Berenberg Equity Research

Software & IT Services, Software & IT Services


Aconex - another chapter in the consolidation book

Dalata Hotel Group plc, Leisure, PT GBp 575 (no change)


Pipeline progress

General Retail, General Retail


Snakes and ladders: a preview of peak trading

Ceres Power Holdings plc, Capital Goods & Industrial Engineering, PT GBp 15 (no change)


Continued commercial progress

Telefónica SA, Telecommunications, PT EUR 11.30 (11.50)


Solid FCF silenced by noisy story

Wacker Chemie AG, Chemicals, PT EUR 178.00 (155.00)


Silicontastic

HeidelbergCement AG, Construction, PT EUR 102.00 (99.00)


Still plenty to be bullish about

BAT plc, Tobacco, PT GBP 57.20 (55.75)


US tax changes will increase earnings

Altria Group Inc, Tobacco, PT USD 84.00 (72.00)


Accounting for tax changes; up to Buy

The Hershey Company, Food Manufacturing, PT USD 115.00 (98.00)


Amplifying the tax rate changes; up to Hold

BUWOG AG, Real Estate, PT EUR 30.50


Vonovia issues bid for BUWOG

Deutsche Konsum REIT AG, Real Estate, PT EUR 11.50 (no change)


In good shape

News: Berenberg

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

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
EURO PLUS MONITOR 2017: Into a higher gear
ECONOMICS | 30.11.2017
EURO PLUS MONITOR 2017: Into a higher gear
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

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Our Departments

Over 1,500 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

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

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Corporate Banking

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

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Berenberg Funds

Real Estate

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Financial Partners

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. 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

    Spiekerhof 26
    48143 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

    712 Fifth Avenue, 41st Floor
    New York, NY 10019
    Phone +1 646 445-7200

    Paris

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    75116 Paris
    Phone +33 1 58 44 95-00

    San Francisco

    One Market Street, Spear Tower Suite 3500
    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