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
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
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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
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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
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mwb Research
19 November 2024 11:17AM
Delivery Hero SE: Talabat IPO targets December market debut; mwb research confirms to BUY
Delivery Hero (DH) is moving ahead with the IPO of Talabat, slated for mid-December 2024 on the Dubai Financial Market. Talabat, a leader in food delivery and quick commerce in the MENA region, is set to raise EUR 1.4-1.5bn (15% of outstanding shares), with shares already fully subscribed. Valued at EUR 9-10bn, Talabat plans generous dividends targeting 90% net income payout. DH intends to use the proceeds to optimize its capital structure, focus on core markets like South Korea, and reduce debt...
https://research-hub.de/companies/Delivery Hero SE
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mwb Research
19 November 2024 10:23AM
Rheinmetall AG: Bullish CMD; mwb research reiterates to BUY.
Rheinmetall’s CMD showcased the company’s positioning to capitalize on a global surge in defense spending. With a EUR 60bn order backlog, reaffirmed FY24 guidance of EUR 10bn in sales (+40% yoy), and ambitious 2027 targets of EUR 20bn in sales and an 18% operating margin, the growth story is compelling. Strategic U.S. expansion, underpinned by recent acquisitions, advanced products, and major tenders worth EUR 54bn, will boost Rheinmetall´s growth. Additionally, ongoing geopolitical tensions, in...
https://research-hub.de/companies/Rheinmetall AG
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mwb Research
19 November 2024 09:03AM
Kontron AG: Significant contract in the rail infrastructure sector; mwb research reiterates to BUY
Kontron has secured a significant EUR 65m contract in the rail infrastructure sector, consolidating its position as a leader in the digital transformation of transport. The company will develop and implement an innovative platform for an interlocking system of a major European signaling provider. This landmark contract represents a pivotal moment in Kontron's journey towards technological excellence and innovation, demonstrating its commitment to improving global rail safety and operational effi...
https://research-hub.de/companies/Kontron AG
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mwb Research
18 November 2024 10:49AM
MHP Hotel: MHP becomes co-investor in Le Meridien Stuttgart; mwb research confirms to BUY
MHP Hotel AG (MHP), in partnership with HWS Immobilien- und Vermögensverwaltung GmbH (HWS), has acquired the Le Meridien Stuttgart hotel from Union Invest and secured a long-term lease to operate the 293-room hotel. MHP, which has been managing the property since 2017, will modernize the hotel. MHP holds a minority stake in the joint venture, reflecting its strategy to also benefit from operational success through an increase in the value of the property. HWS brings experience from previous hote...
https://research-hub.de/companies/MHP Hotel AG
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mwb Research
18 November 2024 10:41AM
Siltronic AG: Is the worst behind for Siltronic? mwb research reiterates BUY
mwb research’s analysts analyzed industry peers to shed light on trends in the silicon wafer industry and reassessed our investment case, asking: “Is the worst behind for Siltronic?” The analysts believe sales bottomed in Q1’24 and are now gradually rebounding, supported by surging demand for 300mm wafers driven by AI, smartphones, and PCs. On the flip side, shipment of 200mm wafers remains sluggish due to persistently weak industrial demand, softness in automotive, and slower-than-expected des...
https://research-hub.de/companies/Siltronic AG
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mwb Research
18 November 2024 10:08AM
Intershop Communications AG: PaaS-transformation drives turnaround; mwb research initiates with BUY
Intershop Communications AG, a pioneer in e-commerce solutions, is on track for a turnaround. With decades of experience and a state-of-the-art platform recognized by industry experts, Intershop sets out to capture growth opportunities in B2B ecommerce, supported by cutting-edge technology and a robust Platform as a Service (PaaS). Intershop's cloud business has shown dynamic growth with a 26% CAGR from 2019-2023, however this was masked by a declining legacy license business in the PaaS transfo...
https://research-hub.de/companies/Intershop Communications AG
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mwb Research
15 November 2024 11:05AM
ProSieben Sat. 1 Media: A resilient Q3 in a tough macro environment; mwb research upgrades to BUY
ProSiebenSat.1 Media (PSM) reported decent Q3 2024 results. Organic revenues were flat yoy and were in line with consensus, as the strong commerce & ventures business compensated for weak TV advertising and dating & video revenues. Adjusted (adj.) EBITDA declined 6% yoy to EUR 104m (margin: 11.8%, -60bps yoy), surpassing consensus by 5%. PSM confirmed its FY 24 revenue outlook at c. EUR 3.95bn (+/- EUR 150m) but now expects adj. EBITDA to come in below its target of EUR 575m (+/- EUR 50m). While...
