Berenberg Equity Research

Software AG, Software & IT Services, PT EUR 44.00 (no change)


Strong margin, slower cloud and IoT growth

Supernus Pharmaceuticals Inc., Specialty Pharmaceuticals, PT USD 80.00 (no change)


Q2 preview: Climbing the wall of worry

Economics, Economics


The big Italian risk: labour reform reversals

SGS SA, Business Services, PT CHF 2,300.00


H1 2018: organic better, EBITA in line

bioMérieux SA, Med. Tech/Services, PT EUR 55.00


Reasonable Q2 sales, but a little mixed

TLG Immobilien AG, Real Estate, PT EUR 26.50 (no change)


Both board members will leave the company

Xeros Technology Group plc, Capital Goods & Industrial Engineering, PT GBp 355 (no change)


Major contract signed with Chinese OEM

Economics, Economics


Brexit: Tory infighting changes the balance of risks

GVC Holdings plc, Leisure, PT GBp 1,370 (no change)


Q2: accelerating growth across key divisions

Novartis AG, Pharmaceuticals, PT CHF 90.00


Innovative Medicines performs, Sandoz feels the pain

Ubisoft Entertainment SA, Media, PT EUR 110.00 (100.00)


Q1 completed successfully

Proximus plc, Telecommunications, PT EUR 22.00 (23.00)


