Current analyst assessments
On this page you will find current analyst assessments of renowned research houses, which make their assessments on the business development of listed companies available for publication and distribution via our content partner EQS-Newswire.
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mwb Research
25 July 2024 10:53AM
Cicor: Organic slowdown in H1, recovery in sight, outlook raised; mwb research reiterates to BUY
Cicor reported H1 figures. Despite challenging conditions, Cicor has delivered strong financial performance in the first half of ‘24, driven by strategic acquisitions and operational improvements. Sales increased by 16.1%, with significant contributions from Cicor’s newly acquired companies. Earnings and free cash flow showed robust growth, and the company's outlook remains positive based on signs of recovery, with increased guidance for sales and EBIT. The recent M&A activities have strengthene...
Cicor Technologies Ltd
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mwb Research
25 July 2024 10:29AM
Siltronic AG: Slight beat, Guidance slightly improved; mwb research reiterates BUY
Siltronic's Q2 24 results highlight continued weak demand in the wafer industry, mainly held back by high downstream inventory levels. The company reported revenues of EUR 351.3m slightly beating cons. of EUR 334m, up 2.3% qoq but down 15% yoy, mainly due to volume effects. EBITDA reached EUR 90.6m (cons. EUR 74m), with a solid margin of 25.8%, slightly down from Q1. This led to a decline in EPS to EUR 0.73, which was also impacted by a lower financial result due to high investments. Despite we...
Siltronic AG
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mwb Research
25 July 2024 09:43AM
Aixtron SE: Final Q2 in line; mwb research reiterates to BUY.
Aixtron's final Q2 results were in line with preliminary figures, with revenues of EUR 132m, EBIT of EUR 13m and order intake of EUR 176m, driven by strong silicon carbide (SiC) orders. Gross margins were weak in Q2 due to increased sales of traditional LED equipment, but the confirmed guidance points to a strong gross margin recovery in H2. High R&D costs impacted operating margins, but reduced SG&A and improved cash flow were positive. Q3 sales guidance is for revenues of EUR 150-180 million, ...
AIXTRON SE
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mwb Research
25 July 2024 09:14AM
Nordex SE: Q2 shows steady improvement in sales and margins; mwb research reiterates to BUY
Nordex reported positive results for Q2 24, continuing the momentum of the previous quarters. Sales increased by 21% yoy and the EBITDA margin improved by 350bps to 3.5% yoy. The steady improvement in margins, coupled with sales growth, demonstrates the success of Nordex's strategy. This progress is being driven by higher selling prices and Nordex's strong market presence, particularly in Europe. As a result, Nordex is confirming its ‘24 sales target of EUR 7-7.7bn and raising its EBITDA margin ...
Nordex SE
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mwb Research
25 July 2024 07:50AM
coinIX: US SEC approves Ethereum ETF; mwb research reiterates to BUY
The US Securities and Exchange Commission (SEC) has approved Ethereum ETFs, making ETH investable for conventional investors via traditional brokers. Well-known issuers such as BlackRock, Fidelity, Grayscale, 21Shares, Bitwise, Franklin Templeton, VanEck and Invesco Galaxy will launch ETH ETFs, similar to Bitcoin ETFs, which have attracted billions of dollars in investment since January. This could drive up the price of ETH, from which coinIX will benefit indirectly as Ethereum is the largest po...
coinIX GmbH & Co KGaA
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mwb Research
24 July 2024 09:57AM
ATOSS Software SE: Another guidance upgrade after solid Q2; PT up; mwb research reiterates to HOLD
Atoss Software SE demonstrated robust growth in Q2 2024, driven by a significant 34% yoy increase in cloud and subscription sales, which compensated for a 15% decline in license revenues. Total sales grew by 13% yoy to EUR 42m. Q2 EBIT surged by 24% yoy to approximately EUR 16m, benefiting from cost management and deferred staff investments, leading to a widened EBIT margin of 37.3%. Based on strong first-half performance and continued positive expectations, Atoss raised its fiscal 2024 EBIT mar...
ATOSS Software SE
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mwb Research
24 July 2024 09:54AM
Nemetschek SE: Outlook update due to GoCanvas-M&A and preliminary Q2 figures; mwb research recommends to HOLD
Nemetschek (NEM) reported preliminary Q2 figures in line with expectations, with revenues up 9.7% to EUR 227.7m and an EBITDA margin of 27.0% despite one-off M&A expenses. The H1 EBITDA margin increased to 28.7%, close to the full year target of 30%. Despite the related M&A costs, NEM is showing strong operational performance. The guidance for FY24 has been updated due to GoCanvas, with now expected revenue growth of 13%-14% (before 10-11%) and an EBITDA margin of 29%-30% (before 30- 31%). The c...