https://research-hub.de/companies/Prosiebensat 1 Media SE
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mwb Research
15 November 2024 11:00AM
Dermapharm Holding SE: Q3 results: Well on track to meet its FY 2024 targets; mwb research reiterates to BUY
Dermapharm Holding SE (DMP) reported a good set of Q3 2024 numbers. Revenues grew 10% yoy during the quarter, while adj. EBITDA was up 15% yoy to EUR 87m, with the margin improving by 1.4ppt yoy to 28.0%. Strong revenue and adj. EBITDA growth in the high-margin in Branded Pharmaceuticals business more than negated the impact of weakness in other healthcare products in both Q3 and 9M. Positive development at Arkopharma (stable yoy revenues and higher adj. EBITDA in Q3) was also encouraging. Given...
https://research-hub.de/companies/Dermapharm Holding SE
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mwb Research
15 November 2024 10:20AM
INDUS Holding AG: Roundtable confirms long-term positive view; mwb research reiterates to BUY
Following the release of INDUS‘ Q3 results this week, mwb research hosted a well-attended roundtable with Head of IR Dafne Sanac. In essence, the meeting confirmed the quality of INDUS’s business model. The company is one of the leading specialist holding companies in the German-speaking SME sector. It acquires mostly owner managed companies in the industrial technology sector and supports them in setting a long-term course for their business development. Despite some short-term challenges, mwb ...
https://research-hub.de/companies/INDUS Holding AG
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mwb Research
15 November 2024 10:17AM
Nagarro SE: Demand uncertainty weighs on Q3 performance; mwb research reiterates BUY
Nagarro’s Q3 2024 results reveal a mixed performance, with revenue growing 3.7% yoy to EUR 242.9m but showing a slight sequential deceleration from Q2. While key geographies like North America (+9.5% yoy) and Germany (+7.4% yoy) performed well, challenges in other regions and sectors, particularly in Horizontal Tech and Life Sciences, weighted on the overall performance. Adjusted EBITDA margins improved modestly to 14.3%, reflecting effective cost control. Despite this, the management expectatio...
https://research-hub.de/companies/Nagarro SE
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mwb Research
14 November 2024 11:42AM
AUTO1 Group SE: An upbeat Q3. FY24 guidance raised again. PT up; mwb research reiterates to BUY
AUTO1 Group witnessed robust momentum in Q3 2024, reporting the highest quarterly volumes, record-high gross profit, and adj. EBITDA. Revenue growth accelerated to 24% yoy to EUR 1.6bn in Q3 and beat consensus by 8% on 7% better-than-expected sales volumes. Gross profit was a solid 12% beat and adj. EBITDA of EUR 34m was twice the consensus. Gross profit per unit (GPU) continued to improve to an all-time high of EUR 1,059. On the back of strong momentum in Q3, management revised its guidance for...
https://research-hub.de/companies/AUTO1 GROUP SE
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mwb Research
14 November 2024 11:27AM
Siemens Energy AG: Good Q4 results. FY 2025 and mid-term targets issued; mwb research reiterates to HOLD
Siemens Energy reported a good set of Q4 FY 2024 results and met all its FY 2024 targets. Order intake during the quarter was robust at EUR 15.0bn (+42% yoy) and beat consensus (cons.) by a notable 23%. Revenues grew 17% yoy in Q4 and were in line. The adj. profit line (excluding special items [ex-SI]) came in at negative EUR 83m, better than the cons. expectation of a EUR 95m loss, on better-than-expected results at most segments. The Gas Service and Grid Technologies segments are performing st...
https://research-hub.de/companies/Siemens Energy AG
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mwb Research
14 November 2024 11:03AM
MHP Hotel: Q3 KPI: another record quarter, guidance confirmed; mwb research confirms to BUY
MHP Hotel AG (MHP) reported strong KPIs for the third quarter, with revenues up 26% year-on-year to EUR 44.5m and an impressive organic growth rate of 16% (mwb est.). KPIs reached record levels across the board, with average daily rate (ADR) reaching EUR 229, occupancy at 82% and revenue per available room (RevPar) up 20% to EUR 189. Key drivers included UEFA Euro 2024 and high-profile concerts in Munich. MHP also successfully refinanced the Basel Marriott Hotel, in which it holds a 5% stake alo...