Q2 2018 preview: all eyes on politics

News: Berenberg

Euromoney Awards for Excellence 2018: Berenberg is Germany's best investment bank
BERENBERG | 13.07.2018
Euromoney Awards for Excellence 2018: Berenberg is Germany's best investment bank
Markets - Monitor: structured overview of current capital markets developments
BERENBERG | 09.07.2018
Markets - Monitor: structured overview of current capital markets developments
Horizon: Capital Market Outlook of Berenberg's Wealth and Asset Management
BERENBERG | 27.06.2018
Horizon: Capital Market Outlook of Berenberg's Wealth and Asset Management
Ethical family-owned companies wanted - Berenberg recognises corporate responsibility
BERENBERG | 30.05.2018
Ethical family-owned companies wanted - Berenberg recognises corporate responsibility
Berenberg receives award as best asset manager for German equities
BERENBERG | 09.05.2018
Berenberg receives award as best asset manager for German equities
Mark O’Meara joins Berenberg’s brand ambassador programme
BERENBERG | 07.05.2018
Mark O’Meara joins Berenberg’s brand ambassador programme
Private Banker International Awards: Berenberg wins award as Germany’s best private bank
BERENBERG | 02.05.2018
Private Banker International Awards: Berenberg wins award as Germany’s best private bank
Berenberg Digital Infrastructure Debt Fund I invests in the expansion of fibre-optic networks
BERENBERG | 09.04.2018
Berenberg Digital Infrastructure Debt Fund I invests in the expansion of fibre-optic networks
Equity Capital Markets Awards:  “Best Bank for Small Cap Equity Capital Markets” and “IPO of the Year”
BERENBERG | 03.04.2018
Equity Capital Markets Awards: “Best Bank for Small Cap Equity Capital Markets” and “IPO of the Year”
Berenberg/HWWI Study: Shipping in an era of digital transformation: Structural shift in shipping – opportunities through digital networking
BERENBERG | 27.03.2018
Berenberg/HWWI Study: Shipping in an era of digital transformation: Structural shift in shipping – opportunities through digital networking
2018 Private Banking Survey: Euromoney Award for Berenberg
BERENBERG | 16.02.2018
2018 Private Banking Survey: Euromoney Award for Berenberg
Nasdaq morning bell to celebrate our relocation
BERENBERG | 13.02.2018
Nasdaq morning bell to celebrate our relocation
Baum Quartett receives Berenberg Culture Prize
BERENBERG | 07.02.2018
Baum Quartett receives Berenberg Culture Prize
Berenberg delivers another year of strong growth as investment continues
BERENBERG | 05.02.2018
Berenberg delivers another year of strong growth as investment continues
Berenberg named Best Mid-Market Equity House at IFR Awards
BERENBERG | 04.01.2018
Berenberg named Best Mid-Market Equity House at IFR Awards
Berenberg brand ambassador Georgia Hall wins the Ladies European Tour
BERENBERG | 13.12.2017
Berenberg brand ambassador Georgia Hall wins the Ladies European Tour
Angela Müller-Valkyser to become Co-Head of Wealth Management Germany at Berenberg
BERENBERG | 28.11.2017
Angela Müller-Valkyser to become Co-Head of Wealth Management Germany at Berenberg
Elite Report: Berenberg “Best Asset Manager
BERENBERG | 21.11.2017
Elite Report: Berenberg “Best Asset Manager" once again in 2018
Berenberg prize for corporate responsibility goes to Orthomol
BERENBERG | 15.11.2017
Berenberg prize for corporate responsibility goes to Orthomol
Berenberg appoints Lars Albert as Head of Sales Asset Management
BERENBERG | 02.11.2017
Berenberg appoints Lars Albert as Head of Sales Asset Management
EUROPEAN EQUITIES: PROFIT GROWTH CONTINUES TO DRIVE THE RALLY
BERENBERG | 02.11.2017
EUROPEAN EQUITIES: PROFIT GROWTH CONTINUES TO DRIVE THE RALLY
Global Private Banking Awards 2017: Berenberg “Best Private Bank in Germany” for the seventh time in a row
BERENBERG | 27.10.2017
Global Private Banking Awards 2017: Berenberg “Best Private Bank in Germany” for the seventh time in a row
Berenberg to set up two new equity funds with Peter Kraus with a focus on European second-tier stocks
BERENBERG | 11.10.2017
Berenberg to set up two new equity funds with Peter Kraus with a focus on European second-tier stocks
Berenberg launches two new Europe-focused equity funds with Matthias Born
BERENBERG | 04.10.2017
Berenberg launches two new Europe-focused equity funds with Matthias Born
ROBUST START TO THE END-OF-YEAR RUSH – BONDS FROM EMERGING ECONOMIES REMAIN ATTRACTIVE
BERENBERG | 28.09.2017
ROBUST START TO THE END-OF-YEAR RUSH – BONDS FROM EMERGING ECONOMIES REMAIN ATTRACTIVE
Henning Gebhardt receives Sauren Golden Award 2017
BERENBERG | 08.09.2017
Henning Gebhardt receives Sauren Golden Award 2017
Additional shipping loan portfolio for Berenberg
BERENBERG | 05.09.2017
Additional shipping loan portfolio for Berenberg
Market Commentary: Small and Medium-Size German Companies
BERENBERG | 23.08.2017
Market Commentary: Small and Medium-Size German Companies
Berenberg brand ambassador Langer wins third major in 2017
BERENBERG | 31.07.2017
Berenberg brand ambassador Langer wins third major in 2017
Equity Capital Markets - Berenberg successful in ECM transactions
BERENBERG | 26.07.2017
Equity Capital Markets - Berenberg successful in ECM transactions
Berenberg and Henning Gebhardt are launching an equities fund
BERENBERG | 22.06.2017
Berenberg and Henning Gebhardt are launching an equities fund
Berenberg/HWWI study: The market for digital payment systems is growing – Germany is in last place when it comes to mobile payment usage
BERENBERG | 13.06.2017
Berenberg/HWWI study: The market for digital payment systems is growing – Germany is in last place when it comes to mobile payment usage
Berenberg hires star fund manager Matthias Born
BERENBERG | 27.04.2017
Berenberg hires star fund manager Matthias Born
Tom Watson becomes Berenberg brand ambassador
BERENBERG | 12.04.2017
Tom Watson becomes Berenberg brand ambassador
Berenberg’s net profit for the year increases by 56% to €161 million
BERENBERG | 07.02.2017
Berenberg’s net profit for the year increases by 56% to €161 million
Berenberg is
BERENBERG | 02.11.2016
Berenberg is "Best Private Bank in Germany"