Nemetschek SE
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mwb Research
24 July 2024 08:42AM
MHP Hotel: Another premium addition to the portfolio; mwb research confirms to BUY
MHP Hotel AG has signed a long-term lease with a LBBW Immobilien subsidiary to manage the Schlossgartenhotel Stuttgart, which will reopen in 2028 as part of Marriott's Autograph Collection brand. Previously part of the Althoff portfolio and the Leading Hotels of the World, the hotel closed for refurbishment in 2022. MHP's selection is due to its innovative, high-quality concept, and its extensive local market knowledge, already operating a Le Meridien in Stuttgart. The 132-room hotel is expected...
MHP Hotel AG
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mwb Research
23 July 2024 10:29AM
Pyramid AG: FY23 results in-line; Cautiously optimistic outlook; mwb research reiterates to BUY
Pyramid's final results for FY23 are in line with preliminary figures, showing consolidated revenues of EUR 76m, down 17% from EUR 92m in FY22. The decline reflects challenges including the loss of a major US customer and volume reductions due to second-sourcing policies, as well as a challenging macroeconomic environment leading to destocking and order delays. Despite lower revenues, EBITDA increased from EUR 4.2m to EUR 5.4m thanks to cost discipline and synergies from the faytech acquisition....
Pyramid AG
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mwb Research
23 July 2024 07:58AM
MTU Aero Engines: Q2 preview: healthy growth expected, est./PT up; mwb research reiterates to BUY
MTU's Q2 sales are expected to show significant growth, accelerating from 8% yoy in Q1 to around 16% yoy in Q2, mainly driven by a robust performance in the Commercial MRO business as supply chain issues improve. The OEM business is expected to grow at a more modest rate of around 6% yoy due to delivery target reductions at Airbus and Boeing. While adjusted EBIT margins are expected to improve slightly in both divisions, the Group's overall margin may decline slightly due to the increasing weigh...
MTU Aero Engines AG
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mwb Research
22 July 2024 10:19AM
Sartorius AG: A dull Q2. Demand recovery expected only in Q4; mwb research downgrades to SELL
Sartorius’ Q2 24 results were muted as cautioned by management, and revenues, and adjusted EBITDA came broadly in line with consensus. Order intake trends suggest that demand has not stabilized or gained any meaningful positive momentum yet. Revenues in Q2 grew at a modest 4% yoy in c.c.; however, this was not sufficient to cover cost growth, resulting in a 3% yoy drop in adjusted EBITDA. Overall, customer order sizes are shrinking, and investment decisions are being delayed or postponed. Due to...
Sartorius AG
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mwb Research
22 July 2024 10:14AM
Varta AG: De facto expropriation of shareholders; mwb research maintains its SELL recommendation
VARTA announced that it will continue its restructuring in accordance with the German Corporate Stabilization and Restructuring Act (StaRUG). Negotiations with creditors and potential investors, including major shareholder DDr. Tojner and Dr. Ing. h.c. F. Porsche AG, have resulted in two proposals to provide liquidity and reduce debt. These include a capital reduction and the issuance of new shares, effectively expropriating current shareholders without compensation, and the delisting of VARTA s...
Varta AG
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mwb Research
22 July 2024 08:15AM
TAKKT AG: Profit warning with continued weak Q2; mwb research reiterates to HOLD with reduced PT
TAKKT AG's preliminary Q2 2024 results highlight persistent macroeconomic challenges, with a 19.0% yoy decline in turnover to EUR 260m. The adjusted EBITDA margin fell to 6.6% from 9.0% in the previous year, burdened by EUR 4.1m in one-off expenses. While the Industrial & Packaging and Office Furniture & Displays divisions maintained stable performance, the FoodService division saw a significant decline, with sales dropping 28% due to integration challenges with the Hubert and Central brands. Co...
