First Berlin Equity Research hat ein Research Update zu Grand City Properties S.A. (ISIN: LU0775917882) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 12,90 auf EUR 13,70. Zusammenfassung: Der Dreimonatsbericht zeigte erneut eine gute operative Leistung, angeführt von eine [ … ]

Suedzucker (SZU) reported detailed results for FY23/24 that were in line with its prelim. release, meeting its guidance range and consensus. Group revenues reached EUR 10.3bn (+8% yoy) during the fiscal year, driven by high sugar prices. EBITDA and operating results posted significant increases and SZU is set to propose a dividend increase to EUR 0.90/share (+29% yoy), which represents a comfortable yield of c.6%. However, Q4 results registered fading momentum, with sales up only 5% yoy and operating result margins halving yoy to 3.5%, as higher production costs in the sugar segment negatively impacted earnings. Management anticipates significantly lower Q1 FY24/25 earnings amid a slow start to the year, as sugar prices have largely stabilised and should trend lower. SZU reiterated its dull guidance for FY24/25, which indicates broadly flat yoy group revenues (at the mid-point) and declining EBITDA and operating profits, particularly in the sugar segment. mwb research’s analysts maintain their HOLD rating on SZU at an unchanged PT of EUR 14.00. The full update can be downloaded under https://www.research-hub.de/companies/Suedzucker%20AG

Q1 review: powerful take-off into 2024 FWAG released sound Q1 results, in line with our estimates. While top-line was driven by solid passenger growth, bottom-line benefitted from a positive financial result and grew disproportionately. In detail: Upbeat winter travel grew top-line: Against last year's muted outlook, Q1 passengers numbers ros [ … ]

Promising acquisition & strong start into the year 123fahrschule announced an agreement to acquire Foerst GmbH, a manufacturer of driving simulators for cars, trucks, and buses, which are primarily used for driver education. The acquisition price, a mid-six-figure amount (eNuW: € 500k; c. 0.5x act. EV/sales), will be paid fully or part [ … ]

Photon Energy's Q1 revenues decreased by approx. 10% yoy to EUR 17.4m, mainly due to an 80% decrease in the PV component trading business and a 27% decrease in IPP portfolio revenues due to lower electricity prices, despite a 24% increase in capacity. However, the New Energy segment recorded a revenue increase of 121%, driven by the capacity market in Poland. EBITDA improved to EUR 0.8m with a margin of 4.5%, supported by a significant contribution from New Energy and a decline in the low-margin trading business. A positive free cash flow of EUR 2.5m and a cash balance of EUR 5.2m, together with EUR 15m new project financing from the EBRD, provide financial flexibility for further development. With an adj. equity ratio of 27.7%, seasonally stronger quarters ahead and a partial switch to much more attractive feed-in tariffs in Hungary, Photon Energy's financial buffer appears adequate. The company's FY24 guidance is for revenues between EUR 90-100m and EBITDA between EUR 16-18m, the latter higher than mwb research’s previous estimates. mwb research reiterates the BUY rating with an unchanged price target of EUR 3.05. The full update can be downloaded under https://www.research-hub.de/companies/Photon%20Energy%20NV

Dermapharm (DMP) reported solid figures for the first quarter of 2024, although the weakness Other Healthcare Products and the Parallel Import was somewhat disappointing. Total revenues declined by 6% yoy to EUR 298m in Q1, as double-digit organic growth in the existing Branded Pharmaceuticals portfolio was more than negated by the negligible vaccine business. The latter also dragged the adj. EBITDA line by 16% yoy, though excluding the vaccine portfolio, adj. EBITDA and the margin rose sharply. Management expects momentum to pick pace over the course of 2024, bolstered by in-house launches and synergies from Arkopharma. It has hence reiterated its guidance for the full year, which is reassuring. mwb research’s analysts still believe that the complementary segments will drive sales and synergies, but the near-term outlook point to only stable-to-moderate growth. Therefore, the experts maintain their assumptions that were lowered after 2023 results and retain the price target of EUR 41.50 and BUY rating. The full update can be downloaded under research-hub.de/companies/Dermapharm%20Holding%20SE

This week, Delivery Hero (DH) signed a share purchase agreement to sell its foodpanda business in Taiwan to Uber Technologies for USD 950m (~EUR 873m), fully in cash. Additionally, Uber will invest USD 300m (~EUR 278m) at the time of signing in newly issued ordinary Delivery Hero shares, at a placement price of EUR 33.00 per new share. The transaction is targeted to close in H1 2025. This year’s newsflow has caused strong reactions in stock price, which, however, has turned predominantly positive since February. This deal should once again significantly improve the company's financial leeway. mwb research’s analysts maintain their estimates and their PT of EUR 52.00. BUY. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

Ceconomy confirmed the preliminary release earlier this week with its publication of the H1 2023/24 results. Adjusted for currency effects and portfolio changes, the company recorded a sales growth of 6.1% yoy. The EUR 26m yoy improvement in adj. EBIT to EUR 5m was supported by gross margin expansion and cost control from efficiency measures. Reported EBIT showed even a stronger swing, due to a positive result from Ceconomy’s share in Fnac Darty. Despite signals of an increasing competitive environment in Turkey, management made positive comments on current trading, which was reassuring. mwb research upgrades the PT to EUR 3.00 (EUR 2.90) and reiterates the BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

Multitude has published its quarterly figures for the first quarter of 2024, which confirm a continued strong overall trend. The positive development in all business units remains convincing. Multitude's revenues increased by 18.3% to EUR 64.2m in Q1 2024, representing one of the company's strongest quarters of growth. EBIT grew by an impressive 31.0% yoy to EUR 11.6m, resulting in a net profit of EUR 2.6m, up 13% yoy and EPS of EUR 0.07. The company has reorganized its structure and introduced new products for SME businesses. In addition, Multitude has decided to launch a share buyback program of up to 100,000 shares, representing approximately 0.5% of the outstanding shares. The maximum amount that can be used to buy back shares is EUR 700,000, which corresponds to EUR 7.00 per share. All in all, good numbers and confirming news flow. The management also confirms the outlook, so mwb research’s analysts see no reason to adjust their estimates and reiterate BUY with an unchanged price target of EUR 13.20. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

Friedrich Vorwerk Group (FVG) published its Q1 24 results. Sales grew 5% yoy, while EBIT margins improved by 80 bps to 2.5%. These results were largely expected and in line with mwb research’s and consensus expectations. A strong margin recovery is likely in FY24 as better terms are agreed in new contracts, and the backlog of old, low-priced orders is now expected to be completely cleared in Q2 24. As a result, mwb research’s analysts expect EBIT margins to improve from 3.7% in FY23 to above 6% in FY24. Order intake was down 42% yoy, but a book-to-bill ratio of 1.6 still points to growth, also supported by an order backlog of EUR 1.05bn. Based on the recovering margins, the strong order backlog and the growth prospects from the transition to renewable energies in Germany, mwb research confirms the BUY rating and raises the PT to EUR 22.00. The complete analysis is available at https://www.researchhub.de/companies/Friedrich%20Vorwerk%20Group%20SE