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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
12 December 2024 12:19PM
Carl Zeiss Meditec AG: Better-than-expected Q4 results but muted FY 2025 guidance; mwb research reiterates to BUY
Carl Zeiss Meditec’s (CZM) Q4 FY 2024 revenues fell short of consensus by c. 3%; however, adj. EBIT beat by 13%. The top-line declined 8% yoy organically during the quarter (reported: flat yoy due to the DORC acquisition), due to persistently weak demand for ophthalmology equipment and the weak neurosurgery business. Adj. EBIT was lower by 23% yoy at EUR 85m, dragged by a soft top-line, DORC integration-related expenses, and amortization of intangibles at a CZM entity. Management expects macro u...
https://research-hub.de/companies/Carl Zeiss Meditec AG
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mwb Research
12 December 2024 12:12PM
About You: Zalando - About You deal: Consolidating fashion e-commerce; mwb research downgrades to SELL
About You (AY) and Zalando have entered into a definitive business combination agreement, with Zalando offering EUR 6.50 per share, a 107% premium to AY’s three-month volume-weighted average price, and aligning with mwb research’s PT. Major shareholders, including the Otto Group, HEARTLAND, and AY’s management, have committed to selling approximately 73% of AY’s share capital. The merger aims to leverage a dual-brand strategy, combining Zalando’s premium brand positioning with AY’s trend-focused...
https://research-hub.de/companies/ABOUT YOU Holding SE
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mwb Research
12 December 2024 11:50AM
Zalando SE: Zalando - About You deal: Consolidating fashion e-commerce; mwb research downgrades to HOLD
About You (AY) and Zalando have entered into a definitive business combination agreement, with Zalando offering EUR 6.50 per share, a 107% premium to AY’s three-month volume-weighted average price. This corresponds to a purchase price of roughly EUR 1.1bn. The merger aims to leverage a dual-brand strategy, combining Zalando’s premium brand positioning with AY’s trend-focused, younger audience appeal, while enhancing B2B capabilities through complementary platforms like SCAYLE and ZEOS. The pote...
https://research-hub.de/companies/Zalando SE
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mwb Research
12 December 2024 10:14AM
TeamViewer SE: Largest acquisition to strengthen strategic position; mwb research reiterates to BUY
TeamViewer (TMV) announced the acquisition of UK-based 1E, valued at EUR 686m, expected to be closed in early 2025. Specializing in Digital Employee Experience (DEX) software, 1E complements TMV’s remote connectivity solutions, enhancing its Digital Workplace Management offering and strengthening its presence in the US market. The deal will allow TMV to integrate proactive IT management with endpoint optimization while gaining access to 1E’s strong customer base, including Nike and Roche. Expect...
https://research-hub.de/companies/TeamViewer SE
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mwb Research
12 December 2024 09:57AM
Performance One: H1 24 report published and FY outlook adjusted; mwb research reiterates to BUY
Performance One (PO1) struggled in H1 24 due to a tough economic climate, leading to reduced digital services demand and lower media budgets at clients. Revenues fell by 25% yoy, and the anticipated Q4 recovery in the advertising sector is now unlikely. Significant investments in e-health initiatives and AI co-products pressured profitability, resulting in negative EBITDA. Management lowered FY24 guidance, expecting around EUR 9.6m in revenues and a negative mid-six-digit EBITDA figure. Although...
https://research-hub.de/companies/Performance One AG
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mwb Research
12 December 2024 08:17AM
TUI AG: FQ4 24 results: fiscal year ends with strong growth; mwb research confirms BUY
TUI's Q4 results reflect robust growth: revenues rose by 11.2% yoy to EUR 9.43bn, exceeding expectations. This performance was driven by strong demand across all regions and segments. Underlying EBIT increased by 3.7% yoy to EUR 1.25bn, with a margin of 13.3%, slightly below last year's 14.2% due to inflationary pressures. Operating cash flow increased from EUR 463m to EUR 663m. All segments showed growth, with Markets & Airlines up 11% yoy, led by Central Region (+14%). Holiday Experiences grew...
