{"id":1753,"date":"2026-01-01T19:00:33","date_gmt":"2026-01-01T18:00:33","guid":{"rendered":"https:\/\/mueckinvest.de\/?p=1753"},"modified":"2026-04-01T06:00:00","modified_gmt":"2026-04-01T04:00:00","slug":"1%ec%9b%94-26%ec%9d%bc-%eb%b0%b0%ec%b6%9c%ec%9b%90-%ec%9c%84%ed%97%98-%ed%8f%89%ea%b0%80","status":"publish","type":"post","link":"https:\/\/mueckinvest.com\/ko\/jan-26-einschaetzung-des-emittenrisikos\/","title":{"rendered":"\ubc1c\ud589\uc790 \uc704\ud5d8: 2026\ub144 1\uc6d4"},"content":{"rendered":"<h2 class=\"wp-block-heading\">\ub7ad\uc564\uc288\ubc14\ub974\uce20\uc758 \uae30\ubcf8\uc801 \ubd84\uc11d<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. \uc7ac\ubb34 \ube44\uc728<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\uc2dc\uac00\ucd1d\uc561:<\/strong> \uc57d 2\uc5b5 1300\ub9cc~2\uc5b5 1800\ub9cc \uc720\ub85c<\/li>\n\n\n\n<li><strong>\uc8fc\uac00\uc218\uc775\ube44\uc728(2025\ub144):<\/strong> \uc57d 8.2 \u2013 \uc5c5\uacc4 \ud3c9\uade0 \ub300\ube44 \uc0c1\ub2f9\ud788 \uc800\ud3c9\uac00\ub41c \uc218\uce58\uc785\ub2c8\ub2e4.<\/li>\n\n\n\n<li><strong>\ubc30\ub2f9 \uc218\uc775\ub960:<\/strong> \uacc4\uc0b0 \ubc0f \ubc30\ubd84 \uc5f0\ub3c4\uc5d0 \ub530\ub77c 2.9 %\uc5d0\uc11c 9.1 % \uc0ac\uc774\uc785\ub2c8\ub2e4.<\/li>\n\n\n\n<li><strong>\uc790\uae30\uc790\ubcf8\ube44\uc728:<\/strong> \uacac\uace0\ud55c \uc2e4\uc801\uc744 \ubcf4\uc600\uc73c\uba70, \uc77c\ubc18\uc801\uc778 \uc740\ud589 \uc704\ud5d8\uc5d0 \ub300\ube44\ud558\uc5ec 1,730\ub9cc \uc720\ub85c\uac00 \ucd94\uac00\ub85c \ud380\ub4dc\uc5d0 \ubc30\uc815\ub418\uc5c8\uc2b5\ub2c8\ub2e4.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. \uc774\uc775 \ubc0f \ubc30\ubd84 \uc815\ucc45<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Lang &amp; Schwarz\ub294 2025\ub144\uc5d0 [\uae08\uc561 \ubbf8\uc0c1]\uc758 \ubc30\ub2f9\uae08\uc744 \uc9c0\uae09\ud560 \uacc4\ud68d\uc785\ub2c8\ub2e4. <strong>\uc8fc\ub2f9 1.75\uc720\ub85c<\/strong>, \uc774\ub294 \uc5f0\uac04 \ud751\uc790\uc758 \uc57d 75%\uc5d0 \ud574\ub2f9\ud569\ub2c8\ub2e4.<\/li>\n\n\n\n<li>\uc774\ucc98\ub7fc \ub192\uc740 \ubc30\ub2f9\ub960\uc740 \uc218\uc775\uc131\uc5d0 \ub300\ud55c \uc790\uc2e0\uac10\uc744 \ub098\ud0c0\ub0b4\uc9c0\ub9cc, \uc608\uc0c1\uce58 \ubabb\ud55c \uc5b4\ub824\uc6c0\uc5d0 \uc9c1\uba74\ud588\uc744 \ub54c\uc758 \uc720\uc5f0\uc131\uc744 \ub5a8\uc5b4\ub728\ub9bd\ub2c8\ub2e4.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. \uc704\ud5d8 \uc694\uc778<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\uac70\ub798 \ud65c\ub3d9:<\/strong> \uc0ac\uc5c5 \uaddc\ubaa8\uac00 \ube60\ub974\uac8c \uc99d\uac00\ud568\uc5d0 \ub530\ub77c \ubcf4\uc99d\uae08(\ub9c8\uc9c4)\uc5d0 \ub300\ud55c \uc694\uad6c \uc870\uac74\ub3c4 \ub192\uc544\uc9c0\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/li>\n\n\n\n<li><strong>\uc790\ubcf8 \uc2dc\uc7a5 \ud658\uacbd\uc5d0 \ub300\ud55c \uc758\uc874\ub3c4:<\/strong> \uc99d\uad8c \uac70\ub798 \uc740\ud589\uc778 \ub7ad\uc564\uc288\uc6cc\uce20\ub294 \uacbd\uc81c \uc0c1\ud669\uacfc \uc2dc\uc7a5 \uc2ec\ub9ac\uc5d0 \ud06c\uac8c \uc758\uc874\ud569\ub2c8\ub2e4.