News: Economics

TRUMP INTENSIFIES TRADE PRESSURES ON CHINA: OBSERVATIONS
ECONOMICS | 12.07.2018
TRUMP INTENSIFIES TRADE PRESSURES ON CHINA: OBSERVATIONS
FED RAISES POLICY RATE, PROJECTS TWO MORE HIKES THIS YEAR
ECONOMICS | 13.06.2018
FED RAISES POLICY RATE, PROJECTS TWO MORE HIKES THIS YEAR
PREVIEW OF FED’S JUNE FOMC MEETING
ECONOMICS | 11.06.2018
PREVIEW OF FED’S JUNE FOMC MEETING
ONE YEAR MACRON: FRANCE IS TURNING THE CORNER
ECONOMICS | 15.05.2018
ONE YEAR MACRON: FRANCE IS TURNING THE CORNER
VISUALIZING GLOBAL TRADE: RISING VOLUMES, MULTILATERAL FLOWS
ECONOMICS | 25.04.2018
VISUALIZING GLOBAL TRADE: RISING VOLUMES, MULTILATERAL FLOWS
ITALY'S COALITION PUZZLE: MISSION IMPOSSIBLE?
ECONOMICS | 18.04.2018
ITALY'S COALITION PUZZLE: MISSION IMPOSSIBLE?
TRUMP'S CHAOTIC TRADE NEGOTIATIONS WILL LIKELY RESULT IN LOWER BARRIERS, BUT AT A COST
ECONOMICS | 04.04.2018
TRUMP'S CHAOTIC TRADE NEGOTIATIONS WILL LIKELY RESULT IN LOWER BARRIERS, BUT AT A COST
Berenberg/HWWI-study
ECONOMICS | 27.03.2018
Berenberg/HWWI-study "Shipping in an era of digital transformation"
POLITICAL UPDATE: WHAT NEXT FOR ITALY?
ECONOMICS | 16.03.2018
POLITICAL UPDATE: WHAT NEXT FOR ITALY?
PROPOSED TARIFFS, POLITICAL DISCORD, AND MARKETS
ECONOMICS | 07.03.2018
PROPOSED TARIFFS, POLITICAL DISCORD, AND MARKETS
CONUNDRUM: WHAT IF BOND YIELDS STAY TOO LOW AGAIN?
ECONOMICS | 06.03.2018
CONUNDRUM: WHAT IF BOND YIELDS STAY TOO LOW AGAIN?
AFTER ITALY: DEALING WITH THE POPULIST MENACE IN EUROPE
ECONOMICS | 06.03.2018
AFTER ITALY: DEALING WITH THE POPULIST MENACE IN EUROPE
ITALY: A MAJOR POLITICAL UPSET
ECONOMICS | 05.03.2018
ITALY: A MAJOR POLITICAL UPSET
PRESIDENT TRUMP'S PROPOSED TARIFFS ON STEEL AND ALUMINUM: THE ECONOMIC IMPLICATIONS OF WRONG-HEADED POLICIES
ECONOMICS | 02.03.2018
PRESIDENT TRUMP'S PROPOSED TARIFFS ON STEEL AND ALUMINUM: THE ECONOMIC IMPLICATIONS OF WRONG-HEADED POLICIES
EUROZONE SENTIMENT STILL LOOKS PROMISING DESPITE SMALL CORRECTION
ECONOMICS | 27.02.2018
EUROZONE SENTIMENT STILL LOOKS PROMISING DESPITE SMALL CORRECTION
FED CHAIR POWELL’S TESTIMONY: BULLISH ON ECONOMIC MOMENTUM
ECONOMICS | 27.02.2018
FED CHAIR POWELL’S TESTIMONY: BULLISH ON ECONOMIC MOMENTUM
THE STORY BEHIND GERMANY'S CURRENT ACCOUNT
ECONOMICS | 23.02.2018
THE STORY BEHIND GERMANY'S CURRENT ACCOUNT
