{"id":1759,"date":"2025-12-16T11:00:00","date_gmt":"2025-12-16T10:00:00","guid":{"rendered":"https:\/\/mueckinvest-qtjx8ksl18.live-website.com\/?page_id=1759"},"modified":"2026-07-06T07:00:00","modified_gmt":"2026-07-06T05:00:00","slug":"%ec%9c%84%ed%82%a4%ed%8f%b4%eb%a6%ac%ec%98%a4-%ec%a6%9d%ea%b6%8c%ec%9d%98-%eb%b0%9c%ed%96%89%ec%9e%90-%ec%9c%84%ed%97%98","status":"publish","type":"page","link":"https:\/\/mueckinvest.com\/ko\/emittentenrisiko-bei-wikifolio-zertifikaten\/","title":{"rendered":"\uc704\ud0a4\ud3f4\ub9ac\uc624 \uc99d\uad8c\uc758 \ubc1c\ud589\uc790 \uc704\ud5d8"},"content":{"rendered":"<p class=\"wp-block-paragraph\">\ubc95\uc801\uc73c\ub85c \ub9d0\ud558\uba74, \uc704\ud0a4\ud3f4\ub9ac\uc624 \uc99d\uc11c\ub294 ...\uc5d0\uc11c \ubc1c\ud589\ud55c \ucc44\ubb34 \uc99d\uad8c\uc785\ub2c8\ub2e4. <strong>Lang &amp; Schwarz Aktiengesellschaft(L&amp;S)<\/strong>. \ud22c\uc790\uc790\ub294 \uc99d\uad8c\uc744 \uad6c\ub9e4\ud568\uc73c\ub85c\uc368 \ubc1c\ud589\uc790\uc758 \ucc44\uad8c\uc790\uac00 \ub429\ub2c8\ub2e4. \uc774\ub294 \uc77c\ubc18\uc801\uc73c\ub85c \ub2e4\uc74c\uacfc \uac19\uc740 \uacb0\uacfc\ub97c \ucd08\ub798\ud569\ub2c8\ub2e4. <em>\ubc1c\ud589\uc790 \uc704\ud5d8<\/em>, \uc989, \ubc1c\ud589\uc790\uc758 \uc9c0\uae09\ubd88\ub2a5 \uc704\ud5d8\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\uc774\ub7ec\ud55c \uc704\ud5d8\uc744 \uc644\ud654\ud558\uae30 \uc704\ud574 L&amp;S\ub294 \ub2e4\uc74c\uacfc \uac19\uc740 \uc870\uce58\ub97c \ucde8\ud588\uc2b5\ub2c8\ub2e4. <strong>\uacc4\uc57d\uc0c1 \ud569\uc758\ub41c \ub2f4\ubcf4 \uc194\ub8e8\uc158<\/strong> \uc18c\uac1c\ub418\uc5c8\uc2b5\ub2c8\ub2e4. \ubbf8\ubc1c\ud589 \uc704\ud0a4\ud3f4\ub9ac\uc624 \uc99d\uc11c\uc5d0\uc11c \ubc1c\uc0dd\ud558\ub294 \uc758\ubb34\ub97c \uc774\ud589\ud558\uae30 \uc704\ud574 \ubcf4\uc720\ud558\uace0 \uc788\ub294 \ubaa8\ub4e0 \uc99d\uad8c \ubc0f \ud604\uae08 \uacc4\uc88c\ub294 \ub2f4\ubcf4\ub85c \uc81c\uacf5\ub429\ub2c8\ub2e4. \ub3c5\ub9bd\uc801\uc778 \uc218\ud0c1\uc790\uac00 \uc815\uae30\uc801\uc73c\ub85c \ub2f4\ubcf4\ub97c \uad00\ub9ac\ud569\ub2c8\ub2e4. \uc774\ub294 \ud22c\uc790\uc790\ub97c \ubc1c\ud589\uc790 \uc704\ud5d8\uc73c\ub85c\ubd80\ud130 \ubcf4\ud638\ud569\ub2c8\ub2e4. <strong><a href=\"https:\/\/help.wikifolio.com\/article\/86-wie-sicher-sind-investitionen-in-wikifolio-zertifikate\" title=\"\">\ub300\ubd80\ubd84 \ud655\ubcf4\ub428<\/a><\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ub2f4\ubcf4\uc758 \uc791\ub3d9 \ubc29\uc2dd, \ubc1c\uc0dd \uac00\ub2a5\ud55c \uc2dc\ub098\ub9ac\uc624 \ubc0f \uc704\ud5d8 \uc694\uc18c\ub97c \ud3ec\ud568\ud55c \ubc1c\ud589\uc790 \uc704\ud5d8\uc5d0 \ub300\ud55c \uc790\uc138\ud55c \ubd84\uc11d\uc740 \uc885\ud569\uc801\uc778 \uc2ec\uce35 \ubd84\uc11d \uc790\ub8cc\uc5d0\uc11c \ud655\uc778\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud83d\udc49 <strong><a href=\"https:\/\/mueckinvest.com\/ko\/%f0%9f%93%89-emittentenrisiko-bei-wikifolio-zertifikaten\/\" title=\"\ud83d\udcc9 \uc704\ud0a4\ud3f4\ub9ac\uc624 \uc99d\uad8c\uc758 \ubc1c\ud589\uc790 \uc704\ud5d8\">\uc2ec\uce35 \ubd84\uc11d: \ubc1c\ud589\uc790 \uc704\ud5d8<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\ubb34\uc5ed\uacfc \ud22c\uba85\uc131<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\uc704\ud0a4\ud3f4\ub9ac\uc624 \uc778\uc99d\uc11c\ub294 \uc624\uc9c1 \ub2e4\uc74c \ud50c\ub7ab\ud3fc\uc5d0\uc11c\ub9cc \ubc1c\uae09\ub429\ub2c8\ub2e4. <strong>\uc288\ud22c\ud2b8\uac00\ub974\ud2b8 \uc99d\uad8c\uac70\ub798\uc18c(EUWAX)<\/strong> \uac70\ub798\ub418\uc5c8\uc2b5\ub2c8\ub2e4.