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René Petersen is lead portfolio manager of the European Stars Equity Strategy at Nordea Asset Management. He tips, among other things, Zalando.
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René Petersen has returned to Nordea Asset Management since 2020 as Lead Portfolio Manager for the European Large Cap Equity strategy including European STARS. Petersen was previously with Nordea AM from 1994 to 2007. Before returning to Nordea this year, Petersen was Head of Equities at Saxo Wealth Management.
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Zalando is the largest online clothing store in Europe. The German company is benefiting from the transition from physical to online retail, a trend that will lead to high structural growth for a few more years and will be accelerated by the corona crisis. We believe the stock market underestimates how much value a platform like Zalando can add. The value of monetizing the many users through advertising and higher commissions from brands can lead to significantly higher profits over time. Zalando can also leverage its platform power to promote its own high sustainable (ESG) standards in the industry, which sometimes faces various ESG challenges.
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The Danish Vestas
is the leading wind turbine manufacturer. The company is part of the solution to the global climate crisis and is pursuing the goals of the Paris climate agreement, making Vestas a strong ESG (environmental, social and corporate governance) case. The cost of producing wind and solar energy is very competitive and often the cheapest solution, depending on the location. After corona, we see a clear trend in the increase of investments in green energy as a tactic to increase the demand for it in the economy, for example through the European Green Deal. Vesta’s unique position will benefit the company.
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Infineon
benefits from the transition to electric mobility. The products it provides are often inexpensive compared to the total cost of an electric car, but they are decisive. It is estimated that the semiconductor content per vehicle in the transition to electric drives will be twice that of an internal combustion engine, benefiting the company from a higher profit per car. We believe the focus on reducing CO₂ emissions, with the transportation sector accounting for about 30 percent, will accelerate the electric trend and political support will be increasingly evident. This combination of factors will lead to higher growth in the coming years.
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Kion | Warehouse automation
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Kion Group is an industrial company offering lift trucks and warehouse automation solutions. The corona crisis has accelerated two strong trends from which the Kion Group is benefiting. First, increasing e-commerce is leading to the expansion of warehouses that are often very large and complex. These companies have a strong need for automation to achieve economies of scale. Second, there is the increasing need for social distancing in closed warehouses. This will lead to an increase in the demand for automation. Both trends have accelerated the demand for solutions from Kion, the market leader in technology in this field.
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Elekta produces precision radiation accelerators for the treatment of cancer patients. The number of cancer patients is increasing worldwide. This can partly be explained by a growing and aging population. In many countries, there are limited treatment options because drugs and surgery are expensive and complex. Since radiation therapy is the most cost-effective treatment, we expect there will be high demand in emerging markets in the long term. We also expect Elekta to increase its own market share with the recently launched MRI-controlled linear accelerator (Linac). This technology combines radiation therapy with MR scanners to increase precision.
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