Sartorius AG · Research | Analyses | Ratings

Sartorius AG: Q1 24 Ergebnisse gemischt. Ausblick 2024 bestätigt; mwb research bestätigt VERKAUFEN

Der Umsatz von Sartorius blieb im ersten Quartal mit einem währungsbereinigten Rückgang von 8% im Vergleich zum Vorjahr hinter den Konsenswerten zurück, was auf eine schwächere Nachfrage in China und eine hohe Vergleichsbasis zurückzuführen war. Auch der Konsens zum Auftragseingang wurde verfehlt, obwohl dieser im Jahresvergleich um 8% stieg. Das adj. EBITDA übertraf zwar die Markterwartungen, lag aber dennoch um 14% unter dem Vorjahreswert. Wie bereits zuvor warnte das Management vor der Invest...

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Current analyst assessments

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Source: mwb Research
19 April 2024 10:53AM
Sartorius AG: Q1 24 Ergebnisse gemischt. Ausblick 2024 bestätigt; mwb research bestätigt VERKAUFEN
Der Umsatz von Sartorius blieb im ersten Quartal mit einem währungsbereinigten Rückgang von 8% im Vergleich zum Vorjahr hinter den Konsenswerten zurück, was auf eine schwächere Nachfrage in China und eine hohe Vergleichsbasis zurückzuführen war. Auch der Konsens zum Auftragseingang wurde verfehlt, obwohl dieser im Jahresvergleich um 8% stieg. Das adj. EBITDA übertraf zwar die Markterwartungen, lag aber dennoch um 14% unter dem Vorjahreswert. Wie bereits zuvor warnte das Management vor der Invest...
Sartorius AG
Source: mwb Research
19 April 2024 10:46AM
FCR Immobilien: Solid result in a challenging environment; mwb research reiterates to BUY
FCR Immobilien AG has published preliminary results for FY23, which were slightly below mwb research’s expectations, but can be considered solid given the difficult situation on the real estate market. Revenues increased by roughly 58% to around EUR 57m, mainly driven by recurring rental income, but also by sales proceeds from portfolio optimizations, which were on average 6% above book value. FFO amounted to a solid EUR 8.2m at the end of the year (previous year: EUR 9.4m). As a result, FCR was...
FCR Immobilien AG
Source: mwb Research
18 April 2024 10:39AM
LM Pay S.A.: A disruptive FinTech player with strong growth potentials; mwb research reiterates to BUY
LM Pay S.A. is a leading non-bank provider of financing for medical and aesthetic services for private customers in Poland. In November, the fintech company was listed on the primary market of the Düsseldorf stock exchange, the special segment for innovative SMEs. With the start of trading, LM Pay continues to pursue its growth strategy beyond the Polish market, making it easier for customers to use its innovative services and for investors to participate in an attractive business. In addition t...
LM Pay S.A.
Source: mwb Research
18 April 2024 09:11AM
Koenig & Bauer AG: Misconception that the print market is in decline; mwb research confirms BUY
Koenig & Bauer’s peer, Heidelberger Druck, presented at mwb's German Small Cap Select conference. The company debunked the misconception of a shrinking printing market, emphasizing global print volume growth. While commercial printing seems to be stable, packaging solutions and industrial decoration exhibit robust growth at 4-6% CAGR. Structural trends like demographic shifts, lifestyle changes, and sustainability drive this growth, evidenced by SKB's 2.2% CAGR from 2019-2023 and promising midte...
Koenig & Bauer AG
Source: mwb Research
17 April 2024 11:07AM
cyan AG: Roundtable outlines path for refocus in 2024; mwb research reiterates to BUY
This week, Thomas Kicker and Markus Cserna, CEO and CTO of cyan AG, provided an overview of the new cyan AG during a well-attended roundtable hosted by mwb research. Following the i-new sale in December 2023, the management provided an overview of the company and outlined the path for 2024. The plan for 2024 is aimed to lay a leaner organizational foundation, a refocus on product level, while expanding business into additional markets and customer groups. From a financial perspective, the overal...
cyan AG
Source: mwb Research
17 April 2024 09:42AM
Beiersdorf: Better-than-expected Q1 sales performance. Guidance raised; mwb research reiterates to HOLD with new PT
Beiersdorf reported better-than-expected results in Q1, reporting org. growth of 7.3% yoy, slightly ahead of consensus expectation. Nivea (including Labello) achieved its best-ever quarterly sales in terms of absolute value, benefitting equally from a positive price mix and higher volumes. Derma was another bright spot with double-digit org. growth. Notably, La Prairie's Q1 sales trend turned positive after many quarters of declines, mainly led by demand revival in China. Management expects NIVE...
