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The new Dax 40: The most important changes - which companies have the best opportunities for advancement

2020-11-26T03:18:34.584Z


Deutsche Börse wants to expand the Dax. How the stock exchange operator wants to make its leading index more attractive again, which companies can hope for a rise.


Deutsche Börse wants to expand the Dax.

How the stock exchange operator wants to make its leading index more attractive again, which companies can hope for a rise.

Munich - Deutsche Börse is drawing conclusions from the

Wirecard

*

disaster

.

In the future, the exchange operator does not want to tolerate any more zombie companies in its flagship index.

How this should succeed, which companies could move up to the top stock exchange league from 2021.

Dax: Why are the index rules being revised at all?

The main trigger for the revision of the index rules is the scandal surrounding the billions in bankruptcy of the payment service provider

Wirecard

.

The company from Aschheim near Munich had to file for bankruptcy at the end of June, but remained in the Dax * until the end of August.

The reason were gaps in the rules of the Deutsche Börse.



There was also heavy criticism of

Delivery Hero's

rise

to the

Dax

.

The food supplier has never made money in day-to-day business since it was founded in 2011, but is now in the top tier of the stock market.

A realignment should prevent such cases in the future.

Dax: How many members will there be in the future?

The German

Dax

share index

will be increased by ten companies to a total of 40 companies from September 2021.

The

MDax

, however, will be reduced to 50 companies.

So far, the segment of medium-sized companies has 60 members.

Dax: What requirements will the index members have to meet in the near future?

From December 2020, all must

Dax

-Aufsteiger consecutively positive at least two years before recording

Ebitda

have.

The Ebitda (earnings before interest, taxes, depreciation and amortization

)

is the operating profit of a company before interest, taxes, depreciation and other finance costs.

In addition, from March 2021, all index members will be obliged to publish both audited annual reports and quarterly reports.

Companies that fail to meet the relevant deadline are automatically removed from the index.

Wirecard had to postpone the publication of its figures several times in the spring, but remained in the

Dax

.

Dax: How often is the index composition checked?

From 2021, the composition of the

Dax will be

reviewed twice a year, in March and September.

So far, the working group for stock indices has only examined the composition in the Dax once a year, in September.

In the future, only the market capitalization of freely tradable shares (free float) will serve as a yardstick.

So far, the working group has used market capitalization and stock exchange turnover as a basis for its decision.

According to this, a company was included in the

Dax

on the regular examination date

if it was at least one of the 30 largest companies in terms of market value and trading volume on the reporting date and an incumbent Dax member was no longer one of the 35 largest companies (regular entry).

There were also other fast exit and fast entry rules.

MDax,

SDax

and

TecDax

are put to the test four times a year.

Dax: Which companies could make it into the leading index in the coming year?

That depends on the price development in the coming months.

According to a current overview from

DZ Bank

on Tuesday (November 24),

Airbus

currently has

the best cards (see table).

The aircraft manufacturer currently has a market value of 52 billion euros.

That would put the company in 6th place in the

Dax

.

Only

Linde

,

SAP

,

Siemens

,

Allianz

and

BASF

currently have a higher market capitalization

.

The current MDax members

Zalando

,

Symrise

 and

Sartorius

also have

good cards for a

Dax

rise

.

They are in 25th, 26th and 27th place in the stock market ranking and are therefore in the middle of the field.

On the other hand, things could get tight until September for the aspirants

Hannover Re

,

Siemens

Healthineers

and

LEG Immobilien

.

Measured against the stock market value, they are currently in 37th, 38th and 39th places.

From today's perspective,

Covestro

, on the other hand, has to

tremble

about remaining in the

Dax

.

With a stock market ranking of 40, it could be very close for the chemical company in the end.

* Merkur.de is part of the nationwide Ippen Digital editorial network.

Source: merkur

All news articles on 2020-11-26

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