https://research-hub.de/companies/MHP Hotel AG
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mwb Research
14 November 2024 10:34AM
Multitude PLC: Momentum in Q3 continues with a new Leadership; mwb research confirms to BUY
Multitude reported strong Q3 results, with steady net interest income of EUR 53.6m (+1.1% yoy) and impressive 15pp yoy improvement in EBIT margin, driven by high organic growth in topline across all segments and remarkable improvement in risk management. Founder Jorma Jokela will step down as CEO, with Antti Kumpulainen set to take over in January 2025 to further drive operational growth in hopes of reaching EUR 1bn market cap by 2028. Committed to creating shareholder value, the company announc...
https://research-hub.de/companies/Multitude PLC
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mwb Research
14 November 2024 10:18AM
Friedrich Vorwerk: Q3 24 results in line with expectations; mwb research reiterates to BUY
Friedrich Vorwerk Group (FVG) released its Q3 24 results, confirming preliminary figures with sales of EUR 145m, up 32.4% yoy, and EBIT of EUR 19.8m, corresponding to a robust margin of 13.7%. The sales growth was mainly driven by the expansion of production capacity. Q3 order intake was softer at EUR 108.8m and 9M 24 order intake was also down 48.8% due to a high comparable base. However, with an order backlog of EUR 1.18bn, more than double FY24 sales, the softer order intake should not be a c...
https://research-hub.de/companies/Friedrich Vorwerk Group SE
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mwb Research
14 November 2024 09:33AM
Westwing: Buyback offer signals confidence.; mwb research confirms BUY rating
Westwing has announced a public tender offer to repurchase up to 1,200,000 shares at EUR 8.25 each, totaling approximately EUR 9.9m from November 12 to December 10, 2024. This larger-scale buyback departs from previous, more modest market-based buybacks. With a current cash balance of EUR 63m as of Q3 2024 and a negative free cash flow of EUR -9.3m over the first nine months, this buyback signals management’s confidence in the company’s planned cash flow improvements and premium positioning stra...
https://research-hub.de/companies/Westwing Group SE
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mwb Research
14 November 2024 09:29AM
Mister Spex SE: Mixed Q3 results but improvements in core market reassuring; mwb research reiterates to BUY
Mister Spex reported mixed results for Q3 24, with total revenues down 3% y-o-y to EUR 57.8m. The decline was primarily due to a 17% drop in international sales following the closure of international stores as part of the SpexFocus restructuring program. However, the core German market showed resilience with 2% growth, driven by a 5% increase in high-margin prescription eyewear sales. As a result, gross margin improved by 302bp to 48.8%, despite lower total sales, also supported by reduced disco...
https://research-hub.de/companies/Mister Spex SE
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mwb Research
13 November 2024 12:20PM
Bayer AG: Q3 results miss consensus. FY 2025 commentary disappointing; mwb research reiterates to BUY
Bayer reported weak numbers in Q3 2024. Sales declined by 4% yoy to EUR 10.0bn (+0.6% yoy currency- and portfolio-adjusted [c.p.]) in Q3, coming in 1% below consensus. While pricing trends were sustained at c.+2% yoy, volumes fell 1% yoy and FX remained a dampener. Adj. EBITDA declined 26% yoy to EUR 1.25bn, missing consensus by 5%, and the margin deteriorated 3.7ppt yoy to 12.6%. Profitability was impacted by softer results in the pharma division, due to weaker performance in the high-margin Xa...
https://research-hub.de/companies/Bayer AG
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mwb Research
13 November 2024 12:18PM
Cancom SE: Cancom reported moderate Q3 sales growth; FY-guidance cut; mwb research reiterates to BUY
Cancom reported modest Q3 revenue growth of 1.6% yoy to EUR 423m, driven by stable demand in Germany but offset by declining international sales. Gross profit increased by 6.4%, with a higher gross margin of 40.7%, although rising costs led to an 11.4% drop in EBITDA to EUR 31m. Due to market uncertainties and political factors, Cancom revised its FY24 guidance, now forecasting revenue between EUR 1,650m and EUR 1,750m and EBITDA between EUR 112m and EUR 130m. Despite short-term pressures, the c...
