Koenig & Bauer shares
Following volatile performance, 25% gain on the back of a strong final quarter
Share performance in 2024
German stock market in 2024 – mixed picture
In 2024, the German stock market painted two different pictures: while the DAX was mainly driven by the strong performance of a few large companies, both the MDAX and the SDAX fell short of the previous year’s figures, as their members are generally more exposed to the German economy. In recent years, German small and mid caps have been facing challenges, with the pandemic, inflation and rising interest rates exerting greater pressure on them. The muted economic situation in Germany, which is characterised by high energy costs and political uncertainties, additionally aggravated the situation. Even small caps with strong export business, such as Koenig & Bauer, were unable to decouple themselves from this trend despite their global orientation and competitiveness. As a result, small caps have been lagging behind blue chips for four years now. This is also reflected in the fact that foreign investors are increasingly shunning German second-line equities. With increased risk aversion, they often withdraw from smaller companies across the board, without considering their individual strengths. As a result, German small caps also attracted historically low valuations in 2024.
Monetary impetus and global uncertainties in 2024
At the beginning of the year, the market was mainly driven by expectations of easing monetary policies and lower borrowing costs due to falling inflation rates. In the summer, macroeconomic uncertainties, such as the escalating Middle East conflict, triggered volatility, exerting pressure on share prices. Subsequently, interest rate cuts by the European Central Bank (ECB) and the US Federal Reserve triggered a positive turnaround, which was reinforced by a further Fed cut in November. Subsiding inflation rates and the clear outcome of the US presidential elections also buoyed equities, particularly the DAX. At the beginning of December, it crossed the 20,000-point mark for the first time, closing the year with gains of 18.85%, while the SDAX saw the year out 1.87% lower.
Following volatile performance, 25% gain for Koenig & Bauer shares on the back of a strong final quarter
Koenig & Bauer’s shares were also unable to fully escape these negative influences, especially in the first three quarters. At the beginning of the year, investors were initially cautious, causing the share price to decline moderately. The record order intake at drupa at the beginning of June boosted the share price. As the year progressed, global economic and geopolitical uncertainties came to the fore especially in the summer months. This caused short-term corrections, heightening the volatility of the share price, which hit a low for the year of €7.25 in October. The preliminary positive effects of the “Spotlight” focus programme, the announcement of the planned reorganisation of the Group and the entry of a new major shareholder provided fresh impetus, prompting a significant increase in the share price in the fourth quarter of 2024. As a result, the Koenig & Bauer share peaked on 27 December 2024 with a Xetra closing price of €15.18, closing the year at €15.16, equivalent to an increase of 25.29% over the previous year. Consequently, the Koenig & Bauer share significantly outperformed the SDAX (down 1.87%) and also the DAX (up 18.85%) over the course of the year.
At around 30,000 shares in the year under review, average daily trading volumes of Koenig & Bauer shares doubled over the previous year.
Koenig & Bauer share performance indicators
| € | 2023 | 2024 |
| Earnings per share | 0.16 | -4.24 |
| High for the year | 20.20 | 15.18 |
| Low for the year | 9.93 | 7.25 |
| Price at the beginning of the year1 | 16.68 | 12.10 |
| Price at the end of the year1 | 12.10 | 15.16 |
| Number of bearer shares outstanding | 16,524,783 | 16,524,783 |
| Market capitalisation at the end of the year (m) | 200.00 | 251.00 |
| Cash flow per share | -1.9 | 4.5 |
| Dividend | 0.00 | 0.00 |
No dividend distribution planned for the 2024 financial year
In view of the earnings performance in 2024 and the persistently challenging global economic environment, the Executive Board and the Supervisory Board will be proposing at the annual general meeting that a dividend be omitted for the financial year as a result of the net loss reported by Koenig & Bauer AG. As Koenig & Bauer attaches great importance to ensuring the appropriate participation of its shareholders in the company’s success, the dividend policy provides for the distribution of a dividend of 15 – 35% of consolidated earnings, with a minimum dividend of €0.30 per share, subject to profitable business performance during the year.
Koenig & Bauer with a free float of 58%
Under the Deutsche Börse definition, free float includes all shares not held by principal shareholders (i.e. those holding more than 5% of the share capital). On the basis of the voting right notifications received, Koenig & Bauer thus has a free float of 58% of the total of 16,524,783 bearer shares outstanding as of 31 December 2024. The following notifications of voting rights over 3% had been received as of 31 December 2024:
Aktionärsstruktur der Koenig & Bauer AG
| Number of shares | Percentage | |
| Koenig’sche Shareholders’ Association, Germany | 2,751,704 | 16.70% |
| Leibinger Consulting AG, Feusisberg, Switzerland | 2,490,786 | 15.07% |
| AlternInvest GmbH, Vienna, Austria | 1,683,428 | 10.20% |
| Hauck & Aufhaeuser Fund Services S.A., Munsbach, Luxembourg * | 1,645,132 | 9.96% |
| Universal-Investment-GmbH, Frankfurt/Main* | 1,637,417 | 9.91% |
| Union Investment Privatfonds GmbH, Frankfurt/Main* | 841.693 | 5.10% |
| As of 31 December 2024 | Total number of shares outstanding: | 16,524,783 |
Dialogue with the capital market
In addition to regular financial reporting, exchanges with capital market players mostly took the form of personal contact at various events in 2024. This year, for example, the shareholders were again invited to a physical annual general meeting in Würzburg, which focused not only on the current business figures but also on the company’s strategic alignment. The Capital Markets Day in May, which took place during the drupa industry trade fair in Düsseldorf, provided a special platform for dialogue with investors and analysts. In addition to detailed insights into the market strategy and the progress being made in the digitisation of the product portfolio, the participants were able to experience impressive product demonstrations that underlined Koenig & Bauer’s innovativeness.
In addition, participation in capital market conferences as well as cooperation with banks and brokers that actively cover the company formed central elements of the ongoing and intensive dialogue. With their regular price assessments and industry studies, financial analysts make a significant contribution to strengthening investor confidence and promoting transparency about the company’s current performance. At the time of writing, three analysts rated Koenig & Bauer shares as a “buy” and four analysts as a “hold”. The consensus target price was €15.99.
99th Annual General Meeting of Koenig & Bauer AG:
Last year, the 99th annual general meeting of Koenig & Bauer AG was held on 26 June 2024 at the Würzburg Vogel Convention Center. All in all, around 70% of the company’s share capital was represented at the physical annual general meeting, significantly more than in the previous year.
The shareholders re-elected Professor Dr.-Ing. Raimund Klinkner, Dagmar Rehm, and Dr Johannes Liechtenstein to the Supervisory Board with a large majority. In addition to the successful elections to the Supervisory Board, eleven other items on the agenda required resolutions by the shareholders, including the approval of the remuneration report and the revised remuneration system for the members of the Executive Board, as well as resolutions authorising the Executive Board to acquire treasury stock. In addition, various amendments to the articles of association necessitated approval by the shareholders. These items of the agenda were approved by a large majority, as was the election of PricewaterhouseCoopers as the external auditor and auditor of the consolidated financial statements, plus the ratification of the activities of the Executive Board and Supervisory Board.
A detailed overview of the individual voting results and the key statements can be found under “Annual General Meeting” in the Investor Relations section of the website.
As always, the Investor Relations department is available to investors at any time by phone on +49 (0) 931 909-4085 or in writing (investors@koenig-bauer.com) to answer any questions concerning the shares and the Company. Updated information is also available in the Investor relations section of the website at www.koenig-bauer.com/de/investor-relations/, where you will also find financial reports, presentations and webcasts as well as the latest financial calendar and information on the share.