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WKN: 919406 | ISIN: US9807451037 | Ticker-Symbol: WW1
Tradegate
29.07.25 | 19:01
232,00 Euro
+3,57 % +8,00
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WOODWARD INC Chart 1 Jahr
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WOODWARD INC 5-Tage-Chart
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226,00228,0021:50
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GlobeNewswire (Europe)
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Woodward, Inc.: Woodward Reports Third Quarter Fiscal Year 2025 Results

FORT COLLINS, Colo., July 28, 2025 (GLOBE NEWSWIRE) -- Today, Woodward, Inc. (NASDAQ:WWD) reported financial results for its third quarter of fiscal year 2025.

All amounts are presented on an as reported (U.S. GAAP) basis unless otherwise indicated. All per share amounts are presented on a fully diluted basis. All comparisons are made to the same period of the prior year unless otherwise stated. All references to years are references to the Company's fiscal year unless otherwise stated.

Third Quarter Overview

Third Quarter 2025 Year-to-Date 2025
Net Sales$915M, 8% $2.6B, 4%
Net Earnings$108M, 6% $304M, 5%
Adjusted Net Earnings1- $294M, 1%
Earnings Per Share (EPS)$1.76, 8% $4.96, 7%
Adjusted EPS1- $4.80, 2%
Cash from Operations$126, -18% $238, -20%
Free Cash Flow1$99, -28% $159, -29%

"We delivered strong results in the third quarter underpinned by robust demand across our end markets, coupled with disciplined execution by our global teams," said Chip Blankenship, Chairman and Chief Executive Officer. "The Aerospace segment generated substantial sales growth and margin expansion, driven by smart defense and commercial services. This was partially offset by lower commercial OEM and defense services, although both achieved sequential improvement. Our Industrial business again delivered double-digit sales growth in oil and gas and marine transportation. This was offset by an expected decrease in China on-highway natural gas truck sales.

Based on our strong year-to-date performance and solid fourth quarter outlook, we are raising our full-year sales and earnings guidance. However, given the demands to support higher sales in a dynamic supply chain and production environment, we are lowering our full-year free cash flow guidance. We remain focused on growth, operational excellence, and innovation, which continue to position Woodward to deliver sustained long-term shareholder value."

Third Quarter and Fiscal Year 2025 Company Results
Total Company Results
(Dollars in millions, except per share amounts)
Three Months Ended June 30 Nine Months Ended June 30
2025 2024 Year
over
Year
2025 2024 Year
over
Year
Income Statement
Total Sales$915 $848 8.0%$2,572 $2,470 4.1%
Net Earnings 108 102 6.2% 304 290 5.1%
Adjusted Net Earnings1 - - - 294 293 0.6%
EPS$1.76 $1.63 8.0%$4.96 $4.65 6.7%
Adjusted EPS1 - - - $4.80 $4.70 2.1%
EBIT 137 132 4.1% 394 382 3.0%
Adjusted EBIT1 - - - 381 386 -1.4%
Effective Tax Rate 14.5% 16.4%-190 bps 15.8% 17.8%-200 bps
Adjusted Effective Tax Rate1 - - - 15.5% 17.8%-230 bps
Cash Flow and Financial Position
Cash from Operating Activities$126 $153 -18.0%$238 $297 -20.0%
Capital Expenditures27 16 67.0%79 72 8.8%
Free Cash Flow 99 137 -27.8% 159 225 -29.2%
Dividends Paid 17 15 10.7% 48 43 10.9%
Share Repurchases 45 305 - 124 305 -
Total Debt - - - 933 923 1.1%
EBITDA1Leverage- - - 1.5x 1.5x -
Segment Results
Aerospace
(Dollars in millions)
Three Months Ended June 30 Nine Months Ended June 30
2025 2024 Year
over
Year
2025 2024 Year
over
Year
Commercial OEM$175 $190 -7.6%$497 $545 -8.8%
Commercial Aftermarket 215 166 30.0% 581 467 24.4%
Defense OEM 150 97 55.7% 401 281 42.7%
Defense Aftermarket 55 66 -16.2% 173 183 -5.7%
Sales 596 518 15.2% 1,652 1,476 11.9%
Segment Earnings 126 102 23.5% 345 279 23.6%
Segment Margin % 21.1% 19.7%140 bps 20.9% 18.9%200 bps

