123fahrschule SE (123fs) has successfully placed new shares in a capital increase. The initial plan to issue 430,000 new shares was increased to 487,556 shares due to strong demand. This oversubscription reflects strong confidence in the company’s growth strategy, raising approximately EUR 1.12m to fund expansion into key cities like Berlin, Hamburg, and Cologne. As Germany’s largest driving school, 123fs plans to open 20 new branches by 2025, enhancing operational efficiency with driving simulators. H1 2024 saw revenue growth of 6%, driven by strong retail performance and significant gains in instructor training. With these developments, mwb research’s analysts reiterate their BUY rating with a stable price target of EUR 6.20. The full update can be downloaded under https://www.research-hub.de/companies/research/123fahrschule%20SE

Redcare Pharmacy (RDC) reported strong preliminary Q3 2024 results, with total group sales up 20.8% yoy to EUR 574m. The DACH region saw robust sales growth of 20.6% yoy, while International sales grew 22.7% yoy. Germany’s eRx sales surged by 108% in September alone, contributing to an 81% yoy increase in Rx (prescription) sales in the country. Highlighting positive impacts from the eRx adoption, such as new customer growth, higher basket values, and higher repeat order rates, management is increasing marketing investments to capitalize on the eRx momentum. As a consequence, the EBITDA margin outlook was adjusted downward. Maintaining the PT at EUR 145.00, mwb research’s rating changes from BUY to HOLD based on the current share price. The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

Despite a difficult market environment, particularly in the paper machine industry, HWK achieved an operationally profitable business in the first half of 2024 with total sales of EUR 9.0m (-20% yoy). Adjusted for the costs of the IPO, EBITDA amounted to EUR 0.6m and net income to EUR 0.3m. For FY24, guided EBITDA of EUR 1.4m is in line with mwb research’s forecasts. Incoming orders are already showing signs of recovery after the industry's cyclical low, which underpins the growth expectations for 2025. With slightly adjusted estimates and a new price target of EUR 83.50 (old: EUR 86.50), mwb research’s analysts confirm their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/HWK%201365%20SE

HWK hat im ersten Halbjahr 2024 trotz eines schwierigen Marktumfeldes, insbesondere in der Papiermaschinenindustrie, ein operativ profitables Geschäft mit einer Gesamtleistung von EUR 9,0 Mio. (-20% gegenüber Vorjahr) erzielt. Bereinigt um die Kosten des Börsengangs lag das EBITDA bei EUR 0,6 Mio. und das Nettoergebnis bei EUR 0,3 Mio. Für das Gesamtjahr wird ein EBITDA von EUR 1,4 Mio. erwartet, was im Rahmen von mwb researchs Prognosen liegt. Der Auftragseingang zeigt bereits eine Erholung nach dem zyklischen Tief der Branche, was die Wachstumserwartungen für 2025 untermauert. Mit leicht angepassten Schätzungen und einem neuen Kursziel von EUR 83,50 (alt: EUR 86,50) bestätigen die Analysten ihre Kaufempfehlung. Die vollständige Analyse ist abrufbar unter https://www.research-hub.de/companies/HWK%201365%20SE

HMS Bergbau’s H1 2024 report shows 11% revenue growth, driven by strong trading volumes in Asia. EBITDA increased by 24%, reflecting effective cost control, despite higher material costs. Net profit also rose, though higher taxes limited gains. The company maintained its FY24 guidance, projecting EUR 1.3bn in revenue and EBITDA in the low-double-digit millions. mwb research’s analysts continue to expect HMS to generate attractive returns, while the company is pushing its transformation from a pure-play coal trader to a diversified commodity trader. The analysts confirm their BUY rating with an unchanged price target of EUR 36.00 per share. The full update can be downloaded under https://www.research-hub.de/companies/HMS%20Bergbau%20AG