Beiersdorf AG
Source: mwb Research
16 April 2024 10:57AM
ProSieben Sat. 1 Media: Good start to the year but many risks remain; mwb research reiterates to SELL
ProSiebenSat.1 (PSM) has released prelim. Q1 figures showing a 6% yoy increase in revenues to EUR 867m. This increase was mainly driven by the recovery of TV advertising revenues, confirming the ongoing momentum. Despite the announced increase in program expenses, adjusted EBITDA increased by 35% to EUR 72m in Q1 and adjusted net income improved by EUR 22m yoy to EUR 8m, mainly due to the positive development but also driven by lower tax expenses. Furthermore, PSM’s battle with the shareholder M...
Prosiebensat 1 Media SE
Source: mwb Research
16 April 2024 10:25AM
Pyramid AG: Lower earn-out reduces dilution effect; mwb research reiterates to BUY
Pyramid announced the settlement of the earn-out component for the acquisition of faytech AG, with the seller receiving only slightly more than 0.9 million new Pyramid shares due to faytech's worse-than-expected financial results. In addition, a lock-up agreement was signed by major shareholders, management and the Supervisory Board, which secures just over 38% of the new share capital until March 31, 2025. Despite the challenging previous year, Pyramid is cautiously optimistic for the current f...
Pyramid AG
Source: mwb Research
16 April 2024 10:21AM
Cicor: Growth in first quarter driven by M&A; mwb research reiterates to BUY
Cicor Technologies published a brief business update on Q1 2024. The company reported revenues of CHF 107.3m for the first quarter, up by 11.8% yoy. Thereof, the largest part was attributable to the consolidation of STS Defence. However, a softer economic environment, mostly in the industrial sector, translated to a slowdown of organic growth to 0.3% yoy. At the same time, book-to-bill ratio in the quarter fell below 1x due to aperiodic order placement at STS Defence. With the economic environme...
Cicor Technologies Ltd
Source: mwb Research
16 April 2024 07:52AM
Suedzucker AG: Prelim. FY23/24 in-line but momentum fading; mwb research downgrades to HOLD
Suedzucker's preliminary FY23/24 results met expectations, with group revenues reaching EUR 10.3bn, driven by high sugar prices. EBITDA and operating profit saw significant increases, aligning with guidance. However, underlying Q4 results indicate fading momentum, with sales up only 4% yoy and EBITDA margins halving to 6.9%. Higher production costs in the sugar segment impacted earnings negatively. The company forecasts a slow start to FY24/25, with significantly lower Q1 earnings. FY24/25 outlo...
Suedzucker AG
Source: mwb Research
15 April 2024 11:21AM
Formycon: Prelim. EBITDA better than expected; FY24 outlook introduced; mwb research reiterates to BUY
Formycon’s preliminary FY23 results show an increase in FY revenues from EUR 42.5m to EUR 77.7m, mainly driven by income from development services (FYB203 and FYB201), as well as from milestone payments (FYB202). For EBITDA, Formycon reported a better-than-expected EUR 1.5m, above guidance range and mwb research’s estimates, mainly driven from lower-than-planned costs after pausing the development of FYB207. The adjusted Group EBITDA for FY23 amounted to EUR 13.3m (2022: EUR -28.8m), reflecting ...
Formycon AG
Source: mwb Research
12 April 2024 10:49AM
Vulcan Energy Resources: LEOP starts LiCl production and delivers solid results; mwb research confirms to BUY
Vulcan Energy started the production (SOP) of the first Lithium Chloride (LiCl) at Vulcan’s demo plant (LEOP) in Landau. The production is non-commercial and is intended to facilitate Vulcan’s commercial operational readiness, as it will be utilized for optimization, operational training and product qualification. However, it marks a major milestone as it already replicates efficiency data from the pilot plant, showing over 90% (up to 95%) lithium extraction efficiency. Meanwhile, Vulcan is awai...
