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                    Berenberg Equity Research
                
Hugo Boss AG, Luxury Goods, PT EUR 80.00

Capital markets day gave new life to the equity story
Sioen Industries NV, Chemicals, PT EUR 31.00 (33.50)

Solid Q3 and promising order book for Q4
JPJ Group plc, Leisure, PT GBp 1,200 (no change)

Positive tone in management meetings
Henkel AG & Co KGaA, Household & Personal Care, PT EUR 127.00 (131.00)

Not all good, not all bad
K+S AG, Chemicals, PT EUR 20.00 (no change)

Outage overhang persists
Ferratum Oyj, Diversified Financials, PT EUR 28.00 (30.00)

Credit Limit recovering, but Plus Loans lags
Criteo SA, Media, PT USD 42.00 (no change)

Growth disguised
Philips NV, Med. Tech/Services, PT EUR 40.00 (no change)

Delivering solutions
Cross Sector, Cross Sector

Diabetes epidemic: the elephant in the room
Luxoft Holding Inc, Software & IT Services, PT USD 55.00 (no change)

FY 2019: a rollercoaster year
Learning Technologies Group plc, Software & IT Services, PT GBp 190 (no change)

Takeaways from CMD increasingly positive
SiteOne Landscape Supply, Inc., Basic Materials, PT USD 80.00

Tend to your garden of future returns

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        Twitter
    @Berenberg_Econ - 14.11.2018 09:40
                             GERMAN GDP: AN ODD QUARTER #economics #macro #WLTP #VDA  https://t.co/bcIih6FZ6H

@Berenberg_Econ - 14.11.2018 07:11
                             BREXIT UPDATE: UK-EU STRIKE A DEAL, SHOWDOWN IN PARLIAMENT AHEAD #brexit #economics #uk…  https://t.co/3LhbfF74ts https://t.co/5eRuUKmrDh

@Berenberg_Econ - 13.11.2018 07:54
                             EUROZONE PROGRESS REPORT: COPING WITH THE RISKS #EUROZONE #ECONOMICS #MACRO #POLITICS  https://t.co/Vr1vFdS7KC

@Berenberg_Econ - 12.11.2018 13:10
                             UK: GROWTH SPURT AHEAD IF BREXIT DEAL IS STRUCK #ECON #MACRO #UK #MACRO #ECONOMICS  https://t.co/FATbSYfFbH

@Berenberg_Econ - 09.11.2018 11:35
                             UK: MIND THE GAP - BREXIT IMPACT ON INVESTMENT #UK #MACRO #BREXIT #ECONOMICS  https://t.co/uHl1vHHUkz

@Berenberg_Econ - 09.11.2018 11:34
                             UK GDP Q3 GROWTH SURGE - MORE AROUND THE CORNER? #macro #economics https://t.co/hR4mXdq7de

@Berenberg_Econ - 08.11.2018 15:47
                             FISCAL OUTLOOK: EU EXPOSES ITALY'S WISHFUL THINKING #politics #EUComm #macro  https://t.co/odoZv8s60T

@Berenberg_Econ - 02.11.2018 08:04
                             GERMAN UPDATE: MERZ IN POLE POSITION? #politics #Merkel #CDU #CDUVorsitz #Neustart https://t.co/ci6UPrB1Mx

@Berenberg_Econ - 31.10.2018 12:13
                             OIL AND BASE EFFECTS DRIVE EUROZONE INFLATION HIGHER #macro #economics #ECB https://t.co/3jCFhIhydO

@Berenberg_Econ - 30.10.2018 14:11
                             EUROZONE SENTIMENT: WEAK START INTO Q4 #macro #economics #eurozone #sentiment  https://t.co/ITNOQOqhz3

@Berenberg_Econ - 30.10.2018 12:38
                             EUROZONE GDP: A QUARTER TO FORGET #macro #economics #ECB  https://t.co/sJRh78iPvl

@Berenberg_Econ - 30.10.2018 09:32
                             BOE PREVIEW - BALANCING INFLATION AND BREXIT RISKS #boe #economics #macro #econ…  https://t.co/IshqmEqxuL https://t.co/JX6anz3KlZ

@Berenberg_Econ - 29.10.2018 11:13
                             MERKEL: FIRST STEP TOWARDS THE EXIT #politics #germany #Merkel https://t.co/smkW6gmqKQ

