CTS Eventim announced robust preliminary FY23 figures with Q4 revenues showing a 22.5% yoy growth, in line with 9M figures. This growth, propelled by steady demand for live entertainment events, primarily stemmed from the Ticketing division, which experienced a remarkable 32.5% growth for the year. Normalized EBITDA for FY23 surpassed expectations at EUR 501.4m, supported by further improvements of the margin in Ticketing. The postponement of German peer DEAG's re-IPO due to macroeconomic and geopolitical concerns highlights CTS's strong competitive position. AlsterResearch increased the PT to EUR 76.00 (old: EUR 72.00) and confirms the BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/CTS%20Eventim%20AG%20&%20Co%20KGaA

LAIQON's preliminary FY23 results showcased robust sales growth of 42% amid record-high AuMs of EUR 6.1bn. FY23 sales reached EUR 30.7m, driven by all operating units, notably LAIQON Digital Wealth with nearly 180% yoy revenue growth. However, the company was unable to generate significant performance fees, contributing to a shortfall compared to AlsterResearch expectations. Despite this, the analysts remain optimistic about potential performance fees in FY24, given products nearing hurdle rates. Still, EBITDA improved significantly to EUR -4.75m, attributed to scaling effects and streamlined internal processes, despite ongoing investments in personnel and upfront investments with regards to LAIQON’s cooperation agreements with Union Investment. Looking ahead, AlsterResearch anticipates further growth by capitalizing on economies of scale, cost efficiencies, and by executing its sales strategy. Consequently, the experts maintain their BUY rating, with a slightly adjusted PT of EUR 10.50 (old EUR 10.75), reflecting confidence in the company's long-term prospects. The full update can be downloaded under https://www.research-hub.de/companies/LAIQON%20AG.

The results of a new representative survey show that Germans are planning to travel more in 2024, despite economic uncertainties and price increases. This is supported by the latest booking statistics, which show that booking activity remained at a high level in December and the first two weeks of January. These data points should support TUI's early December guidance of at least 10% revenue growth and at least 25% underlying EBIT growth in FY24. A good start to FY24 and the possible decision at the AGM to delist from the LSE in order to concentrate liquidity in Germany could be the catalysts for a further rerating towards our fair value of EUR 16.00. BUY. The full update can be downloaded under https://www.research-hub.de/companies/TUI%20AG

First Berlin Equity Research has published a research update on Sernova Corp. (ISIN: CA81732W1041). Analyst Christian Orquera reiterated his BUY rating and maintained his CAD 3.80 price target. Abstract: Sernova has published FY 22/23 financial statements and provided a business update. The figures were roughly as expected. The company reported [ … ]

Rubean has made an impressive start to the fiscal year, reporting record revenues of over EUR 340K in January, a third of last year's total. The surge is attributed to a growing user base, driven by the popularity of its mobile payment solution 'PhonePOS' and B2B offering 'GetPAYD'. Although no specific guidance was given for 2024, there is optimism due to robust user growth and Rubean's scalable business model. In addition, January's performance already supports AlsterResearch’s FY24 revenue forecast of EUR 2m. Rubean is actively expanding, aiming to close the cash burn gap and achieve monthly profitability by year-end, which the experts of AlsterResearch believe should lead to overall cash break-even by FY25E. Rubean's operational progress prompts the analysts to upgrade the stock from HOLD to BUY, with a new PT of EUR 8.50, implying an upside of 30%. The full update can be downloaded under https://www.research-hub.de/companies/Rubean%20AG

Creating a leading player in cancer diagnostics   Only weeks after Ikonisys entered a strategic partnership with Biocare Medical, the company made the next strategic step in business development by announcing the takeover of Hospitex, an Italian-based cytology company specialising in oncological diagnostics. According to the company, Hospite [ … ]

Lanxess shares have fallen 15% since AlsterResearch’s pre-Christmas downgrade and are now 47% below their 52-week high. FY23 results, due on 14 March, are expected to be weak due to ongoing market challenges, but there are signs that Q4 2023 may have marked the bottom of the cycle. Peers report signs of modest recovery in selected market segments in their near-term outlook, and expect a modest but broader-based recovery in H2 2024. Supported by Lanxess' risk mitigation measures through deleveraging, this is the backdrop against which investors should consider to BUY (upgrade from HOLD). AlsterResearch’s price target remains unchanged at EUR 29.00. The full update can be downloaded under https://www.research-hub.de/companies/Lanxess%20AG

Bechtle successfully held its ground in a very challenging economic environment. According to preliminary figures, the IT service provider grew significantly and once again increased its profitability. Revenues increased by 6.8% to over EUR 6.44bn and were thus in line with AlsterResearch’s expectations (eAR: EUR 6.49bn). Bechtle increased earnings before taxes by 6.7% to around EUR 374m and maintained the EBT margin at the high level of 5.8% (eAR 5.4%). Only in the exceptional pandemic year 2021, the EBT margin was slightly higher at 6.0%. The resilience and sustainability of the business model is therefore reflected in the long-term success of the company. The analysts assume that the company will continue to grow faster than the market in 2024, which should have a positive impact on the profit margins. The experts incorporate the preliminary figures into their model and derive at a slightly higher DCF-based price target of EUR 59.00 (old: EUR 57.00). The rating remains BUY. The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG

Promising start into 2024 Topic: Yesterday, Rubean announced to have reached more than € 340k of sales only in January. This represents the highest monthly turnover in the company´s history. Rubean has realized more than one-third of previous year´s sales in only one month. According to management, the sales-jump is the resul [ … ]

Delisting indications getting stronger; chg. PT On Friday, S IMMO announced that the company will part ways with board member Herwig Teufelsdorfer with immediate effect. At the same time the supervisory board decided to appoint Tomáš Salajka to the board, who is also member of the Board of Directors of CPI Property Group (CPI), S  [ … ]