Vulcan Energy Resources Ltd
Source: mwb Research
12 April 2024 09:16AM
Varta AG: Restructuring efforts not sufficient; PT down; mwb research maintains its SELL
VARTA's restructuring efforts are suffering setbacks in the face of ongoing and increasing challenges. Despite a previously agreed restructuring program aimed at returning to profitability by 2026, deteriorating economic conditions, volatile customer purchase volumes and competitive pricing have exacerbated the challenges. In the view of mwb research’s analysts, aggressive pricing from Chinese competitors in particular is adding pressure, while VARTA's high debt burden remains a concern and also...
Varta AG
Source: mwb Research
12 April 2024 08:10AM
Enapter: Strong order intake in Q1 '24; trend continues as expected; mwb research confirms BUY rating
Enapter has announced Q1 '24 order intake of c. EUR 9.3m (+730% yoy), which is exactly in line with mwb research’s expectations. Of these orders, c. EUR 7m were for multi-core systems and c. EUR 2.3m for single-core systems, an increase driven not only by the new multicore systems (mid-23 launch) but also by single-core systems. There is a lot of test buying going on currently, 60% of new orders are from new customers for single or small multi-core systems. The second factor is that Enapter's sa...
Enapter AG
Source: mwb Research
12 April 2024 08:03AM
tonies: FY23 beats on margins, cash flow; good outlook; mwb research reiterates to BUY
tonies outperformed expectations in its FY23 final results, reporting profitability and cash flow figures ahead of both mwb research’s and the market's forecasts. With an adjusted EBITDA margin of 4.0% vs. consensus of 2.5% and free cash flow of EUR -5m vs. expectations of EUR -29m, the company delivered solid results. The positive outlook for FY24 includes expectations for revenues of at least EUR 480m, with a significant contribution from North America, driven by increased points of sale and e...
tonies SE
Source: mwb Research
11 April 2024 11:13AM
Staige One AG: Yet another substantial order; mwb research reiterates to BUY
Staige One ("Staige") has sealed another major partnership with ClipMyHorse.TV, a leader in live equestrian event broadcasting. Over a five-year period, ClipMyHorse.TV will purchase a minimum of 100 camera systems from Staige for use in Germany, Europe, and the USA. The contract, which is expected to generate single-digit million EUR revenues, will run until 2028. The first 25 cameras are being installed this month. In view of mwb research, the potential for upselling additional services such as...
Staige One AG
Source: mwb Research
11 April 2024 11:12AM
Gerresheimer AG: Robust Q1; confidence on strong H2 – outlook confirmed; mwb research reiterates to BUY
As expected, Gerresheimer’s Q1 showed destocking headwinds that slowed down top- and bottom-line growth to a low single-digit percentage range as customers reduced glass vial inventories during the past quarters. This resulted in a 11% yoy organic decline of the Primary Packaging Glass segment, which, however, was compensated by strong business of Plastics & Devices. With the destocking effect regularly decreasing over the next few months and the ramp-up of new lines kicking in, the management e...
Gerresheimer AG
Source: mwb Research
11 April 2024 11:11AM
Metro AG: Presentation at GSCS focuses on sCore strategy; mwb research reiterates to BUY
This week, at mwb research’s German Small Cap Select Conference, Metro AG’s Senior IR Manager, Anastasiia Kalihuzna, provided a summary and update on “sCore”, Metro’s mid- and long-term growth strategy. Introduced 2 years ago, sCore targets an increase of the share of professional customers (HoReCa and Traders). At the same, the key channels, which are stores, food service distribution (FSD) and the online marketplace, are being enhanced and expanded. By 2030, Metro aims for sales of EUR 40bn wi...
Metro AG
Source: mwb Research
11 April 2024 11:10AM
Deutsche Rohstoff AG: Guidance for FY24 increased, estimates / price target up; mwb research reiterates to BUY
Based on the strong oil price performance and the high productivity of the Wyoming wells, Deutsche Rohstoff has expanded its drilling program and now plans to invest between EUR 145m and EUR 165m in FY24 compared to the previous guidance of EUR 110m. Accordingly, the company has increased its FY24 revenue and EBITDA guidance by more than 20%. mwb research’s analysts upgrade their estimates and arrive at a new PT of EUR 56.70 (old: EUR 52.00), based on a DCF and supported by a discount to peers o...