TAKKT AG
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mwb Research
19 July 2024 09:45AM
SUESS MicroTec SE: A good prelim. Q2, major FY24 guidance upgrade; mwb research upgrades to BUY
Suss MicroTec reported strong sales growth in Q2 with revenues of EUR 99.3m, up 45% yoy and 6% qoq, beating market expectations by 5% and most likely driven by temporary bonders used in AI chip production. Q2 order intake was in line with expectations at EUR 93.9m. The gross margin improved to 40.5% and the EBIT margin was 15.3%. Following the strong Q2 results, Suss MicroTec has significantly raised its guidance for FY24: the company now expects revenues in the range of EUR 380m to EUR 410m (up...
SUSS MicroTec SE
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mwb Research
19 July 2024 07:49AM
Bechtle AG: Weak demand and limited visibility; PT down; mwb research confirms to BUY
Bechtle has been forced to update its guidance due to Q2 FY24 growth fell significantly short of expectations, with business volume increasing by only 1% to EUR 1.83bn and revenue dropping by 2%. The shortfall is attributed to a reluctance to invest, particularly among SMEs, and weak public-sector business, resulting in an EBT of EUR 83m and an EBT margin of 5.6%. The company has introduced cost-saving initiatives and a hiring freeze to mitigate lower sales volumes. Despite these efforts, no sig...
Bechtle AG
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mwb Research
18 July 2024 10:22AM
Rigsave S.p.A.: Welcome back, Rigsave; Re-valuation with new PT; mwb research recommends to BUY
Rigsave's shares have been readmitted to trading on the Frankfurt Stock Exchange last week. Both the suspension and the reinstatement to trading were made without giving reasons or details. For mwb research’s analysts, however, this is a reason to re-evaluate the investment case, taking into account the published 2023 figures and the news flow on 17 won mandates, which, according to the company, should increase revenues to EUR 43m by 2026. The analysts have incorporated all the information and u...
Rigsave S.p.A.
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mwb Research
18 July 2024 09:30AM
ZEAL Network SE: Dominating the Digital Lottery Landscape; mwb research initiates with BUY
ZEAL is the No.1 online broker of lottery products in Germany, with a market share of around 42% and around 1.33m monthly active users. With a diverse product portfolio, including state lotteries, social lotteries, and games, ZEAL offers an excellent user experience on web and mobile platforms. The company has already shown significant growth, increasing its market share from 12% in 2013 to around 42% in 2024, driven by digitalization and demographic changes, efficient customer acquisition, and ...
ZEAL Network SE
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mwb Research
18 July 2024 07:43AM
Lanxess AG: Preliminary adj. Q2 EBITDA beats estimates; mwb research confirms to BUY
Lanxess reported a strong second quarter with an adjusted EBITDA of EUR 181m, well above the consensus of EUR 137m. The good result was driven by higher capacity utilization and successful cost saving programs, and achieved despite mixed volumes, with slight increases in some industries but continued weak demand in agrochemicals and construction. Lanxess expects Q3 adjusted EBITDA to be close to or in line with Q2 and confirms its FY24 guidance of 10-20% adjusted EBITDA growth. While the recover...
Lanxess AG
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mwb Research
17 July 2024 10:19AM
Rubean AG: Impressive growth in H1 just the starting point; mwb research reiterates to BUY
Rubean reported impressive growth in H1 2024, with revenues increasing by over 340% to EUR 840k compared to H1 2023. This represents 83% of the entire 2023 revenue in just six months. The launch of Commerz-GlobalPay in Germany using Rubean's SoftPOS solution is expected to drive significant future growth. Management has confirmed its 2024 revenue guidance of EUR 2.2-2.5m, an increase of ~140% year-on-year. Rubean's unique SoftPOS solution, which turns smartphones into payment terminals and is th...
Rubean AG
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mwb Research
17 July 2024 10:18AM
Daimler Truck Holding AG: Q2: Asia and Europe weak, America solid; mwb research reiterates to BUY with reduced PT
Daimler Trucks reported weak preliminary Q2 results. The company reported a preliminary Q2 adjusted EBIT of EUR 1.17bn (10.2% EBIT margin), below the consensus estimate of EUR1.26 billion. In particular, the important European business is suffering with an adjusted EBIT 25% below consensus, but Asia is also burdened with a negative adjusted EBIT of EUR -82m vs. consensus of EUR 48m, and there was an additional onetime full write-off of EUR 120m from the China joint venture, which pushed the unad...