https://research-hub.de/companies/TUI AG
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mwb Research
11 December 2024 10:24AM
Infineon Technologies AG: Navigating short-term Storms; mwb research reiterates to BUY
Infineon’s stock has surged 15% in the past month, nearing mwb research’s EUR 37.00 fair value, even as market headwinds persist. Pressures from weak vehicle production, inventory corrections, and subdued consumer demand across automotive, industrial, and IoT segments are expected to weigh on 2025 performance. Yet, Infineon’s strong position is bolstered by growth catalysts like accelerating BEV and ADAS adoption, decarbonization trends, and soaring demand for AI-driven power solutions. With ind...
https://research-hub.de/companies/Infineon Technologies AG
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mwb Research
11 December 2024 10:19AM
Stabilus SA: Challenging environment, and weak outlook; PT down; mwb research reiterates to BUY
Stabilus SE reported FY 2023/24 results showing 7.5% revenue growth to EUR 1.31bn driven by the Destaco acquisition but disappointing organic performance. Reported EBIT margin declined to 8.7% from 11.3% last year, impacted by higher labor costs and weaker market demand, particularly in EMEA and the Americas. The FY 24/25 outlook reflects uncertainty, with sales guidance of EUR 1.30–1.45bn and adjusted EBIT margins of 11–13%, highlighting market uncertainty. High net debt (3.3x EBITDA) weighs on...
https://research-hub.de/companies/Stabilus SE
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mwb Research
10 December 2024 09:10AM
CompuGroup Medical: CVC plans to acquire CompuGroup for EUR 22 per share.; mwb research confirms to BUY
CVC Capital Partners plans a takeover offer for CompuGroup Medical (CGM) at EUR 22.00 per share, representing a 51% premium to the 3-month average share price, and plans a subsequent delisting. The majority shareholders of CGM, the Gotthardt family, support the offer but will retain their 50.1% stake within the context of a strategic partnership with CVC. The offer, which is subject to a 17% acceptance threshold and regulatory approval, is expected to close in H1 25, followed by a potential deli...
https://research-hub.de/companies/CompuGroup Medical SE
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mwb Research
09 December 2024 10:20AM
Rheinmetall AG: What to expect in 2027? PT up; mwb research reiterates to BUY.
Rheinmetall is on a rapid growth trajectory, set to surpass EUR 10bn in revenues in 2024 (+40% yoy) and grow by 23% in 2025, backed by a massive EUR 61bn order backlog in FY24(mwb est.). Rising global defense budgets, driven by geopolitical pressures and Germany's likely pro-defense policy shift in 2025, further bolster its prospects. Today´s drop in its share price by -3% offer a great entry point. With industry-leading products like tanks, ammunition, and drones (as it´s recent collaboration w...
https://research-hub.de/companies/Rheinmetall AG
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mwb Research
09 December 2024 09:56AM
Siltronic AG: Highlights from mwb’s German Select Conference; mwb research reiterates BUY
At mwb’s German Select Conference (watch here: https://research-hub.de/videos), Siltronic energized its equity story, shedding light on its latest developments and industry dynamics. The company stands at a critical juncture, with recovery gradually taking shape, driven by growing AI demand and a rebound in consumer electronics like smartphones and PCs, despite challenges from elevated inventories and soft automotive and industrial sectors. As the only Western-based wafer supplier, Siltronic com...
https://research-hub.de/companies/Siltronic AG
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mwb Research
09 December 2024 09:30AM
Verbio SE: Progress ahead: Highlights from the AGM; mwb research reiterates with BUY
At Verbio SE's virtual Annual General Meeting (AGM) last Friday, the company discussed the challenges it faced in the past fiscal year (ended June 30), including disruptions in the biofuels market due to dumped biodiesel imports from China. Looking ahead, the company expects the biofuel and greenhouse gas (GHG) quota markets to stabilize in 2025, supported by a German regulation that suspends the transfer of GHG quotas from 2024 to 2025 and 2026. Verbio expects increased demand and rising prices...