MOMENTUM IN GLOBAL ECONOMIES AND TRADE
ECONOMICS | 16.02.2018
MOMENTUM IN GLOBAL ECONOMIES AND TRADE
ITALIAN ELECTION: ASSESSING THE RISKS
ECONOMICS | 15.02.2018
ITALIAN ELECTION: ASSESSING THE RISKS
MONDAY MACRO UPDATE: MARKET RISKS, GERMAN POLITICS, BREXIT
ECONOMICS | 12.02.2018
MONDAY MACRO UPDATE: MARKET RISKS, GERMAN POLITICS, BREXIT
GERMAN COALITION: THEY HAVE A DEAL, BUT NOT YET A GOVERNMENT
ECONOMICS | 07.02.2018
GERMAN COALITION: THEY HAVE A DEAL, BUT NOT YET A GOVERNMENT
THE EUROZONE LABOUR MARKET: NICE JOB
ECONOMICS | 02.02.2018
THE EUROZONE LABOUR MARKET: NICE JOB
TRUMP’S STATE OF THE UNION – ECONOMIC TAKEAWAYS ON INFRASTRUCTURE SPENDING INITIATIVE
ECONOMICS | 30.01.2018
TRUMP’S STATE OF THE UNION – ECONOMIC TAKEAWAYS ON INFRASTRUCTURE SPENDING INITIATIVE
MACRO UPDATE: GERMAN COALITION, GERMAN STRIKES, ITALIAN ELECTION, CATALONIA
ECONOMICS | 29.01.2018
MACRO UPDATE: GERMAN COALITION, GERMAN STRIKES, ITALIAN ELECTION, CATALONIA
RETURN TO THE MEAN: THE CURRENCY STORY
ECONOMICS | 26.01.2018
RETURN TO THE MEAN: THE CURRENCY STORY
US Q4 REAL GDP: STRONG DOMESTIC DEMAND AND MOMENTUM SUGGEST MORE TO COME
ECONOMICS | 26.01.2018
US Q4 REAL GDP: STRONG DOMESTIC DEMAND AND MOMENTUM SUGGEST MORE TO COME
GERMAN SPD NARROWLY BACKS NEW TERM FOR MERKEL - BUT RISKS REMAIN
ECONOMICS | 21.01.2018
GERMAN SPD NARROWLY BACKS NEW TERM FOR MERKEL - BUT RISKS REMAIN
OUTLOOK 2018: ALMOST TOO GOOD TO BE TRUE?
ECONOMICS | 17.01.2018
OUTLOOK 2018: ALMOST TOO GOOD TO BE TRUE?
US: ELEVATED SENTIMENT BODES WELL FOR 2018 REAL ACTIVITY
ECONOMICS | 10.01.2018
US: ELEVATED SENTIMENT BODES WELL FOR 2018 REAL ACTIVITY
GLOBAL OUTLOOK 2018: COPING WITH THE BOOM
ECONOMICS | 04.01.2018
GLOBAL OUTLOOK 2018: COPING WITH THE BOOM
U.S. TAX REFORM LEGISLATION OBSERVATIONS
ECONOMICS | 21.12.2017
U.S. TAX REFORM LEGISLATION OBSERVATIONS
U.S. TAX REFORM TO LIFT GROWTH, PROFITS, EMPLOYMENT, AND WAGES
ECONOMICS | 17.12.2017
U.S. TAX REFORM TO LIFT GROWTH, PROFITS, EMPLOYMENT, AND WAGES
Eurozone outlook: how hot can it get?
ECONOMICS | 06.12.2017
Eurozone outlook: how hot can it get?
The great convergence: Eurozone labour costs
ECONOMICS | 01.12.2017
The great convergence: Eurozone labour costs
EUROZONE SENTIMENT: SOFT DATA SIGNALS UPSIDE RISK FOR COMING QUARTERS