https://research-hub.de/companies/Cancom SE
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mwb Research
13 November 2024 11:35AM
Brenntag SE: Steady Q3 in tough markets. Guidance retained; mwb research reiterates to BUY
Brenntag reported recovering growth numbers in Q3 2024 amid the persistent challenging trends in the industrial chemicals market. Revenues and gross profits grew 1%-3% yoy in c.c. on healthy volumes despite sustained pricing pressure, while higher volume-driven expenses adversely impacted results in both the Specialties and Essentials divisions (op. EBITA: -4% and -10% yoy in c.c., respectively). Although Q3 results slightly missed consensus, Brenntag confirmed its operating (op.) EBITA guidance...
https://research-hub.de/companies/Brenntag SE
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mwb Research
13 November 2024 11:23AM
Vulcan Energy Resources: BEW funding secured. Pre-commercial production commenced; mwb research reiterates to BUY
Vulcan Energy Resources secures EUR 100m in BEW funding from the German Federal Ministry of Economics and Climate Protection, accelerating its “Heat4Landau” project to deliver renewable heat to the Landau area. In a major milestone, Vulcan has also commenced pre-commercial lithium hydroxide production at its new CLEOP facility in Frankfurt. Reinforcing its sustainable credentials, Vulcan received a Dark Green rating from S&P Global, enhancing access to favorable financing. While the financing ti...
https://research-hub.de/companies/Vulcan Energy Resources Ltd
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mwb Research
13 November 2024 11:07AM
United Internet: A weak Q3. Sales guidance cut; adj. EBITDA confirmed; mwb research confirms to BUY
United Internet’s (UI) results fell short of market expectations. Q3 revenues were flat yoy and missed consensus by 3%, while adj. EBITDA declined by 2% yoy to EUR 316m, falling 9% short. Weak results were attributed to softer service revenues and higher network build expenses at 1&1 AG. For 2024, UI reduced its guidance for sales to EUR 6.35bn (+2% yoy) from EUR 6.4bn previously, reflecting lower service revenue expectations at 1&1. However, it maintained its EBITDA guidance at c. EUR 1.38bn (+...
https://research-hub.de/companies/United Internet AG
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mwb Research
13 November 2024 10:40AM
Rigsave S.p.A.: Revenue growth in H1 amid cost challenges; mwb research recommends to BUY
In H1 2024, Rigsave's revenue surged 134% to EUR 593k, driven by strategic reengagement in structured product distribution. And with 17 new asset pooling mandates for professional investors won in May, the company reached a significant milestone. Despite growth, cost pressures persisted, widening the operating loss to EUR 399k as administrative costs rose. However, finance income partially offset these losses, reducing the net loss to EUR 90k. Rigsave is expected to improve revenues in 2025, but...
https://research-hub.de/companies/Rigsave S.p.A.
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mwb Research
13 November 2024 10:16AM
tonies: Q3 sales in line, FY24 guidance confirmed; mwb research reiterates to BUY
tonies reported Q3 sales growth of 21%, aligning closely with expectations but slowing from the 43% growth in Q2 due to high comparison figures. Nine-month sales growth reached 26%, implying a required Q4 growth of around 40% to meet the reiterated guidance. In the DACH region, growth normalized to 1% after a Q2 boost from Clever Tonies, while growth in the rest of the world remained at a strong 52%. The US market exceeded expectations with a 40% increase, reflecting expanded points of sale and ...
https://research-hub.de/companies/tonies SE
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mwb Research
13 November 2024 09:57AM
ABO Kraft & Wärme AG: Biomethane: the sustainable path to profitability; mwb research initiates with a spec. BUY
ABO Kraft & Wärme operates waste fermentation and biogas plants in Germany, using organic raw materials such as food waste and liquid manure. The fragmented market with around 10,000 biogas plants offers the company interesting acquisition opportunities, especially for operators who are in difficulties due to fluctuating substrate prices or expiring EEG subsidies. The roll-up model benefits from the cross-location optimization of substrate use, benchmarking, economies of scale and the use of AB...
