CECONOMY’s FY 2023/24 performance aligned with guidance, achieving a 0.9% sales increase despite currency and portfolio impacts from divesting Swedish and Portuguese operations. Adjusted for these effects, sales grew by 5.3%, with like-for-like growth of 4.1% year-over-year. Q4 sales also demonstrated resilience, with adjusted growth of 6.3% and gains in domestic appliances, IT, and wearables, though software and games saw weak demand. The company is on track towards its medium-term financial targets, to increase adj. EBIT by FY2025/26 to EUR 500m, which becomes more achievable moving forward. mwb research’s analysts leave their PT and rating unchanged (EUR 3.50, BUY). The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

Siltronic, despite reporting better-than-expected Q3 results, continues to face downward pressure due to high downstream inventories in all segments. The industrial and automotive sectors are undergoing correction phases, dampening wafer demand, while consumer electronics are showing a slow recovery. Meanwhile, surging demand from AI and data centres is driving significant growth in silicon wafer sales as advanced AI applications and architectures require more silicon and memory intensive chip configurations, partially reversing the overall weak demand. mwb research therefore expect a gradual recovery by mid-2025, driven by AI and destocking as other industries catch up. Until then, Siltronic remains resilient thanks to its secured long-term contracts covering 66% of sales and its diversified product mix. With the stock trading below book value at 0.9x P/B, downside is limited, offering an entry point with an attractive risk/reward profile for patient investors. mwb research’s analysts reiterate their BUY recommendation with an unchanged PT of EUR 92.00. Head of IR Verena Stütze will provide further insights at the mwb research German Select online conference on 3 December, interested investors are invited to register here: https://research-hub.de/events/registration/2024-12-03-14-30/WAF-GR. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG

tonies SE will announce its Q3 sales on 13 November, with growth expected around 22% yoy despite strong comparables. This would bring cumulative growth for the first nine months to around 26%, slightly below the company's full-year guidance of at least 33%. In the mature DACH region, growth is expected to slow to around 2% yoy in Q3 as consumer confidence remains low, particularly in Germany. In contrast, the Rest of the World (RoW) segment is forecast to perform strongly, with expected yoy growth of 65%, driven by increased penetration in France and new markets such as Australia and New Zealand. In the US, growth should reach a respectable 35% yoy despite high comparables due to significant prior year sell-in at Walmart and Target. Overall, Q3 should support tonies’ growth story and mwb research’s BUY recommendation. Head of IR Manuel Bösing will provide further insights at the mwb research German Select online conference on 3 December, interested investors are invited to register here: https://research-hub.de/events/registration/2024-12-03-10-30/TNIE-GR. The full update can be downloaded under https://www.research-hub.de/companies/tonies%20SE

Company Name: q.beyond AG ISIN: DE0005137004   Reason for the research: Update Recommendation: Buy from: 29.10.2024 Target price: EUR 1.10 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Q3 preview: Stable development & improved consulting; chg. q.beyond will release its Q3 report on Novem [ … ]

Company Name: CR Energy AG ISIN: DE000A2GS625   Reason for the research: Update Recommendation: Buy from: 29.10.2024 Target price: EUR 12.00 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Positive operating development in H1 Topic: CR Energy released its H1 report, which shows a strong operat [ … ]

Company Name: Cardiol Therapeutics Inc ISIN: CA14161Y2006   Reason for the research: Update Recommendation: Buy from: 28.10.2024 Target price: USD8.50 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on Cardiol Therapeutics Inc. (ISI [ … ]

