Slotcall: Fantasy in technology is back

The AEX (+1.2%) largely makes up for yesterday’s loss. Last night sentiment suddenly turned in the US and the Nasdaq managed to turn a loss of 3% into a small plus. So we had something to make up for in Amsterdam.

The broad picture is that technology stocks are on the rise and that classic value stocks are lagging somewhat. Stocks that have taken the biggest blows in recent days, such as Adyen (+ 2.2%) in ASMI (+2.9%), are purchased. The financials, on the other hand, are slowing down. That’s healthy, because say yourself: ABN Amro (-0.3%) is going up very fast this year.

The main event of the day is Fed Chair Jerome Powell’s testimony before Congress. His core message is that if inflation doesn’t drop fast enough, he’s willing to raise interest rates faster. Incidentally, Powell expects inflation to remain high until the middle of the year.

Another interesting quote from Powell is that he thinks the Fed’s balance sheet has gone way too far. You could conclude from this that the US Central Bank will soon start to reduce its balance sheet, but that is going a step too far for the Fed chairman for the time being. Perhaps that’s why the Nasdaq is rising so fast in the last trading hour.

FED’S POWELL: BALANCE SHEET IS FAR ABOVE WHERE IT NEEDS TO BE

— *Walter Bloomberg (@DeItaone) January 11, 2022

Fastned

Fastned (-1.6%) saw a sharp pick-up in growth in the fourth quarter. Loading revenue increased by 154% compared to a year ago. However, part of the growth is explained by the favorable basis for comparison. In Q4 2020, partly due to lockdown restrictions, growth fell to 14%.

The hard lockdown in the fourth quarter of 2021 will affect the results of the fast charging company a lot less. The price eventually goes down, and that’s because revenue growth came in slightly below analysts’ estimates.

Fastned is currently trading at almost 30 times expected revenue in 2022. You can guess from the headline of the article how I feel about this valuation.

Fastned: growth figures do not justify current market valuation #FASTNED https://t.co/aZku2ynCrn

— IEX Investor Desk (@Investor Desk) January 11, 2022

Shopify

Shopify (+2.1%) according to analyst Paul Weeteling, it is not only a platform where small and medium-sized entrepreneurs can easily set up an online store. The company engages with the retailer in many ways, such as Shopify helping businesses raise capital, market, and provide inventory and order management services.

It is therefore an ideal platform for shops that want to quickly make the step to online. The stock was expensive for a long time, but due to the recent price drop, the valuation has dropped to 41 times the estimated profit for 2023. This is still not cheap, but there is a reason.

After all, the growth prospects are very favourable, as Weeteling is counting on a turnover growth of no less than 50% this year. You can read in the article below whether you can already take the share in your portfolio.

Shopify on its way to buying advice #Shopify https://t.co/z8TJ2dEQx5

— IEX Investor Desk (@Investor Desk) January 11, 2022

Annuities

The fees on ten-year government paper remain close to home. The Dutch interest rate rises two basis points to 0.08%.

broad market

• From AEX closes 1.2% in the green and with that we perform reasonably in line with the DAX (+1.2%) and CAC (+1.0%).
  
• Wall Street finds the way up. The Dow Jones (+0.0%), S&P500 (+0.4%) and Nasdaq (+1.2%) more than make up for the earlier loss.
• From euro climbed 0.3% and traded at 1.137 against the dollar.
• From Much Ado drops 2.1% to 19.0 points.
  
• Gold (+ 0.8%) in silver (+0.9%) don’t do it unkindly.
  
• Oil: WTI (+3.3%) and Brent (+3.0%) are booming.
  
• Bitcoin (+2.8%) also joins the party.
  

The Damrak

• Ahold (+1.8%) benefits from a Jefferies price target increase. The American investment bank counts thanks to the strict lockdown in the Netherlands at a profit per share of € 2.19 in 2021.
• The oil price spikes up and then Royal Dutch Shell (+1.8%) do not lag behind.
• ASML (+0.8%) again lags behind ASMI (+ 2.9%) in Iron (+5.6%). Is this the trigger?
  

  #AEX +0.8%, say reversal day compared to yesterday. #ASML is biggest troublemaker, maybe that damage Berlin factory plays a role. This is the only news today https://t.co/24J5d0x0ni pic.twitter.com/YM46fWLk1j

  — Arend Jan Kamp (@ArendJanKamp) January 11, 2022

• Prosus (+5.5%) is in good shape today. What matters is that Tencent (+4.0%) doing well on Wall Street.
• It’s a mystery to me why JDE Peet’s (-3.5%) is so bad. I don’t get big news.
• Kempen has its interest in ForFarmers (+1.3%) reduced to below 5%
• Bank Degroof tips Fagron (+2.4%) for 2022. here read the other tips from the Belgian investment bank.
• aperam (+5.5%) is reaping the benefits of a buy recommendation from Deutsche Bank.
• Elves (-0.2%) is the only growth stock to fall today. Not something to cheer about.
• betting share Avantium (+5.0%) is also looking forward to it again.

Advice

• Ahold: to €31 from €29.50 and keep – Jefferies
• Aperam: to buy and €67 – Deutsche Bank
• Heineken: to €108 from €102 and keep – Barclays
• ING: to €16.30 from €15.30 and buy – UBS
• KPN: to €3.40 from €3.30 and buy – Berenberg
• WDP: to €41 from €38 and keep – Kepler Cheuvreux

Now just this

IEX is also of service to investors who want even more vision for the future: on Tuesday evening 25 January the IEX Outlook 2022 webinar will be held in collaboration with IG.

You will be provided with clear information about the outlook for this year for an hour and a half: fundamental, macro, crypto, technical analysis and of course larded with the necessary concrete stock tips. You can register for this free webinar here.

Agenda Wednesday 12 January

1. 02:30China inflation CPI Dec+0,2% MoMicon warning
2. 02:30China inflation PPI Dec+1,8% YoYicon warning
3. 08:00Just Eat Takeaway Trading update Q4
4. 11:00EU industrial production November+0,3% MoM
5. 14:30VS inflatie CPI dec+0,4% MoMicon warning
6. 16:30US oil stocks

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