Topic: After a historically bad year 2023 for EVDI and the whole sector, the worst seems to be over, and we see light at the end of the tunnel for EVDI. Here is why: The real-estate sector shows first signs of a recovery. Apart from normalizing construction cost inflation (4.3% in Q4’23 vs 16.9% in Q4’22), real estate prices are com [ … ]

Topic: 123fahrschule looks set to report a decent set of FY ’23 figures in Q1. Here is what investors can expect from the release: After a strong first nine months, we expect the company to keep up the momentum and report an increase in total sales by 21% yoy to € 20.2m (eNuW; eCons: € 20.9m), driven by strong growth of the Priv [ … ]

tonies reported preliminary FY23 and Q4 revenues that exceeded expectations. The outstanding performance was driven by very strong US sales, which reached EUR 78m in Q4, representing a 92% year-on-year growth rate, despite competitors' warnings of a weak Christmas season. Conversely, the DACH region declined by 6% in Q4, indicating a mature market, while the Rest of the World (RoW) showed strong growth of +63% yoy, driven by the UK and France. tonies reaffirmed its positive adjusted EBITDA margin guidance for FY23, suggesting consistent target achievement. Keeping our estimates unchanged, we reiterate our BUY recommendation with a price target of EUR 7.70. The full update can be downloaded under https://www.research-hub.de/companies/tonies%20SE

Aiming to finance future growth, Wolftank has successfully completed a 5% capital increase, issuing around 255,000 new shares at EUR 12.50 each, a 1% premium over the previous day's closing price. This boosts the share capital to EUR 5,281,654, generating approximately EUR 3.2m in gross proceeds. The cash injection will provide Wolftank with the financial resources to execute growth in fueling and hydrogen systems, evident in the recent surge in orders amid the EU's hydrogen infrastructure push. The strengthened balance sheet mitigates investment risks, and the premium placement underscores investors' confidence. Beyond financing, the transaction enhances stock liquidity, attracting larger institutional investors. Overall, the capital influx positions Wolftank for significant growth, prompting AlsterResearch to reiterate its BUY rating with unchanged PT of EUR 22.00. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

Multitude and AlsterResearch held an investor roundtable with CFO Bernd Egger and Head of Investor Relations Lasse Mäkelä. During the well-attended meeting, Multitude's representatives gave a deep insight into the current strategy and the attractive prospects of the company. A video of the meeting is available at www.research-hub.de/events. Multitude is well positioned for further growth in the coming years. This is particularly reflected in the strong guidance to increase net income from EUR 12m to c. EUR 30m in 2026. AlterResearch’s analysts believe that Multitude is attractively valued (P/E of only 5.8x in 24E; dividend yield of >6.5% 24E). Following smaller adjustments of the assumptions, the experts reiterate the BUY-rating with a slightly increased DCF-based price target of EUR 12.60. (old EUR 12.10). The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

According to freshly published prelims, Atoss delivered another strong performance and exceeded its FY outlook with sales growth of 33% yoy to EUR 151.2m. The company benefitted from continuing growth of its cloud business and a significant increase in software licenses. This helped EBIT to grow even stronger by 68% yoy to EUR 51.8m, despite of elevated R&D investments and the build-up of personnel, resulting in an EBIT margin of 34.3%. Given a 2024 and 2025 guidance largely in line with AlsterResearch’s expectations, the analysts consider the valuation to be clearly exhausted at present. AlsterResearch increases the PT to EUR 212.00 (old: EUR 208.00), but downgrades to SELL (before: HOLD). The full update can be downloaded under https://www.research-hub.de/companies/ATOSS%20Software%20AG

Last week, CHAPTERS Group announced that the shareholdings in two portfolio companies was increased. Firstly, CHAPTERS expanded its share in Fintiba from 39.9% to 55%. After an initial shareholding through a capital increase, CHAPTERS increased its share in stock-listed Software Circle (formerly: Grafenia plc), a UK based serial acquirer of vertical market software (VMS) companies, to 29.9%. The increased shares will be contributed as part of a non-cash capital increase. In total, CHAPTERS will be issuing c. 1.4m new shares at a price of EUR 17.61 per share, which is in line with the recent capital increase in November 2023. While Software Circle reflects a strategic fit, AlsterResearch considers the increase in the shareholding in Fintiba to be a logical progression in order to leverage its potential and take the company to a new level. AlsterResearch confirms to BUY with PT EUR 22.00 (prev. EUR 21.00). The full update can be downloaded under https://www.research-hub.de/companies/CHAPTERS%20Group%20AG

Q4 prelims: Upper end of FY guidance reached; est. chg. Westwing released solid preliminary Q4’23 results, indicating that Q4 GMV was up 4% yoy to € 147m (+37.4% qoq), implying a robust FY’23 GMV of € 481m (flat yoy). As in the past, revenue development will be slightly below GMV development and should increase by 0.4% yoy [ … ]

Mister Spex reported prelim. Q4/FY23 results, showcasing a successful year with sales reaching around EUR 223m, meeting mid to high single-digit growth targets as well as consensus and AlsterResearch expectations. The growth momentum rebounded in Q4, achieving a 7% yoy sales increase, driven by a 9% growth in the German market. Notably, average order value (AOV) rose by 10%, particularly for high margin prescription eyeglasses. The company expanded its omnichannel presence with eight new stores, totaling 75 by year-end. Adj. EBITDA remained positive, marking the third consecutive quarter, while the cash burn reduced significantly, putting positive cash flows within striking distance. In view of AlsterResearch, this reinforces Mister Spex's strategic position in the eyewear market, and should translate into continued improvement in financial metrics in FY24. Consequently, the experts reiterate their BUY rating with an unchanged PT of EUR 7.30. The full update can be downloaded under www.research-hub.de/companies/Mister%20Spex%20SE

Stabilus reported reasonable numbers for Q1 FY 2024. Revenues grew 5% yoy and adj. EBIT was up a modest 2% yoy; however, the margin narrowed by 30bps yoy to 10.9%. Strong showing in APAC and EMEA was clouded by weakness in the Americas due to strikes at client plants, and persistent inflationary pressure. Despite the moderate start, management is hopeful of a recovery in the later part of the year and has reiterated its guidance for FY 2024. The acquisition of DESTACO, a US-based industrial automation specialist, is well on track to be completed by end-February 2024, and management expects significant revenue, adj. EBIT margin and earnings synergies from this deal. AlsterResearch’s analyst slightly adjusts the estimates, which already includes costs and synergies from DESTACO, and increases the PT to EUR 72.00 (old: EUR 70.00). The rating remains BUY. The full update can be downloaded under https://www.research-hub.de/companies/Stabilus%20SE