Deutsche Rohstoff AG
Source: mwb Research
11 April 2024 11:08AM
Cancom SE: Conference presentation confirms positive outlook; mwb research reiterates to BUY
Cancom presented on mwb research’s German Small Cap Select conference, a quarterly conference format of stock listed gems in Germany. Cancom's Investor Relations team gave a presentation highlighting Cancom's strong positioning in its markets. Despite industry challenges due to subdued demand from German Mittelstand, the company expects an acceleration in orders in the second half of the year, as customer demand for IT service providers continues to rise. Margin expansion is expected in FY24, wi...
Cancom SE
Source: mwb Research
10 April 2024 10:26AM
Ceconomy AG: Confidence about transformation and opportunities; mwb research reiterates to BUY
Ceconomy’s CFO, Dr. Kai-Ulrich Deissner, presented at mwb research’s German Small Cap Select Conference and provided a summary and current status on the company’s transformation. Ceconomy is currently undergoing a transformation to become a customer-focused retail service platform, which is expected to improve profitability and cash inflows. These efforts form the basis for ambitious medium-term financial targets. Dr. Deissner expressed confidence in delivering on the guidance, both in the short...
Ceconomy AG
Source: mwb Research
10 April 2024 09:32AM
Kontron AG: German Small Cap Select conference feedback; mwb research reiterates to BUY
Kontron presented on mwb research’s German Small Cap Select conference, a quarterly conference format of stock listed gems in Germany. CFO Clemens Billek led through the presentation, highlighting the successful completion of FY23, both operationally and strategically thanks to a series of key acquisitions. Following the sale of the IT services business, the face of the new Kontron is now slowly taking shape, focusing on megatrends such as digitalization, AI and sustainability, which the company...
Kontron AG
Source: mwb Research
10 April 2024 09:27AM
SUESS MicroTec SE: Conference presentation confirms positive view; mwb research reiterates to BUY
Sven Köpsel, Head of Investor Relations & Corporate Communication of Suess MicroTec, gave a presentation at mwb research's German Small Cap Select Conference. The presentation highlighted Suess MicroTec’s exceptional positioning in high-growth areas of the semiconductor equipment market, particularly driven by AI applications, which accounted for over 30% of FY23 orders. Despite industry challenges, the company delivered 17% revenue growth in FY23, in stark contrast to the decline in the wafer f...
SUESS MicroTec SE
Source: mwb Research
09 April 2024 11:23AM
Wolftank Group: Recent underperformance offers lucrative BUYing opportunity; mwb research reiterates to BUY
Wolftank is a key player in the EU's drive towards a greener industrial and energy infrastructure, with over 70 years of experience in environmental and energy technologies. With its four segments - Environmental Services, Industrial Coatings, LNG and H2 (refueling systems) - the company covers a wide range of environmental aspects. A CAGR ’20-23E of 33% and increasing profitability reflect the structural growth opportunities the global environmental ambitions have on offer, also visible in a st...
Wolftank Adisa Holding AG
Source: mwb Research
09 April 2024 10:22AM
Cicor: Well-attended roundtable casts light on M&A strategy; mwb research reiterates to BUY
Yesterday, mwb research hosted a well-attended virtual roundtable with Cicor’s management. The presentation was rounded off by a lively Q&A-session, with a large part of the discussion focusing on Cicor's strategy and execution with regard to M&A, which is a cornerstone of Cicor’s growth. By consolidating a fragmented market, Cicor leverages on opportunities to enhance business focus and production capacity, as well as its competitive strength. The 2022 and 2023 results validate the company’s st...
Cicor Technologies Ltd
Source: mwb Research
08 April 2024 11:25AM
AUTO1 Group SE: FY23 report published, on track for FY24; mwb research reiterates to BUY
Auto1 published its full FY23 report, in line with the company’s preliminary release. The reported FY23 revenues declined by 16.4% yoy to EUR 5.46bn, driven by lower volumes and average selling prices. Amid declining volumes and ASP, Auto1 made progress towards profitability, strongly driven by Autohero’s increased in-house production. The company’s FY24 guidance sees a unit growth of +9% yoy at the mid-point to 610k-665k units. In this regard, German KBA numbers indicate a favourable environmen...
AUTO1 GROUP SE
Source: mwb Research
08 April 2024 11:06AM
Performance One: Small capital increase; subsidiary valued higher than PO1; mwb research reiterates to BUY
Performance One (PO1) announced a small capital increase of 60,000 shares. The new shares will increase the company's share capital by c. 5.3% to EUR 1.19m and will be offered to interested investors at EUR 5.00 per share. In total, the company will receive c. EUR 300K, which will be invested in the further growth of the company. PO1’s subsidiary E-Health Evolutions GmbH, which bundles the group's digital health activities such as couch:now and the mental health app Harmony, is also rising fresh...