<\/li>\n\n\n\n<li><strong>\ubc30\ub2f9 \uc815\ucc45:<\/strong> \uacf5\uaca9\uc801\uc778 \ubc30\ub2f9 \uc815\ucc45\uc740 \uc2dc\uc7a5 \ubd88\uc548 \uc0c1\ud669\uc5d0\uc11c \uc790\ubcf8 \uae30\ubc18\uc744 \uc57d\ud654\uc2dc\ud0ac \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. \uac00\ub2a5\uc131<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\uc548\uc815\uc801\uc778 \uc218\uc775:<\/strong> \uc218\uc775\uc740 2019\ub144 \uc774\ud6c4 \ub69c\ub837\ud55c \uc0c1\uc2b9 \ucd94\uc138\ub97c \ubcf4\uc600\uc2b5\ub2c8\ub2e4.<\/li>\n\n\n\n<li><strong>\ub9e4\ub825\ub3c4 \ud3c9\uac00:<\/strong> \ub0ae\uc740 \uc8fc\uac00\uc218\uc775\ube44\uc728\uacfc \ub192\uc740 \ubc30\ub2f9\uc218\uc775\ub960\uc740 \ud22c\uc790\uc790\ub4e4\uc5d0\uac8c \uc774 \uc8fc\uc2dd\uc744 \ub9e4\ub825\uc801\uc73c\ub85c \ub9cc\ub4ed\ub2c8\ub2e4.<\/li>\n\n\n\n<li><strong>\uc704\ud5d8 \uc644\ucda9 \uc7a5\uce58:<\/strong> \uc77c\ubc18 \uc740\ud589 \uc704\ud5d8\uc5d0 \ub300\ud55c \uae30\uae08 \ubc30\uc815\uc740 \uc790\uae30\uc790\ubcf8\uc744 \uac15\ud654\ud558\uace0 \uc2dc\uc2a4\ud15c\uc801 \uc704\ud5d8\uc744 \uc904\uc785\ub2c8\ub2e4.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\ubc1c\ud589\uc790 \uc704\ud5d8 \ud3c9\uac00<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ub2e8\uae30\uc801\uc73c\ub85c:<\/strong> \ub69c\ub837\ud55c \ubc1c\ud589\uc790 \uc704\ud5d8\uc740 \ub098\ud0c0\ub098\uc9c0 \uc54a\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ud0c4\ud0c4\ud55c \uc790\ubcf8 \uc801\uc815\uc131\uacfc \uc704\ud5d8 \ub300\ube44\ucc45\uc740 \uc548\uc815\uc131\uc744 \uc2dc\uc0ac\ud569\ub2c8\ub2e4.<\/li>\n\n\n\n<li><strong>\uc911\uae30\uc801\uc73c\ub85c\ub294:<\/strong> \uc8fc\uc694 \uc704\ud5d8\uc740 \ub192\uc740 \ubc30\ub2f9\ub960\uacfc \uac70\ub798\ub7c9\uc5d0 \ub300\ud55c \ub192\uc740 \uc758\uc874\ub3c4\uc5d0\uc11c \ube44\ub86f\ub429\ub2c8\ub2e4. \uc2dc\uc7a5 \ud658\uacbd\uc774 \uac11\uc790\uae30 \ubd95\uad34\ub420 \uacbd\uc6b0 \uc790\ubcf8 \uae30\ubc18\uc774 \uc555\ubc15\uc744 \ubc1b\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/li>\n\n\n\n<li><strong>\uc7a5\uae30\uc801\uc73c\ub85c \ubcf4\uba74:<\/strong> \ub192\uc740 \ubc30\ub2f9\uae08\uc744 \uc9c0\uae09\ud558\uba74\uc11c \ub3d9\uc2dc\uc5d0 \uc790\uae30\uc790\ubcf8\uc744 \uac15\ud654\ud558\ub294 \uc804\ub7b5\uc740 \uadfc\ubcf8\uc801\uc73c\ub85c \uae0d\uc815\uc801\uc785\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \ubcc0\ub3d9\uc131\uc774 \ud070 \uae08\uc735 \uc11c\ube44\uc2a4 \ubd80\ubb38\uc5d0\uc11c\ub294 \uc9c0\uc18d \uac00\ub2a5\ud55c \uc218\uc775\uc131\uc774 \uc5ec\uc804\ud788 \ub9e4\uc6b0 \uc911\uc694\ud569\ub2c8\ub2e4.