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Equity Markets TecDAX’s 10 th anniversary The changes to the composition of the index document a piece of German stock market history In a few months’ time, one of the most important German indices will celebrate its 10th anniversary. The German TecDAX was launched on 24 March 2003, reason enough to look back on the changes that took place during this exciting decade. The recent changes to the composition of the TecDAX are a good example of changing stock market trends over the decade. It is not strictly true to speak of a new index being “born” when the TecDAX (consisting of 30 stocks) was launched in 2003, as it was also, simultaneously, the successor of the Nemax50 which comprised 20 additional values. It was a gradual transition, as for a period of time both indices were running in parallel. Whilst the TecDAX was calculated from March 2003, the actual launch only took place after the discredited segment “Neuer Markt” was stopped and Nemax50 ended. Initially, there was a high degree of overlap in the composition of the two indices and the Nemax50 was still active until late 2004. Starting point: 1,000 points (1997) The calculation bases of the TecDAX are the levels as of 30 December 1997, with a value of 1,000 points. On this basis, it is noticeable that the current prices are still approximately 20% below this calculated value; however, this does not reflect the massive hype surrounding the boom times of the segment “Neuer Markt”. Simply observing the period since the beginning of 2003 gives an insight into an exciting period in German stock market history. The rapid recovery from 2003 onwards, which began with the start of the Iraq War, is one example, as is the high point of the bull market directly before the financial crises in 2007 and 2008. The consequential rapid decline and the strong positive corrections that followed represented a period of very high volatility for investors. This view on the major movements of the market should not disguise the fact that there was also a large number of exciting changes in the composition of the index, as shown in the table below. Particularly interesting is the fact that more than a third of the 30 stocks which make up today’s index were already included in March 2003. Not all were continuously present and not all in their current form (e.g. Page 32 Deutsches Eigenkapitalforum 2012 Since its foundation in 2008, Roger Peeters has been a Board Member of Close Brothers Seydler Research AG, one of the leading analyst houses for mid-sized German companies. Prior to this, he held a leading position at “Platow Börse”. the current freenet is a merger between the “old” freenet and its former parent company, mobilcom), but there is clearly a strong backbone. Three key factors Roger Peeters, Board Member, Close Brothers Seydler Research AG The main changes are based upon three key factors: 1. Fundamental operational development in the individual companies, which may have led to significant gains or losses. 2. M&A activity leading to one or more de-listings and therefore also exclusions from the index. 3. Changes in investor valuations concerning sectors which are currently in vogue. The first point is straightforward and can be quickly dealt with. Rising and falling “stars” are a fundamental part of normal business life. The same applies to mergers and acquisitions, however this only accounts for the corres - ponding number of firms leaving the index. Real additions in terms of IPOs and spin-offs were rare and it is remarkable that the majority of “newcomers” in today’s composition were already listed in 2003. Exceptions are Xing and SMA Solar, first listed on the stock exchange in 2006 and 2008 respectively. Amongst the stocks that are no longer quoted are, for example, the previously listed T-Online International
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Page 34 and 35: Equity Markets TecDAX Composition a
Page 36 and 37: Equity Markets Hearing versus under
Page 38 and 39: Equity Markets Figure 2: An example
Page 40 and 41: Bond Issuance New ways of debt fina
Page 42 and 43: Bond Issuance Corporate financing v
Page 44 and 45: Bond Issuance Figure 2: EBITDA marg
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Page 48 and 49: Bond Issuance Stumbling blocks on t
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