Performance One AG
Source: mwb Research
08 April 2024 09:47AM
GIEAG Immobilien: Difficult market environment forces partial withdrawal from the stock market; mwb research reiterates to BUY
GIEAG Immobilien AG has partially withdrawn from the stock exchange due to the difficult market environment. Trading has been suspended on the Xetra trading platform and on the Frankfurt Stock Exchange, but the share remains tradable on the m:access of the Munich Stock Exchange. According to the analysts at mwb research, this step is a consequence of the low trading activity and the high costs of the stock exchange listing. The market environment for commercial real estate investments in Germany...
GIEAG Immobilien AG
Source: mwb Research
08 April 2024 09:43AM
Fuchs SE: High quality fully priced; mwb research downgrades to HOLD.
Fuchs shares have outperformed the MDAX by 26 percentage points over the past 12 months, driven by consistently strong quarterly results in FY23. This is particularly true of profitability, which has been driven by gross margin expansion and effective cost management, as well as impressive free cash flow generation. However, management has provided a cautious outlook for 2024, citing macro uncertainties, leading to expectations of broadly flat revenues and profits. Fuchs serves a largely mature ...
Fuchs SE
Source: mwb Research
05 April 2024 09:52AM
Delivery Hero SE: Potential entry of an activist investor; mwb research confirms to BUY
Yesterday, Delivery Hero’s share price surged by 14.5% to EUR 33.00, doubling from its all-time low at the beginning of February. According to media reports, activist investor Sachem Head Capital Management has acquired a 3.6% stake in Delivery Hero and would be aiming for a seat on the Supervisory Board. The New York-based investor has made a reputation for implementing changes, including changes in the management board. Sachem Head's entry would be primarily positive from an investor's point o...
Delivery Hero SE
Source: mwb Research
05 April 2024 09:44AM
CompuGroup Medical: Valuation appealing after recent price movement; mwb research confirms to BUY
Following the publication of preliminary results in early February, CompuGroup’s (CGM) share price fell sharply by a further 30% to an almost 10-year low at EUR 26.70. This decline is explained by the weak figures, which were particularly surprising with significant differences between the adjusted (adj.) and reported KPIs that did not meet market expectations. Now, mwb research’s analysts have incorporated the final set of ‘23 figures. At the same time, the analysts introduce the ‘26 forecast a...
CompuGroup Medical SE & Co KgaA
Source: mwb Research
05 April 2024 09:24AM
Rubean AG: Impressive preliminary sales in Q1; mwb research reiterates to BUY
Rubean reported a remarkable fivefold increase in revenues to EUR 0.5m in Q1'24, driven by software roll-outs and new contracts with major customers. Rubean continued to win important new customers, including a strategic alliance with Discover and a transformational deal with Global Payments Europe. mwb research’s analysts expect the latter to generate several million euros of annual recurring revenues over the next 2-3 years. Rubean has also made progress in improving profitability. Cost reduct...
Rubean AG
Source: mwb Research
04 April 2024 10:32AM
Multitude SE: Net profit to almost triple by 2026; PT increased; mwb research confirms to BUY
Multitude has published its final FY23 figures, which confirm the preliminary figures. Revenues and earnings increased in all areas and the balance sheet quality was further improved. Multitude is a FinTech company and has previously reported as a technology company. Starting with the annual report 2023, Multitude reported P/L as a bank. This means that the top line will no longer be ‘revenue’, but ‘net interest income’. In addition, EBIT, which was previously the most important KPI, will be rep...
Multitude SE
Source: mwb Research
04 April 2024 09:23AM
Siemens Energy AG: GE Vernova reveals value potential of Siemens Energy. PT up; mwb research reiterates to BUY
The recent stock market debut of GE Vernova (GEV), following its spin-off from GE, provides an opportunity to compare its business model with that of Siemens Energy. There are slight differences in terms of products and markets served, but overall the two companies are very similar, not only in terms of business scope, but also in terms of size and profitability. The one exception is the wind business, where both companies are struggling, but Siemens Energy is facing bigger problems. While this ...