The increase in Aerospace segment earnings in the third quarter was primarily a result of price realization and volume, partially offset by planned strategic investments in manufacturing capabilities to meet current and future growth, inflation, and unfavorable mix.

The increase in Aerospace segment earnings for the nine months ended June 30, 2025, was primarily a result of price realization and volume, partially offset by planned strategic investments in manufacturing capabilities to meet current and future growth, inflation, and unfavorable mix.

Industrial
(Dollars in millions)
Three Months Ended June 30 Nine Months Ended June 30
2025 2024 Year
over
Year
2025 2024 Year
over
Year
Transportation$144 $163 -12.0%$402 $512 -21.4%
Power Generation 109 110 -0.2% 326 315 3.5%
Oil and Gas 66 57 16.1% 193 168 14.7%
Sales 319 330 -3.2% 920 994 -7.4%
Segment Earnings 48 60 -20.3% 134 192 -30.3%
Segment Margin % 14.9% 18.1%-320 bps 14.5% 19.3%-480 bps

The decrease in Industrial segment earnings in the third quarter was primarily a result of lower China on-highway volume and inflation, partially offset by price realization.

The decrease in Industrial segment earnings in the nine months ended June 30, 2025, was primarily a result of lower China on-highway volume and unfavorable mix, partially offset by price realization.

Nonsegment
(Dollars in millions)
Three Months Ended June 30 Nine Months Ended June 30
2025 2024 Year
over
Year
2025 2024 Year
over
Year
Nonsegment Expenses$(36)$(30)21.8%$(85)$(89)-4.2%
Adjusted Nonsegment Expenses - - - (98) (85)15.6%
Fiscal Year 2025 Guidance
Woodward, Inc. and Subsidiaries?
Revised Guidance
(In millions, except per share amount and percentages)
Prior FY25 GuidanceRevised FY25 Guidance
April 28, 2025July 28, 2025
Total Company
Sales$3,375 - $3,500$3,450 - $3,525
Adjusted Effective Tax Rate~19%~17%
Adjusted Free Cash Flow$350 - $400$315 - $350
Capital Expenditures~$115No change
Shares~61.5No change
Adjusted EPS$5.95 - $6.25$6.50 - $6.75
Segment Data
Aerospace
Sales GrowthUp 8% to 13%Up 11% to 13%
Segment Earnings (% of Sales)20% - 21%21% - 21.5%
Industrial
Sales GrowthDown 7% to 9%Down 5% to 7%
Segment Earnings (% of Sales)13% - 14%~14.5%

Conference Call

Woodward will hold an investor conference call at 5:00 p.m. ET, July 28, 2025, to provide an overview of the financial performance for its fiscal year 2025 and third quarter ending June 30, 2025, business highlights, and guidance for fiscal 2025. You are invited to listen to the live webcast of our conference call, or a recording, and view or download accompanying presentation slides at our website, www.woodward.com2.

You may also listen to the call by dialing 1-800-715-9871 (domestic) or 1-646-307-1963 (international). Participants should call prior to the start time to allow for registration; the Conference ID is 4675940. The call and presentation will be available on the website by selecting "Investors/Events & Presentations" from the menu and will remain accessible on the company's website for one year.

About Woodward, Inc.

