Fielmann reported detailed H1 24 results that were broadly in line with prelims. It delivered healthy growth of 11% yoy in sales to EUR 1.1bn, led by both organic and inorganic contributions and a 14% yoy increase in EBITDA to EUR 237m, with the EBITDA margin improving 50bps yoy to 21.7% in H1 on particularly strong showing in European markets (+1.8ppt yoy to 23.0%). For FY24, Fielmann reiterated its guidance, expecting consolidated sales of EUR 2.3bn (+15% yoy) and EBITDA margin to improve yoy (including US operations), reaching c. 24% in FY25. The company has taken significant steps to expand into new markets and strengthen cross-selling into adjacent product categories such as hearing aids and continues to focus on digitalisation and internationalisation to drive profitability. Given its undisputed position as market leader in German and European optical retail and its productivity-driven approach, mwb research’s analysts continue to regard Fielmann as one of the quality stocks on the German stock exchange. mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 66.00. The full update can be downloaded under https://www.research-hub.de/companies/Fielmann%20AG

Staige One AG has announced another capital increase this year, issuing c. 1.4m shares (25% of share capital) at a subscription price of EUR 2.00 per share, representing a 17.6% premium to the previous day's closing price. Major shareholders controlling c. 71% of the Company's capital are expected to participate, demonstrating strong confidence in Staige's future. This fresh capital is likely to fuel Staige's growth and market expansion, particularly as the company diversifies its markets and AI-powered video technology beyond amateur soccer. The fresh capital will strengthen Staige's financial position and will turn the company cash positive again (mwb est.). Furthermore, the company remains committed to its FY24 targets and aims to break even by FY26. mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 6.00. The full update can be found under https://www.research-hub.de/companies/Staige%20One%20AG

Delivery Hero (DH) published its H1 results, which showed an uptick in momentum in all regions, despite a highly competitive environment in South Korea. In terms of profitability, the company recorded a strong uplift of adj. EBITDA, which came in at EUR 240.9m in the first half of 2024. Still, the reported figures showed losses, also dragged by an increase in provisions related to a potential EU fine. Alongside the H1 report, DH announced IPO plans for its Talabat business. This business stood for EUR 5bn of GMV in 2023 and could bring some substantial cash inflows, which the company can use to repay debt. mwb research’s analysts leave their estimates unchanged and reiterate their PT and rating (EUR 47.00, BUY). The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

Mister Spex's Q2/H1 report showed results in line with expectations, with a mixed Q2 performance. Revenues grew by 1% yoy to EUR 67.6m, driven by a 3% increase in the German market but offset by a 7% decline in international markets. On a positive note, prescription eyewear demand grew by 11% in Germany, mitigating declines in sunglasses and contact lenses sales. Gross margins remained stable, but adjusted EBITDA dropped 64% due to higher transformation costs. The company narrowed its net loss by 10% and maintained a solid cash position. The outlook for FY24 remains cautious, with expected revenues between EUR 210-230m. mwb research’s analysts maintain their BUY rating with an unchanged PT of EUR 6.20, as the long-term outlook remains positive a) following the transformative nature of the restructuring program "SpexFocus" and b) given the company's strong cash position, which alone far exceeds the company's current market cap. The full update can be downloaded under www.research-hub.de/companies/Mister%20Spex%20SE

Elmos Semiconductor SE specializes in designing and manufacturing analog mixed-signal semiconductors mainly for the automotive industry. Despite fierce competition from industry giants like STM, NXP, and Infineon, Elmos has strengthened its position by leveraging 40 years of expertise in analog mixed-signal ICs and excelling in niche automotive markets such as ultrasonic ranging. With a strong international presence and inherent flexibility and agility, Elmos is further enhancing these strengths through a strategic shift to a fabless company starting in 2025, allowing it to better respond to market shifts. The company is well-positioned to capitalize on key megatrends like autonomous driving and electromobility, supporting the growing demand for intelligent, safer, and connected vehicles in a market that is expected to grow at a 9.2% CAGR from 2023 to 2032. Based on mwb research’s DCF and key multiples, Elmos is undervalued, offering a compelling entry opportunity. Thus, the analysts initiate their coverage with a BUY recommendation and a PT of EUR 105.00, representing an upside potential of 33%. The full update can be downloaded under https://research-hub.de/companies/Elmos%20Semiconductor%20SE