ECONOMICS | 29.11.2017
EUROZONE SENTIMENT: SOFT DATA SIGNALS UPSIDE RISK FOR COMING QUARTERS
US CONSUMER - CONFIDENCE DRIVEN SPENDING
ECONOMICS | 28.11.2017
US CONSUMER - CONFIDENCE DRIVEN SPENDING
UPDATED HOUSE-SENATE SIDE-BY-SIDE TAX LEGISLATION COMPARISON
ECONOMICS | 21.11.2017
UPDATED HOUSE-SENATE SIDE-BY-SIDE TAX LEGISLATION COMPARISON
FOUR GERMAN QUESTIONS
ECONOMICS | 20.11.2017
FOUR GERMAN QUESTIONS
US: HOUSE PASSES ITS TAX BILL, SENATE UP NEXT
ECONOMICS | 16.11.2017
US: HOUSE PASSES ITS TAX BILL, SENATE UP NEXT
US: CORE CONSUMER PRICES FIRMING AND RETAIL SALES SOLID IN OCTOBER
ECONOMICS | 15.11.2017
US: CORE CONSUMER PRICES FIRMING AND RETAIL SALES SOLID IN OCTOBER
GERMANY: THE BEST OF THE GOLDEN DECADE
ECONOMICS | 14.11.2017
GERMANY: THE BEST OF THE GOLDEN DECADE
EUROZONE GROWTH: EVEN ITALY AND PORTUGAL ARE HELPING
ECONOMICS | 14.11.2017
EUROZONE GROWTH: EVEN ITALY AND PORTUGAL ARE HELPING
TIME TO WORRY? OIL PRICES AND GEOPOLITICAL RISKS
ECONOMICS | 10.11.2017
TIME TO WORRY? OIL PRICES AND GEOPOLITICAL RISKS
US House, Senate Tax Legislation Bills Advance
ECONOMICS | 10.11.2017
US House, Senate Tax Legislation Bills Advance
SHOULD THE ECB STILL RELY ON THE PHILLIPS CURVE?
ECONOMICS | 03.11.2017
SHOULD THE ECB STILL RELY ON THE PHILLIPS CURVE?
CHART OF THE WEEK - BOND YIELDS: WHAT HAPPENS WHEN EASY MONEY ENDS?
ECONOMICS | 20.10.2017
CHART OF THE WEEK - BOND YIELDS: WHAT HAPPENS WHEN EASY MONEY ENDS?
BOND YIELDS: WHAT HAPPENS WHEN EASY MONEY ENDS?
ECONOMICS | 20.10.2017
BOND YIELDS: WHAT HAPPENS WHEN EASY MONEY ENDS?
THE POWER OF MONEY: STABLE UPSWING AHEAD
ECONOMICS | 13.10.2017
THE POWER OF MONEY: STABLE UPSWING AHEAD
U.S. CONFIDENCE POINTS TOWARD SUSTAINED MOMENTUM
ECONOMICS | 09.10.2017
U.S. CONFIDENCE POINTS TOWARD SUSTAINED MOMENTUM
NOTES ON THE INFLATION PUZZLE
ECONOMICS | 06.10.2017
NOTES ON THE INFLATION PUZZLE
NOTES ON THE INFLATION PUZZLE
ECONOMICS | 06.10.2017
NOTES ON THE INFLATION PUZZLE
THE BERENBERG GUIDE TO THE GERMAN ELECTION
ECONOMICS | 21.09.2017
THE BERENBERG GUIDE TO THE GERMAN ELECTION
THE BOE'S JOB IS DONE: IT IS TIME FOR RATE HIKES
ECONOMICS | 01.09.2017
THE BOE'S JOB IS DONE: IT IS TIME FOR RATE HIKES
EURO PLUS MONITOR 2017: Into a higher gear
ECONOMICS | 01.01.2017
EURO PLUS MONITOR 2017: Into a higher gear

