, of which around 7.5% was attributable to positive share price performance and 2.5% to dividend payments. The geometric mean of the annual return, which takes into account the compound interest effect of an initial investment, is only slightly lower at 8% for this period. 🌶️𝗦𝗲𝗹𝗹 𝗶𝗻 𝗠𝗮𝘆 𝗮𝗻𝗱 𝗴𝗼 𝗮𝘄𝗮𝘆? Many investors look for patterns that are as simple as possible in order to utilise the complex relationships on the stock market for their investment decisions. But seasonal patterns are not convincing. May 2024 was a very good month for equities, with many indices gaining between three and seven per cent. It should also be noted that transaction costs and taxes can reduce potential gains with frequent entries and exits. Long-term investors with a buy-and-hold strategy may therefore be better off simply ignoring market distortions and short-term fluctuations. ❗️𝗧𝗵𝗲 𝘀𝗵𝗼𝗿𝘁-𝘁𝗲𝗿𝗺 𝗽𝗲𝗿𝘀𝗽𝗲𝗰𝘁𝗶𝘃𝗲: Most stock market forecasts are prepared for a specific calendar year. For example, we have issued a price target of 19,500 points for the year 2024. Although many companies are negative about the current economic outlook, the reporting season for DAX companies has been so positive that corporate analysts have revised their earnings expectations for 2024 upwards. They now expect earnings growth of seven per cent this year, followed by a further increase of a good ten per cent next year. Despite the good share price performance, the DAX is still favourably valued by both historical and international standards with a P/E ratio of 12.5. Our year-end target could therefore be reached even earlier. ❗️❗️𝗧𝗵𝗲 𝗹𝗼𝗻𝗴-𝘁𝗲𝗿𝗺 𝗽𝗲𝗿𝘀𝗽𝗲𝗰𝘁𝗶𝘃𝗲: Assuming that the economy recovers, the inflation rate falls and interest rates drop slightly, the DAX could rise to over 22,000 points by the end of 2025. If there are no major crises, the index could even rise to around 30,000 points by 2030, in line with its historical performance. For the S&P 500, this would mean analogue price targets of 6,200 points by the end of 2025 and just under 10,000 points by 2030. In other words: Stay invested! #equities #dax #finance #economics

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What does the road to IPO look like?   I am delighted to share a series of upcoming events hosted by Deutsche Börse Cash Market, designed to guide companies on their journey to going public. Together with our esteemed Capital Markets Partners, we’ll provide invaluable insights on the preparatory steps, the IPO process, and the key elements for a successful listing and public life. These events are fantastic opportunities to gain knowledge and connect with industry experts! 📅 30th Oct: IPO Night at the Städelmuseum, organized by Deutsche Börse & Weimer Media Group 📅 12th Nov: Masterclass: IPO Fundamentals at Börsenplatz 4 in Frankfurt, organized by Deutsche Börse & partners 📅 13th Nov: Investor Readiness - Fit für die Kapitalakquise in Berlin, organized by Berenberg and KPMG 📅 20th & 21st Nov: IPO Prep Class in Frankfurt, organized by PwC and White & Case LLP 📅 25th - 27th Nov: Deutsches Eigenkapitalforum (EKF) for listed companies in Frankfurt, organized by Deutsche Börse   Our IPO readiness events are crafted to equip companies with the tools and knowledge needed to excel in the public market. The #EKF stands out as Europe’s leading broker-independent investor conference. Don’t miss these opportunities to prepare your company for a successful IPO journey! If you’re a company representative interested in attending any of these events, please reach out directly. I look forward to welcoming you! #DeutscheBörse #IPO #GoingPublic #InvestorReadiness #EKF Pictures: martinjoppen.de

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📣 Heidelberg Materials is one of the world’s largest integrated manufacturers of building materials – and it has placed sustainability at the heart of its strategy for the future. As the company continues on its journey to achieving carbon neutrality, Commerzbank is proud to have acted as a Joint Bookrunner on Heidelberg Material’s inaugural green bond. 🍃 This EUR 700m 10-year landmark transaction marks the first corporate EUR benchmark green bond to finance the manufacturing of low-carbon cement. For Heidelberg Materials, this transaction will support their transition to sustainable operations, including introducing pollution prevention and control, energy-efficient technologies and processes and increased recycling capabilities. It contributes both to the achievement of the Paris Agreement and to several EU environmental objectives. 🌳 The decarbonisation of the building materials sector – a hard-to-abate sector – is key to transforming the real economy. This transaction demonstrates Commerzbank’s commitment to sustainable finance and our continuous support for our clients throughout their sustainable transformation journeys.

