Scale market report: Segment shines with 30 per cent price increase
Shipping, digital, environmental funds, commodities - these are the industries in the scale segment that are currently doing particularly well. However, the shares with the highest turnover often lag behind in terms of price. Three questions go this time to Michael Plettner, Chairman of the Executive Board Deutsche Grundstückauktionen.
17 January 2021. Frankfurt (Börse Frankfurt). A successful year has come to an end for the Scale segment: From January to December 2021, the Scale All Share increased by 30 per cent; since the start of the segment for small and medium-sized companies in March 2017, it has increased by over 90 per cent.
The highest-turnover scale stock in 2021 was Cliq Digital, the provider of mobile games, apps, software and entertainment: In the past year, Cliq Digital shares worth 294 million euros were traded on Xetra and in Frankfurt. A lot also went into shares of Mynaric (272 million euros), Exasol (240 million euros), Media and Games Invest (229 million euros), 2G Energy (228.7 million euros) and Formycon (203 million euros).
However, the Cliq Digital share was not one of the big price winners in 2021: after a rapid rise to 41 euros in the first months of last year, it went down again just as quickly, currently the share only costs 21.64 euros. Shareholders of Mynaric and Exasol even expect heavy losses for 2021. The other top-selling companies Media and Games Invest, 2G Energy and Formycon were also not among the drawing cards for the segment.
Share price development Ernst Russ AG
Highest share price gains: Ernst Russ, JDC and Deutsche Rohstoff
The share price leaders are quite different: On the one hand there is Ernst Russ AG (DE000A161077), shipping company and "maritime investment manager". The company is benefiting from the extremely high demand for container transports and the strong increase in charter rates. Since mid-January 2021, the share price has more than tripled.
The share price of JDC Group (DE000A0B9N37), which offers a digital platform for insurance, investment funds and other financial products under the brands Jung, DMS & Cie, allesmeins and Geld.de, has more than doubled. Shareholders of Deutsche Rohstoff AG (DE000A0XYG76), which is profiting from the commodities boom, of the Hamburg-based fund and asset manager Lloyd Fonds (DE000A12UP29) and of the eco-fund provider ÖkoWorld (DE0005408686) also stand to gain handsomely. Lloyd Fonds benefits from the realignment, ÖkoWorld from the high interest in environmental funds. New to the top team is the Hamburg media group Edel SE (DE0005649503). The share price has climbed from 2.22 to 5.40 euros over the past twelve months.
On Monday morning, the Scale All Share is at 1,903 points, slightly above the 1,866 points a month ago and slightly below the all-time high of 1,969 points. The Scale 30 selection index is currently at 1,567, down from 1,572 points a month ago, and still well below its record of 1,835 points.
Naga: Good nerves needed
The shares of The Naga Group (DE000A161NR7), the provider of the social network for trading transactions, cryptocurrencies and payments, are currently proving extremely volatile: After plummeting in February 2021, but then crawling back, it has been going down again since November. Currently, the share costs 6.09 euros. Even the good figures for 2021 do not change much. Last Thursday, the Hamburg-based fintech reported that it had exceeded its annual forecast for 2021 with a consolidated turnover of 55.3 million euros. Naga also announced the "world's first Web3 crypto social trading platform". In November, Naga had held out the prospect of an IPO on the US technology exchange Nasdaq this year.
German property auctions: Rise with setbacks
Analyst ratings for Scale shares were scarce this time - due to the Christmas break. A buy recommendation came from GBC last week for Deutsche Grundstücksauktionen (DE0005533400). After the publication of the first figures for 2021, the analysts continue to recommend an entry and name a target price of 29.50 euros (currently 24.40). Deutsche Grundstücksauktionen (see interview) has achieved a new sales record, they say. The development of the five subsidiaries also contributed to the "most successful business year in the company's history". In addition, the company announced that it would continue its dividend policy with a very high payout ratio.
Further recommendations for scale shares
| Research house | Scale-companies | Recommendation | Price target in Euro | Price in Euro |
| BankM | Datron | Buy | 15.11 | 12.40 |
| GC | Helma Eigenheimbau | Hold | 91.50 | 68.20 |
Three questions ..
.. to Michael Plettner, Chairman of the Executive Board Deutsche Grundstückauktionen.
You were there from the first day of trading in the Scale segment in 2017; apart from a setback in 2019/2020, the share has performed well. How do you explain this development?
The share price development reflects the business development of Deutsche Grundstückauktionen well: It has been going up continuously for several years, apart from the aforementioned setback.
According to preliminary figures for 2021, you were able to increase property turnover by almost 24 percent, a new record. Is that mainly due to the rise in property prices?
On the one hand, it is indeed due to the overall increase in property prices, but on the other hand, we have also succeeded in delivering and selling more large-volume properties.
From an investor's point of view: What speaks in favour of your share?
We have been a dividend stock with a very high payout ratio for over 20 years. And we want to keep it that way in the future.
Deutsche Grundstückauktionen AG (DGA) specialises in auctioning off properties that are voluntarily sold by their owners. In addition to the Berlin auction house, the company's network includes four regional auction houses as well as an internet real estate auction house. The DGA parent company is headquartered in Berlin and can now look back on more than thirty years of corporate history. The share has been listed on the stock exchange since June 1999, and in the Scale segment since 2017.
Plettner
from: Anna-Maria Borse
© 17 January 2022, Deutsche Börse AG
Deutsche Börse 