Siemens Energy AG
Source: mwb Research
04 April 2024 08:40AM
Redcare Pharmacy N.V.: Strong Q1 sales growth but with decelerating momentum; mwb research reiterates to SELL
Redcare Pharmacy's prelim. Q1 24 sales figures show continued high double-digit growth, but with slowing momentum. Group sales increased by almost 51% yoy to EUR 560m, compared to stronger growth rates of 67% and 62% in Q3 23 and Q4 23 respectively. Organic sales growth was a solid 19% yoy, with the recently acquired MediService contributing the remainder. Non-Rx sales increased by 20% to EUR 404m, while Rx sales increased by 348% to EUR 156m, mainly due to the MediService acquisition. However, ...
Redcare Pharmacy NV
Source: mwb Research
03 April 2024 11:15AM
cyan AG: FY23 prelims with better-than-expected operating result; mwb research reiterates to BUY with higher PT
cyan AG announced its preliminary figures for FY23. Including the i-new business, operating revenues came in at EUR 8.6m, roughly in line with mwb research’s estimates. Group EBITDA (incl. i-new and one-offs) amounted to EUR -9.7m (mwb est: EUR -12.7m), better than forecasted due to a retrospective recognition of changes in inventories in FY22, which was originally planned for FY23. Cybersecurity figures show a positive top-line performance. Recurring revenues were up by 41% yoy, driven by the i...
cyan AG
Source: mwb Research
03 April 2024 11:08AM
Cancom SE: Recovery in H2 expected; Reassuring outlook FY24; mwb research reiterates to BUY
Cancom released its final FY23 figures, which were in line with its prelims. FY23 showed a mixed picture, but the outlook for ‘24 is reassuring. For FY24, Cancom is targeting revenues in the range of EUR 1.75-2.0bn and an EBITDA of EUR 130-155m. With mwb research’s estimates at the lower end of the new guidance, mwb research’s analysts believe Cancom’s business could be up for a positive surprise in H2 ‘24, when a gradual recovery is expected. Cancom will participate in the Small Cap Select Conf...
Cancom SE
Source: mwb Research
03 April 2024 08:13AM
coinIX: Hidden reserves of EUR 5.1m realized; mwb research reiterates to BUY
coinIX announced the realization of hidden reserves of EUR 5.1m in the 2024 financial year through the transfer of liquid cryptocurrency holdings to the special fund coinIX COINVEST SCI1. The operational impact will remain minimal, as the same experienced team will continue to make the investment decisions. Transparency will be increased through the regular publication of the value of the special fund. mwb research’s analysts assume that the management fees of the special fund will be in line wi...
coinIX GmbH & Co KGaA
Source: mwb Research
02 April 2024 11:43AM
Stratec SE: Destocking to continue; recovery expected thereafter. mwb research dowwgrades to HOLD
Stratec reported solid sales and earnings in Q4 2023, reflecting new product launches, Natech Plastics consolidation, and multiple earnings improvement measures. Meanwhile, full-year results were impacted by subdued demand for molecular diagnostic systems, persistent inventory destocking, and development-related delays in a new veterinary diagnostics system generation. Discouragingly, amid weak start of the year, due to continued inventory destocking, management issued a weak guidance for 2024,...
Stratec SE
Source: mwb Research
02 April 2024 11:23AM
Westwing: 2023 guidance met. 2024 outlook cautious; mwb research confirms BUY rating
Westwing reported detailed 2023 numbers, with broadly flat full-year revenues and an improving gross margin, owing to controlled fulfillment expenses, and general overheads. Overall, Westwing reported a reasonable set of results – both revenues and adj. EBITDA reached the upper half of its guidance range. Despite a good start to the year, with GMV up 6% YTD, management does not expect a rebound in consumer demand in 2024. It gave a cautious outlook for 2024, guiding for revenues of EUR 415m-EUR ...
Westwing Group SE
Source: mwb Research
02 April 2024 10:42AM
TAKKT AG: FY23 in-line; Difficult business year ahead; mwb research downgrades to HOLD
TAKKT's final FY23 results closely align with earlier preliminary figures, with full-year revenues and EBITDA meeting guidance and free cash flow rising by 31% year-on-year. However, Q4 saw a 13% revenue decline to EUR 285m, attributed to an 11.3% organic drop and currency fluctuations amid subdued consumer demand. For FY23, TAKKT proposes dividends of EUR 0.60 regular and EUR 0.40 special per share, in line with estimates. Amid a sluggish economic environment, FY24 forecasts anticipate organic ...