https://research-hub.de/companies/Verbio SE
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mwb Research
06 December 2024 09:07AM
Hensoldt AG: Key Takeaways from German Select Conference; mwb research reiterates to BUY
Following Hensoldt´s participation in mwb research´s German Select Conference, the analyst provided an update on Hensoldt, a leader in defense technology. The company continues to deliver strong performance, with Q3 2024 revenues up 29% yoyand order intake surging 134%. Its robust order backlog of EUR 6.5bn ensures visibility for sustained growth. Hensoldt’s limited exposure to conflict-specific revenues (5.4% from Ukraine) highlights its resilience and independence of the war(s), since its long...
https://research-hub.de/companies/Hensoldt AG
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mwb Research
06 December 2024 08:59AM
Formycon: SDAX inclusion after outgrowing the Scale; mwb research reiterates to BUY
Formycon AG’s inclusion in the SDAX index, effective December 23, 2024, marks a significant milestone in the company’s growth trajectory. This achievement, following its recent uplisting to the Prime Standard, enhances Formycon’s visibility and positions it among Germany’s leading small-cap companies. The SDAX listing is expected to boost liquidity, attract more investors, and reinforce the company’s financial stability and growth potential. mwb research anlaysts reiterate their BUY rating with ...
https://research-hub.de/companies/Formycon AG
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mwb Research
05 December 2024 10:05AM
Kontron AG: Compelling conference feedback; mwb research reiterates to BUY
CFO Clemens Billek presented at mwb research’s German Select conference (watch under https://research-hub.de/events/video/2024-12-03-15-30/KTN-GR), highlighting Kontron's impressive transformation from traditional IT services to a leader in Industrial IoT (IIoT). With over 4,500 clients, including major blue-chip companies, Kontron is well-positioned in the growing B2B IoT market. In Q3 2024, Kontron reported 44.9% revenue growth, a significant increase in EBITDA to EUR 59.4m, and a strong order...
https://research-hub.de/companies/Kontron AG
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mwb Research
05 December 2024 09:24AM
Draegerwerk AG & Co. KGaA: German Select presentation confirms positive view; mwb research reiterates to BUY
Dräger presented at mwb research's German Select conference, where Head of IR Thomas Fischler gave an update on the company's long-term outlook. Dräger is focusing on technology leadership (e.g. "Dräger One") and aims to improve EBIT margins by 1% annually to reach a margin of 10% by 2030, prioritizing profitability over growth. North America is expected to grow from 2025 due to full product approval, while the Chinese market is expected to stabilize with a slight recovery in 2025 despite regula...
https://research-hub.de/companies/Draegerwerk AG & Co. KGaA
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mwb Research
04 December 2024 10:37AM
Elmos Semiconductor SE: Elmos Highlights at German Select Conference; mwb research reiterates with BUY
Elmos CEO Mr. Schneider made a strong impression at the German Select Conference, energizing the company’s equity story and wrapping up with an insightful Q&A (recording is available under https://research-hub.de/videos). Despite the short-term slowdown in the automotive industry, Elmos stands out with resilience, holding firm to its 2024 guidance and achieving modest growth (+1.5% yoy), while peers struggle with repeated downward revisions and declining sales. The CEO addressed competition dyna...
https://research-hub.de/companies/Elmos Semiconductor SE
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mwb Research
04 December 2024 10:12AM
tonies: German Select presentation confirms positive view; mwb research reiterates to BUY
At the mwb research German Select conference, Manuel Bösing, Head of Investor Relations at tonies, updated investors on the equity story in a presentation and Q&A session. The recording can be viewed here: https://research-hub.de/videos. The presentation highlighted tonies' strong growth trajectory, with a CAGR of 37% from 2019 to 2023, and guidance for 2024 of at least 33% growth and 40% yoy growth in Q4. Key growth drivers include expansion in the US (increasing POS by 23% and targeting the Hi...