Daimler Truck Holding AG
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mwb Research
17 July 2024 10:16AM
Photon Energy NV: A solid June, PFAS moving back into the spotlight; mwb research reiterates to BUY
Photon Energy's June report highlights a 22% year-over-year increase in PV power plant production, 10% below expectations due to curtailments in Hungary and technical issues, which are probably covered by insurance. Average electricity prices rose for the sixth consecutive month to 161 EUR/MWh, boosting total revenue by 18% year-overyear. The Hungarian capacity conversion to feed-in tariffs (FIT) in April has stabilized IPP revenues with a c. 50/50 capacity split and a c. 75/25 revenue split in ...
Photon Energy NV
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mwb Research
17 July 2024 10:12AM
Infineon Technologies AG: Preview Q3 FY24 Infineon; mwb research reiterates to HOLD
Infineon's Q3 results are expected to reflect a mixed economic environment: The semiconductor market, recovering from a contraction in 2023, is projected to grow 16% yoy in 2024, driven by memory and logic segments, although some segments like discrete semiconductors may decline. Industry updates reveal varied performances from competitors and partners, with some downgrading their outlooks due to weak demand in automotive and industrial sectors. Despite being heavily reliant on the automotive se...
Infineon Technologies AG
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mwb Research
16 July 2024 10:15AM
Hugo Boss AG: Q2 prelims miss expectations, guidance cut; mwb research reduces its PT but reiterates to BUY
Hugo Boss published preliminary Q2 figures, with sales declining 1% yoy to EUR 1,015m, slightly below consensus, impacted by challenging conditions, especially in the UK and China. Despite improved gross margin, EBIT dropped 42% to EUR 70m, missing expectations by 33%, due to softer sales trends and strategic investments. Thus, EBIT margin sharply contracted by 480bps to 6.9%. Following the weak performance and persistent uncertainties, Hugo Boss cut its full-year outlook, now forecasting a 1% t...
Hugo Boss AG
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mwb Research
16 July 2024 08:26AM
MHP Hotel: Q2 KPI: a record quarter; mwb research confirms to BUY
MHP Hotel AG (MHP) reported strong Q2 2024 KPIs, with a 16% revenue growth to EUR 41.3m, driven by both accommodation (+14%) and food and beverage (+17%). The company's average daily rate (ADR) rose by 6% to EUR 219, and occupancy reached a record 81%, resulting in a record revenue per available room (RevPar) of EUR 178, up 13% year-over-year. The UEFA Euro 2024 significantly boosted performance in June, though April and May also saw strong RevPar growth. MHP maintains its FY24 guidance of EUR 1...
MHP Hotel AG
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mwb Research
15 July 2024 11:01AM
CompuGroup Medical: Weak Q2 earnings impacted by lower sales; mwb research confirms to BUY
CompuGroup Medical (CGM) has decided to advance the publication date for the financial results of the first half of FY24, following last week's profit warning. In Q2, CGM reported revenues of EUR 277.2m, a decline of 9% compared to Q2 23, with adjusted EBITDA falling by 27% to EUR 53.6m, and EPS dropping from EUR 0.60 to EUR 0.27 per share. Looking ahead, CGM had revised its FY24 guidance, now expecting organic revenue to decline by up to 2% and adjusted EBITDA to range between EUR 220m and EUR ...
CompuGroup Medical SE
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mwb Research
15 July 2024 10:58AM
Nordex SE: Higher selling prices but weaker orders Q2; mwb research reiterates to BUY
Nordex recorded order intake of 1.62 GW in the second quarter. This was 20% down on the previous year. However, this is not unusual after a strong Q1 in which order intake rose by 108% yoy. In particular, the avg. selling price of EUR 0.96m per MW in Q2, compared with EUR 0.84m per MW in Q1, exceeded expectations and reflects the improved market conditions and the success of Nordex's strategy. These developments underscore Nordex's resilience and signal a promising outlook, especially with the f...
Nordex SE
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mwb Research
15 July 2024 10:55AM
Deutsche Rohstoff AG: Natural gas could be the next catalyst; mwb research reiterates to BUY
US natural gas prices, which peaked above USD 9/MMBtu in 2022 following Russia's invasion of Ukraine, have declined but are now poised for a recovery due to production cuts by major producers. The EIA forecasts a 38% price increase to USD 2.90/MMBtu in H2 2024, with further increases to USD 3.30/MMBtu by 2025, driven by new liquefied natural gas export demand. Deutsche Rohstoff's revenues from natural gas, which accounted for around 9% of total revenues in FY23, could benefit significantly from ...
