Strong FY23 results with a record high in revenue; chg. est. Topic: R. Stahl confirmed its strong FY23 prelims and released a promising FY24e guidance supported by a solid preliminary first quarter revenue of € 84.7m. To recap, FY23 sales increased by 21% yoy to a record high of € 331m, exceeding the guidance range of € 305-320 [ … ]

This week, Thomas Kicker and Markus Cserna, CEO and CTO of cyan AG, provided an overview of the new cyan AG during a well-attended roundtable hosted by mwb research. Following the i-new sale in December 2023, the management provided an overview of the company and outlined the path for 2024. The plan for 2024 is aimed to lay a leaner organizational foundation, a refocus on product level, while expanding business into additional markets and customer groups. From a financial perspective, the overall FY24 earnings performance will be still negative. However, the company targets a break-even for EBITDA and operating CF by Q4 2024. If the implementation is successful, the company will be on a solid footing to scale the business and grow profitably from 2025 onwards. mwb research’s analysts confirm their PT of EUR 3.50 and reiterate their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/cyan%20AG

Beiersdorf reported better-than-expected results in Q1, reporting org. growth of 7.3% yoy, slightly ahead of consensus expectation. Nivea (including Labello) achieved its best-ever quarterly sales in terms of absolute value, benefitting equally from a positive price mix and higher volumes. Derma was another bright spot with double-digit org. growth. Notably, La Prairie's Q1 sales trend turned positive after many quarters of declines, mainly led by demand revival in China. Management expects NIVEA’s momentum to continue for the rest of 2024, the luxury business to accelerate in H2, and sales in North America to pick pace. Given a solid start, Beiersdorf raised its full year org. sales growth guidance to 6-8% yoy and reiterated its expectation of a slight yoy expansion in the group adj. EBIT margin. These results reflect the strength of Beiersdorf’s brands and its ability to pass on input cost inflation and deliver on margins. However, mwb research’s analysts believe that all these positives are already priced in. Hence, mwb research’s analysts reiterate their HOLD rating at a revised PT of EUR 143.00 (old: EUR 140.00). The full update can be downloaded under https://www.research-hub.de/companies/Beiersdorf%20AG

First semifinal since 11 years secures € 12.5m extra profit / chg. By winning Tuesday night's match against Atletico Madrid, Borussia Dortmund has secured a spot in the UEFA Champions League semifinals for the first time since 2013. With this advancement, the club can now anticipate additional UEFA prize money payments of at least € 1 [ … ]

First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0XYG76). Analyst Simon Scholes reiterated his BUY rating and increased the price target from EUR 46.00 to EUR 54.00. Abstract: DRAG has raised its 2024 guidance. Management is now looking for revenue of €210m-€230m (previously: €175m [ … ]

ProSiebenSat.1 (PSM) has released prelim. Q1 figures showing a 6% yoy increase in revenues to EUR 867m. This increase was mainly driven by the recovery of TV advertising revenues, confirming the ongoing momentum. Despite the announced increase in program expenses, adjusted EBITDA increased by 35% to EUR 72m in Q1 and adjusted net income improved by EUR 22m yoy to EUR 8m, mainly due to the positive development but also driven by lower tax expenses. Furthermore, PSM’s battle with the shareholder MediaForEurope, dominated by the Berlusconi family, enters the next round at the AGM. MFE, which holds 27.3% of PSM, has a strong focus on the TV business and is therefore pushing for a spin-off/divestment of PSM’s dating and ecommerce business. With the outcome of the AGM still uncertain, the group's long-term strategy threatening to change and important parts of the company up for sale, mwb research’s analysts maintain their negative stance. In mwb research’s opinion, there is too much uncertainty to invest. The analysts maintain their SELL rating with an unchanged price target or EUR 6.00.The full update can be downloaded under https://www.research-hub.de/companies/research/ProSiebenSat.1%20Media%20SE

Pyramid announced the settlement of the earn-out component for the acquisition of faytech AG, with the seller receiving only slightly more than 0.9 million new Pyramid shares due to faytech's worse-than-expected financial results. In addition, a lock-up agreement was signed by major shareholders, management and the Supervisory Board, which secures just over 38% of the new share capital until March 31, 2025. Despite the challenging previous year, Pyramid is cautiously optimistic for the current fiscal year and expects revenues of EUR 78-80m and consolidated EBITDA of EUR 5.6-5.8m. In the view of mwb research’s analysts, the agreement with the sellers of faytech on the reduction of the earn-out and the lock-up agreement are good news and should strengthen confidence in Pyramid's corporate strategy. Due to the slightly diluted number of shares, the PT is lowered from EUR 2.50 to EUR 2.40. mwb research’s BUY rating remains unchanged. The full update can be downloaded under https://www.research-hub.de/companies/research/Pyramid%20AG

Cicor Technologies published a brief business update on Q1 2024. The company reported revenues of CHF 107.3m for the first quarter, up by 11.8% yoy. Thereof, the largest part was attributable to the consolidation of STS Defence. However, a softer economic environment, mostly in the industrial sector, translated to a slowdown of organic growth to 0.3% yoy. At the same time, book-to-bill ratio in the quarter fell below 1x due to aperiodic order placement at STS Defence. With the economic environment and the recent M&A activity already baked in, management confirmed its guidance, backed by a comfortable order backlog. mwb research’s analysts leave their estimates unchanged reiterating their PT of CHF 80.00 and their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Suedzucker's preliminary FY23/24 results met expectations, with group revenues reaching EUR 10.3bn, driven by high sugar prices. EBITDA and operating profit saw significant increases, aligning with guidance. However, underlying Q4 results indicate fading momentum, with sales up only 4% yoy and EBITDA margins halving to 6.9%. Higher production costs in the sugar segment impacted earnings negatively. The company forecasts a slow start to FY24/25, with significantly lower Q1 earnings. FY24/25 outlook falls below expectations, with anticipated declines in group revenues, EBITDA, and operating profit, particularly in the sugar segment. Despite proposing a dividend increase, lower estimates prompt mwb research’s analysts to downgrade to HOLD (BUY) with a reduced price target of EUR 14.00 (previously EUR 17.00). The full update can be downloaded under https://www.research-hub.de/companies/Suedzucker%20AG

First Berlin Equity Research hat ein Research Update zu Grand City Properties S.A. (ISIN: LU0775917882) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 12,50 auf EUR 12,90. Zusammenfassung: Grand City gab die Ergebnisse der Umtausch- und Tenderangebote für zwei Serien seine [ … ]