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Despondent DAX

机译：失望的DAX

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THE DAX INDEX of Germany's 30 most valuable listed companies holds up a mirror to the world's fourth-biggest economy. The reflection isn't pretty. In mid-March the average "price-to-book" ratio of DAX firms' market capitalisation to the book value of their assets fell below one, which has previously only happened in 2009 and 2011, amid the global financial crisis and the euro crisis, respectively. It is now hovering barely above one. The pandemic has hit all of the world's big stockmarkets. But it is shining a particularly brutal light on the weaknesses of Germany's flagship index, which has underperformed those in other advanced markets (see chart). On April 29th Volkswagen, Europe's biggest carmaker (price-to-book ratio: 0.6) reported that its operating profit sank by 81% in the first quarter, year on year. The day before Lufthansa, which is trading at two-fifths of book value, said it may seek bankruptcy protection, as talks with the government over aid for the airline stalled. Days earlier Deutsche Bank reported a 67% fall in quarterly profits. That this beat analysts' estimates is damning with faint praise. Its ratio of 0.2 suggests investors don't think much of its prospects.
机译：德国30家最有价值的上市公司的DAX指数反映了世界第四大经济体。反射不漂亮。 3月中旬，在全球金融危机和欧元危机的背景下，DAX公司市值与资产账面价值的平均“市账率”跌破1，该水平此前仅在2009年和2011年发生过， 分别。现在它几乎徘徊在一个之上。大流行已经袭击了世界上所有的大型股市。但是，这对德国旗舰指数的弱点发出了特别残酷的光芒，该指数的表现落后于其他发达市场的指数（见图表）。欧洲最大的汽车制造商大众（4月29日市净率：0.6）报告说，其第一季度的营业利润同比下降了81％。汉莎航空的前一天交易价格为账面价值的五分之二。该公司表示，由于与政府就该航空公司提供援助的谈判陷入僵局，它可能寻求破产保护。几天前，德意志银行公布季度利润下降了67％。超出分析师预期的这一点令人fa愧。该比率为0.2，表明投资者不太看好其前景。

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    《The economist》 |2020年第9192期|52-52|共1页
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