<\/li>\n\n\n\n<li>\uc704\ud0a4\ud3f4\ub9ac\uc624\ub2f7\ucef4\uc774\ub098 \uac70\ub798\uc790\ub4e4\uc740 \ud22c\uc790\uc790 \uc790\uae08\uc744 \ubc1b\uc9c0 \uc54a\uc73c\uba70, \ubc1c\ud589\uc790\ub294 \uc804\uc801\uc73c\ub85c L&amp;S\uc785\ub2c8\ub2e4.<\/li>\n\n\n\n<li>\ub2f4\ubcf4 \uc81c\uacf5 \ubc29\uc2dd\uc740 \ud22c\uc790\uc790\uc5d0\uac8c \ubb34\ub8cc\uc774\uba70 \ud22c\uc790\uc758 \uc548\uc804\uc131\uc744 \ub192\uc5ec\uc90d\ub2c8\ub2e4.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\ubd84\uae30\ubcc4 \ud3c9\uac00<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\uacf5\uc2dd\uc801\uc778 L&amp;S \uaddc\uc815 \uc678\uc5d0\ub3c4 <a href=\"http:\/\/wikifolio.com\" title=\"\">\uc704\ud0a4\ud3f4\ub9ac\uc624\ub2f7\ucef4<\/a> \uc800\ub294 \uac8c\uc2dc\ud558\uaca0\uc2b5\ub2c8\ub2e4 <strong>\ubd84\uae30\ubcc4 \uac1c\uc778 \ud3c9\uac00<\/strong> \ud604\uc7ac \uc704\ud5d8 \uc0c1\ud669\uacfc \uad00\ub828\ud558\uc5ec, \ubcf8 \ubd84\uc11d \uc790\ub8cc\ub294 \ucd94\uac00\uc801\uc778 \uc9c0\uce68\uc73c\ub85c \ubd80\ub85d\uc5d0 \uc81c\uacf5\ub429\ub2c8\ub2e4. \uc774 \uc790\ub8cc\ub294 L&amp;S \ub610\ub294 wikifolio.com\uc758 \uacf5\uc2dd \uc815\ubcf4\ub97c \ub300\uccb4\ud558\ub294 \uac83\uc774 \uc544\ub2c8\ub77c, \ub3c5\ub9bd\uc801\uc778 \uad00\uc810\uc744 \ubcf4\uc644\ud558\ub294 \uc5ed\ud560\uc744 \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n    <style>\n        .emittenrisiko-year-select {\n            margin-bottom: 15px;\n        }\n        .emittenrisiko-year-select select {\n            padding: 6px 10px;\n            font-size: 16px;\n            border-radius: 6px;\n            border: 1px solid #ccc;\n        }\n        @media (prefers-color-scheme: dark) {\n            .emittenrisiko-year-select select {\n                background: #222;\n                color: #fff;\n                border-color: #555;\n            }\n        }\n        .emittenrisiko-all-list {\n            list-style: none;\n            padding-left: 0;\n            margin: 0;\n        }\n        .emittenrisiko-all-list li {\n            margin-bottom: 6px;\n        }\n    <\/style>\n    <div class=\"emittenrisiko-year-select\"><select id=\"emittenrisiko-year\"><option value=\"2026\" selected>2026<\/option><\/select><\/div><ul class=\"emittenrisiko-all-list\" id=\"emittenrisiko-list\"><li data-year=\"2026\">\n                        <a href=\"https:\/\/mueckinvest.com\/ko\/emittentenrisiko-juli-2026\/\">Emittentenrisiko: Juli 2026<\/a>\n                    <\/li><li data-year=\"2026\">\n                        <a href=\"https:\/\/mueckinvest.com\/ko\/emittentenrisiko-april-2026\/\">\ubc1c\ud589\uc790 \uc704\ud5d8\ub3c4: 2026\ub144 4\uc6d4<\/a>\n                    <\/li><li data-year=\"2026\">\n                        <a href=\"https:\/\/mueckinvest.com\/ko\/jan-26-einschaetzung-des-emittenrisikos\/\">\ubc1c\ud589\uc790 \uc704\ud5d8: 2026\ub144 1\uc6d4<\/a>\n                    <\/li><\/ul>\n    <script>\n    document.addEventListener(\"DOMContentLoaded\", function() {\n        const select = document.getElementById(\"emittenrisiko-year\");\n        const items = document.querySelectorAll(\"#emittenrisiko-list li\");\n\n        function filter() {\n            const year = select.value;\n            items.forEach(item => {\n                item.style.display = (item.dataset.year === year) ? \"\" : \"none\";\n            });\n        }\n\n        select.addEventListener(\"change\", filter);\n\n        \/\/ Initial