https://research-hub.de/companies/ABO Kraft & Wärme AG
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mwb Research
13 November 2024 08:54AM
coinIX: PEAQ token off to a spectacular start; price target raised; mwb research reiterates to BUY
coinIX has acquired 12.5 million PEAQ tokens via a SAFT in 2022 at a price of USD 0.012. The PEAQ token has now had a spectacular IPO with high trading volume and a trading range between USD 0.30 and USD 0.50, giving SAFT investors such as coinIX a capital multiplier of up to 40 times. The current market price values coinIX's PEAQ holdings at approximately EUR 4.1m or over EUR 1.30 per share. In addition to PEAQ's additional value contribution, the other tokens and the COINVEST SCI1 fund have al...
https://research-hub.de/companies/coinIX GmbH & Co KGaA
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mwb Research
13 November 2024 08:26AM
The Payments Group Holding: H1 results with limited significance; mwb research reiterates to BUY
The Payments Group Holding published H1 2024 results which in view of mwb research offered limited insight due to the company's significant strategic shift from asset management to a PayTech operating model. Revenues decreased to EUR 840K from EUR 4.66m in H1 2023, primarily due to discontinuing the private equity asset management business. The company reported a loss of EUR 638K or 3 cents per share. However, the outlook is promising with the planed acquisition of majority stakes in several Pay...
https://research-hub.de/companies/The Payments Group Holding
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mwb Research
12 November 2024 12:02PM
Infineon Technologies AG: Q4 in Line, Cautious 2025 Outlook; mwb research reiterates to BUY
Infineon reported mixed Q4 results, with sales reaching EUR 3.92bn (-6% yoy), slightly below consensus. The segment margin came in at 21.2%, exceeding consensus by 1.1pp. Basic EPS was slightly negative at EUR -0.07, impacted by a EUR 468m settlement with Qimonda. As anticipated, the order backlog continued to decline, indicating muted demand across key end markets; automotive demand has stabilized and is expected to decline slightly yoy, industrial demand is expected to fall significantly, and ...
https://research-hub.de/companies/Infineon Technologies AG
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mwb Research
12 November 2024 11:27AM
secunet Security Networks: Upbeat Q3. Revised model due to product investments; mwb research confirms to BUY with lower PT
secunet’s Q3 results confirmed strong preliminary figures, with sales up 26% year-over-year to EUR 110.5m, driven by continued momentum in the Public Sector segment. EBIT rose significantly to EUR 16.1m, achieving a 14.5% margin despite heavy investments in new product development. Supported by a solid 9M order intake and typically strong Q4 seasonality, secunet reaffirmed its FY24 outlook, targeting over EUR 400m in revenues and EUR 42m in EBIT. However, near-term investments in new products wi...
https://research-hub.de/companies/secunet Security Networks AG
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mwb Research
12 November 2024 11:09AM
INDUS Holding AG: Lackluster Q3 results but sequential improvements visible; mwb research reiterates to BUY
INDUS reported mixed results for Q3 24, showing signs of improvement despite ongoing economic challenges. While revenues declined by 3.6% yoy to EUR 443m, EBIT remained somewhat stable yoy at EUR 32.1m. Overall, INDUS showed a positive trend throughout the year with sequential improvements compared to Q1 and Q2 24. FCF after 9M was almost EUR 72m, lower than last year due to weaker market conditions. However, the company maintained its full-year FCF guidance of over EUR 110m, which mwb research’...
https://research-hub.de/companies/INDUS Holding AG
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mwb Research
12 November 2024 11:05AM
Stabilus SA: Q4 as pre-announced. Organic performance weak; mwb research reiterates to BUY
Stabilus reported detailed Q4 and FY24 results that were in line with its preliminary release. Revenues declined 2.4% yoy organically (org.) and adj. EBIT slumped 27% yoy org. in Q4. Underlying performance was impacted by the muted market for commercial vehicles in EMEA and the soft energy, construction, and automotive sectors in the Americas. Meanwhile, persistent labor cost inflation and under-absorption of fixed costs dragged profitability. Nevertheless, inorganic contributions, predominantly...
https://research-hub.de/companies/Stabilus SE
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mwb Research
12 November 2024 10:27AM
Verbio SE: Q1 24/25 results below expectations; PT revised; mwb research reiterates with BUY
Verbio SE announced Q1 24/25 (FY: July 1 - June 30) results that were significantly below expectations, with revenues of EUR 358m, down 26.7% yoy and 7% below consensus. EBITDA fell sharply to EUR -6.6m, missing expectations of EUR 15m and well below last year's EUR 48.8m, signaling a setback in profitability after initial signs of recovery in Q4 23/24. The delay is attributed to continued low biodiesel prices in Europe and the ongoing ramp-up of bioethanol production in the US. Despite short-te...