Woodward is the global leader in the design, manufacture, and service of energy conversion and control solutions for the aerospace and industrial equipment markets. Our purpose is to design and deliver energy control solutions our partners count on to power a clean future. Our innovative fluid, combustion, electrical, propulsion and motion control systems perform in some of the world's harshest environments. Woodward is a global company headquartered in Fort Collins, Colorado, USA. Visit our website at www.woodward.com.

Cautionary Statement

Information in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including, but not limited to, our focus on growth, operational excellence and innovation, including the outcome of such efforts on our long-term success and shareholder value; statements regarding our business, expectations and guidance for the fourth quarter and fiscal year 2025, our guidance for sales, segment sales growth as compared to the prior fiscal year, adjusted earnings per share, segment earnings margin, adjusted effective tax rate, free cash flow, capital expenditures, and diluted weighted average shares outstanding, as well as our assumptions and expectations regarding our guidance and the factors that may impact guidance, and anticipated trends in our business and markets. Factors that could cause actual results and the timing of certain events to differ materially from the forward-looking statements include, but are not limited to: (1) global economic uncertainty and instability, including a potential global or regional recession, inflation and the impact on customer demand and our costs and expenses; (2) changes in or uncertainty with respect to global trade and economic policy, including tariff levels and retaliatory measures; (3) risks related to constraints and disruptions in the global supply chain and labor markets; (4) Woodward's long sales cycle; (5) risks related to Woodward's concentration of revenue among a relatively small number of customers; (6) Woodward's ability to implement and realize the intended effects of any restructuring efforts; (7) Woodward's ability to successfully manage competitive factors including expenses and fluctuations in sales; (8) changes and consolidations in the aerospace market; (9) Woodward's financial obligations including debt obligations and tax expenses and exposures; (10) risks related to Woodward's U.S. government contracting activities including potential changes in government spending patterns; (11) Woodward's ability to protect its intellectual property rights and avoid infringing the intellectual property rights of others; (12) changes in the estimates of fair value of reporting units or of long-lived assets; (13) environmental risks; (14) Woodward's continued access to a stable workforce and favorable labor relations with its employees; (15) Woodward's ability to manage various regulatory and legal matters; (16) risks from operating internationally; (17) cybersecurity and other technological risks; and other risk factors and risks described in Woodward's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended September 30, 2024, any subsequently filed Quarterly Report on Form 10-Q, as well as its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which we expect to file shortly, and other risks described in Woodward's filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date hereof and Woodward assumes no obligation to update such statements, except as required by applicable law.