https://research-hub.de/companies/tonies SE
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mwb Research
04 December 2024 09:50AM
Viromed Medical AG: An acquisition and cooperation with relyon; PT up; mwb research recommends spec. BUY
Viromed Medical has signed an agreement to acquire all shares of pharmedix GmbH, a Hamburg-based company that specializes in healthcare products, including medical devices, food supplements, and cosmetics under the N1 and ORTHOCOMPLEX brands. The acquisition, valued at up to EUR 2.0 million and to be paid in Viromed shares, is expected to close on January 1, 2025, subject to due diligence. Pharmedix expects revenues of over EUR 4.0 million in 2024, growing to EUR 5.5 million in 2025, with a plan...
https://research-hub.de/companies/Viromed Medical AG
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mwb Research
04 December 2024 09:46AM
Duerr AG: Positive conference feedback; mwb research reiterates to BUY
Duerr presented on mwb research’s German Select conference where Senior Manager Corporate Communications & IR Mathias Christen provided an upbeat presentation about the company’s mid- to long-term outlook. Particularly, Duerr's automotive business, (i.e. shop systems), are performing well despite challenges in the industry. The company is at the start of a long modernization cycle for paint shops, with about 60% of global facilities being over 20 years old. This presents a significant sales pote...
https://research-hub.de/companies/Duerr AG
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mwb Research
03 December 2024 10:02AM
HMS Bergbau AG: Potential vanadium move under consideration; mwb research reiterates to BUY
HMS Bergbau (HMS) is signaling its future direction by exploring opportunities beyond coal, including green tech-critical materials. The company’s expressed interest in Surefire Resources’ Victory Bore Vanadium Project aligns with its long-term diversification strategy, though the agreement remains non-binding and subject to further evaluation. While the potential offtake is far from certain, it illustrates HMS’s intent to adapt its portfolio to support the energy transition. In the meantime, HM...
https://research-hub.de/companies/HMS Bergbau AG
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mwb Research
03 December 2024 09:28AM
Lanxess AG: A Strategic Inflection Point?; mwb research confirms to BUY
David Einhorn’s Greenlight Capital has acquired a sizeable 5.06% stake in Lanxess AG, signaling untapped potential in the company’s valuation. With its diversified portfolio spanning regions and end markets, leading niche position in the specialty chemicals, and its successful transformation into asset-light, high-margin businesses, Lanxess is poised for stable growth. Ongoing initiatives, such as the "FORWARD!" program targeting EUR 150m in annual savings, disciplined deleveraging, and proceeds...
https://research-hub.de/companies/Lanxess AG
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mwb Research
03 December 2024 08:57AM
Airbus SE: CFM Deal Buys Time, But Delivery Risks Persist; mwb research reiterates to SELL
Airbus has reached an agreement with engine supplier CFM to prioritize the delivery of engines for new aircraft. This strategic move is aimed at mitigating ongoing supply chain constraints and helping Airbus meet its revised 2024 delivery target of "around 770" aircraft—although mwb research’s analysts believe the company is likely to miss this goal. The deal offers temporary relief to Airbus’s assembly lines, which have faced pressure throughout the year. As of November, Airbus had delivered 64...
https://research-hub.de/companies/Airbus SE
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mwb Research
03 December 2024 08:49AM
TUI AG: FQ4 preview: expect a good fiscal year-end; mwb research confirms BUY
TUI is set to release its FY24/FQ4 results on December 11. FQ4 is its most critical quarter as it encompasses the peak European summer holiday season, contributing around 40% of annual revenue and nearly all operating profit. mwb research’s analysts expect TUI to post 8% yoy revenue growth in FQ4, driven especially by a strong performance in the Central Region of Markets & Airlines, buoyed by additional capacity after FTI’s insolvency. The underlying EBIT margin is estimated to decline slightly ...
