MHP Hotel AG (MHP) reported a robust Q1 24 performance with organic revenue growth of 7%, driven by equally strong increases in the accommodation and food and beverage (F&B) segments. In particular, F&B successfully compensated for the VAT increase, demonstrating the effective implementation of new concepts. Stable room rates and increased occupancy led to a 7% improvement in revenue per available room. The outlook remains stable, with potential for exceptional summer performance, particularly for MHP's German hotels, all located in UEFA Euro 2024 cities. With the planned opening of Hotel Koenigshof in Munich in Q2, MHP is even better positioned to capitalize on this momentum. A potentially growing pipeline with Hotel am Schlossgarten in Stuttgart should keep the news flow positive. mwb research’s analysts reiterate their BUY rating on MHP with a price target of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

Mister Spex will report Q1 results on May 8, which mwb research’s analysts expect to be rather lackluster. Revenue growth is expected to be only 1% y-o-y, likely hampered by subdued consumer sentiment in Germany and the timing of the Easter holiday. Gross margins are expected to decline by 2.5 percentage points to around 51%, leading to an adjusted EBITDA of around EUR -3m. Nevertheless, the analysts expect management to maintain its FY24 outlook of low to mid-single digit revenue growth and low single digit adjusted EBITDA margin. With a substantial cash reserve above the market cap and prospects for future earnings improvement, mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 6.60. The full update can be downloaded under www.research-hub.de/companies/Mister%20Spex%20SE

Last week, Puma’s competitor Adidas lifted its FY guidance amid better-than-expected Q1 performance as the company is recovering from its scrapped collaboration with Kanye West. mwb research’s analysts see little relevance for Puma here, as the general trend for Adidas remains unchanged. Like Adidas, Puma is expecting unfavorable currency effects to negatively impact both reported revenues and the gross margin development. A recovery is expected for 2025 onwards. The analysts finetuned their forecasts to reflect the CMD update but maintain their PT (EUR 60.00). The recommendation remains to BUY. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE

HWK 1365 SE (HWK) is the world market leader in large calender rolls, a high-tech product that is essential for the production of high-quality paper and cardboard. With an 80% market share in this niche, the company supplies leading paper machine manufacturers and is benefiting from growth drivers such as the increasing use of coated board and folding cartons, as well as the expansion of its service business and diversification into the food industry. The IPO gives investors the opportunity to invest not only in a hidden champion, but also in Germany's oldest industrial company. mwb research’s analysts recommend to BUY with a price target of EUR 80.00 on a DCF basis. The full update can be downloaded under https://www.research-hub.de/companies/HWK%201365%20SE

Company performance in a challenging environment exceeds expectations with significant value increases in the top 10 portfolio positions - target price raised to €17.64 (previously: €11.00)   Advanced Blockchain AG has published preliminary figures for the fiscal year 2023. The revenue of Advanced Blockchain AG fell to €5.2 mi [ … ]

Der Umsatz von Sartorius blieb im ersten Quartal mit einem währungsbereinigten Rückgang von 8% im Vergleich zum Vorjahr hinter den Konsenswerten zurück, was auf eine schwächere Nachfrage in China und eine hohe Vergleichsbasis zurückzuführen war. Auch der Konsens zum Auftragseingang wurde verfehlt, obwohl dieser im Jahresvergleich um 8% stieg. Das adj. EBITDA übertraf zwar die Markterwartungen, lag aber dennoch um 14% unter dem Vorjahreswert. Wie bereits zuvor warnte das Management vor der Investitionszurückhaltung seiner Kunden in China und in gewissem Maße auch in Europa, was die Auftragseingänge im Anlagengeschäft dämpft. Positiv zu vermerken ist, dass sich die Aufträge bei den Verbrauchsmaterialien gut erholen. Das Management erwartet, dass die Kunden ihre Lagerbestände im ersten Halbjahr weiter abbauen werden; im zweiten Halbjahr dürfte die Dynamik jedoch wieder zunehmen. Für 2024 bestätigte das Unternehmen die Prognose für ein mittleres bis hohes einstelliges jährliches Umsatzwachstum und eine Verbesserung der bereinigten EBITDA-Marge auf etwas über 30 %. Nach einem schwachen Start in Q1 halten die Analysten von mwb research EBITDA-Margenziele von über 30% für eher ambitioniert als wahrscheinlich. Die Experten halten an ihrer VERKAUFEN-Empfehlung fest, da die Bewertungen überzogen erscheinen, und behalten ihr DCF-basiertes Kursziel von EUR 240,00 bei. Die vollständige Analyse ist abrufbar unter research-hub.de/companies/Sartorius%20AG

FCR Immobilien AG has published preliminary results for FY23, which were slightly below mwb research’s expectations, but can be considered solid given the difficult situation on the real estate market. Revenues increased by roughly 58% to around EUR 57m, mainly driven by recurring rental income, but also by sales proceeds from portfolio optimizations, which were on average 6% above book value. FFO amounted to a solid EUR 8.2m at the end of the year (previous year: EUR 9.4m). As a result, FCR was again able to offset higher interest expenses through indexed and new rental agreements. The real estate portfolio is currently valued at 12.5x net annual rent, which corresponds to an attractive gross rental yield of 8%. mwb research’s analysts reiterate their BUY rating, but lower their price target slightly to EUR 20.50 (previously EUR 23.50), still reflecting an upside of >100%. The previous full update can be downloaded under https://www.research-hub.de/companies/FCR%20Immobilien%20AG

Annual report postponed due to prolonged bond negotiations Yesterday, DEMIRE announced the postponement of the publication of the 2023 annual report due to the ongoing negotiations with the bondholders regarding the restructuring of the company’s corporate bond. The company recently confirmed the restructuring negotiations, which likely i [ … ]

LM Pay S.A. is a leading non-bank provider of financing for medical and aesthetic services for private customers in Poland. In November, the fintech company was listed on the primary market of the Düsseldorf stock exchange, the special segment for innovative SMEs. With the start of trading, LM Pay continues to pursue its growth strategy beyond the Polish market, making it easier for customers to use its innovative services and for investors to participate in an attractive business. In addition to increased brand recognition, LM Pay has gained additional flexibility in terms of refinancing options, which will lead to additional growth opportunities. With an existing infrastructure, skilled employees, and a broad product portfolio, LM Pay is poised to scale revenues with improved profits. Based on mwb research’s initial assumption, the analysts reiterate their BUY rating and PT of EUR 71.00. The full update can be downloaded under https://www.research-hub.de/companies/ABOUT%20YOU%20Holding%20SE

Koenig & Bauer’s peer, Heidelberger Druck, presented at mwb's German Small Cap Select conference. The company debunked the misconception of a shrinking printing market, emphasizing global print volume growth. While commercial printing seems to be stable, packaging solutions and industrial decoration exhibit robust growth at 4-6% CAGR. Structural trends like demographic shifts, lifestyle changes, and sustainability drive this growth, evidenced by SKB's 2.2% CAGR from 2019-2023 and promising midterm targets. Despite a potential slowdown in FY24, SKB is poised for sustained growth, yet its stock valuation does not reflect this. mwb research’s analysts therefore suggest capitalizing on current price weakness, which is why they maintain their BUY rating with PT of EUR 20.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Koenig%20&%20Bauer%20AG