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 for FY 23/24 is slightly higher than last year at around EUR 630m (mwb est.), with AWE playing a key role. CA orders declined significantly due to the one-time effect of the OxyChem project in the previous year. The order backlog decreased from EUR 1.07bn to EUR 720m (mwb est.). Despite the challenges, tk nucera remains optimistic about the recovery of the hydrogen market and its strong positioning for future growth. mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 13.50. A recording of the Roundtable can be found here: https://www.research-hub.de/events .The full update can be downloaded under https://www.researchhub.de/companies/thyssenkrupp%20nucera%20AG%20&%20Co%20KGaA

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 planned. EBITDA is still expected to be EUR -7 to -8m, reflecting start-up costs. Despite nearterm challenges, Enapter's strong order pipeline and market position suggest robust growth, with triple-digit million revenues and break-even expected by the end of 2026. As a result of the reduced guidance, mwb research’s analysts have lowered their PT to EUR 9.00 (from EUR 12.00) but continue to see strong upside and reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

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 14.6% during the quarter. Nevertheless, management is confident of witnessing resilient performance in Q4 and confirmed its guidance for FY 2024, expecting significant yoy increase in adj. EBITDA. mwb research’s analysts like CTS for its dominant market position in Europe’s ticketing and live entertainment market, its promising partnerships (including for ticketing services for the 2026 Winter Olympics and 2028 Summer Olympics and Paralympics), and its strategic acquisitions. However, the analsts believe these positives are already priced in. The analysts maintain their PT at EUR 90.00 and their rating remains HOLD. The full update can be downloaded under https://www.research-hub.de/companies/CTS%20Eventim%20AG%20&%20Co%20KGaA

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 contingent upon the outcomes of initial evaluations and feasibility studies. While this partnership showcases Vulcan’s growing reputation and the potential for additional phases, it also adds credibility to Vulcan’s approach. mwb research’s analysts uphold their price target of EUR 10.50 with a BUY rating. The previous update can be downloaded under https://www.research-hub.de/companies/research/Vulcan%20Energy%20Resources

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 profitability targets, reflecting the strategic value of its initiatives waiting to be unlocked. With strong market positions in high-growth areas and a focus on innovation, Symrise is well positioned to capitalize on evolving market trends and maintain its competitive edge. Thus, mwb research’s analysts upgraded their recommendation from SELL to HOLD, with a revised PT of EUR 105.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Symrise%20AG

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 1.14x after nine months in 2024, suggesting a potential recovery in 2025. While operating in a challenging environment, Pyramid's strategic focus and healthy backlog position it for potential growth. The company's success depends on overcoming market challenges, particularly in its US operations. mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 1.60 as they see more light at the end of the tunnel. The full update can be downloaded under https://www.research-hub.de/companies/research/Pyramid%20AG

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 falling drilling costs. The guidance in the base scenario for 2024 and 2025 has been confirmed and Deutsche Rohstoff's equity story remains intact. Further successful acreage development in the PRB should be the basis for a reduction of the valuation discount of 50% compared to comparable US companies. mwb research’s analysts confirm their BUY rating with a price target of EUR 50.40. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

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 marketing. Building on this momentum, Traumhausverlosung has emerged as a standout, generating EUR 8.6m in billings from 417k users, with ZEAL retaining 43.5% as revenue—3x the billing margin of its core business. In light of the enormous potential waiting to be unlocked, mwb research’s analysts reiterate their BUY rating and maintain a PT of EUR 58.00.The full update can be downloaded under https://www.research-hub.de/companies/ZEAL%20Network%20SE

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 6.4m. The turnaround in interest rates from June 2024 promises to have a positive impact on financing and future acquisitions. FCR is proving resilient in the dynamic market environment and is well positioned for sustainable success in the German real estate market. mwb research’s analysts therefore reiterate their BUY recommendation with an unchanged target price of EUR 20.50. The previous full update can be downloaded under https://www.research-hub.de/companies/FCR%20Immobilien%20AG

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 2025. Following the recent share price development, the analysts upgrade the stock to HOLD while maintaining their price target. The full update can be downloaded under https://www.research-hub.de/companies/ATOSS%20Software%20SE