Deutsche Rohstoff AG
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mwb Research
12 July 2024 09:39AM
Suedzucker AG: A slow start to FY 24/25, as cautioned; mwb research reiterates to HOLD
Suedzucker (SZU) reported weak results in Q1 24/25, with prices softening across segments – particularly for sugar and ethanol – even as overall volume trends were encouraging. Consequently, revenues grew mere 1% yoy to EUR 2.6bn during the quarter. Significant rise in production costs in the Sugar segment and negative operating leverage in the CropEnergies and Starch segments dragged SZU’s operating results by 45% yoy to EUR 155m in Q1, with the margin deteriorating 5.1ppt yoy to 6.1%. These re...
Suedzucker AG
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mwb Research
11 July 2024 10:48AM
GEA Group AG: Guidance upgrade, PT up; mwb research reiterates to BUY with higher PT
GEA Group has upgraded its FY24 guidance, raising the expected adj. EBITDA margin to 14.9%-15.2% from 14.5%-14.8% and the ROCE range to 32%-35% from 29%-34%, while maintaining its organic revenue growth guidance of 2%-4%. Although a small upgrade, this indicates a positive Q2 performance in challenging conditions, following a Q1 pattern where sales were below expectations, but EBITDA was above. GEA is on track to achieve its FY26 EBITDA margin target of 15% two years early. The ongoing EUR 400m ...
GEA Group AG
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mwb Research
11 July 2024 09:55AM
Gerresheimer AG: Mixed performance with modest revenue growth; mwb research reiterates to BUY
Gerresheimer released its Q2 24 figures, which show a mixed picture. In Q2 24, Gerresheimer's revenue only increased slightly to EUR 502.4m (+0.6% yoy), although it fell short of the EUR 508.1m expected. Adjusted EBITDA remained stable at EUR 107.3m, maintaining a margin of 21.4%, indicating resilience amid geopolitical tensions, inflation, and supply chain disruptions. The Plastics & Devices division performed strongly, with a 6.7% revenue increase and a 13.6% rise in adjusted EBITDA to EUR 78....
Gerresheimer AG
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mwb Research
11 July 2024 09:54AM
Fielmann AG: Prelim. Q2/H1 with notable growth; Strong FY25 outlook; mwb research reiterates to BUY
Fielmann reported strong financial results for H1, with consolidated sales up 12% yoy to EUR 1.1bn and EBITDA up 14% to EUR 235-240m, resulting in an EBITDA margin of 21.6%. With this, Fielmann kept up the good momentum already seen in Q1 (sales up 11%). The European markets showed a remarkable performance, with the operating profit margin increasing by 2PP to 23%. Fielmann USA contributed EUR 58m to Group sales with growth of 8%. The company further strengthened its position in Spain with the a...
Fielmann AG
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mwb Research
11 July 2024 08:45AM
Kion Group AG: A minor miss in Q2; mwb research upgrades from HOLD to BUY.
KION announced that its Q2 consolidated net income before minorities is expected to be EUR 69m, missing the consensus expectation of EUR 93m, due to a EUR 22m goodwill impairment for the KION ITS Americas unit, which will also impact the fiscal year 2024 net profit. The impairment has fully written off the goodwill for KION ITS Americas, eliminating the risk of further impairments for this unit. mwb research’s analysts anticipate Q2 results to otherwise be in line with expectations, with revenue...
Kion Group AG
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mwb Research
11 July 2024 07:58AM
Fraport AG: June traffic: FRA growth decelerates; mwb research confirms to BUY
Fraport's traffic figures for June show a slowdown in growth, with passenger traffic at Frankfurt airport up only 1.4% year-on-year, compared with 6.9% in May, the lowest growth since the pandemic. This slowdown is partly due to the different timing of the Whitsun holidays, but also to a weak German economy combined with higher airport charges. In contrast, international locations such as Antalya, Greece, Lima and Ljubljana showed healthy growth, while Brazil saw a decline due to the closure of ...
Fraport AG
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mwb Research
10 July 2024 10:00AM
About You: Slow first quarter, but solid operating performance; mwb research confirms to BUY
Despite a market recovery and a slight upward trend in consumer sentiment, About You’s (AY) first quarter results showed a slow start, mostly due to a muted May trading. Overall revenue growth was reported with 2.2% yoy. Apart from the slow top-line development, AY impressed with a decent gross margin expansion by 3.8pp to 43.2%, and further cost control, supporting an improvement of adj. EBITDA to EUR 15.0m. The company confirmed its FY outlook of 1-10% yoy sales growth and an adj. EBITDA range...
