# Morgans Capital Management

> Global equity research · Germany & Europe


## Posts

- [Hello world!](https://mcmln.com/hello-world/): Welcome to WordPress. This is your first post. Edit or delete it, then start writing!

## Pages

- [Christoph Niesel](https://mcmln.com/de-christoph-niesel/)
- [Unser Team](https://mcmln.com/de-team/)
- [Globale Perspektive](https://mcmln.com/de-global-perspective/)
- [Vereinigte Staaten](https://mcmln.com/de-united-states/)
- [Europa](https://mcmln.com/de-europe/)
- [Deutschland](https://mcmln.com/de-germany/)
- [Märkte im Überblick](https://mcmln.com/de-markets-overview/)
- [Risikomanagement-Research](https://mcmln.com/de-risk-research/)
- [Portfoliostrategie](https://mcmln.com/de-portfolio-strategy/)
- [Branchenanalyse](https://mcmln.com/de-sector-research/)
- [Makroökonomische Analyse](https://mcmln.com/de-macroeconomic-analysis/)
- [Unternehmensbewertung](https://mcmln.com/de-valuation/)
- [Unternehmensfundamentaldaten](https://mcmln.com/de-company-fundamentals/)
- [Globale Aktienanalyse](https://mcmln.com/de-global-equity-research/)
- [Research im Überblick](https://mcmln.com/de-research-overview/)
- [Unternehmensinformationen](https://mcmln.com/de-company-information/)
- [Research-Prozess](https://mcmln.com/de-research-process/)
- [Unsere Philosophie](https://mcmln.com/de-philosophy/)
- [Über MCM](https://mcmln.com/de-about/)
- [Start](https://mcmln.com/)
- [Gross exports, trade balances and the origin of value added](https://mcmln.com/en-value-added-trade/)
- [Metals inventory: the warehouse and the income statement move at different speeds](https://mcmln.com/en-metals-inventory/)
- [Earnings per share: distinguish a buyback from earnings growth](https://mcmln.com/en-dilution-and-buybacks/)
- [Bank deposits: a funding mix is not a repricing schedule](https://mcmln.com/en-bank-funding-repricing/)
- [Infrastructure discounting: whose return is being measured?](https://mcmln.com/en-infrastructure-discount-rates/)
- [Retail returns: why the cash balance can get ahead of sales](https://mcmln.com/en-retail-returns/)
- [A lower energy bill does not establish higher efficiency](https://mcmln.com/en-energy-intensity/)
- [Seasonal adjustment: add first, or adjust first?](https://mcmln.com/en-seasonal-adjustment/)
- [When inflation falls but the shopping basket does not get cheaper](https://mcmln.com/en-inflation-basket-weights/)
- [What did the first GDP estimate actually tell us?](https://mcmln.com/en-gdp-revisions/)
- [Tighter lending standards, growing loan books](https://mcmln.com/en-bank-lending-surveys/)
- [How can German factory output rise and fall in the same release?](https://mcmln.com/en-production-indices/)
- [When chip inventories rise without a recovery in demand](https://mcmln.com/en-semiconductor-inventories/)
- [What ten extra days at sea do to working capital](https://mcmln.com/en-freight-and-working-capital/)
- [US equipment orders and shipments can point in opposite directions](https://mcmln.com/en-orders-and-shipments/)
- [A US building permit is not a finished home](https://mcmln.com/en-housing-permits-and-completions/)
- [The freight train that misses its terminal slot](https://mcmln.com/en-european-freight-bottlenecks/)
- [From the power exchange to the factory gate](https://mcmln.com/en-industrial-power-costs/)
- [A German exporter’s dollar risk has a due date](https://mcmln.com/en-export-currency-exposure/)
- [What a quieter German machine shop can tell us](https://mcmln.com/en-industrial-capacity/)
- [Why a pension deficit moves when nobody retires](https://mcmln.com/en-pension-sensitivity/)
- [Can a larger order book really keep a factory busy?](https://mcmln.com/en-backlog-quality/)
- [Lease accounting: compare the numerator and denominator together](https://mcmln.com/en-leases-and-multiples/)
- [When slower stock turns become a margin problem](https://mcmln.com/en-inventory-ageing/)
- [Bruttoexporte, Handelssaldo und Herkunft der Wertschöpfung](https://mcmln.com/de-value-added-trade/)
- [Metallvorräte: Warum Lager und Ergebnis unterschiedlich schnell reagieren](https://mcmln.com/de-metals-inventory/)
- [Gewinn je Aktie: Rückkauf und Gewinnwachstum trennen](https://mcmln.com/de-dilution-and-buybacks/)
- [Bankeinlagen: Der Finanzierungsmix ist kein Zinsbindungsprofil](https://mcmln.com/de-bank-funding-repricing/)
- [Infrastruktur bewerten: Wessen Ertrag wird abgezinst?](https://mcmln.com/de-infrastructure-discount-rates/)
- [Retouren im Handel: Wenn das Geld dem Umsatz vorauseilt](https://mcmln.com/de-retail-returns/)
- [Was eine niedrigere Energierechnung über Effizienz aussagt](https://mcmln.com/de-energy-intensity/)
- [Saisonbereinigung: erst addieren oder erst bereinigen?](https://mcmln.com/de-seasonal-adjustment/)
- [Warum eine niedrigere Inflationsrate den Einkauf nicht billiger macht](https://mcmln.com/de-inflation-basket-weights/)
