View ValuationDamartex 향후 성장Future 기준 점검 3/6Damartex (는) 각각 연간 110.9% 및 0.2% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 146.8% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 2.6% 로 예상됩니다.핵심 정보110.9%이익 성장률146.81%EPS 성장률Luxury 이익 성장13.6%매출 성장률0.2%향후 자기자본이익률2.56%애널리스트 커버리지Low마지막 업데이트12 Mar 2026최근 향후 성장 업데이트업데이트 없음모든 업데이트 보기Recent updatesBuy Or Sell Opportunity • May 12Now 33% overvalued after recent price riseOver the last 90 days, the stock has risen 3.6% to €2.28. The fair value is estimated to be €1.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to decline by 0.4% in a year. Earnings are forecast to grow by 80% in the next year.Buy Or Sell Opportunity • Apr 22Now 21% overvaluedOver the last 90 days, the stock has fallen 25% to €2.36. The fair value is estimated to be €1.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to decline by 0.4% in a year. Earnings are forecast to grow by 80% in the next year.Buy Or Sell Opportunity • Mar 20Now 27% overvaluedOver the last 90 days, the stock has fallen 15% to €2.46. The fair value is estimated to be €1.94, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to decline by 0.4% in a year. Earnings are forecast to grow by 80% in the next year.Buy Or Sell Opportunity • Nov 10Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 1.6% to €3.68. The fair value is estimated to be €4.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 24%. Revenue is forecast to grow by 2.0% in 2 years. Earnings are forecast to grow by 90% in the next 2 years.Reported Earnings • Nov 04Full year 2025 earnings released: €1.57 loss per share (vs €2.96 loss in FY 2024)Full year 2025 results: €1.57 loss per share (improved from €2.96 loss in FY 2024). Revenue: €521.2m (down 1.5% from FY 2024). Net loss: €15.1m (loss narrowed 55% from FY 2024). Revenue is forecast to grow 1.0% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings.공시 • Oct 16Damartex, Annual General Meeting, Nov 20, 2025Damartex, Annual General Meeting, Nov 20, 2025. Location: 160 boulevard de fourmies, roubaix FranceNew Risk • Sep 28New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (€2.9m net loss in 2 years). Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (€40.7m market cap, or US$47.6m).New Risk • Sep 22New minor risk - ProfitabilityThe company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €25m Forecast net loss in 2 years: €2.9m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€2.9m net loss in 2 years). Share price has been volatile over the past 3 months (9.7% average weekly change). Market cap is less than US$100m (€41.6m market cap, or US$49.0m).New Risk • May 26New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (€46.1m market cap, or US$52.5m).Reported Earnings • Mar 12First half 2025 earnings released: €0.36 loss per share (vs €1.11 loss in 1H 2024)First half 2025 results: €0.36 loss per share (improved from €1.11 loss in 1H 2024). Revenue: €284.6m (down 2.9% from 1H 2024). Net loss: €2.54m (loss narrowed 80% from 1H 2024). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 29 percentage points per year, which is a significant difference in performance.New Risk • Sep 21New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (€53.6m market cap, or US$59.9m).공시 • Sep 11Damartex, Annual General Meeting, Nov 21, 2024Damartex, Annual General Meeting, Nov 21, 2024.New Risk • Aug 18New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (€35.4m market cap, or US$39.0m).Reported Earnings • Mar 11First half 2024 earnings releasedFirst half 2024 results: Revenue: €292.9m (down 20% from 1H 2023). Net loss: €12.7m (loss widened 347% from 1H 2023). Revenue is expected to decline by 1.6% p.a. on average during the next 2 years, while revenues in the Luxury industry in Europe are expected to grow by 7.3%.New Risk • Mar 08New minor risk - ProfitabilityThe company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: €47m Forecast net loss in 1 year: €2.2m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (€2.2m net loss next year). Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (€40.7m market cap, or US$44.5m).Reported Earnings • Sep 08Full year 2023 earnings releasedFull year 2023 results: Revenue: €650.4m (down 9.5% from FY 2022). Net loss: €32.6m (loss widened 463% from FY 2022). Revenue is expected to decline by 1.6% p.a. on average during the next 2 years, while revenues in the Luxury industry in Germany are expected to grow by 7.2%.Reported Earnings • Sep 09Full year 2022 earnings releasedFull year 2022 results: Revenue: €719.0m (down 5.9% from FY 2021). Net loss: €5.80m (down 136% from profit in FY 2021). Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 7.7% growth forecast for the Luxury industry in Germany.Valuation Update With 7 Day Price Move • Aug 25Investor sentiment deteriorated over the past weekAfter last week's 19% share price decline to €10.20, the stock trades at a forward P/E ratio of 87x. Average forward P/E is 18x in the Luxury industry in Germany.Valuation Update With 7 Day Price Move • Jul 26Investor sentiment deteriorated over the past weekAfter last week's 15% share price decline to €10.10, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 19x in the Luxury industry in Germany.Valuation Update With 7 Day Price Move • Jul 11Investor sentiment deteriorated over the past weekAfter last week's 15% share price decline to €11.05, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 18x in the Luxury industry in Germany.Reported Earnings • Mar 11First half 2022 earnings: Revenues in line with analyst expectationsFirst half 2022 results: Revenue: €401.7m (flat on 1H 2021). Net income: €9.30m (down 16% from 1H 2021). Profit margin: 2.3% (down from 2.7% in 1H 2021). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 3.0%, compared to a 4.9% growth forecast for the industry in Germany.이익 및 매출 성장 예측BST:6C3 - 애널리스트 향후 추정치 및 과거 재무 데이터 (EUR Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수6/30/2028518363716/30/2027515023316/30/2026512-6927112/31/2025516-143043N/A9/30/2025519-152537N/A6/30/2025521-152031N/A3/31/2025520-172939N/A12/31/2024518-203947N/A9/30/2024521-243140N/A6/30/2024524-282433N/A12/31/2023546-38214N/A9/30/2023567-32013N/A6/30/2023587-25-212N/A3/31/2023633-21-17-2N/A12/31/2022649-14-39-24N/A9/30/2022684-10-36-20N/A6/30/2022719-6-33-16N/A3/31/20227414-410N/A12/31/2021764142536N/A9/30/2021764153949N/A6/30/2021764165362N/A3/31/2021733-174858N/A12/31/2020703-504354N/A9/30/2020694-553143N/A6/30/2020686-591932N/A3/31/2020704-442135N/A12/31/2019721-292338N/A9/30/2019721-31N/A30N/A6/30/2019720-33N/A23N/A3/31/2019726-17N/A22N/A12/31/2018732-1N/A20N/A9/30/20187436N/A25N/A6/30/201875513N/A30N/A3/31/201876715N/A23N/A12/31/201777916N/A16N/A9/30/201777716N/A20N/A6/30/201777516N/A23N/A3/31/201775317N/A23N/A12/31/201673018N/A22N/A9/30/201672418N/A20N/A6/30/201671719N/A18N/A3/31/201671720N/A18N/A12/31/201571620N/A19N/A9/30/201570619N/A23N/A6/30/201569517N/A27N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: 6C3 은 향후 3년 동안 수익을 낼 것으로 예상되며, 이는 절약률(1.9%)보다 빠른 성장으로 간주됩니다.수익 vs 시장: 6C3 (는) 향후 3년 동안 평균 시장 성장보다 높은 수익을 올릴 것으로 예상됩니다.고성장 수익: 6C3 향후 3년 내에 수익을 낼 것으로 예상됩니다.수익 대 시장: 6C3 의 수익(연간 0.2%)이 German 시장(연간 6.8%)보다 느리게 성장할 것으로 예상됩니다.고성장 매출: 6C3 의 수익(연간 0.2%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: 6C3의 자본 수익률은 3년 후 2.6%로 낮을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YConsumer-durables 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/22 20:52종가2026/05/22 00:00수익2025/12/31연간 수익2025/06/30데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Damartex는 5명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Henning EsskuchenErste Group Bank AGNicolas RoyotPortzamparc BNP ParibasMaxence DhouryPortzamparc BNP Paribas2명의 분석가 더 보기
Buy Or Sell Opportunity • May 12Now 33% overvalued after recent price riseOver the last 90 days, the stock has risen 3.6% to €2.28. The fair value is estimated to be €1.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to decline by 0.4% in a year. Earnings are forecast to grow by 80% in the next year.
Buy Or Sell Opportunity • Apr 22Now 21% overvaluedOver the last 90 days, the stock has fallen 25% to €2.36. The fair value is estimated to be €1.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to decline by 0.4% in a year. Earnings are forecast to grow by 80% in the next year.
