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In the Research & Ratings section, you can access assessments from renowned analyst firms that specialize in the due diligence and valuation of companies that are generally listed on the stock exchange. Starting from the research reports, you can access further research tools and information with just a few mouse clicks, which offer you additional options for obtaining and assessing information.
Fri, 25.10.2024       USU Software AG

Company Name: USU Software AG ISIN: DE000A0BVU28   Reason for the research: Update Recommendation: Buy from: 25.10.2024 Target price: EUR 30.00 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Revisiting USU: An appealing special situation Half a year ago we put out our last piece on USU, advis [ … ]
Fri, 25.10.2024       https://research-hub.de/companies/Fraport AG

Frankfurt Airport's winter 24/25 schedule reflects a slight reduction in operations, with 3,600 flights per week and around 675,000 available seats, down 4.2% in flights and 2.2% in seats compared to the previous winter schedule. This comes amid a general weakness in German air travel, particularly at secondary airports, due to high aviation taxes, increased airport charges and new government regulations such as blending quotas for e-fuels. While Frankfurt and Munich, as major hubs, are less affected than smaller airports, the slowdown in passenger growth at Frankfurt (only +1.7% year-on-year from June to September) and a reduction in the number of scheduled flights for winter underline that these airports are not immune to these trends. As a result, the scope for further fee increases appears to be increasingly limited not by the regulatory framework but by the demand side. Despite these challenges, mwb research reiterates the BUY rating with a price target of EUR 65.00. The full update can be downloaded under https://www.research-hub.de/companies/Fraport%20AG
Thu, 24.10.2024       Aspermont Ltd.

Company Name: Aspermont Ltd. ISIN: AU000000ASP3   Reason for the research: Research Report (Note) Recommendation: Buy Target price: 0.02 EUR Target price on sight of: 30.09.2025 Last rating change: Analyst: Julien Desrosiers, Matthias Greiffenberger You can download the research here: http://www.more-ir.de/d/31107.pdf Contact  [ … ]
Thu, 24.10.2024       https://research-hub.de/companies/Siltronic AG

Siltronic reported moderate Q3 results, beating consensus despite the ongoing weak demand for silicon wafers caused by elevated customer inventories and slower-than-expected depletion. Sales reached EUR 357m (1.7% qoq), exceeding consensus by approximately 5%, with EBITDA margins slightly declining to 25% due to higher depreciation, but still above expectations. Free cash flow remained negative but improved to EUR -324m from EUR -580m last year, supported by reduced capex. As planned, the Singapore fab’s capacity is set to reach 1.2m wafers by year-end, with delays in customer qualifications and ramp costs pushing some impacts into 2025, potentially improving EBITDA margin by 1pp for FY24. With a EUR 370m promissory note loan secured, reflecting strong investor confidence, and guidance confirmed, mwb research’s analysts have adjusted their estimates to account for the persistently weak environment, resulting in a revised price target of EUR 92.00, while maintaining their BUY recommendation, anticipating a rebound in Q2 2025, driven by high demand in AI and expected recovery in other industries. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG
Thu, 24.10.2024       https://research-hub.de/companies/ATOSS Software SE

ATOSS Software reported good set of results in Q3 2024. Revenue growth momentum was sustained at 14% yoy to EUR 42.1m during the quarter, led by continued traction in cloud and subscription revenues (+38% yoy). Meanwhile, EBIT grew at a pronounced 28% yoy to EUR 16.1m, with the margin improving by 4.3ppt yoy to 38.2%. Given good progress in 9M, management reiterated its FY 24 revenue guidance of EUR 170m, while it expects the EBIT margin to now reach at least 35% vs at least 33%. These results demonstrate the company’s strong execution capabilities. Nevertheless, despite the promising growth prospects for ATOSS, mwb research’s analysts maintain their PT at EUR 116.00 and reiterate their SELL rating on the stock, as it trades at a premium compared to many of its peers. Also, the recent sale of shares by ATOSS Software’s major shareholders, AOB Invest (now holds 22% stake) and General Atlantic (GA. 22% stake) at a discount to institutional investors via a private placement to strengthen the free float and liquidity of the stock, raises questions, as it follows the 1:1 share split exercise in June 2024. The full update can be downloaded under https://www.research-hub.de/companies/ATOSS%20Software%20SE
Thu, 24.10.2024       https://research-hub.de/companies/Amadeus FiRe AG