- [Was die erste BIP-Schätzung tatsächlich zeigte](https://mcmln.com/de-gdp-revisions/)
- [Strengere Kreditrichtlinien und trotzdem mehr Kredite](https://mcmln.com/de-bank-lending-surveys/)
- [Wie kann die deutsche Industrieproduktion zugleich steigen und fallen?](https://mcmln.com/de-production-indices/)
- [Wenn Chipbestände steigen, bevor die Nachfrage anzieht](https://mcmln.com/de-semiconductor-inventories/)
- [Was zehn zusätzliche Seetage an Kapital binden](https://mcmln.com/de-freight-and-working-capital/)
- [Warum US-Aufträge und Auslieferungen auseinanderlaufen](https://mcmln.com/de-orders-and-shipments/)
- [Eine US-Baugenehmigung ist noch keine fertige Wohnung](https://mcmln.com/de-housing-permits-and-completions/)
- [Wenn der Güterzug sein Zeitfenster am Terminal verpasst](https://mcmln.com/de-european-freight-bottlenecks/)
- [Vom Börsenstrompreis zur Marge im Werk](https://mcmln.com/de-industrial-power-costs/)
- [Das Dollarrisiko eines Exporteurs hat einen Fälligkeitstermin](https://mcmln.com/de-export-currency-exposure/)
- [Was unausgelastete Maschinen über die Marge verraten](https://mcmln.com/de-industrial-capacity/)
- [Warum sich ein Pensionsdefizit ohne neue Rentenfälle ändert](https://mcmln.com/de-pension-sensitivity/)
- [Wie viel Auslastung steckt im Auftragsbestand?](https://mcmln.com/de-backlog-quality/)
- [Leasing beim Unternehmensvergleich: Zähler und Nenner abstimmen](https://mcmln.com/de-leases-and-multiples/)
- [Wann langsamer Lagerumschlag die Marge belastet](https://mcmln.com/de-inventory-ageing/)
- [What the terminal value assumes about reinvestment](https://mcmln.com/en-valuation-uncertainty/)
- [Finding concentration behind a diversified list of holdings](https://mcmln.com/en-diversification/)
- [From an ECB rate cut to a company’s interest bill](https://mcmln.com/en-macro-and-earnings/)
- [What is left after the operating cash comes in?](https://mcmln.com/en-cashflow/)
- [Two contracts, two cash cycles](https://mcmln.com/en-business-models/)
- [Reading earnings across European markets](https://mcmln.com/en-german-european-equities/)
- [Risk Information](https://mcmln.com/en-risk-information/)
- [Terms of Use](https://mcmln.com/en-terms/)
- [Privacy Policy](https://mcmln.com/en-privacy/)
- [Resources](https://mcmln.com/en-resources/)
- [Frequently Asked Questions](https://mcmln.com/en-faq/)
- [Contact](https://mcmln.com/en-contact/)
- [Industry & market news](https://mcmln.com/en-company-news/)
- [Market Perspectives](https://mcmln.com/en-market-perspectives/)
- [Insights](https://mcmln.com/en-insights/)
- [Lena Hoffmann](https://mcmln.com/en-lena-hoffmann/)
- [Christoph Niesel](https://mcmln.com/en-christoph-niesel/)
- [Our Team](https://mcmln.com/en-team/)
- [Global Perspective](https://mcmln.com/en-global-perspective/)
- [United States](https://mcmln.com/en-united-states/)
- [Europe](https://mcmln.com/en-europe/)
- [Germany](https://mcmln.com/en-germany/)
- [Markets Overview](https://mcmln.com/en-markets-overview/)
- [Risk Management Research](https://mcmln.com/en-risk-research/)
- [Portfolio Strategy](https://mcmln.com/en-portfolio-strategy/)
- [Sector Research](https://mcmln.com/en-sector-research/)
- [Macroeconomic Analysis](https://mcmln.com/en-macroeconomic-analysis/)
- [Company Valuation](https://mcmln.com/en-valuation/)
- [Company Fundamentals](https://mcmln.com/en-company-fundamentals/)
- [Global Equity Research](https://mcmln.com/en-global-equity-research/)
- [Research Overview](https://mcmln.com/en-research-overview/)
- [Company Information](https://mcmln.com/en-company-information/)
- [Research Process](https://mcmln.com/en-research-process/)
- [Research Philosophy](https://mcmln.com/en-philosophy/)
- [About MCM](https://mcmln.com/en-about/)
- [Home](https://mcmln.com/en-home/)
- [Welche Reinvestitionen im Endwert stecken](https://mcmln.com/de-valuation-uncertainty/)
- [Klumpenrisiken hinter vielen einzelnen Positionen](https://mcmln.com/de-diversification/)
- [Vom EZB-Zinsschritt zum Zinsaufwand eines Unternehmens](https://mcmln.com/de-macro-and-earnings/)
- [Was nach dem operativen Mittelzufluss übrig bleibt](https://mcmln.com/de-cashflow/)
- [Zwei Verträge, zwei Zahlungszyklen](https://mcmln.com/de-business-models/)
- [Europäische Unternehmensergebnisse vergleichbar machen](https://mcmln.com/de-german-european-equities/)
- [Risikoinformationen](https://mcmln.com/de-risk-information/)
- [Nutzungsbedingungen](https://mcmln.com/de-terms/)
- [Datenschutzerklärung](https://mcmln.com/de-privacy/)
- [Ressourcen](https://mcmln.com/de-resources/)
- [Häufige Fragen](https://mcmln.com/de-faq/)
- [Kontakt](https://mcmln.com/de-contact/)
- [Branchen- und Marktnachrichten](https://mcmln.com/de-company-news/)
- [Marktperspektiven](https://mcmln.com/de-market-perspectives/)
- [Einblicke](https://mcmln.com/de-insights/)
- [Lena Hoffmann](https://mcmln.com/de-lena-hoffmann/)


[comment]: # (Generated by Hostinger Tools Plugin)