filtern\n        filter();\n    });\n    <\/script>","protected":false},"excerpt":{"rendered":"<p>Wikifolio-Zertifikate sind rechtlich gesehen Schuldverschreibungen der Lang &amp; Schwarz Aktiengesellschaft (L&amp;S). Mit dem Erwerb eines Zertifikats werden Anleger Gl\u00e4ubiger der Emittentin. Damit besteht grunds\u00e4tzlich ein Emittentenrisiko, also das Risiko der Zahlungsunf\u00e4higkeit des Emittenten. Zur Absicherung dieses Risikos hat L&amp;S eine vertraglich vereinbarte Besicherungsl\u00f6sung eingef\u00fchrt. S\u00e4mtliche Wertpapiere und Geldkonten, die zur Erf\u00fcllung der Verpflichtungen aus ausstehenden [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"pmpro_default_level":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-1759","page","type-page","status-publish","hentry","pmpro-has-access"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Fundamentalanalyse Lang &amp; Schwarz 1. Finanzkennzahlen Marktkapitalisierung: ca. 213\u2013218 Mio. EUR KGV (2025): rund 8,2 \u2013 deutliche Unterbewertung im Branchenvergleich Dividendenrendite: zwischen 2,9 % und 9,1 % je nach Berechnung und Aussch\u00fcttungsjahr Eigenkapitalquote: solide, zus\u00e4tzlich wurden 17,3 Mio. EUR in den Fonds f\u00fcr allgemeine Bankrisiken eingestellt 2. Gewinn- und Aussch\u00fcttungspolitik F\u00fcr 2025 plant Lang &amp;\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"google-site-verification\" content=\"ksYgMKW7vv1ZikoPFw6tpXcS3jOzmNPHyBO_6hg6uIQ\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/mueckinvest.com\/ko\/jan-26-einschaetzung-des-emittenrisikos\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.10\" \/>\n\t\t<meta property=\"og:locale\" content=\"ko_KR\" \/>\n\t\t<meta property=\"og:site_name\" content=\"mueckinvest - Finanzwissen \/ Wikifolios\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"Emittentenrisiko: Januar 2026 - mueckinvest\" \/>\n\t\t<meta property=\"og:description\" content=\"Fundamentalanalyse Lang &amp; Schwarz 1. Finanzkennzahlen Marktkapitalisierung: ca. 213\u2013218 Mio. EUR KGV (2025): rund 8,2 \u2013 deutliche Unterbewertung im Branchenvergleich Dividendenrendite: zwischen 2,9 % und 9,1 % je nach Berechnung und Aussch\u00fcttungsjahr Eigenkapitalquote: solide, zus\u00e4tzlich wurden 17,3 Mio. EUR in den Fonds f\u00fcr allgemeine Bankrisiken eingestellt 2. Gewinn- und Aussch\u00fcttungspolitik F\u00fcr 2025 plant Lang &amp;\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/mueckinvest.com\/ko\/jan-26-einschaetzung-des-emittenrisikos\/\" \/>\n\t\t<meta property=\"og:image\" content=\"https:\/\/mueckinvest.com\/wp-content\/uploads\/2025\/09\/mueckinvest-Logo-Signatur.jpeg\" \/>\n\t\t<meta property=\"og:image:secure_url\" content=\"https:\/\/mueckinvest.com\/wp-content\/uploads\/2025\/09\/mueckinvest-Logo-Signatur.jpeg\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2026-01-01T18:00:33+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2026-04-01T04:00:00+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"Emittentenrisiko: Januar 2026 - mueckinvest\" \/>\n\t\t<meta name=\"twitter:description\" content=\"Fundamentalanalyse Lang &amp; Schwarz 1. Finanzkennzahlen Marktkapitalisierung: ca. 213\u2013218 Mio. 