Woodward, Inc. and Subsidiaries?
Condensed Consolidated Statement of Earnings
(Unaudited - In thousands)
Three Months
Ended June 30
Nine Months
Ended June 30
2025 2024 2025 2024
Net sales$915,446 $847,688 $2,571,800 $2,469,761
Costs and expenses:
Cost of goods sold 666,287 617,702 1,892,908 1,801,037
Selling, general, and administrative expenses 88,703 73,812 242,241 229,770
Research and development costs 41,088 38,728 108,525 105,987
Interest expense 11,234 11,516 35,464 34,482
Interest income (838) (1,728) (3,236) (4,494)
Other (income) expense, net (17,864) (14,438) (65,755) (49,461)
Total costs and expenses 788,610 725,592 2,210,147 2,117,321
Earnings before income taxes 126,836 122,096 361,653 352,440
Income taxes 18,388 20,021 57,165 62,765
Net earnings$108,448 $102,075 $304,488 $289,675
Earnings per share amounts:
Basic earnings per share$1.82 $1.69 $5.12 $4.80
Diluted earnings per share$1.76 $1.63 $4.96 $4.65
Weighted average common shares outstanding:
Basic 59,680 60,425 59,442 60,290
Diluted 61,488 62,522 61,374 62,295
Cash dividends paid per share$0.28 $0.25 $0.81 $0.72
Woodward, Inc. and Subsidiaries?
Condensed Consolidated Balance Sheets
(Unaudited - In thousands)
June
2025
September
2025
Assets
Current assets:
Cash and cash equivalents$473,159 $282,270
Accounts receivable 829,581 770,066
Inventories 657,121 609,092
Income taxes receivable 35,883 22,016
Other current assets 65,413 60,167
Total current assets 2,061,157 1,743,611
Property, plant, and equipment, net 942,103 940,715
Goodwill 813,779 806,643
Intangible assets, net 435,057 440,419
Deferred income tax assets 85,714 84,392
Other assets 374,040 353,135
Total assets$4,711,850 $4,368,915
Liabilities and stockholders' equity
Current liabilities:
Short-term debt$353,000 $217,000
Current portion of long-term debt 76,020 85,719
Accounts payable 284,029 287,457
Income taxes payable 35,768 40,692
Accrued liabilities 261,381 292,642
Total current liabilities 1,010,198 923,510
Long-term debt, less current portion 503,851 569,751
Deferred income tax liabilities 127,744 121,858
Other liabilities 601,491 577,380
Total liabilities 2,243,284 2,192,499
Stockholders' equity 2,468,566 2,176,416
Total liabilities and stockholders' equity$4,711,850 $4,368,915
Woodward, Inc. and Subsidiaries?
Condensed Consolidated Statements of Cash Flows
(Unaudited - In thousands)
Nine Months Ended June 30
2025 2024
Net cash provided by operating activities$237,976 $297,329
Cash flows from investing activities:
Payments for purchase of property, plant, and equipment (78,537) (72,193)
Proceeds from sale of assets 41 84
Proceeds from business divestitures 48,043 900
Payments for short-term investments - (6,767)
Proceeds from sales of short-term investments 2,935 9,737
Net cash used in investing activities (27,518) (68,239)
Cash flows from financing activities:
Cash dividends paid (48,195) (43,457)
Proceeds from sales of treasury stock 96,064 90,142
Payments for repurchases of common stock (124,276) (304,811)
Borrowings on revolving lines of credit and short-term borrowings 1,957,900 2,258,600
Payments on revolving lines of credit and short-term borrowings (1,821,900) (1,983,800)
Payments of long-term debt and finance lease obligations (85,719) (75,644)
Net cash used in financing activities (26,126) (58,970)
Effect of exchange rate changes on cash and cash equivalents 6,557 765
Net change in cash and cash equivalents 190,889 170,885
Cash and cash equivalents at beginning of year 282,270 137,447
Cash and cash equivalents at end of period$473,159 $308,332
Woodward, Inc. and Subsidiaries?
Segment Net Sales and Net Earnings
(Unaudited - In thousands)
Three Months
Ended June 30
Nine Months Ended
June 30
2025 2024 2025 2024
Segment net sales:
Aerospace 595,990 517,560 1,651,601 1,475,828
Industrial 319,456 330,128 920,199 993,933
Total consolidated net sales$915,446 $847,688 $2,571,800 $2,469,761
Segment earnings*:
Aerospace 125,740 101,842 345,081 279,295
As a percent of segment net sales 21.1% 19.7% 20.9% 18.9%
Industrial 47,622 59,717 133,786 191,842
As a percent of segment net sales 14.9% 18.1% 14.5% 19.3%
Total segment earnings$173,362 $161,559 $478,867 $471,137
Nonsegment expenses (36,130) (29,675) (84,986) (88,709)
EBIT$137,232 $131,884 $393,881 $382,428
Interest expense, net (10,396) (9,788) (32,228) (29,988)
Consolidated earnings before income taxes$126,836 $122,096 $361,653 $352,440
*This schedule reconciles segment earnings, which exclude certain costs, to consolidated earnings before taxes.
Payments for property, plant and equipment$26,547 $15,892 $78,537 $72,193
Depreciation expense$21,482 $20,661 $63,238 $61,494

There were no adjustments to net earnings, earnings per share, adjusted effective tax rate, adjusted nonsegment, and adjusted income tax expense in the three months ended June 30, 2025 or the three months ended June 30, 2024.