ABOUT YOU Holding SE
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mwb Research
10 July 2024 09:10AM
CompuGroup Medical: Struggles with declining sales and project delays; Guidance cut.; mwb research confirms to BUY
CompuGroup Medical (CGM) has reduced its FY24 guidance following a disappointing preliminary Q2, with substantial declines in revenue and earnings primarily due to setbacks in the Ambulatory Information Systems (AIS) and Hospital Information Systems (HIS) segments. The company reported a 9% yoy drop in Q2 revenues, amounting to only EUR 277m, largely due to one-time sales in the previous year's AIS segment. This downturn and a cloudy outlook have led to a revised expectation for organic revenue ...
CompuGroup Medical SE & Co KgaA
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mwb Research
10 July 2024 08:18AM
Viromed Medical AG: Cooperation terminated, new devices; PT down; mwb research recommends spec. BUY
Viromed Medical AG has terminated its cooperation with terraplasma medical GmbH, which had granted Viromed exclusive distribution rights in the DACH region for a cold plasma device that generated nearly half of its 2023 revenues. Viromed plans to launch its own cold plasma product, ViroCAP derma, in Q4 2024. Initially introduced as a Class I device, Viromed aims to certify ViroCAP as a Class IIa medical device, involving a conformity assessment by an EU-notified body. The termination poses risks...
Viromed Medical AG
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mwb Research
10 July 2024 08:13AM
CGRE AG: The new kid on the German real estate block; mwb research initiates with BUY
CGRE is a newly established real estate platform on the capital market, created through a reverse IPO of L-Konzept Holding AG. The company focuses on residential real estate and the development of entire districts in major German cities. CGRE benefits from extensive real estate and capital market experience, as well as access to planning, construction and land banking resources rarely found in the German market. The company aims to take advantage of the current cyclical low in the German real es...
CGRE AG
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mwb Research
09 July 2024 10:56AM
Wolftank Group: Extension of major contracts strengthens order base; mwb research reiterates to BUY
In recent weeks, Wolftank Group has successfully extended two key contracts in the important Environmental Services segment, which accounted for 59% of FY23 sales. One contract is with Kuwait Petroleum and focuses on the environmental remediation of tank farms in Italy. The other contract, with the Sarlux refinery, is for the continued recycling and metal recovery of spent catalysts. Together these contracts amount to EUR 8.5m. This follows the EUR 12.7m in Environmental Services contract extens...
Wolftank Adisa Holding AG
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mwb Research
09 July 2024 10:55AM
Gerresheimer AG: Destocking to impact Q2, mid- and long-term prospects intact; mwb research reiterates to BUY
Gerresheimer’s Q2/H1 2024 is around the corner, so mwb research’s analysts take the opportunity to look at the consensus expectations. Since a couple of quarters, the company has been navigating through destocking headwinds in its Primary Packaging Glass (PPG) segment and this is likely to continue in Q2. This is also reflected in the consensus estimates, which indicate only limited momentum. Accompanied by a negative operating leverage, this is expected to be translated into increased pressure ...
Gerresheimer AG
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mwb Research
09 July 2024 10:51AM
energenta AG: Pioneering the future of plastic recycling; mwb research reiterates to BUY
energenta, newly listed on the stock market, is poised to benefit substantially from the European Union's regulations that mandate significant increases in the use of recycled materials in plastic products. By 2030, new plastic products (e.g., plastic packaging) must contain up to 30% recycled material, escalating to 50% by 2050. energenta plans to leverage its expertise to expand capacity rapidly, gaining a competitive edge in both time and quality. Despite challenges such as sorting and cleani...
energenta AG
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mwb Research
08 July 2024 10:31AM
Delivery Hero SE: Potential EU fine – provision increased; PT down; mwb research confirms to BUY
Delivery Hero faces a potential fine exceeding EUR 400m from the European Commission for anti-competitive practices. The EU alleges that Delivery Hero and Glovo, a subsidiary acquired in 2022, divided markets, exchanged sensitive information, and had entered into no-poach agreements. This follows unannounced EU inspections in 2022 and 2023. Delivery Hero had been an investor in Glovo for years before the acquisition, and their footprints complemented each other. While Delivery Hero has previousl...