https://research-hub.de/companies/Verbio SE
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mwb Research
12 November 2024 08:48AM
Elmos Semiconductor SE: An Undervalued Powerhouse - Capital Market Day; mwb research reiterates with BUY
Elmos broke down its mid-term 2030 strategy at yesterday’s Capital Market Day, reaffirming mwb research’s bullish thesis. Elmos is shooting for EUR 1bn in sales by 2030 (9.5% CAGR - in line with industry), fueled by major automotive trends like electrification, autonomous driving, and vehicle digitalization. The company is also committed to raising its FCF to industry standards, aiming to maintain a 25% EBIT margin while reducing working capital to 25% of sales, capex to below 10% of sales, and ...
https://research-hub.de/companies/Elmos Semiconductor SE
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mwb Research
11 November 2024 10:46AM
Bechtle AG: A dull Q3. Market environment increasingly challenging; mwb research confirms to BUY
Bechtle AG reported detailed Q3 24 results that were in line with its subdued prelims. Revenues increased by a slight 2% yoy to EUR 1.51bn and business volumes declined by 1% yoy, due to weak demand, especially in the German and French SME markets. Earnings before taxes (EBT) dropped sharply by 16.3% yoy and the EBT margin narrowed 1.1ppt yoy to 5.2%, weighed down by higher personnel costs and depreciation/amortization. Despite efforts to cut costs and anticipation of some improvement in busines...
https://research-hub.de/companies/Bechtle AG
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mwb Research
11 November 2024 10:43AM
Draegerwerk AG & Co. KGaA: Dräger: a life-saving tech company with rising margins; mwb research initiates with BUY
mwb research’s analysts initiate coverage of Draegerwerk AG & Co. KGaA (Dräger) with a BUY recommendation and a target price of EUR 65.00 offering an upside potential of 45.1%. Draegerwerk is a well-established leader in medical and safety technology, and benefits from global long-term trends like aging populations and increasing safety standards. High customer loyalty, especially in healthcare, and new digital strategies like Dräger ONE, give it a stronger edge against competitors, which mwb re...
https://research-hub.de/companies/Draegerwerk AG & Co. KGaA
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mwb Research
11 November 2024 10:02AM
Geratherm Medical AG: Acquisition of 20% in BIOThermare; mwb research confirms to BUY
Geratherm has acquired a 20% stake in BIOThermare GmbH, a company recognized for its eco-friendly cold-warm compresses with a patented seaweed gel filling. Following BIOThermare's debut on "Die Höhle der Löwen", the German "Shark Tank", the product has since been successfully launched and is available in 27 countries via the official BIOThermare online shop. This acquisition is in line with Geratherm's revised strategy of active portfolio management and a shift towards consumer-oriented MedTech ...
https://research-hub.de/companies/Geratherm Medical AG
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mwb Research
08 November 2024 11:26AM
Duerr AG: Q3 EBIT and orders beat consensus; mwb research reiterates to BUY
Duerr reported a reasonable set of Q3 2024 numbers. Revenues of EUR 1.16bn were flat yoy, as contributions from the acquired BBS Automation and strong growth in Application Technology (AT) negated the impact of the Agramkow divestment and weak sales in HOMAG/Woodworking Machinery and Systems (WMS). However, order momentum was robust. With an intake of EUR 1.2bn during the quarter (a book-to-bill ratio of 1.04x), up 31% yoy, the group ended Q3 with a solid order book of EUR 4.5bn. However, adj. E...
https://research-hub.de/companies/Duerr AG
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mwb Research
08 November 2024 11:25AM
Lanxess AG: Q3 slightly misses on sales, better on adj. EBITDA; mwb research confirms to BUY
Lanxess Q3 2024 results reflected a gradual recovery in the chemical industry. Sales were flat yoy at EUR 1.6bn in Q3 (a 2% miss vs consensus), marking an improvement from the declines witnessed in the preceding seven quarters, as volume growth accelerated to 5% yoy, even as prices were softer by 4% yoy. All businesses except for agro-exposed Saltigo reported higher volumes in Q3. Adj. EBITDA increased 45% yoy to EUR 173m and beat consensus by 3%, with the margin improving by 3.4ppt yoy to 10.8%...
