Investieren in Wachstum, Dividenden oder Aktienrückkäufe?

Investment-Tipps, Anleitung & Mehr

Dividenden

Dieser Artikel zeigt, wieso man an einer Dividende allein noch kein gutes Investment erkennt, und wie Unternehmens-Gewinne sinnvoll verwendet werden können.


Einleitung:

Immer wieder werden Aktien aufgrund einer hohen Dividende gekauft, vor allem weil fälschlicher Weise davon ausgegangen wird, dass die Dividendenrendite direkt auf die Gesamtrendite addiert werden kann. In diesem Artikel soll gezeigt werden was bei Dividenden zu beachten ist, und wie der Unternehmensgewinn sonst eingesetzt werden kann.


Wofür sollten Unternehmensgewinne verwendet werden?

Die Frage, wofür Gewinne verwendet werden sollen hängt stark damit zusammen in welcher Phase des Lebenszykluses sich das Unternehmen befindet.

Zuerst werden die vier wichtigsten Optionen, die sich einem Unternehmen bieten, um seinen Gewinn zu verwenden, betrachtet. Dabei bietet jede Methode natürlich Vor- und Nachteile, und auch die Kombination mehrere Methoden kann sinnvoll sein.

Wachstum durch Reinvestition:

Die erste Möglichkeit ist den Gewinn zu reinvestiert und somit das Unternehmens-Wachstum zu fördern. Dieses Vorgehen finden wir bei sogenannten „Growth-Aktien“ wie bspw. Amazon. Um sein Wachstum zu finanzieren muss das Unternehmen meistens nicht nur den Gewinn einbehalten, sondern zusätzlich Geld am Kapitalmarkt leihen. Diese Unternehmen können das Geld also investieren um den Unternehmenswert langfristig zu steigern. Diese Strategie findet sich meistens bei Unternehmen im Entwicklungs-/Wachstumsstadium.

Gewinnausschüttung – Dividende:

Verdient ein Unternehmen mehr Geld als es für die Entwicklungs- und Betriebskosten benötigt kann eine Dividende gezahlt werden.  Sinnvoll ist diese Strategie vor allem dann, wenn der Gewinn im Unternehmen den Aktionären eine geringere Rendite bietet, als ein alternatives Investment.

Ein bekanntes Beispiel hierfür ist die Coca Cola Company. Der Konzern hat bereits einen so großen Marktanteil, dass dieser durch Investitionen kaum noch gesteigert werden kann. Daher werden die Gewinne ausgeschüttet, damit der Aktionär diese anderweitig investieren kann. Es wird also davon ausgegangen, dass die Aktionäre die Ausschüttung gewinnbringender Anlegen können, als das Unternehmen selbst.

Wichtig zu verstehen ist, dass eine Dividende nicht auf die Gesamtrendite aufaddiert werden kann! Wenn durch eine Auszahlung Geld aus dem Unternehmen entnommen wird, spiegelt sich das auch in einem geringeren Kurs wieder. Eine Dividende bietet also keine zusätzliche Rendite, sondern bietet eine vorzeitige Auszahlung und verringert dabei die Kursgewinne.

Eine Dividende ist vergleichbar mit einem Bankautomaten. Der Aktienkurs entspricht dem Kontostand, entnehmt ihr etwas Geld, habt ihr dieses zwar Vorzeitig zur Verfügung, jedoch weniger Guthaben auf dem Konto übrig.

Deshalb bietet eine Dividende alleine keinen Mehrwert. Es ist wichtig, dass das Unternehmen weiterhin Gewinnsteigerungen und somit Kursgewinne erzielt, um die Entnahmen auszugleichen.

Gewinnausschüttung – Aktienrückkauf:

Der Aktienrückkauf bietet eine Alternative zur Dividende. Hierbei kauft das Unternehmen eigene Aktien und verringert somit die Anzahl an im Umlauf befindlicher Aktien. Dies bietet zwei Vorteile:

  • Der Gewinn verteilt sich auf eine geringere Anzahl Aktien, wodurch die Dividende je Aktie steigt.
  • Durch die Verknappung des Angebotes steigt in der Regel der Aktienkurs.

Unternehmen die Aktien zurückkaufen signalisieren damit außerdem, dass das Management davon überzeugt ist, dass das Unternehmen am Aktienmarkt unterbewertet ist. Denn mit der Entscheidung zum Aktienrückkauf sieht das Management eine Investition in das eigene Unternehmen als gewinnbringender, als eine externe Investition an.

Gewinn einbehalten:

Die letzte Möglichkeit besteht darin, den Gewinn einzubehalten. So hat bspw. Apple ein Bargeldvermögen von 190Mrd. US-Dollar, ohne dieses für Ausschüttungen oder Investitionen zu verwenden. Diese Strategie eignet sich in der Regel nur, wenn in Zukunft eine größere Investition absehbar ist. Andernfalls werden die Aktionäre eine Ausschüttung in Form einer Dividende oder eines Aktienrückkaufes anstreben. In diesem Fall können die Aktionäre das Geld gewinnbringender investieren und wollen es daher ausgeschüttet haben.

Handelsblatt: David Einhorn fordert Apple auf eine Dividende zu zahlen


Es gibt keine Musterlösung:

Nachdem wir Wissen welche Möglichkeiten sich bieten, stellt sich die Frage welche Möglichkeit die beste ist. Diese Frage kann pauschal nicht beantwortet werden und muss für jedes Unternehmen individuell gefunden werden.

Laut Warren Buffet ist es zwingend notwendig, dass Unternehmen die ihren Gewinn nicht zu überdurchschnittlichen Renditen reinvestieren können an die Aktionäre ausschütten.

Der Vorteil der Dividende liegt darin, dass regelmäßig ein Teil des investierten Geldes an den Aktionär zurückfließt. Dies bietet vielen Anlegern vor allem einen psychologischen Vorteil. Dabei wird jedoch der Zinses-Zins-Effektes geschmälert, da die Dividende bereits bei der Ausschüttung besteuert wird. Es kann somit nicht der volle Betrag reinvestiert werden. Dieser Effekt sollte, je länger der Anlagehorizont, nicht außer Acht gelassen werden.

 


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