{"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":"%d9%88%db%8c%da%a9%db%8c-%d9%81%d9%88%d9%84%db%8c%d9%88-%d8%b3%d8%b1%d9%b9%db%8c%d9%81%da%a9%db%8c%d9%b9-%da%a9%db%92-%d8%b3%d8%a7%d8%aa%da%be-%d8%ac%d8%a7%d8%b1%db%8c-%da%a9%d8%b1%d9%86%db%92-%d9%88","status":"publish","type":"page","link":"https:\/\/mueckinvest.com\/ur\/emittentenrisiko-bei-wikifolio-zertifikaten\/","title":{"rendered":"Wikifolio \u0633\u0631\u0679\u06cc\u0641\u06a9\u06cc\u0679 \u06a9\u06d2 \u0633\u0627\u062a\u06be \u062c\u0627\u0631\u06cc \u06a9\u0631\u0646\u06d2 \u0648\u0627\u0644\u0627 \u062e\u0637\u0631\u06c1"},"content":{"rendered":"<p class=\"wp-block-paragraph\">\u0642\u0627\u0646\u0648\u0646\u06cc \u0637\u0648\u0631 \u067e\u0631\u060c Wikifolio \u0633\u0631\u0679\u06cc\u0641\u06a9\u06cc\u0679 \u0642\u0631\u0636 \u06a9\u06cc \u0636\u0645\u0627\u0646\u062a\u06cc\u06ba \u06c1\u06cc\u06ba \u062c\u0648... <strong>Lang &amp; Schwarz Aktiengesellschaft (L&amp;S)<\/strong>. \u0633\u0631\u0679\u06cc\u0641\u06a9\u06cc\u0679 \u062e\u0631\u06cc\u062f \u06a9\u0631\u060c \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631 \u062c\u0627\u0631\u06cc \u06a9\u0646\u0646\u062f\u06c1 \u06a9\u06d2 \u0642\u0631\u0636 \u062f\u06c1\u0646\u062f\u06c1 \u0628\u0646 \u062c\u0627\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4 \u06cc\u06c1 \u0639\u0627\u0645 \u0637\u0648\u0631 \u067e\u0631 \u0627\u06cc\u06a9 \u062a\u062e\u0644\u06cc\u0642 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4 <em>\u062c\u0627\u0631\u06cc \u06a9\u0631\u0646\u06d2 \u0648\u0627\u0644\u0627 \u062e\u0637\u0631\u06c1<\/em>, \u060c \u06cc\u0639\u0646\u06cc \u062c\u0627\u0631\u06cc \u06a9\u0646\u0646\u062f\u06c1 \u06a9\u06d2 \u062f\u06cc\u0648\u0627\u0644\u06cc\u06c1 \u06c1\u0648\u0646\u06d2 \u06a9\u0627 \u062e\u0637\u0631\u06c1\u06d4.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0627\u0633 \u062e\u0637\u0631\u06d2 \u06a9\u0648 \u06a9\u0645 \u06a9\u0631\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2\u060c L&amp;S \u0646\u06d2 a <strong>\u0645\u0639\u0627\u06c1\u062f\u06d2 \u06a9\u06d2 \u062a\u062d\u062a \u0645\u062a\u0641\u0642\u06c1 \u062d\u0644<\/strong> \u0645\u062a\u0639\u0627\u0631\u0641 \u06a9\u0631\u0627\u06cc\u0627\u06d4 \u0628\u0642\u0627\u06cc\u0627 \u0648\u06a9\u06cc \u0641\u0648\u0644\u06cc\u0648 \u0633\u0631\u0679\u06cc\u0641\u06cc\u06a9\u06cc\u0679\u0633 \u0633\u06d2 \u067e\u06cc\u062f\u0627 \u06c1\u0648\u0646\u06d2 \u0648\u0627\u0644\u06cc \u0630\u0645\u06c1 \u062f\u0627\u0631\u06cc\u0648\u06ba \u06a9\u0648 \u067e\u0648\u0631\u0627 \u06a9\u0631\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0631\u06a9\u06be\u06d2 \u06af\u0626\u06d2 \u062a\u0645\u0627\u0645 \u0633\u06cc\u06a9\u06cc\u0648\u0631\u0679\u06cc\u0632 \u0627\u0648\u0631 \u0646\u0642\u062f \u0627\u06a9\u0627\u0624\u0646\u0679\u0633 \u06a9\u0648 \u0636\u0645\u0627\u0646\u062a \u06a9\u06d2 \u0637\u0648\u0631 \u067e\u0631 \u06af\u0631\u0648\u06cc \u0631\u06a9\u06be\u0627 \u062c\u0627\u062a\u0627 \u06c1\u06d2\u06d4 \u0627\u06cc\u06a9 \u0622\u0632\u0627\u062f \u0679\u0631\u0633\u0679\u06cc \u0628\u0627\u0642\u0627\u0639\u062f\u06af\u06cc \u0633\u06d2 \u0636\u0645\u0627\u0646\u062a \u06a9\u06cc \u0646\u06af\u0631\u0627\u0646\u06cc \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4 \u06cc\u06c1 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u0648\u06ba \u06a9\u0648 \u062c\u0627\u0631\u06cc \u06a9\u0646\u0646\u062f\u06c1 \u06a9\u06d2 \u062e\u0637\u0631\u06d2 \u0633\u06d2 \u0628\u0686\u0627\u062a\u0627 \u06c1\u06d2\u06d4 <strong><a href=\"https:\/\/help.wikifolio.com\/article\/86-wie-sicher-sind-investitionen-in-wikifolio-zertifikate\" title=\"\">\u0628\u0691\u06d2 \u067e\u06cc\u0645\u0627\u0646\u06d2 \u067e\u0631 \u0645\u062d\u0641\u0648\u0638<\/a><\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u062c\u0627\u0631\u06cc \u06a9\u0646\u0646\u062f\u06c1 \u06a9\u06d2 \u062e\u0637\u0631\u06d2 \u06a9\u0627 \u062a\u0641\u0635\u06cc\u0644\u06cc \u062a\u062c\u0632\u06cc\u06c1 - \u0628\u0634\u0645\u0648\u0644 \u06cc\u06c1 \u06a9\u06c1 \u06a9\u0633 \u0637\u0631\u062d \u06a9\u0648\u0644\u06cc\u0679\u0631\u0644 \u06a9\u0627\u0645 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u060c \u0645\u0645\u06a9\u0646\u06c1 \u0645\u0646\u0638\u0631\u0646\u0627\u0645\u06d2\u060c \u0627\u0648\u0631 \u062e\u0637\u0631\u06d2 \u06a9\u06d2 \u0637\u0648\u0644 \u0648 \u0639\u0631\u0636 - \u062c\u0627\u0645\u0639 \u06af\u06c1\u0631\u06d2 \u063a\u0648\u0637\u06c1 \u0645\u06cc\u06ba \u067e\u0627\u06cc\u0627 \u062c\u0627 \u0633\u06a9\u062a\u0627 \u06c1\u06d2\u06d4 \ud83d\udc49 <strong><a href=\"https:\/\/mueckinvest.com\/ur\/%f0%9f%93%89-%d9%88%db%8c%da%a9%db%8c-%d9%81%d9%88%d9%84%db%8c%d9%88-%d8%b3%d8%b1%d9%b9%db%8c%d9%81%da%a9%db%8c%d9%b9%d8%b3-%da%a9%db%92-%d8%b3%d8%a7%d8%aa%da%be-%d8%ac%d8%a7%d8%b1%db%8c-%da%a9%d9%86\/\" title=\"\ud83d\udcc9 \u0648\u06a9\u06cc \u0641\u0648\u0644\u06cc\u0648 \u0633\u0631\u0679\u06cc\u0641\u06a9\u06cc\u0679\u0633 \u06a9\u06d2 \u0633\u0627\u062a\u06be \u062c\u0627\u0631\u06cc \u06a9\u0631\u0646\u06d2 \u0648\u0627\u0644\u06d2 \u06a9\u0627 \u062e\u0637\u0631\u06c1\">\u06af\u06c1\u0631\u0627 \u063a\u0648\u0637\u06c1: \u062c\u0627\u0631\u06cc \u06a9\u0631\u0646\u06d2 \u0648\u0627\u0644\u0627 \u062e\u0637\u0631\u06c1<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u062a\u062c\u0627\u0631\u062a \u0627\u0648\u0631 \u0634\u0641\u0627\u0641\u06cc\u062a<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0648\u06a9\u06cc \u0641\u0648\u0644\u06cc\u0648 \u0633\u0631\u0679\u06cc\u0641\u06a9\u06cc\u0679 \u062e\u0635\u0648\u0635\u06cc \u0637\u0648\u0631 \u067e\u0631 \u062c\u0627\u0631\u06cc \u06a9\u06cc\u06d2 \u062c\u0627\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4 <strong>Stuttgart Stock Exchange (EUWAX)<\/strong> \u062a\u062c\u0627\u0631\u062a \u06a9\u06cc.<\/li>\n\n\n\n<li>\u0646\u06c1 \u06c1\u06cc wikifolio.com \u0627\u0648\u0631 \u0646\u06c1 \u06c1\u06cc \u062a\u0627\u062c\u0631 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u0648\u06ba \u06a9\u06d2 \u0641\u0646\u0688\u0632 \u0648\u0635\u0648\u0644 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4 \u062c\u0627\u0631\u06cc \u06a9\u0646\u0646\u062f\u06c1 \u0635\u0631\u0641 L&amp;S \u06c1\u06d2\u06d4.