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Gewinn- und Aussch\u00fcttungspolitik F\u00fcr 2025 plant Lang &amp;\" \/>\n\t\t<meta name=\"twitter:image\" content=\"https:\/\/mueckinvest.com\/wp-content\/uploads\/2025\/09\/mueckinvest-Logo-Signatur.jpeg\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BlogPosting\",\"@id\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/jan-26-einschaetzung-des-emittenrisikos\\\/#blogposting\",\"name\":\"Emittentenrisiko: Januar 2026 - mueckinvest\",\"headline\":\"Emittentenrisiko: Januar 2026\",\"author\":{\"@id\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/author\\\/admin\\\/#author\"},\"publisher\":{\"@id\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/#organization\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/mueckinvest.com\\\/wp-content\\\/uploads\\\/2025\\\/09\\\/mueckinvest-Logo-Signatur.jpeg\",\"@id\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/#articleImage\"},\"datePublished\":\"2026-01-01T19:00:33+01:00\",\"dateModified\":\"2026-04-01T06:00:00+02:00\",\"inLanguage\":\"ko-KR\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/jan-26-einschaetzung-des-emittenrisikos\\\/#webpage\"},\"isPartOf\":{\"@id\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/jan-26-einschaetzung-des-emittenrisikos\\\/#webpage\"},\"articleSection\":\"Emittentenrisiko, Dividenden, Konjunktur, Volatilit\\u00e4t\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/jan-26-einschaetzung-des-emittenrisikos\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/mueckinvest.com\\\/ko#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/mueckinvest.com\\\/ko\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/emittentenrisiko-bei-wikifolio-zertifikaten\\\/#listItem\",\"name\":\"Emittentenrisiko bei Wikifolio-Zertifikaten\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/emittentenrisiko-bei-wikifolio-zertifikaten\\\/#listItem\",\"position\":2,\"name\":\"Emittentenrisiko bei Wikifolio-Zertifikaten\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/mueckinvest.com\\\/ko#listItem\",\"name\":\"Home\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/#organization\",\"name\":\"mueckinvest Mueckinvest\",\"description\":\"Finanzwissen \\\/ Wikifolios\",\"url\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/\",\"email\":\"steffen.mueck@mueckinvest.de\",\"foundingDate\":\"09/01/2025\",\"numberOfEmployees\":{\"@type\":\"QuantitativeValue\",\"value\":1},\"logo\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/mueckinvest.com\\\/wp-content\\\/uploads\\\/2025\\\/09\\\/mueckinvest-Logo-Signatur.jpeg\",\"@id\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/jan-26-einschaetzung-des-emittenrisikos\\\/#organizationLogo\"},\"image\":{\"@id\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/jan-26-einschaetzung-des-emittenrisikos\\\/#organizationLogo\"},\"sameAs\":[\"https:\\\/\\\/instagram.com\\\/mueckinvest\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/author\\\/admin\\\/#author\",\"url\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/author\\\/admin\\\/\",\"name\":\"Steffen\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/jan-26-einschaetzung-des-emittenrisikos\\\/#authorImage\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/bea53c016da0ee031eadf3c1007b981c9a4fe987793c5e41315646a79ed440d1?s=96&d=mm&r=g\",\"width\":96,\"height\":96,\"caption\":\"Steffen\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/jan-26-einschaetzung-des-emittenrisikos\\\/#webpage\",\"url\":\"https:\\\/\\\/mueckinvest.com\\\/ko\\\/jan-26-einschaetzung-des-emittenrisikos\\\/\",\"name\":\"Emittentenrisiko: Januar 2026 - mueckinvest\",\"description\":\"Fundamentalanalyse Lang & Schwarz 1. 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