With the exception of Frequentis, whose price is now 2% above the issue price and has thus increased by around 3% in the last two weeks, the other two new issues in 2019 show a negative trend compared to the issue price. The most prominent new issue of the year Traton remains weak up to date. In the last two weeks, the price has fallen by another 3%. Compared to the development of the market as a whole, the value is now down 6%. The Global Fashion Group’s stock has lost another 15% in value in the past 14 days, with volatility rising by 28% to 78%. The picture of new issues in 2019 could be significantly improved by the IPO of Teamviewer, which is likely to take place soon. Investor interest in this high-yield technology value is reportedly significant. The issue volume is expected to significantly exceed the billion mark.
E‑commerce, i.e. Internet-based commerce, has increased enormously in recent years. In Germany, sales growth in the last 5 years totalled about 40%. Amazon, Ebay and Alibaba are among the world’s best-known publicly traded e‑commerce companies. In Germany, a total of eight e‑commerce companies have gone public, three of them since 2018. Their share price performance has been disappointing over the past 20 months. The last three new issues all show significant price losses compared to the issue price and have performed significantly worse than the overall market. The main reason for this is that the companies are not trusted to get into the profit zone quickly.
Among the e‑commerce companies that have been listed for a long time, Zalando and HelloFresh stand out for the period under review over the last 20 months with a positive price development and a better performance than the overall market. Sales and profits are developing positively for both companies and the prospects for this to remain are high. Across the entire stock market history, zooplus is the best value. Since listing, the share price has increased by more than 400%. The overall market was outperformed by around 330%. It is questionable whether this positive development will last, as the company has been writing losses since 2018, which is also reflected in the price trend over the last 20 months with a decrease of 16%. On the other hand, the share price performance of windeln.de is a total loss of around 97%. Solely by recurring capital increases, the company was saved from insolvency – but for how long?
In international comparison, the listed German e‑commerce companies are relatively small in terms of turnover. With Zalando, only one company generates profits. With the exception of Zalando and HelloFresh, the trading volume is particularly low, thus even smaller purchase and sales orders can be significantly reflected in price developments.