<\/li>\n\n\n\n<li>\u06a9\u0648\u0644\u06cc\u0679\u0631\u0644 \u062d\u0644 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u0648\u06ba \u06a9\u06d2 \u0644\u06cc\u06d2 \u0645\u0641\u062a \u06c1\u06d2 \u0627\u0648\u0631 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06cc \u062d\u0641\u0627\u0638\u062a \u06a9\u0648 \u0628\u0691\u06be\u0627\u062a\u0627 \u06c1\u06d2\u06d4<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u0633\u06c1 \u0645\u0627\u06c1\u06cc \u062a\u0634\u062e\u06cc\u0635<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u0633\u0631\u06a9\u0627\u0631\u06cc L&amp;S \u0636\u0648\u0627\u0628\u0637 \u06a9\u06d2 \u0639\u0644\u0627\u0648\u06c1 \u0627\u0648\u0631 <a href=\"http:\/\/wikifolio.com\" title=\"\">wikifolio.com<\/a> \u0634\u0627\u0626\u0639 \u06a9\u0631\u0648\u06ba \u06af\u0627\u06d4 <strong>\u0633\u06c1 \u0645\u0627\u06c1\u06cc \u0630\u0627\u062a\u06cc \u062c\u0627\u0626\u0632\u06d2<\/strong> \u0645\u0648\u062c\u0648\u062f\u06c1 \u062e\u0637\u0631\u06d2 \u06a9\u06cc \u0635\u0648\u0631\u062a\u062d\u0627\u0644 \u06a9\u06d2 \u0628\u0627\u0631\u06d2 \u0645\u06cc\u06ba\u06d4 \u06cc\u06c1 \u062a\u062c\u0632\u06cc\u06d2 \u0627\u0636\u0627\u0641\u06cc \u0631\u06c1\u0646\u0645\u0627\u0626\u06cc \u06a9\u06d2 \u0637\u0648\u0631 \u067e\u0631 \u06a9\u0627\u0645 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba \u0627\u0648\u0631 \u0636\u0645\u06cc\u0645\u06c1 \u0645\u06cc\u06ba \u0641\u0631\u0627\u06c1\u0645 \u06a9\u06cc\u06d2 \u06af\u0626\u06d2 \u06c1\u06cc\u06ba\u06d4 \u0648\u06c1 L&amp;S \u06cc\u0627 wikifolio.com \u0633\u06d2 \u0633\u0631\u06a9\u0627\u0631\u06cc \u0645\u0639\u0644\u0648\u0645\u0627\u062a \u06a9\u0648 \u062a\u0628\u062f\u06cc\u0644 \u0646\u06c1\u06cc\u06ba \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u060c \u0644\u06cc\u06a9\u0646 \u0627\u06cc\u06a9 \u0622\u0632\u0627\u062f \u0646\u0642\u0637\u06c1 \u0646\u0638\u0631 \u06a9\u06d2 \u0633\u0627\u062a\u06be \u0627\u0633 \u06a9\u06cc \u062a\u06a9\u0645\u06cc\u0644 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4.<\/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\/ur\/emittentenrisiko-juli-2026\/\">Emittentenrisiko: Juli 2026<\/a>\n                    <\/li><li data-year=\"2026\">\n                        <a href=\"https:\/\/mueckinvest.com\/ur\/emittentenrisiko-april-2026\/\">\u062c\u0627\u0631\u06cc \u06a9\u0646\u0646\u062f\u06c1 \u06a9\u0627 \u062e\u0637\u0631\u06c1: \u0627\u067e\u0631\u06cc\u0644 2026<\/a>\n                    <\/li><li data-year=\"2026\">\n                        <a href=\"https:\/\/mueckinvest.com\/ur\/jan-26-einschaetzung-des-emittenrisikos\/\">\u062c\u0627\u0631\u06cc \u06a9\u0646\u0646\u062f\u06c1 \u06a9\u0627 \u062e\u0637\u0631\u06c1: \u062c\u0646\u0648\u0631\u06cc 2026<\/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. 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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\/ur\/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. 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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