@Berenberg_Econ - 29.10.2018 08:30
                             IT COULD HAVE BEEN WORSE: GERMAN AND ITALIAN RISK UPDATE #politics #germany #merkel #italy https://t.co/rZfcUrKWJ4

@Berenberg_Econ - 26.10.2018 15:27
                             EUROZONE FORECAST UPDATE: A SLUGGISH END TO 2018 #macro #economics https://t.co/1KDmyl9Wcw

@Berenberg_Econ - 26.10.2018 14:50
                             UK BUDGET 2018: THE KEY ISSUES #macro #politics #ukpolitics #ukbudget https://t.co/fg2ZbLMdPV

@Berenberg_Econ - 26.10.2018 10:17
                             CHART OF THE WEEK - MERKEL AT RISK? GERMAN POLITICAL SCENARIOS #politics #germany #Merkel  https://t.co/P0u8ztoayX

@Berenberg_Econ - 25.10.2018 15:18
                             ECB KEEPS CALM AND MAINTAINS BALANCED RISK ASSESSMENT #macro #economics #ECB https://t.co/JszfDvq4zL

@Berenberg_Econ - 24.10.2018 10:00
                             EUROZONE PMIS DOWN AS DOMESTIC ECONOMY SNEEZES #macro #economics #PMI  https://t.co/LRWfHsnPow

@Berenberg_Econ - 23.10.2018 10:34
                             BREXIT: FOCUS ON THE SIGNALS, NOT THE NOISE #brexit #ukpolitcs #ukmacro https://t.co/trp1HhGavd

@Berenberg_Econ - 22.10.2018 10:46
                             ECB PREVIEW: PONDERING THE RISKS #macro #economics https://t.co/C2XZgFhMML

@Berenberg_Econ - 19.10.2018 15:01
                             NOTES ON THE ITALIAN RISK #economics #Italy #Italexit #Eurozone https://t.co/36sw32cqwK

@Berenberg_Econ - 19.10.2018 09:32
                             CHART OF THE WEEK - BAD POLICY CHOICES AT HOME CAN PUT THE EU AT RISK #politics #macro…  https://t.co/Tzt7BdydqL https://t.co/KBY0Ro4Kgq

@Berenberg_Econ - 16.10.2018 10:19
                             MARKET SELL-OFF EXACERBATES DROP IN GERMAN ZEW #macro #economics #Germany  https://t.co/QHKxN7v0si

@Berenberg_Econ - 16.10.2018 09:52
                             UK: MORE SIGNS OF FULL EMPLOYMENT #ECONOMICS #MACRO #UK #UKECONOMICS https://t.co/yhzOWX64MT

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Founded in 1590 – Berenberg is the second-oldest bank in the world

Private bank Berenberg traces its roots back to the year 1590. It is thus not only one of the oldest banks in the world, it has also seen a highly dynamic development in the past few years.

Cornelius Berenberg – A mischievous character with vision

Cornelius Berenberg started to work in his father’s trading company at the tender age of 16, and soon proved to be a visionary businessman. Thanks to his ideas and energy, within a few years the Berenberg company had become one of the highest-earning in the City of Hamburg. In an interesting note, he was the first in our ancestral line to be immortalized in oil.

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Keeping the Berenberg name

After 175 years the fifth generation of the Berenberg was the first to lack a male heir. Only the daughter Elisabeth can ensure that the business stays in the family, by marrying the accomplished businessman Johann Hinrich Gossler. Fortunately, he is someone who appreciates tradition.

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A man for trying times

Another Berenberg who stood by Hamburg: Cornelius Berenberg, son of John B., helped soldiers at the front with “charitable gifts.” He played a major part in getting Hamburg back onto a growth course after the war. Cornelius also had political courage, supporting Jewish businessmen and helping some to flee.

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The Berenbergs help Hamburg get ahead

In 1882 Hamburg started to surge ahead in what would be an exceptional boom period, as the city joined the German customs union and got a duty-free port. This became the engine of the city’s economic development, thanks to John Berenberg-Gossler, who now wasn’t just a “von” but was also ennobled as a baron.

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Golf

Berenberg’s brand ambassadors can look back on a successful performance: The team of eight has won 24 major tournaments, 27 senior majors and one ladies major. Even the best round ever played in a major with 62 strokes was played by a Berenberg brand ambassador: Branden Grace played it at the Open 2017.
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