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Congratulations to KfW and team for having issued its first #blockchain-based digital bond under German #eWpG (Electronic Securities Act). KfW has set a #milestone for the German financial market as an innovation driver, which will further accelerate developments around #tokenisation in capital markets. We as Team Union Investment had the privilege of closely accompanying KfW on a joint, partnership-based learning journey in the development and implementation of this blockchain-based bond. Also we have acted as an #anchorinvestor in this transaction. To make #TokenEconomy a competitive edge for our the German and European financial market - supporting the spirit of CMU - strong collaboration of all relevant stakeholders in the ecosystem is required. In this context many thanks to BaFin, Deutsche Bundesbank, Europäische Zentralbank, Bundesministerium der Finanzen, Hessisches Ministerium der Finanzen (FinanzenHessen), Wirtschaftsministerium Hessen, Bundesrepublik Deutschland - Finanzagentur GmbH, Frankfurt School of Finance & Management, TUM School of Management. #Innovation #Blockchain #DigitalAssets #TokenEconomy #Team Union Investment | #Team KfW, Tim Armbruster, Bert Staufenbiel, Tim Meirer, Petra Wehlert, Andrea Nickolaizig | #Team Immutable Insight, Katharina Gehra, Christian Teichmann | #Team DZ BANK AG, Friedrich Luithlen, Holger Meffert, Nils C., Christian Mundt, Nico Braun …..and all others involved.

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More than 170 leading companies and overall >1.000 participants including German executives as well as large institutional investors from all around the world joined this week’s Goldman Sachs & Berenberg‘s German Corporate Conference to discuss their strategies amidst the current economic headwinds. In an interview with CNBC we discussed the strong foundation of German corporates, their in-depth expertise, and their drive to find new solutions for long-term opportunities. The innovation potential and agility of German firms remains a key driver for future growth – actively adapting to changing market conditions and rapidly evolving technologies. The conference coupled with our presence in Frankfurt and newly established office in Munich, highlights Goldman Sachs’ long-term commitment to Germany. Munich is characterized by its strong tech cluster and is the new hub for our European TMT Group and the Financial Sponsor team. https://lnkd.in/e9h_n_yM

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I really enjoyed this conversation with Tom Gosling about where, how and when sustainable investment can be effective. Tune in to hear more!

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💡Did you know that with 40 years of experience, BNP Paribas Factoring in Germany can cater to the unique needs of upper medium-sized, large, and multinational companies across industries? In this video, Wolfgang Reiser explains how our best-in-class, tailored solutions align with your business model's distinct needs and how our passionate commitment to sustainability can help transition your business towards a sustainable future! Contact your BNP Paribas (Factoring) relationship manager for more information! #BNPParibas #Factoring #Germany

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Have you ever wondered what our indirect infrastructure equity team does on a daily basis and how they achieve to build a diversified portfolio? 📺 Listen to Maria Aguilar-Wittmann and Tilman Müller, Co-Heads Infrastructure Fund & Co-Investments at ACP | Allianz Capital Partners, give insights into their team and mission. Interested to learn more? Join Maria at IPEM Paris for a session on "Mapping infrastructure and real assets returns" to gain insight on a comprehensive and in-depth look at a wide range of alternative investment strategies. 📅 Panel detail: September 10 (Day 1) at 11:15am CEST, Summit Room 2 📍 Visit us at Booth R114, Level 1, Hall Paris, The Palais des Congrès 🕥 Make an appointment with our investment specialists: https://bit.ly/3Tdahds #privatemarkets #infrastructureequity #infrastructure Allianz Global Investors For fund distributors and professional investors only. Not for retail investors. Investing involves risk. Infrastructure Equity investments are highly illiquid and designed for long term professional investors only pursuing a long-term investment strategy only.

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News driving financial markets. At Quoniam Asset Management we utilise news sentiment data on a macro level for quite some time to supplement our multi asset strategies. But how to best capture the narratives and implement them successfully into a portfolio? My colleague Axel Groß-Klußmann looked into that question. Check out his latest research: https://lnkd.in/eyYGx4H2

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"Uzbek Industrial and Construction Bank"​ JSCB Secures Landmark Trade Loan Through Syndicated Deal with Deutsche Bank We are thrilled to announce the successful completion of a syndicated trade loan in the amount of EUR 165 million with Deutsche Bank! This landmark deal involved introducing new investor banks to the transaction, further solidifying SQB's position in the market. The secured funds will be strategically allocated to support and empower corporate and SME businesses in Uzbekistan. This not only fosters economic growth but also reinforces our commitment to being a reliable partner for our clients. This transaction represents one of the largest deals of 2024 for SQB Bank, and we see even greater opportunities on the horizon. We look forward to leveraging our strong partnerships and expertise to continue providing innovative financial solutions for businesses across Uzbekistan. #SQBBank #TradeFinance #SyndicatedLoan #EconomicGrowth #SupportingBusinesses #Uzbekistan #DB

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Technical Session Highlights: Design and Growth of European Power derivatives Market   The session delved into the design and growth of European Power derivatives Market, further highlighting the key role of EEX in the development of power sector and importance of Power derivatives as hedging instrument.   The session was delivered by Mr. Lukas Dehn, Project Manager/ Business Development & Global Commodities markets, European Energy Exchange AG. Leipzig And Mr. Steffen Riediger Director Business Development Business Development Power & Global Commodities Markets EEX AG, Leipzig   Lukas Dehn Steffen Riediger #MCXEnergyConclave #energypriceriskmanagement #Oilandgas #Hedging #commodityderivatives #energyderivatives #futuresandoptions   Disclaimer: Videos are highlights of the session.

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