Cannabis legalization around the corner Topic: With the approval of the 'Cannabis Act', which is now expected to take place at the beginning of April, Germany is seen to take a big leap forward in regards to legalizing cannabis. This should translate into a significant tailwind for players such as Cantourage. As per consistent and reliable Ge [ … ]

Back on course after the perfect storm Havila Kystruten AS is a cruise line operator from Norway. Founded in 2017, it is the only company besides the incumbent Hurtigruten Group AS mandated by the Norwegian government to serve the 130 year old post ship service from Bergen to Kirkenes. Next to the port-to-port service for locals, their four ves [ … ]

While the overall advertising market in German is recovering after the pandemic-related slump, ProSiebenSat1 (PSM) only expects a slight increase in advertising revenues in 2024 and a stable adjusted EBITDA compared to the FY23 financials. Although the media group is generally broadly positioned with 15 TV channels, 13 entertainment platforms and its digital sector with its Commerce, Venture and Dating activities, PSM remains under structural pressure as its main target group of people under 49 years are cutting the cord. This, combined with the continued challenging macroeconomic environment, points to persistent headwinds and further weak figures offer a downside potential. Hence, AlsterResearch confirms the DCF-based price target of EUR 5.10 with unchanged estimates but switch the rating from HOLD to SELL following the recent share price recovery. The full update can be downloaded under https://www.research-hub.de/companies/research/ProSiebenSat.1%20Media%20SE

Delivery Hero (DH) got under pressure after rumors of supposedly failed talks about the potential sale of some of the company’s operations in South East Asia. In a corporate news release, DH clarified that negotiations regarding the potential sale are still ongoing. Further, DH published preliminary figures for Q4 and FY23. Most notably, top line growth was impacted by hyperinflationary effects following the massive devaluation of the Argentine Peso in December 2023, but still in line with guidance. Preliminary adjusted EBITDA for FY23 was reported with EUR 250m (excl. non-operational items), translating to an adj. EBITDA/GMV margin of 1.1%, also in line with the company outlook. However, AlsterResearch adjusts its estimates for 2024 to reflect the outlook. The analysts lower their PT to EUR 48.00 (old: EUR 52.00), but reiterate to BUY. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

GAME OVER; Suspension of recommendation Topic: creditshelf announced that it no longer considers the key assumptions for the company's positive going concern forecast to be fulfilled. As a result, the company will shortly apply for protective shield proceedings in order to secure the future of the company. In detail: Obotritia to not meet con [ … ]

Solid FY prelims & strong cash generation; est. & PT chg. This week, CLIQ released solid preliminary FY'23 results, marked by a slightly softer-than-expected top and bottom line, but strong cash generation: Sales: FY'23 sales were up 18.2% yoy to € 326.4m (eNuW: € 331m), albeit below expectations due to a slower-than-expecte [ … ]

Siemens Healthineers AG’s (SHL) Q1 ‘24 results were broadly as expected. Revenues grew 5.7% yoy org. and 7.0% org. ex-antigen business, led by strong growth at Varian. Adj. EBIT margin ex-antigen widened by 150bps yoy to 14.3% on better conversion and cost savings from the Diagnostic segment’s transformation program. Given the good start to the year, management has reiterated its FY24 guidance. Overall, the medical technology market is set to recover in ‘24 after years of negative impacts, in our view, and SHL is also optimistic of market conditions being better than last year. Against this backdrop, the stabilizing of revenues in the post-pandemic normal gives us confidence that the company is on track to achieve its long-term targets. AlsterResearch continues to hold a positive view on SHL, as it is well placed to benefit from structural megatrends in the medical technology industry. The analysts tweak their estimates to reflect the positive outlook. AlsterResearch reiterates its BUY rating at a slightly higher PT of EUR 62.00 (old: EUR 60.00). The full update can be downloaded under https://www.research-hub.de/companies/research/Siemens%20Healthineers%20AG

Topic: Oshkosh, Rosenbauer’s largest competitor in North America, published its FY23 numbers on Tuesday, providing a positive cross read. Here are the key takeaways: The conglomerate Oshkosh Corporation is the dominant player for firefighting trucks in North America, followed by REV Group and Rosenbauer. Oshkosh reported strong FY23 reven [ … ]

Yesterday, Marley Spoon Group ('MSG') released Q4 and preliminary FY'23 results that were in line with our expectations. Q4 sales came in at € 73.5m (-18% yoy; eNuW: € 73.1m), implying revenues of € 328.5m for the full year (-18% yoy; eNuW: € 328.1m), which was mainly driven by a smaller active subscriber base of c. 193k (-22% [ … ]

Progress & outlook on jooli. Launched in the Indian market to capitalize on both lower customer acquisition costs and and a trove of data needed to enhance the app's algorithm, jooli has already witnessed a considerable boost in order volume (+560% in December vs. the previous month), aided by jooliPay. While first KPIs are promising, they ar [ … ]