Delivery Hero SE
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mwb Research
08 July 2024 09:24AM
Aixtron SE: Prelim Q2 and downgrade of FY24 guidance; mwb research reiterates to BUY.
Aixtron's preliminary Q2 results were mixed, with revenues of EUR 132m in line with expectations despite a 24% yoy decline, while EBIT missed expectations, most likely due to product mix and higher R&D spending. Aixtron has lowered its FY24 guidance and now expects revenues in a range of EUR 620m to EUR 660m (down 5% at the midpoint), a gross margin of around 43% to 45% (unchanged) and an EBIT margin of around 22% to 25% (previously 24% to 26%). Overall, this points to a year of slow or even zer...
AIXTRON SE
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mwb Research
05 July 2024 09:08AM
Varta AG: Selling its silverware won’t turn the tide; mwb research maintains its SELL
Varta announced that Porsche intends to acquire its electric car battery business, specifically its V4Drive subsidiary. The companies are negotiating a majority stake deal, having signed a non-binding letter of intent. The plan includes spinning off V4Drive, with Porsche participating through a capital increase. Financial details were not disclosed, and the deal depends on various factors, including a thorough review. Porsche aims to produce 10-20 gigawatt hours of battery cell capacity annually...
Varta AG
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mwb Research
05 July 2024 08:35AM
Krones AG: The Steady Eddie of the beverage packaging industry; mwb research reiterates to BUY
Krones hosted a Capital Market Day, highlighting its performance, strategy, and future prospects. The company has grown steadily, with sales increasing from EUR 2.2bn in 2007 to EUR 4.7bn in 2023 and improved EBITDA margins. As a market leader with a 25% global share, Krones is poised to benefit from the growing beverage industry, expected to expand by 3% annually through 2028. The company's strong market position, diverse product range, and sustainability focus are expected to drive above avera...
Krones AG
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mwb Research
05 July 2024 08:03AM
123fahrschule: Strategic acquisition to be paid in new shares; mwb research reiterates to BUY
123fahrschule has significantly advanced its market position by acquiring FOERST GmbH, a leader in driving simulation technology, and financing the transaction through a share issue. This acquisition aligns with 123fs's goal of revolutionizing driver training through digital innovation. The purchase price of EUR 400-600k (mwb est.) will be paid in shares, conserving cash resources while reflecting the sellers' confidence in the future of 123fs. The integration of FOERST’s technology is expected ...
123fahrschule SE
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mwb Research
05 July 2024 08:00AM
Redcare Pharmacy N.V.: Q2: Accelerated Rx sales, promising start of CardLink; mwb research reiterates to HOLD
Redcare Pharmacy (RDC) published preliminary sales figures for Q2 24, with total sales increasing 33.3% yoy to EUR 560m in the quarter. The core non-prescription (non-Rx) business remained healthy, as non-Rx sales grew at a steady 20.7% yoy to EUR 390m. Most notably, the momentum of Rx sales picked up considerably in Q2 following a weak performance in Q1. Highlighting strong adoption of CardLink, RDC’s e-Rx platform, Rx sales grew organically by 36.6% in Q2, which marked a strong acceleration up...
Redcare Pharmacy NV
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mwb Research
04 July 2024 08:52AM
Kontron AG: New major wall box order; est. / PT up; mwb research reiterates to BUY
Kontron has announced a new major order for its smart charging systems for EVs with an order volume of EUR 120m. Kontron will develop and manufacture smart wall boxes for the European and Chinese markets. The new order marks the second major order since the acquisition of Katek and its subsidiary eSystems. Kontron's strategic focus on IoT solutions in areas like smart trains, solar systems, eMobility, aerospace, and smart factories is paying off. The back-to-back major orders for smart wall boxe...
Kontron AG
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mwb Research
04 July 2024 08:23AM
Multitude SE: Multitude announced further share buyback program; mwb research confirms to BUY
Multitude's management has approved a new share repurchase program to acquire up to 80,000 shares. The program runs from July 3, 2024, to December 31, 2024, covering approximately 0.4% of issued shares, with a maximum purchase volume of EUR 560,000 – corresponding to EUR 7.00 per share. The extended timeline of the new program is expected to fully utilize the buyback volume. This move shows management's dedication to enhancing share value. Shareholders should see this as a positive step and a do...
Multitude SE