https://research-hub.de/companies/TUI AG
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mwb Research
02 December 2024 10:44AM
Delivery Hero SE: Glovo shifts to employment model in Spain; PT down
Delivery Hero's subsidiary Glovo is transitioning from a freelance to an employment-based model for its delivery riders in Spain to address compliance risks amid ongoing litigation. This shift comes with significant financial impacts, including higher contingencies and incremental costs affecting EBITDA. In essence, increased costs can be expected due to salaries, benefits, payroll taxes, and compliance expenses while reducing operational flexibility. mwb research’s analysts updated their model ...
https://research-hub.de/companies/Delivery Hero SE
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mwb Research
02 December 2024 10:00AM
MTU Aero Engines: Robust guidance update; mwb research reiterates to HOLD; PT up
MTU forecasts revenues of EUR 8.3–8.5bn in 2025, supported by increased GTF engine production, the GE9X ramp-up for Boeing’s 777X, and steady growth in military and spare parts segments. Adjusted EBIT is expected to grow in the low-to-mid-teens percentage range, with a 10% dividend increase to EUR 2.20 per share, signaling management’s confidence. However, FCF for 2025 remains limited at a low triple-digit million-euro figure due to GTF fleet management costs. These results match elevated expect...
https://research-hub.de/companies/MTU Aero Engines AG
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mwb Research
02 December 2024 09:56AM
CTS Eventim: Stake in France Billet increased to 65%; mwb research confirms HOLD with a raised PT
CTS Eventim has completed the acquisition of a 17% stake in France Billet from Fnac Darty, increasing its ownership to 65%, with Fnac Darty retaining a 35% stake. France Billet is the leading ticketing company in France, managing 36m tickets per year, compared to CTS Eventim's more than 300m. In 2023, the company reported revenues of EUR 385m and a net profit of EUR 15.2m. The purchase price was not disclosed. The acquisition strengthens CTS Eventim's position in the ticketing market, complement...
https://research-hub.de/companies/CTS Eventim AG & Co KGaA
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mwb Research
29 November 2024 10:11AM
Cicor Technologies Ltd: MCN conversion sparks mandatory offer; mwb research recommends to BUY
Cicor Technologies announced that OEP 80 B.V. (One Equity Partners) has converted its Mandatory Convertible Notes, increasing its voting rights to 41%. This triggers a mandatory takeover offer under Swiss law, and the offer will be made at or near the minimum legally required price, which is currently estimated to be around CHF 54.35 per share, which is below the last close price and well below mwb research’s price target. Moreover, OEP confirms no intention of full ownership. Cicor’s Board is e...
https://research-hub.de/companies/Cicor Technologies Ltd
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mwb Research
29 November 2024 10:00AM
tonies: EK Forum meeting, estimates and PT up; mwb research reiterates to BUY
At this week's EK Forum mwb research’s analysts discussed trading conditions and strategy with tonies. Despite household penetration in the US being modest at just 10%, significantly lagging behind Germany's 50%, the US was a key driver, contributing nearly two-thirds of the sales growth in 9M24. For Q4, increased points of sale (+23%) and improving consumer confidence support tonies’ EUR 200m US guidance. The company is also tapping into the Hispanic market, targeting up to 20m Spanish-speaking...
https://research-hub.de/companies/tonies SE
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mwb Research
28 November 2024 11:02AM
Formycon: 9M results highlight FYB201 gains amid investments; mwb research reiterates to BUY
Formycon AG's 9M 2024 results reflect significant pipeline investments and uplisting preparations, alongside increasing contributions from its commercialized FYB201 biosimilar. The company is nearing commercialization for its biosimilars FYB202 and FYB203, while continuing to advance and expand its development pipeline. Supported by a strong pipeline and a solid financial position, Formycon is well-positioned for its next phase of growth. mwb research’s analysts reiterate their BUY rating with a...
