Secunet has published preliminary results for Q4 2023 and FY23, exceeding AlsterResearch’s expectations in terms of revenue. Due to a final spurt in Q4, FY23 revenues increased by 13% yoy to EUR 393m. FY EBIT came in at EUR 43m, in line with guidance. A detailed outlook for FY24 will follow upon publication of the final results for FY23, on March 22, 2024. AlsterResearch’s experts stick to their forecast of an EBIT margin deterioration in FY24, reflecting gross margin pressure and a step-up of investments, and gradual recovery from FY25 onwards. AlsterResearch confirms the PT (EUR 197.00) and the BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/secunet%20Security%20Networks%20AG

MHP Hotel AG (MHP) reported strong Q4 KPI with revenues of EUR 37.2m, up 9% from the same quarter last year. The growth was driven by a 27% increase in food and beverage revenues (F&B), driven by price increases and the successful implementation of new F&B concepts in acquired hotels. Occupancy remained high at 76%, defying typical seasonal patterns, supported by both domestic and international demand. While average daily rates didn't reach the Q4 22 record, accommodation revenues still grew by 6%. MHP anticipates stable demand in Q1 2024, and foresees further growth with the opening of the Koenigshof in Munich and potential demand from UEFA Euro 2024. AlsterResearch’s analysts reiterate to BUY with a price target of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

Siemens Energy (SE) saw a better-than-expected start to FY24, with preliminary order intake and revenue numbers for Q1 beating consensus by a notable 24% and 4%, respectively. Profit (excluding special items) print was also better; SE reported profits as against the loss estimated by consensus, on the back of narrower losses at Gamesa and profit beats in other segments. Management highlighted that project shifts and timing effects across businesses was the key driver of the positive Q1 performance; it has hence maintained its guidance for FY24. While SE is working on remedial actions to address quality issues at its onshore wind business and ramp-up challenges in the offshore business, Gamesa will remain a drag in the near to medium term. Encouragingly, except for the wind business, all other segments (over 75% of SE’s revenues) have been witnessing strong demand, as they offer products that facilitate energy transition. AlsterResearch’s analysts broadly maintain their estimates for FY24 and their PT of EUR 17.00; AlsterResearch reiterates the BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG

First Berlin Equity Research hat ein Research Update zu PNE AG (ISIN: DE000A0JBPG2) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 22,00. Zusammenfassung: PNE hat zum Jahreswechsel zwei deutsche Windparks mit einer Gesamtleistung von 22 MW in Betrieb genommen. [ … ]

In an ad-hoc release, Puma has issued preliminary results for Q4 and FY23, highlighting an extraordinary impact from a devaluation of the Argentine Peso in mid-December. While FY revenues came in 3% below consensus, EBIT was roughly in line. For FY24, Puma expects a mid-single-digit sales growth (currency-adjusted) and an EBIT in the range of EUR 620-700m. The management expects consumer demand and sentiment to be impacted by a persistently challenging environment, due to geopolitical tensions and volatilities, especially in the first half of 2024. In view of the guidance, AlsterResearch’s analysts are significantly lowering their forecasts, particularly regarding margin development. This extends to the medium-term forecast period. AlsterResearch’s analysts lower their PT to EUR 60.00 (old: EUR 75.00), but confirm to BUY. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE

One q.beyond to drive margins in 2024e In light of the ongoing restructuring process as well as macro-headwinds, we observed a rather uninspiring operating performance, especially on the bottom-line, as of 9M ‘23. Despite that, q.beyond is seen to achieve its FY ’23 guidance: €185-191m sales, € 5-7m EBITDA and > €  [ … ]

Low risk, high reward - added to NuWays' Alpha List At current levels, MLP’s stock offers a strong upside potential while potential downside risks seem priced in and should not impact bottom line significantly. Here is our take: (1) Strong diversification of negatively correlated business segments protects MLP against changing macroecon [ … ]

Today, Cicor announced the closing of its acquisition of STS Defence (STS), which had been pending since October, 2023. This acquisition is another piece in the mosaic of Cicor's evolution into a top European player in the electronic manufacturing services (EMS) market. This path was presented yesterday, as Cicor participated in our Health Care conference. CFO Peter Neumann and Michael Götti, VP Corporate Marketing and Communications, outlined the company’s growth opportunities in the attractive medical sector. A recording of the event can be found on research-hub.de. The roundtable presentation confirms AlsterResearch’s view of the attractive value opportunity that Cicor offers. AlsterResearch confirms their PT of CHF 78.00 and their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Wolftank, in collaboration with Gemmo SpA, has secured a significant contract worth EUR 5.1m for designing and constructing a hydrogen filling station in Italy, with half the amount allocated to Wolftank. This project aligns with the EU's goal to establish a comprehensive hydrogen infrastructure by 2030, supporting emission-free transportation. The order reflects the substantial growth potential in the hydrogen sector, as the EU supports investments of approx. EUR 38bn to build 1,750 hydrogen filling stations by 2026 and even 5,000 by 2030. The company's positive outlook for 2024, anticipating sales of EUR 100-120m, indicates the increasing revenue from its expanding order activity, positioning Wolftank favorably in the decarbonization landscape. Consequently, AlsterResearch’s analysts are reiterating their BUY rating with an unchanged PT of EUR 22.00. Wolftank remains one of AlsterResearch’s top picks for 2024. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

Viromed Medical's CEO, Uwe Perbandt, presented at the AlsterResearch Health Care conference, focusing on the market potential of the plasma care medical device. The device treats chronic wounds with cold atmospheric plasma, effectively killing microorganisms without damaging human tissue. Viromed has exclusive distribution rights in the DACH region, with initial focus on Germany, where over 4 million patients receive 60 million treatments annually, costing over EUR 20 billion. The market rollout is gaining momentum, supported by professional guidelines. A randomized control trial is ongoing which, if successful, would pave the way for public health system reimbursement, probably in 2025. The business model involves disposable spacers, leading to a recurring revenue stream. AlsterResearch’s analysts reiterate to BUY with a price target of EUR 10.40. The full update can be downloaded under https://www.research-hub.de/companies/Viromed%20Medical%20AG