Woodward, Inc. and Subsidiaries?
Reconciliation of Net Earnings to Adjusted Earnings1?
(Unaudited - In thousands, except per share amounts)
?Nine Months Ended June 30
?2025 2024
?Net
Earnings
?
Earnings?
Per Share
Net
Earnings
?
Earnings
?Per Share
Net Earnings (U.S. GAAP)?$304,488 $4.96 $289,675 $4.65
Non-U.S. GAAP Adjustments?? ? ?
Product rationalization1 (20,524) (0.33) - -
Non-recurring gain related to a previous acquisition1 - - (4,803) (0.08)
Business development activities1 7,310 0.12 5,902 0.09
Certain non-restructuring separation costs2 - - 2,666 0.05
Tax Effect of Non-U.S. GAAP ?Net Earnings Adjustments 3,130 0.05 (729) (0.01)
Total non-U.S. GAAP Adjustments? (10,084) (0.16) 3,036 0.05
Adjusted Net Earnings?(Non-U.S. GAAP)$294,404 $4.80 $292,711 $4.70
  1. Presented in the line item "Other (income) expense, net" in Woodward's Condensed Consolidated Statement of Earnings.
  2. Presented in item "Selling, general and administrative" expenses in Woodward's Condensed Consolidated Statement of Earnings.
Woodward, Inc. and Subsidiaries?
Reconciliation of Income Tax Expense?
to Adjusted Income Tax Expense1
(Unaudited - In thousands)
?Nine Months Ended June 30
?2025 2024
Income tax expense (U.S. GAAP)?$57,165 $62,765
Tax Effect of Non-U.S. GAAP ?Net Earnings Adjustments (3,130) 729
Adjusted Income Tax Expense (Non-U.S. GAAP)$54,035 $63,494
Adjusted Income Tax Rate (Non-U.S. GAAP) 15.5% 17.8%
Woodward, Inc. and Subsidiaries?
Reconciliation of Net Earning to EBIT1
(Unaudited - In thousands)
?Three Months Ended June 30
?2025 2024
Net Earnings (U.S. GAAP)?$108,448 $102,075
Income Tax Expense 18,388 20,021
Interest Expense 11,234 11,516
Interest Income (838) (1,728)
EBIT (Non-U.S. GAAP) 137,232 131,884
Woodward, Inc. and Subsidiaries?
Reconciliation of Net Earning to EBIT1and Adjusted EBIT1?
(Unaudited - In thousands)
?Nine Months Ended June 30
?2025 2024
Net Earnings (U.S. GAAP)?$304,488 $289,675
Income Tax Expense 57,165 62,765
Interest Expense 35,464 34,482
Interest Income (3,236) (4,494)
EBIT (Non-U.S. GAAP) 393,881 382,428
Total non-U.S. GAAP Adjustments? (13,214) 3,765
Adjusted EBIT? (Non-U.S. GAAP)$380,667 $386,193
Woodward, Inc. and Subsidiaries?
Reconciliation of Net Earning to EBITDA1
(Unaudited - In thousands)
?Three Months Ended June 30
?2025 2024
Net Earnings (U.S. GAAP)?$108,448 $102,075
Income Tax Expense 18,388 20,021
Interest Expense 11,234 11,516
Interest Income (838) (1,728)
Amortization of intangible assets? 7,172 8,131
Depreciation Expanse? 21,482 20,661
EBITDA (Non-U.S. GAAP) 165,886 160,676
Woodward, Inc. and Subsidiaries?
Reconciliation of Net Earning to EBITDA1and Adjusted EBITDA1?
(Unaudited - In thousands)
?Nine Months Ended June 30
?2025 2024
Net Earnings (U.S. GAAP)?$304,488 $289,675
Income Tax Expense 57,165 62,765
Interest Expense 35,464 34,482
Interest Income (3,236) (4,494)
Amortization of Intangible Assets? 20,858 25,348
Depreciation Expanse? 63,238 61,494
EBITDA (Non-U.S. GAAP) 477,977 469,270
Total non-U.S. GAAP Adjustments? (13,214) 3,765
Adjusted EBITDA? (Non-U.S. GAAP)$464,763 $473,035
Woodward, Inc. and Subsidiaries?
Reconciliation of Non-Segment Expenses ?
to Adjusted Non-Segment Expenses1
(Unaudited - In thousands)
?Nine Months Ended June 30
?2025 2024
Non-Segment Expenses (U.S. GAAP)$(84,986)$(88,709)
Product rationalization (20,524) -
Non-recurring gain related to a previous acquisition - (4,803)
Business development activities 7,310 5,902
Certain non-restructuring separation costs - 2,666
Adjusted Non-Segment Expenses (Non-U.S. GAAP)$(98,200)$(84,944)
Woodward, Inc. and Subsidiaries?
Reconciliation of Cash Flow from Operating Activities
to Free Cash Flow1
(Unaudited - In thousands)
?Nine Months Ended June 30
?2025 2024
Net cash provided by operating activities (U.S. GAAP)$237,976 $297,329
Payments for property, plant, and equipment (78,537) (72,193)
Free cash flow (Non-U.S. GAAP)$159,439 $225,136

