DÜSSELDORF (dpa-AFX) - Numerous companies have lost out on the stock market in recent years and are giving their shareholders little joy. This is particularly true of the real estate sector. The Deutsche Schutzvereinigung für Wertpapierbesitz (DSW) counts Corestate Capital Holding SA and Adler Group among the biggest "capital destroyers" of recent years. Groups from Germany's top stock market league are also on the 50-company negative list for 2022, which DSW presented on Thursday.

It is a warning signal "that you should take seriously as a shareholder if one of the companies you have in your portfolio appears on a DSW watchlist," said DSW CEO Marc Tüngler. "Companies that were already struggling before the Corona crisis are finding themselves in a particularly precarious situation," Tüngler warned. "Those who have had problems with their business model so far will have them all the more in 2023." With the ongoing war in Ukraine, the problems would be potentiated and deepened.

At the top of the DSW flops is Corestate Capital Holding SA. The stock of the real estate investment manager and co-investor lost significant value over both the one-year (down 96 percent), three-year (down 99 percent) and five-year (down 99 percent) horizons. In the past five years, the share price has almost atomized from 50 euros to currently around 45 cents, Tüngler said. In second place in the negative evaluation was the Adler Group.

"In the real estate industry, it burns in many places. With the top 1 and the top 2 of our Watchlist 2022 this applies again quite particularly," said Tüngler. The real estate sector is generally under pressure in view of increased interest rates and high construction costs. However, Dax companies such as automotive supplier Continental (ranked 34) and healthcare group Fresenius SE (ranked 47) are also on the negative list.

Another evaluation, which also takes dividend payments into account, is also headed by the two companies in the real estate sector. The values of the two lists are almost identical, the companies usually do not pay dividends, "because the business model no longer works well or at least temporarily not very well," Tüngler explained.

Banks, which were strongly represented in the past, are no longer on the negative list. The share price losses had not deepened in recent years to such an extent that they would appear on the list again, DSW explained./mar/DP/zb