Amadeus Fire reported disappointing Q3 2024 results, with sales declining and earnings falling short of mwb research’s original (i.e. prior to the pre-release) expectations. The company's staffing business, particularly temporary staffing and permanent placement, experienced significant declines. However, the interim management segment showed growth, and the training segment remained resilient. The weak economic sentiment in Germany negatively impacted gross profit and earnings, with Q3 operating EBITA down 19% yoy to EUR 17.5m. On a 9-month basis, operating EBITA declined by 14.8%. Amadeus Fire recently revised its FY24 operating EBITA guidance downward for the second time in 2024, now expecting approximately EUR 58m, a 13% reduction from the previous forecast. This implies an even steeper 27% yoy drop in Q4 operating EBITA. Despite the current challenges, mwb research maintains the BUY rating with unchanged PT of EUR 110.00. The full update can be downloaded under https://www.research-hub.de/companies/Amadeus%20FiRe%20AG
Thu, 24.10.2024       https://research-hub.de/companies/Siemens Energy AG

In Q4 24 (fiscal year ends on Sept. 30), mwb research’s analysts expect Siemens Energy (ENR) to deliver solid growth and further increase its order backlog, which already increased by EUR 8bn to EUR 120bn in Q3. Sales are expected to grow 17% yoy in Q4 24, driven by strong demand in the Gas Services and Grid Technologies segments, supported by the ongoing energy transition and electrification trends. However, the analysts expect EBITDA before special items to decline to EUR 204m from EUR 414min Q3, mainly due to higher costs from the resumption of Siemens Gamesa's (SG) onshore business. Despite this short-term setback, the series of problems in SG onshore wind business seems to have come to an end. Given the ongoing progress and the positive outlook, the analysts have raised their PT to EUR 37.00, but downgraded their rating to HOLD due to the stock's recent rally. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG
Thu, 24.10.2024       https://research-hub.de/companies/AIXTRON SE

According to press reports, Wolfspeed, a customer of Aixtron, has indefinitely postponed its plans to build a EUR 2.75bn silicon carbide (SiC) plant in Ensdorf, Germany, initially planned for completion in 2027. This delay is attributed to Wolfspeed's demand for increased financial contributions from its project partner, ZF Friedrichshafen, and higher subsidies from the government. ZF, facing financial challenges, refused to take a larger stake in the project, leading to the postponement. Wolfspeed's focus has shifted to expanding its domestic SiC production in the U.S., supported by USD 2.5bn in new capital, including funding from the US. CHIPS Act. Although Saarland Premier Anke Rehlinger has indicated that the project is postponed, not cancelled, this delay reflects broader challenges in the SiC market, particularly slower-than-expected growth in demand for electric vehicles. mwb research’s analysts adjust estimates and arrive at a new price target of EUR 22.20, still supporting their BUY recommendation for Aixtron shares. The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE
Thu, 24.10.2024       https://research-hub.de/companies/Airbus SE

mwb research initiates coverage of Airbus SE with a SELL recommendation and a PT of 127.00 offering a downside potential of -10.0%. Airbus SE, a global aerospace leader, benefits from a strong order backlog and recurring revenues (~ 20%) but faces challenges in translating market dominance into financial performance. The global aircraft market is growing with a CAGR of 3,5%, but potential competition from China coupled with increasing supply chain risks pose threats for Airbus. Despite an impressive backlog of 8,564 jets, providing revenue visibility for the next decade, Airbus faces challenges in production scaling, profitability in its Space division, and ongoing supply chain issues. Additionally, a 66% drop in order intake for their commercial aircraft segment, coupled with achieving only 58% of the target delivery rate as of today, raises questions about their current high valuations, with a P/E ratio of 30. Competition is set to intensify, especially with COMAC’s potential license from the EASA in the EU in 2025. The full update can be downloaded under https://www.research-hub.de/companies/Airbus%20SE
Wed, 23.10.2024       Telefonica Deutschland Holding AG

Company Name: Telefonica Deutschland Holding AG ISIN: DE000A1J5RX9   Reason for the research: Special Situation Recommendation: Buy from: 23.10.2024 Target price: €3.00 Target price on sight of: 12 months Last rating change: - Analyst: Kevin Sheil First Berlin Equity Research on 23.10.2024 initiated coverage on Telefonica D [ … ]

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