LM Pay released final H1 24 results confirming earlier released preliminaries. The company’s revenue grew by over 46% yoy in H1 24, driven by new product launches and an expanded customer base. The company's EBIT soared by 89% yoy, demonstrating the scalability of its business model and improved efficiency. Cash flow also turned positive, reflecting solid cash management despite strategic investments. Customer growth was strong, with a 20.6% increase in total customers and a stable base of recurring customers. With a strengthened market position and a solid financial base, LM Pay is poised for further growth, although delayed product launches may temper revenue expectations. mwb research’s analysts are adjusting and fine-tuning the model assumptions with only a slight impacting on the valuation. Therefore, the analyst reiterate the BUY rating with a new PT of EUR 63.00 (old EUR 66.00). The full update can be downloaded under https://www.research-hub.de/companies/LM%20Pay%20S.A.

Pyramid AG has announced significant leadership and strategy changes to position itself for growth in the digital automation sector. Board member Andreas Empl has now been appointed CEO and Chairman of the Board, with his contract extended until September 2028. Christian Damjakob will join as CFO on 1 October 2024. The company is pursuing a focused buy and build strategy to become a leading digital automation company, targeting acquisitions in IT hardware, security and AI technologies. After two years of declining revenues, management is optimistic about a turnaround in FY25, with current orders for Q1 25 already exceeding total revenues in Q1 24. The company is targeting both revenue and EBITDA growth in 2025. These changes and the positive outlook suggest potential for growth and expansion in Pyramid's target market. mwb research’s analysts maintain their BUY with unchanged PT of EUR 1.60. The full update can be downloaded under https://www.research-hub.de/companies/research/Pyramid%20AG

coinIX has presented its figures for the first half of 2024. Operating income of EUR 792k was generated from the sale of investments, which corresponds to an increase of 128% compared to the previous year. This is offset by depreciation and amortization of EUR 394k. Operating expenses rose significantly to EUR 665k due to the variable management remuneration resulting from the good performance of the portfolio. The resulting deficit is not very meaningful, as the corresponding increases in the value of the portfolio are not recognized in the income statement. The planned realization of hidden reserves has been delayed due to the postponement of the transfer of liquid cryptocurrencies to the special fund coinIX COINVEST SCI1, resulting in a lower taxable contribution to earnings. An update of mwb research’s NAV valuation model with current prices results in a new fair value per share of EUR 3.16 and thus an upside potential of almost 100%. BUY. The full update can be downloaded under research-hub.de/companies/coinIX%20GmbH%20&%20Co%20KGaA

Rheinmetall stands to benefit from the escalating conflict in Israel and the broader Middle East, despite Israel making up less than 1% of its revenue (mwb est.). The company’s joint ventures in key Middle Eastern countries (UAE, Saudi Arabia, Qatar) position it to capture growing demand for defense equipment, especially tanks and ammunition. Seasonal trends and recent positive newsflow, including a major air defense order from Denmark, are expected to further support Rheinmetall’s stock. Additionally, the company’s bids on large contracts in the U.S. and Italy offer significant growth potential. mwb research’s analysts reaffirm their BUY rating with a target price of EUR 645.00. The full update can be downloaded under https://www.research-hub.de/companies/Rheinmetall%20AG

Gerresheimer released preliminary figures for Q3 2024 and halved its growth targets for FY24, expecting organic sales growth of only 3-4%, down from 5-10%. Preliminary Q3 results showed a slight sales increase of 2.2%, with reported EBITDA rising marginally to EUR 98m, but EBIT and EBT fell significantly. The FY25 forecast was also reduced, now anticipating organic sales growth of only 7-10%, down from 10-15%, with an adjusted EBITDA margin of around 22%. The revised outlook is largely due to slower market recovery and a production halt caused by flooding at the Morganton plant. Based on the clearly cut outlook due to slower-than-expected market recovery, mwb research’s analysts lower their short- and medium-term estimates and derive a lower PT of EUR 96.00 (old EUR 120.00). The rating remains BUY after the strong price reaction. The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG