2023-06-05 16:26:14
EIt was a bit of a shock for the Hamburg-based biotech company Evotec: At the beginning of May, Deutsche Börse decided to immediately remove an M-Dax value from all selection indices for the first time, because the rules revised after the Wirecard scandal wanted it that way. Evotec had not submitted its audited annual report by the end of April. There were no discussions between Evotec and the stock exchange. Werner Lanthaler, longtime CEO of Evotec, was very disappointed with the decision, after all his company has been a customer of the stock exchange since 2001 and since then has been earning money “every day” with Evotec shares.
Lanthaler would have considered an exception to be justified because his company was the victim of a cyber attack at the beginning of April and thus external crime, which is a fundamentally different situation than at Wirecard with suspected internal crime. However, Deutsche Börse referred to its set of rules and the consistent application of the same.
The stock exchange’s decision was unfavorable for index investors. After the stock exchange announcement, Evotec’s price fell by 10 percent, which corresponds to a market value of more than 300 million euros. Although the price recovered over the course of the day, when Lanthaler was able to immediately describe his view of things on faz.net and in the FAZ, the next and for the time being last trading day in M-Dax and Tec-Dax it went down again by 4 percent down to 16.32 euros per share before SMA-Solar took the place in the M-Dax for Evotec.
At the helm of Evotec since 2009: Werner Lanthaler
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Image: Evotec
Soon after leaving the world of indexes, the Evotec share price jumped by 13 percent. A cooperation with Sandoz, which belongs to the Novartis Group, fired the imagination of investors. On the fourth trading day after the eviction, Evotec presented the missing documents as announced and confirmed previous statements that the cyber attack prevented the annual report from being checked in good time, but otherwise did not cause any major damage to the company with its research on drugs and active ingredients .
The confirmation of the annual targets was praised on the stock market with a further price increase of 5 percent. If the stock exchange is then allowed to announce the return of Evotec to the M-Dax and Tec-Dax on June 19 this evening, the share price has risen by 30 percent since it was removed. M-Dax successor SMA Solar has lost 12 percent from its high of EUR 107 at the index entry up to this Monday. The change cost the index itself around 0.8 percent in terms of performance, but it may have strengthened the reputation that the stock exchange hopes to gain from a consistent interpretation of its rules.
SMA Solar will remain in the M-Dax for the time being. According to the calculations of the investment bank Stifel Europe, Adtran shares have to go down. The second climber in the M-Dax is likely to be Software AG, although the company is about to be taken over by financial investors. The announcement caused the price to rise sharply enough for an M-Dax return, but the takeover has not yet been completed. The real estate value Aroundtown would have to be relegated to the S-Dax. Krones could also just about make it to the top, but United Internet would have to give way for that. For Evotec, Suse would have to give way in the Tec-Dax. Kontron had replaced Evotec there at the beginning of May, but has also lost slightly in price since then. There is no change in the Dax. Lufthansa has been considered eligible for promotion for a few weeks now, since the loss in 2021 was “adjusted” to a profit. However, the market value is not quite sufficient to get into the index according to the “fast entry” rule. The weakest value there is currently Zalando.
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