https://research-hub.de/companies/Formycon AG
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mwb Research
28 November 2024 10:12AM
TAKKT AG: The trough is yet to come; PT down; mwb research confirms HOLD
TAKKT faced significant challenges in the first nine months of 2024, including weak order intake, a difficult market environment and internal issues, which led to two downward revisions of the FY24 guidance. The company now expects organic revenue declines of 15-17% and an adjusted EBITDA margin of 6.3-7.1% as well as one-off charges of EUR 15-20m. Q3 and 9M results were disappointing, with the share price down 15% in the last 30 days. Q4 is expected to remain weak with similar declines and marg...
https://research-hub.de/companies/TAKKT AG
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mwb Research
27 November 2024 10:01AM
Beiersdorf: Overreaction to weak Q3.; mwb research upgrades to BUY amid Q4 recovery
Despite slightly disappointing Q3 results, Beiersdorf’s resilient performance and strong global demand reaffirm its growth potential. Achieving 6.5% organic sales growth year to-date, the company is well-positioned to meet its FY24 guidance. NIVEA and Eucerin are driving robust results, supported by innovations like the Epicelline® Anti-Aging Serum. The market underestimates Beiersdorf’s EBIT margin expansion and brand strength, making the recent 16% share price decline an overreaction. mwb rese...
https://research-hub.de/companies/Beiersdorf AG
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mwb Research
27 November 2024 09:51AM
Staige One AG: FY24 sales and earnings forecast cut; mwb research recommends a Spec. BUY
Staige One AG has significantly revised its financial outlook for 2024 due to lower order volumes from major customers. Revenue guidance has been reduced from EUR 4.1m to EUR 2.2-2.4m, a decrease of 41-46%. The EBITDA guidance is now between EUR -3.0m and EUR -3.2m, down from EUR -2.4m. The impact is partially mitigated by the non-renewal of a EUR 0.5m revenue neutral collaboration agreement and EUR 0.3m cost savings on cloud contracts. Despite the setback, Staige One's innovative product for th...
https://research-hub.de/companies/Staige One AG
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mwb Research
26 November 2024 10:12AM
Varta AG: Expropriation risk increases; mwb research maintains its SELL recommendation
VARTA AG announced that the majority of voting groups approved its restructuring plan under StaRUG, with only free float shareholders opposing. The plan includes reducing share capital to zero, resulting in current shareholders exiting without compensation and delisting VARTA's shares. New equity of EUR 60m will be raised through a capital increase involving entities controlled by Michael Tojner and a Porsche AG subsidiary. The plan also reduces debt from EUR 485m to EUR 230m and secures a EUR 6...
https://research-hub.de/companies/Varta AG
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mwb Research
26 November 2024 08:36AM
Wolftank Group: Another series of major orders; mwb research reiterates to BUY
The Wolftank Group has recently secured three major contracts worth over EUR 10m in Austria and Northern Italy, strengthening its position in the hydrogen sector. In Carinthia, the company will build a hydrogen refuelling station for 35 public buses, worth EUR 5.3m, with a ten-year maintenance contract, while in South Tyrol, the company will participate in the installation of a hydrogen refuelling station for 15 buses, worth a further EUR 3m. In addition, Wolftank is entering the construction eq...
https://research-hub.de/companies/Wolftank Group AG
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mwb Research
25 November 2024 09:57AM
LAIQON AG: New anchor investor and influx of much needed cash; mwb research reiterates to HOLD
LAIQON AG has secured a strategic investment from the Joachim Herz Foundation, which will acquire a 9.93% stake through a cash capital increase. The foundation will purchase 2.1m new shares at EUR 6.00 each, an 18% premium to the current share price, generating EUR 12.6m in gross proceeds. The funds will support LAIQON's growth initiatives, including expanding distribution partnerships and developing its Digital Asset Platform but will also help reduce the company’s elevated net debt position. m...
