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.
The crashing bankruptcy of the payment service provider
Wirecard
revealed
glaring weaknesses in the rules of the
Deutsche Börse
.
Now the exchange operator has reacted and
decided to
expand
the leading index.
Most of the potential successors will probably come from the
MDax
.
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 billion-dollar 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 any money in day-to-day business since it was founded in 2011, but is now playing in the top league of the stock market.
A realignment is intended to 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 required 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 compilation 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 the basis for its decision.
According to this, a company was admitted to the
Dax
on the regular examination date
if it is 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 is no longer one of the 35 largest companies at the same time (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 24th),
Airbus
currently has
the best cards (see table). The aircraft manufacturer currently has a market value of 52 billion euros. This would put the company in 6th place in the
Dax right from the start
. 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 be tight until September for the aspirants of promotion
Hannover Re
,
Siemens
Healthineers
and
LEG Immobilien
. In terms of 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.