AUTO1 Group presented at a well-attended roundtable organized by mwb research as part of the second German Select Conference. A recording can be viewed here: https://research-hub.de/events. Philip Reicherstorfer, Group Treasurer, provided an overview of the company’s business model and its growth drivers. The company is committed to expand both its Merchant and Retail/Autohero segments, by improving and expanding its product offerings. So far, AUTO1 successfully navigated challenging market conditions after a stellar growth during the pandemic, reflected in the share price recovery from the all-time low of EUR 3.27 in March 2024. mwb research’s analysts have taken the presentation as an opportunity to revise their model, also taking into account the encouraging traction for the new and still young financing business for dealers (average interest rate of >10%). mwb research’s analysts confirm their BUY rating at a revised price target of EUR 11.00 (old: EUR 9.00). The full update can be downloaded under https://www.research-hub.de/companies/AUTO1%20GROUP%20SE

Atoss Software SE published its full H1 2024 report, which highlights a decent performance in the first half of 2024. Total sales grew by 14% yoy to EUR 84m, driven by the company’s dynamic cloud business. EBIT rose by EUR 5.5m or 23% yoy to EUR 30m, resulting in a margin expansion of 240bps to 35.4%, far above the company’s original 30% FY target. This has prompted the company to raise its FY margin target to at least 33%, while the sales guidance of EUR 170m remained unchanged. Following the share price gains in recent weeks, mwb research’s analysts derive a SELL rating (before: HOLD) based on mwb research’s unchanged target price of EUR 116.00. The full update can be downloaded under https://www.research-hub.de/companies/ATOSS%20Software%20SE

Dermapharm Holding SE (DMP) reported detailed Q2/H1 ’24 results that were in line with its preliminary release. Revenues grew 6% yoy to EUR 280m in Q2 ‘24 and returned to a positive trajectory vs the 6% yoy decline in Q1. Adj. EBITDA was up 3% yoy to EUR 64m and reported EBITDA reached EUR 61m in Q2 ’24 vs EUR 39m in Q2 ‘23. Overall results in Q2 and H1 continues to demonstrate DMP’s resilience and strategic growth, driven by the solid organic performance of its existing branded pharmaceuticals business, despite the expected challenges from the closure of the COVID-19 vaccine cooperation. Given good business progress in H1, management confirmed its revenue guidance of EUR 1.17bn-EUR 1.21bn (+5% yoy mid-point) and the adj. EBITDA outlook of EUR 305m - EUR 315m (flat yoy mid-point). DMP's strategic initiatives, combined with its robust financials, support the expectations of continued growth and margin improvement through 2024 and beyond. Moreover, mwb research’s analysts continue to believe that complementary segments will drive sales and synergies in the long run. mwb research’s analysts maintain their BUY rating on DMP with an unchanged price target of EUR 41.50. The full update can be downloaded under research-hub.de/companies/Dermapharm%20Holding%20SE

Pyramid AG has published disappointing preliminary figures for the first half of the year. Group revenues fell to approx. EUR 31m, a decrease of approx. 19% compared to the previous year. EBITDA almost halved to EUR 1.4m with a margin of only 4.5%. Due to the weak business development and the deteriorating outlook, Pyramid has adjusted its guidance for FY24. Expected consolidated revenues have been lowered to EUR 70- 73m (previously EUR 78-80m) and EBITDA to EUR 3.8-4.2m (previously EUR 5.6-5.8m), corresponding to a mid-point reduction of 10% and 30% respectively. Despite these adjustments, mwb research reiterates its BUY recommendation, albeit with a lower price target of EUR 1.60 (previously EUR 2.40), which corresponds to an upside potential of around 50%. The full update can be downloaded under https://www.research-hub.de/companies/research/Pyramid%20AG

ZEAL Network SE is strategically reducing the dependence on high jackpot periods by launching the Traumhausverlosung social lottery, Germany's first dream house raffle. This innovative product, which offers luxurious tangible prizes like a EUR 1.1m dream home near the Baltic Sea, also appeals to younger and female demographics by tapping into specific aspirations and creating a stronger emotional connection. With high billing margins and a new TV campaign, Traumhausverlosung is set to boost revenues and improve margins, while contributing 30% of proceeds to social projects. ZEAL business also thrives by leveraging psychological drivers like hope, social influence, and the gambler’s fallacy, which keep participants engaged and returning. mwb research’s analysts reiterate their BUY recommendation with an unchanged PT of EUR 56.50. The full update can be downloaded under https://www.research-hub.de/companies/ZEAL%20Network%20SE