https://research-hub.de/companies/LAIQON AG
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mwb Research
25 November 2024 09:56AM
Airbus SE: Slow Buyback, Rising Risks; mwb research reiterates to SELL
Airbus’s share repurchase program is falling short of expectations. Announced on April 10, 2024, the plan targeted a buyback of up to 10% of outstanding shares. However, progress has been sluggish, with only 0.27% repurchased by October 4, 2024, and a cumulative total of just 0.81% expected by March 31, 2025. Adding to the pressure, Airbus still faces engine supply chain issues, making its 770-aircraft delivery target for 2024 challenging. A 47.8% yoy drop in order intake and the looming competi...
https://research-hub.de/companies/Airbus SE
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mwb Research
22 November 2024 10:21AM
thyssenkrupp nucera: Roundtable confirms prelim Q4 23/24 & long-term outlook; mwb research reiterates to BUY
At yesterday’s roundtable hosted by mwb research, tk nucera confirmed its prelim FY/Q4 23/24 (fiscal year: October 1 to September 30) and long-term outlook. The company confirmed that it has generated revenues in-line with its guided EUR 208- 288m for Q4, driven by progress on major projects. However, EBIT was negative in the mid-teens due to start-up costs and a lower gross margin from higher AWE sales, partially offset by strong margins in the CA segment and cost saving measures. Order intake...
https://research-hub.de/companies/thyssenkrupp nucera AG & Co KGaA
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mwb Research
22 November 2024 10:19AM
Enapter: Guidance 24 lowered; strong order backlog; mwb research confirms BUY
Enapter has revised its guidance for 2024, lowering revenue expectations to EUR 22- 24m (from EUR 34m), a 32% reduction, due to delays in series production of the Nexusclass multicore electrolysers. The guidance for H2 2024 revenues has thus been lowered to EUR 13.7-15.7m, a decline of 42-49% yoy (growth of 16-32% excluding a oneoff payment of EUR 15m in H2 2023). Order backlog increased to EUR 50m, supporting mwb research’s 2025 adj. revenue estimates of EUR 68m if production ramps up as planne...
https://research-hub.de/companies/Enapter AG
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mwb Research
22 November 2024 09:14AM
CTS Eventim: Margins under pressure in Q3; mwb research confirms HOLD
CTS Eventim reported a mixed set of numbers in Q3 2024. Revenues grew 13% yoy to EUR 825m in Q3, beating consensus by 6%. Organic growth in additional contributions from the recently acquired See Tickets underpinned the top-line growth. However, cost pressure persisted and expenses related to the integration of See Ticket’s live entertainment activities weighed on profitability. Consequently, adj. EBITDA declined 8% yoy to EUR 121m (a 19% miss vs consensus) and the margin narrowed 3.4ppt yoy to ...
https://research-hub.de/companies/CTS Eventim AG & Co KGaA
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mwb Research
21 November 2024 10:44AM
Vulcan Energy Resources: BASF partnership, potential additional phase; mwb research reiterates to BUY
Vulcan Energy Resources and BASF have entered into a partnership to develop a geothermal heat project at BASF's Ludwigshafen site, aiming to supply 2,000–2,500 GWh annually of renewable heat. This collaboration also includes evaluating the construction of a lithium extraction plant on-site to process lithium chloride into battery grade lithium hydroxide for the European EV market. As the partnership is established, the progression to additional projects, such as a lithium extraction facility, is...
https://research-hub.de/companies/Vulcan Energy Resources Ltd
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mwb Research
21 November 2024 10:05AM
Symrise AG: Capital Market Day Highlights; mwb research upgrades to HOLD
Symrise unveiled its ‘ONE Symrise’ strategy on its Capital Market Day, highlighting unified operations, innovation, and efficiency to drive sustainable growth and profitability. The strategy aims to capitalize on trends and on high-growth segments like Health Actives, Pet Nutrition, and Personal Care while optimizing the value chain, supported by investments in digital tools such as SymVision AI. The company has upgraded its FY24 guidance once again and refined positively its long-term profitabi...