Buy Or Sell Opportunity • Mar 20Now 27% overvaluedOver the last 90 days, the stock has fallen 15% to €2.46. The fair value is estimated to be €1.94, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to decline by 0.4% in a year. Earnings are forecast to grow by 80% in the next year.
Buy Or Sell Opportunity • Nov 10Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 1.6% to €3.68. The fair value is estimated to be €4.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 24%. Revenue is forecast to grow by 2.0% in 2 years. Earnings are forecast to grow by 90% in the next 2 years.
Reported Earnings • Nov 04Full year 2025 earnings released: €1.57 loss per share (vs €2.96 loss in FY 2024)Full year 2025 results: €1.57 loss per share (improved from €2.96 loss in FY 2024). Revenue: €521.2m (down 1.5% from FY 2024). Net loss: €15.1m (loss narrowed 55% from FY 2024). Revenue is forecast to grow 1.0% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings.
공시 • Oct 16Damartex, Annual General Meeting, Nov 20, 2025Damartex, Annual General Meeting, Nov 20, 2025. Location: 160 boulevard de fourmies, roubaix France
New Risk • Sep 28New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (€2.9m net loss in 2 years). Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (€40.7m market cap, or US$47.6m).
New Risk • Sep 22New minor risk - ProfitabilityThe company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €25m Forecast net loss in 2 years: €2.9m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€2.9m net loss in 2 years). Share price has been volatile over the past 3 months (9.7% average weekly change). Market cap is less than US$100m (€41.6m market cap, or US$49.0m).
New Risk • May 26New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (€46.1m market cap, or US$52.5m).
Reported Earnings • Mar 12First half 2025 earnings released: €0.36 loss per share (vs €1.11 loss in 1H 2024)First half 2025 results: €0.36 loss per share (improved from €1.11 loss in 1H 2024). Revenue: €284.6m (down 2.9% from 1H 2024). Net loss: €2.54m (loss narrowed 80% from 1H 2024). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 29 percentage points per year, which is a significant difference in performance.
New Risk • Sep 21New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (€53.6m market cap, or US$59.9m).
공시 • Sep 11Damartex, Annual General Meeting, Nov 21, 2024Damartex, Annual General Meeting, Nov 21, 2024.
New Risk • Aug 18New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (€35.4m market cap, or US$39.0m).
Reported Earnings • Mar 11First half 2024 earnings releasedFirst half 2024 results: Revenue: €292.9m (down 20% from 1H 2023). Net loss: €12.7m (loss widened 347% from 1H 2023). Revenue is expected to decline by 1.6% p.a. on average during the next 2 years, while revenues in the Luxury industry in Europe are expected to grow by 7.3%.
New Risk • Mar 08New minor risk - ProfitabilityThe company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: €47m Forecast net loss in 1 year: €2.2m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (€2.2m net loss next year). Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (€40.7m market cap, or US$44.5m).
Reported Earnings • Sep 08Full year 2023 earnings releasedFull year 2023 results: Revenue: €650.4m (down 9.5% from FY 2022). Net loss: €32.6m (loss widened 463% from FY 2022). Revenue is expected to decline by 1.6% p.a. on average during the next 2 years, while revenues in the Luxury industry in Germany are expected to grow by 7.2%.
Reported Earnings • Sep 09Full year 2022 earnings releasedFull year 2022 results: Revenue: €719.0m (down 5.9% from FY 2021). Net loss: €5.80m (down 136% from profit in FY 2021). Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 7.7% growth forecast for the Luxury industry in Germany.
Valuation Update With 7 Day Price Move • Aug 25Investor sentiment deteriorated over the past weekAfter last week's 19% share price decline to €10.20, the stock trades at a forward P/E ratio of 87x. Average forward P/E is 18x in the Luxury industry in Germany.
Valuation Update With 7 Day Price Move • Jul 26Investor sentiment deteriorated over the past weekAfter last week's 15% share price decline to €10.10, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 19x in the Luxury industry in Germany.
Valuation Update With 7 Day Price Move • Jul 11Investor sentiment deteriorated over the past weekAfter last week's 15% share price decline to €11.05, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 18x in the Luxury industry in Germany.
Reported Earnings • Mar 11First half 2022 earnings: Revenues in line with analyst expectationsFirst half 2022 results: Revenue: €401.7m (flat on 1H 2021). Net income: €9.30m (down 16% from 1H 2021). Profit margin: 2.3% (down from 2.7% in 1H 2021). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 3.0%, compared to a 4.9% growth forecast for the industry in Germany.