1Adjusted and Non-U.S. GAAP Financial Measures: Adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted income tax expense, adjusted effective tax rate, and adjusted nonsegment expenses exclude, as applicable (i) product rationalization, (ii) a non-recurring gain related to a previous acquisition, (iii) costs related to business development activities, and (iv) certain non-restructuring separation costs. The product rationalization adjustment pertains to gains related to the elimination of certain product lines. The Company believes that these excluded items are short-term in nature, not directly related to the ongoing operations of the business, and therefore, the exclusion of them illustrates more clearly how the underlying business of Woodward is performing. Guidance with respect to non-U.S. GAAP measures as provided in this release excludes, as applicable, (i) product rationalization, and (ii) business development activities.

EBIT (earnings before interest and taxes), EBITDA (earnings before interest, taxes, depreciation and amortization), free cash flow, adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted income tax expense, adjusted effective tax rate, and adjusted nonsegment expenses are financial measures not prepared and presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Management uses EBIT and adjusted EBIT to evaluate Woodward's operating performance without the impacts of financing and tax related considerations. Management uses EBITDA and adjusted EBITDA in evaluating Woodward's operating performance, making business decisions, including developing budgets, managing expenditures, forecasting future periods, and evaluating capital structure impacts of various strategic scenarios. Management also uses free cash flow, which is derived from net cash provided by or used in operating activities less payments for property, plant, and equipment in reviewing the financial performance of Woodward's various business segments and evaluating cash generation levels. Securities analysts, investors, and others frequently use EBIT, EBITDA, and free cash flow in their evaluation of companies, particularly those with significant property, plant, and equipment, and intangible assets that are subject to amortization. The use of any of these non-U.S. GAAP financial measures is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. Because adjusted net earnings, adjusted earnings per share, EBIT, EBITDA, adjusted EBIT, and adjusted EBITDA exclude certain financial information compared with net earnings, the most comparable U.S. GAAP financial measure, users of this financial information should consider the information that is excluded. Free cash flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. Woodward's calculations of EBIT, EBITDA, adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted effective tax rate, adjusted nonsegment expenses, and free cash flow may differ from similarly titled measures used by other companies, limiting their usefulness as comparative measures.

2Website, Facebook, LinkedIn: Woodward has used, and intends to continue to use, its Investor Relations website, LinkedIn page, and Facebook page as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contact:Dan Provaznik
Director, Investor Relations
970-498-3849
Dan.Provaznik@woodward.com

© 2025 GlobeNewswire (Europe)
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