TAKKT reported detailed Q3 2024 results that were in line with its tepid preliminary numbers. Organic (org.) sales decreased by 14% yoy to EUR 269m in Q3, while EBITDA declined 32% yoy to EUR 20.5m, due to one-time costs. Adjusted for one-time charges, the adj. EBITDA margin deteriorated 70bps yoy to 9.0%. TAKKT is facing several challenges, including a weaker-than-expected seasonal upturn in incoming orders since September, a difficult market environment, and ongoing internal challenges. As a result, TAKKT had revised its FY24 guidance downwards during prelims, which it confirmed. It now guides org. sales decline of -15% to -17% yoy and an adj. EBITDA margin of 6.3%- 7.1%. One-off costs are likely to be higher than originally expected at c. EUR 15-20m. TAKKT is balancing cost management with investments in growth and processes. While this may have a negative impact on Q4 profitability, the company expects FCF to remain relatively stable, owing to reduced net w/c. The analysts retain their estimates that were adjusted following the Q3 prelims and maintain their HOLD rating at an unchanged PT of EUR 9.50. The full update can be downloaded under https://www.research-hub.de/companies/research/TAKKT%20AG

Stratec reported detailed Q3 2024 results that were in line with its preliminary release. Sales during the quarter declined by 9% yoy, mainly due to delays in deliveries to Q4 and 2025 and persistent demand weakness for molecular diagnostics. Lower volumes, resultant negative scale effects, and an adverse product mix clouded profitability. Adj. EBIT fell disproportionately by 45% yoy in Q3 and the margin slumped 6ppt yoy to 8.8%. However, management is confident of witnessing a strong rebound in sales and earnings in Q4 and reiterated its recently updated guidance for FY 24, expecting sales to remain stable or decline slightly yoy in constant currency (c.c.) (vs remain stable or rise slightly yoy previously) and the adj. EBIT margin to come in at c.10.0%-12.0% (unchanged). While the analysts remain optimistic on Stratec's long-term prospects, driven by digitisation and the integration of AI in diagnostics, the analysts would like to see a sustained recovery in demand trends and orders. mwb research’s analysts tweak their estimates for the guidance change. This still gives the analysts an unchanged PT of EUR 40.00. The rating remains at HOLD. The full update can be downloaded under https://research-hub.de/companies/research/Stratec%20SE

Symrise reported good set of numbers in Q3 24. Organic (org.) sales growth remained strong at 10.2% yoy during the quarter and was ahead of consensus expectations of +9.1% yoy. However, negative currency effects (-4ppt) slowed the reported top-line growth to 5.2% yoy to EUR 1.26bn (broadly in line with consensus). Sales performance was healthy across sub-segments and regions. Management has now specified its org. sales growth expectation for FY 24 to reach 7% yoy (vs 5%-7% yoy previously), although it did not comment on its adj. EBITDA margin guidance of c.20%. The company also reaffirmed its long-term growth and profitability targets. Despite impressive organic growth, mwb research’s analysts reiterate their SELL rating with a slightly higher price target of EUR 92.50, as valuations appear rich compared to its own history and peer valuation. The full update can be downloaded under https://www.research-hub.de/companies/research/Symrise%20AG

Beiersdorf’s Q3 2024 organic (org.) sales growth slowed to 5.3% yoy from 6.9% yoy in Q2. The growth number fell short of consensus expectations of 6.9% yoy, with misses in both the Consumer and tesa segments. La Prairie was particularly disappointing, reporting an org. decline, due to persistent weakness in China, as against management’s earlier expectation of a recovery. Nevertheless, management is confident of a stronger rebound in Q4 and acceleration in top-line growth across segments. Therefore, it reiterated its guidance for 2024, which was reassuring. Over the medium term, Beiersdorf plans to expand into new markets, particularly with innovative relaunches of its iconic brands – such as Eucerin and Nivea – in India and China and promote its luxury brand Chantecaille in the Chinese market. Meanwhile, its emphasis on innovation with products such as Thiamidol, S-Biometric, and anti-ageing active ingredient Epicelline should further add to its revenue momentum. Current valuations already reflect these prospects, in mwb research’s view. The analysts maintain their HOLD rating with an unchanged PT of EUR 143.00. The full update can be downloaded under https://www.research-hub.de/companies/Beiersdorf%20AG