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Our Departments

Around 1,600 employees assist our clients with first-class services and profound know-how in four business divisions.

WEALTH MANAGEMENT

WEALTH MANAGEMENT

What is excellent wealth management? To us it means providing comprehensive support to you as a high-net-worth individual and your relatives – in all areas which directly or indirectly impact your financial situation.

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Asset Management

Asset Management

Berenberg Asset Management offers private and institutional investors innovative concepts and professional risk management strategies. Our experts develop solutions that are specifically configured for your needs and address your return, risk and liquidity goals, focussing preferentially on selected areas where we have especially deep knowledge.

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Investment Banking

Investment Banking

Berenberg’s investment banking activities cover a broad range of services.

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Corporate Banking

Corporate Banking

Berenberg embodies high-quality and independent advice, mutual trust as well as fast and reliable decision-making.

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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.

Golf

Berenberg’s brand ambassadors can look back on a successful performance. Taken together, the team of seven has so far won 22 majors and 29 senior majors. The most recent successes in 2017: Bernhard Langer won his tenth major at the British Senior Open and Branden Grace, at the Open Championships, shot the lowest round ever played at a major.
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Investor Warning

We have been made aware that certain members of the public have been approached by fraudsters and scammers purporting to work for Berenberg, to try to convince people to make bogus Investments (Clone firm). Under false pretences, these criminals obtain personal data for opening an account and request that investors transfer money in advance to secure their purchase. Please note that Berenberg does not deal with people solely via email, telephone or social media. Thus, please note that Berenberg can only be reached through the contact data that are stored on this homepage. In the light of recent developments we would like to point out that there is no relation between Berenberg and “berenberg-loyal“. If in doubt, please contact ComplianceAML@berenberg.de.

US Residents

Our services are not available to US persons that Berenberg cannot serve through its US broker-dealer affiliate Berenberg Capital Markets LLC, Boston, MA under the Rule 15a-6 of the US Securities Exchange Act of 1934.

Locations

Standorte
USA EUROPE
STAMMHAUS HAMBURG
Amelie Eichblatt
Telefon +49 40 350 60-8182

Hamburg

Neuer Jungfernstieg 20
20354 Hamburg
Phone +49 40 350 60-0

Münster

Am Mittelhafen 14
48155 Münster
Phone +49 251 98 29 56-0

Boston

255 State Street
Boston MA 02109
Phone +1 617 292-8200

Chicago

330 North Wabash, 39th Floor
Chicago, IL 60611
Phone +1 312-754-6050

Düsseldorf

Cecilienallee 10
40474 Düsseldorf

Frankfurt

Bockenheimer Landstraße 25
60325 Frankfurt am Main
Phone +49 69 91 30 90-0

London

60 Threadneedle Street
London EC2R 8HP
Phone +44 20 3207-7800

Luxembourg

17, Rue de Flaxweiler
6776 Grevenmacher
Phone +352 46 63 80-1

Munich

Maximilianstraße 30
80539 Munich
Phone +49 89 25 55 12-0

New York

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New York, NY 10020
Phone +1 646 949-9000

Paris

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75116 Paris
Phone +33 1 58 44 95-00

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San Francisco, CA 94105
Phone +1 415-802-2520

Stuttgart

Bolzstraße 8
70173 Stuttgart
Phone +49 711 490 44 90-30

Vienna

Schottenring 12, 1. DG
1010 Vienna
Phone +43 1 227 57-0

Zurich

Kreuzstrasse 5
8008 Zurich
Phone +41 44 284-2020

Representative Office Zurich

Freischützgasse 10
8004 Zurich
Phone +41 44 283-2020

Geneva

29, Quai du Mont-Blanc
1201 Geneva
Phone +41 22 308 59-00