TAKKT AG
Source: mwb Research
02 April 2024 10:30AM
Cicor: Closing of further acquisition; Roundtable next week; mwb research reiterates to BUY
Cicor Technologies closed the acquisition of TT Electronics IoT Solutions. The carve-out from TT Electronics PLC will add required capacities for local production in the UK, strengthening Cicor’s position in the Aerospace & Defense market. A successful post-merger integration should translate to further market share gains. mwb research confirms the PT and rating. Next week, mwb research will host a roundtable with Cicor’s management. CEO Alexander Hagemann and CFO Peter Neumann will provide a co...
Cicor Technologies Ltd
Source: mwb Research
02 April 2024 10:22AM
Dermapharm: Sailing steady in the post-pandemic normal; mwb research reiterates to BUY
Dermapharm (DMP) reported detailed results for 2023 that were in line with its preliminary numbers. Full-year revenues of EUR 1.14bn (+11% yoy) surpassed its guidance and adj. EBITDA of EUR 310m (-14% yoy) reached the upper-end of its target. These numbers are healthy, given DMP no longer enjoys tailwinds from COVID-19 vaccine sales as seen in 2021-2022. Management is optimistic about seeing a recovery in Europe and good traction in non-European markets in 2024. Furthermore, it expects in-house ...
Dermapharm Holding SE
Source: mwb Research
02 April 2024 09:53AM
Kontron AG: Solid 2023 results and order backlog; mwb research reiterates to BUY
Kontron reported impressive results in 2023. Revenues and EBITDA both rose in mid-teens % yoy, well supported by a higher demand. Steady demand, an easing supply chain, improved chip availability, and process optimization initiatives boosted the 2023 numbers. Order backlog remains impressive at EUR 1.7bn (0.9x 2024e revenues) and gives good revenue visibility into 2024. Management has reiterated its revenue and net profit guidance for 2024. 2023 results reflect the steady progress Kontron has be...
Kontron AG
Source: mwb Research
02 April 2024 09:03AM
UniDevice AG: Suspicion of tax evasion; mwb research suspends rating and PT
UniDevice faced a significant setback as its subsidiary, PPA International AG, came under investigation for tax evasion, leading to a near-complete halt in business operations. In addition, management's authority is limited amid the turmoil, the duration of which is uncertain. PPA International is critical to UniDevice's B2B electronics brokerage business. Although UniDevice's preliminary FY23 results were disappointing, a promising start to FY24 suggested a solid performance. However, the poten...
UniDevice AG
Source: mwb Research
28 March 2024 11:18AM
RATIONAL AG: Solid 2023 numbers. Optimistic outlook for 2024; mwb research reiterates to HOLD.
Rational ended 2023 on a positive note in line with its strong prelims. FY23 sales grew at a healthy 10% yoy to a record high of EUR 1.13bn, despite a high comparable base, bolstered by strong overseas demand for iCombo products. Meanwhile, operating leverage benefits and easing input and logistics costs supported the EBIT line (+17% yoy to EUR 277m). Cash flow generation was robust and the proposed dividend payout ratio was high at 71%. Management expects the demand environment to remain steady...
RATIONAL AG
Source: mwb Research
28 March 2024 11:14AM
WashTec AG: 2023 results in line with prelims. Outlook a little cautious. mwb research confirms to BUY
WashTec reported detailed 2023 results, in line with its prelims. Full-year revenues grew 2% yoy to reach a new record level of EUR 490m, while EBIT grew disproportionately by 10% yoy to EUR 42m, owing to successful cost pass throughs, active cost management, and savings emanating from the company’s efficiency program in North America. Both these lines were in line with consensus at the time of pre-release and met its guidance. Robust FCF generation (EUR 46m; 2.8x 2022 level) and sound balance s...
WashTec AG
Source: mwb Research
28 March 2024 09:47AM
Mister Spex SE: FY23 figures in-line; Outlook a bit shy; mwb research reiterates to BUY
Mister Spex reported FY23 results in line with expectations, with sales up 6% yoy to EUR 224m. Despite challenging consumer sentiment, the company managed to gain market share, particularly in its key market of Germany. Adjusted EBITDA margins were also in line with the company's guidance at 0.4%, with a significant swing of EUR 9.2m yoy. As a result, Mister Spex was able to further reduce its cash burn, leaving the company with a comfortable cash position of EUR 111m. For FY24, Mister Spex expe...
Mister Spex SE