https://research-hub.de/companies/Symrise AG
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mwb Research
21 November 2024 09:21AM
Pyramid AG: Management call points towards turnaround as of Q1 25; mwb research reiterates to BUY
Pyramid AG held an update call with CEO Andreas Empl and new CFO Christian Damjakob. Despite challenges, especially in the US market, the company sees signs of improvement. Management maintains its FY24 guidance of EUR 70-73m in revenues and EUR 3.8-4.2m in EBITDA. While the company's core business is showing stable growth, subsidiary faytech is still struggling. Pyramid is intensifying sales and marketing efforts to return to growth. The order book is improving, with a book-to-bill ratio of 1.1...
https://research-hub.de/companies/Pyramid AG
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mwb Research
21 November 2024 09:11AM
Deutsche Rohstoff AG: Capital Market Day confirms Equity Story; mwb research reiterates to BUY
Deutsche Rohstoff AG hosted an online Capital Market Day (CMD) at which CEO Jan Philip Weitz and CFO Henning Döring provided insights into the operational and financial development as well as an outlook on future activities. The company is increasingly focusing on the Powder River Basin (PRB) in Wyoming, which is currently underdeveloped and offers great potential. The profitability of drilling in the PRB is already high and could be further increased through higher production volumes and fallin...
https://research-hub.de/companies/Deutsche Rohstoff AG
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mwb Research
20 November 2024 10:44AM
ZEAL Network SE: Unlocking Value Through Emerging Growth Catalysts; mwb research reiterates to BUY
ZEAL’s Q3 showcases the transformative potential of its charity lotteries and games segments, paving the way for reduced dependence on its core business while unlocking exciting growth opportunities and enhancing profitability. While licensing restrictions on cross-selling and a small games catalog suppress qoq performance, the games segment grew 101% yoy to EUR 2.3m, with ZEAL shifting its focus to expanding and optimizing its game portfolio (currently 200+ titles) rather than aggressive market...
https://research-hub.de/companies/ZEAL Network SE
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mwb Research
20 November 2024 10:16AM
FCR Immobilien: Solid 9M figures; turnaround in sight; mwb research reiterates to BUY
FCR Immobilien AG showed a resilient performance in the first nine months of 2024 despite difficult market conditions. Total revenues increased by 29% to EUR 35.7m, mainly due to proceeds from property disposals of in total EUR 8.8m. Rental income remained stable at EUR 26.9m. Funds From Operations (FFO) decreased to EUR 5.3m due to higher financing costs, which were partially offset by cost savings in various areas, demonstrating the company's efficiency. Profit before tax (EBT) was a solid EUR...
https://research-hub.de/companies/FCR Immobilien AG
Source:
mwb Research
20 November 2024 09:45AM
ATOSS Software SE: Awaiting next catalysts beyond 2025.; mwb research upgrades to HOLD
The share price of Atoss Software has declined by 15% over the past 30 days, now trading near mwb research’s price target of EUR 116.00. Strong 9M 2024 results, including a 37% yoy growth in Cloud & Subscriptions and a 25% surge in EBIT, prompted an upgrade to the company’s FY24 outlook. However, international expansion has not kept pace with expectations, with growth in non-DACH markets failing to outstrip DACH region performance. This area may become the centerpiece of Atoss’ strategy beyond 2...
https://research-hub.de/companies/ATOSS Software SE
Source:
mwb Research
19 November 2024 11:38AM
thyssenkrupp nucera: FY/Q4 23/24 announcement and preview; mwb research reiterates to BUY
As part of ThyssenKrupp's FY 23/24 report, tk nucera announced a significant increase in revenues in Q4 23/24 (fiscal year: October 1 to September 30), which mwb research’s analysts expect to reach EUR 243m, up 52.6% yoy, driven by progress on major projects, particularly in the AWE segment. However, the company expects EBIT to decline due to higher start-up costs and a lower gross margin as a result of higher AWE sales. mwb research’s analysts expect a negative EBIT of EUR -27m in Q4 23/24. Or...
https://research-hub.de/companies/thyssenkrupp nucera AG & Co KGaA