https://research-hub.de/companies/Lanxess AG
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mwb Research
08 November 2024 11:24AM
Nemetschek SE: Q3 results broadly in line, 2024 targets confirmed; mwb research recommends to HOLD
Nemetschek (NEM) reported good set of Q3 2024 results that were broadly in line with market expectations. Revenues grew 15.1% yoy to EUR 253.0m, led by organic growth of 8.9% yoy and the rest topped by the recently acquired GoCanvas (consolidated starting Q3). The top line continued to be driven by robust growth of 94.3% yoy in subscription and SaaS offerings to a record high of EUR 150.3m (organic: +77.5% yoy). EBITDA grew at 6.7% yoy to EUR 76.2m in Q3 (+7.8% yoy organic) and the margin narrow...
https://research-hub.de/companies/Nemetschek SE
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mwb Research
08 November 2024 10:47AM
Infineon Technologies AG: Navigating Potential Tariffs & EV Cooldown; mwb research reiterates to BUY
Amid cooling automotive demand, highlighted by weaker EV demand in Europe and the Americas and potential 200% tariffs on Chinese EVs under the Trump administration, Infineon faces a changing landscape. However, its diversified portfolio and strong demand for semiconductor solutions, underscored by a recent strategic collaboration with Stellantis and robust demand in China, provide a buffer against short-term headwinds. While a further decline in order backlog is expected in the next Q4 report, m...
https://research-hub.de/companies/Infineon Technologies AG
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mwb Research
08 November 2024 10:45AM
CGRE AG: Insolvency of a subsidiary with minor impact; mwb research reiterates to BUY
CGRE AG has announced that an insolvency proceeding for its 89.9% subsidiary CG Mariannen-Campus Nord GmbH & Co. KG has been initiated. This company operates a completed, fully let property in Leipzig with over 12,100 sqm of lettable space and annual net rent of approximately EUR 1.3m. The carrying value of the investment in CGRE's books is approximately EUR 3.4m. The remaining 10.1% is held indirectly by the Gröner Group, which itself recently filed for insolvency. Although this is not a positi...
https://research-hub.de/companies/CGRE AG
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mwb Research
08 November 2024 09:57AM
Cicor Technologies Ltd: Advancing market reach through European expansion; mwb research recommends to BUY
This week, Cicor Technologies outlined its Strategy 2028 at its Capital Markets Day, setting a new revenue target of CHF 1bn by 2028, up from CHF 390m in 2023, fueled by both organic growth and strategic acquisitions. The recent acquisition of Nordic Engineering Partner AB (NEP) in Sweden expands Cicor's development capabilities in healthcare technology, industrial electronics, and aerospace/defense. Additionally, Cicor is nearing completion of an acquisition in Germany, projected to add EUR 20-...
https://research-hub.de/companies/Cicor Technologies Ltd
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mwb Research
08 November 2024 09:22AM
Westwing: Robust Performance in soft market, PT down; mwb research confirms BUY rating
Westwing’s Q3 2024 report showed a revenue increase of 3.1% yoy to EUR 95.8m, driven by DACH's strong performance with a 4.1% growth, significantly outpacing the market, while the International segment was constrained by a shift to global/premium assortment. Adjusted EBITDA rose 45.8% yoy to EUR 3.5m, supported by higher gross profit, fulfillment efficiencies, and a focus on the high-margin Westwing Collection, now accounting for 58% of GMV. The company continued brand awareness campaigns, parti...
https://research-hub.de/companies/Westwing Group SE
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mwb Research
08 November 2024 08:28AM
Daimler Truck Holding AG: Q3 24 results are cause for concern; mwb research downgrades to SELL
Daimler Trucks (DTG) announced Q3 24 results with revenues down 5.2% yoy and adjusted EBIT down 12% yoy to EUR 1.19bn, in line with consensus but below mwb research’s expectations. Unit sales were down 11% yoy, with significant declines in MercedesBenz (Europe) and Trucks Asia, while Trucks North America was stable. The book-to-bill ratio of 0.82x was a cause for concern, suggesting that orders are not keeping pace with delivery volumes, which are already in decline. Nevertheless, the company re...
https://research-hub.de/companies/Daimler Truck Holding AG