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\ube44\uad50\ud45c \u2013 \uae30\ud68c vs. \uc704\ud5d8<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\uc694\uc778<\/th><th>\uae30\ud68c<\/th><th>\uc704\ud5d8<\/th><\/tr><\/thead><tbody><tr><td>\uae30\uc5c5\uac00\uce58 \ud3c9\uac00(\uc8fc\uac00\uc218\uc775\ube44\uc728)<\/td><td>\ub9e4\ub825\uc801\uc73c\ub85c \ub0ae\uc740 \uc218\uce58(\uc57d 8.2)<\/td><td>\uce68\uccb4\ub41c \uc2dc\uc7a5\uc5d0\uc11c\uc758 \ub0ae\uc740 \uc131\uc7a5 \uc804\ub9dd<\/td><\/tr><tr><td>\ubc30\ub2f9 \uc815\ucc45<\/td><td>\ub192\uc740 \uc218\uc775\ub960, \uc8fc\uc8fc \uce5c\ud654\uc801<\/td><td>%\uc758 \uc9c0\uae09\ub960\uc774 75%\ub85c \uc81c\ud55c\ub418\uba74 \uc720\uc5f0\uc131\uc774 \ub5a8\uc5b4\uc9d1\ub2c8\ub2e4.<\/td><\/tr><tr><td>\ud615\ud3c9\uc131<\/td><td>\uc740\ud589 \ub9ac\uc2a4\ud06c \ub300\ube44 \uc790\uae08\uc774 \uac15\ud654\ub418\uc5c8\uc2b5\ub2c8\ub2e4.<\/td><td>\uac70\ub798\ub7c9\uc5d0 \ub300\ud55c \uc758\uc874\ub3c4\uac00 \uc5ec\uc804\ud788 \ub192\uc2b5\ub2c8\ub2e4.<\/td><\/tr><tr><td>\uc2dc\uc7a5 \ud658\uacbd<\/td><td>\ub192\uc740 \ubcc0\ub3d9\uc131 \uc18d\uc5d0\uc11c \uc218\uc775\uc744 \ub0b4\uc138\uc694<\/td><td>\uacbd\uc81c \uc0c1\ud669\uacfc \uc2ec\ub9ac\uc5d0 \ub530\ub77c \ub2ec\ub77c\uc9d1\ub2c8\ub2e4.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. \uacb0\ub860<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Lang &amp; Schwarz\ub294 \ud604\uc7ac \ub2e4\uc74c\uacfc \uac19\uc774 \uc18c\uac1c\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4. <strong>\uacac\uc2e4\ud55c \ubc1c\ud589\uc0ac\uc774\uba70 \ub9e4\ub825\uc801\uc778 \uae30\uc5c5\uac00\uce58\uc640 \ub192\uc740 \ubc30\ub2f9 \uc815\ucc45\uc744 \ubcf4\uc720\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/strong>. \ud604\uc7ac\ub85c\uc11c\ub294 \ubc1c\ud589\uc790 \uad00\ub828 \uc704\ud5d8\uc740 \ub69c\ub837\ud558\uac8c \ub098\ud0c0\ub098\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uadf8\ub7fc\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \ud22c\uc790\uc790\ub4e4\uc740... <strong>\uac70\ub798\ub7c9 \uc758\uc874\ub3c4 \ubc0f \ub192\uc740 \ubc30\ub2f9\ub960<\/strong> \uc2dc\uc7a5 \uce68\uccb4 \uc2dc \uc548\uc815\uc131\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce60 \uc218 \uc788\ub294 \uc774\ub7ec\ud55c \uc694\uc778\ub4e4\uc744 \uc8fc\uc2dc\ud558\uc2ed\uc2dc\uc624.<\/p>","protected":false},"excerpt":{"rendered":"<p>Fundamentalanalyse Lang &amp; Schwarz 1. Finanzkennzahlen 2. Gewinn- und Aussch\u00fcttungspolitik 3. Risikofaktoren 4. Chancen Bewertung des Emittentenrisikos Vergleichstabelle \u2013 Chancen vs. Risiken Faktor Chancen Risiken Bewertung (KGV) Attraktiv niedrig (ca. 8,2) Geringe Wachstumsfantasie bei stagnierenden M\u00e4rkten Dividendenpolitik Hohe Rendite, Aktion\u00e4rsfreundlich Aussch\u00fcttungsquote von 75 % reduziert Flexibilit\u00e4t Eigenmittel Fonds f\u00fcr Bankrisiken gest\u00e4rkt Abh\u00e4ngigkeit von Handelsvolumen bleibt [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[64],"tags":[276,394,128],"class_list":["post-1753","post","type-post","status-publish","format-standard","hentry","category-emittentenrisiko","tag-dividenden","tag-konjunktur","tag-volatilitaet","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. 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