United Internet published detailed Q2/H1 2024 results that were in line with its preliminary release. The company continued to report growth in customer contracts (+130,000 fee-based contracts added in Q2) and a moderate 3.5% yoy increase in revenues, due to lower hardware sales in the Consumer Access segment and reduced aftermarket sales in Business Applications. As already cautioned, EBIT line fell 27% yoy, burdened by one-offs, including higher 1&1 mobile network ramp-up costs and higher depreciation and amortisation related to fibre-optic and mobile network investments. Mainly due to a temporary 1&1 mobile network outage in May, leading to increased contract termination, management had slightly cut its guidance for FY 24 at the time of pre-release, which it now confirmed. It now guides for sales of c. EUR 6.4bn and EBITDA of EUR 1.38bn (including out-of-period expenses) indicating recovery in H2 (revenues: c. +4% yoy; EBITDA c.+10% yoy). mwb research’s analysts largely retain their estimates and their PT remains at EUR 28.00, confirming their BUY rating on the stock. The full update can be downloaded https://www.research-hub.de/companies/United%20Internet%20AG

GEA Group reported a decent set of Q2 2024 numbers despite missing revenues by 1% and order intake by 4%. However, it fared slightly better in terms of adj. EBITDA (1% beat), which was up 5% yoy to EUR 201m, with the margin expanding 89bps yoy to 15.2%. Organic sales grew at a marginal 2%, as a strong increase in service sales was largely offset by a decline in new machine sales and order bookings fell 4% yoy. Yet, the book-to-bill ratio was comfortable at 0.97x, with the backlog at EUR 3.2bn, providing visibility extending into FY 25. Management reiterated its guidance for FY 24, expecting to deliver organic revenue growth of 2%-4% and adj. EBITDA margin of 14.9%-15.2%, which appears achievable. The H1 progress so far and reiterated FY 24 guidance indicate that the company is on track to achieve its FY26 EBITDA margin target of 15% two years early. The ongoing EUR 400m share buy-back program, to be completed by early 2025 should further boost investor returns. mwb research’s analysts broadly retain their estimates and reiterate their BUY rating on the stock with an unchanged price target of EUR 49.00. The full update can be downloaded under https://www.research-hub.de/companies/GEA%20Group%20AG

ProSiebenSat.1 (PSM) reported robust Q2 financial performance with sales increasing by 4.5% year-over-year to EUR 907m, slightly below the consensus estimate of EUR 912m. EBITDA surged significantly to EUR 77m from EUR 7m in Q2 23, reflecting an EBITDA margin expansion from 0.8% to 8.5%, highlighting effective cost management. EBIT turned around significantly, reaching EUR 30m from a loss of EUR 44m, with the EBIT margin improving to 3.3%. However, mwb research’s analysts remain cautious on H2 24, as 1) consumer sentiment continues to deteriorate in a weak German economy, 2) PSM's growth drivers (flacon, verivox) are to be divested and 3) the dating business - also at peers Bumble & Tinder - remains weak. With an unchanged price target of EUR 6.00, mwb research’s analysts are upgrading from SELL to HOLD, as the stock reached their valuation. The full update can be downloaded under https://www.research-hub.de/companies/research/ProSiebenSat.1%20Media%20SE

Siemens Energy (SE) reported decent set of numbers in Q3 FY 2024. Revenues grew 17% yoy EUR 8.8bn and increased 19% yoy on an organic (org.) basis, led by good traction in service revenues, as well as new unit businesses. The top-line was 1% ahead of consensus (cons.), while order intake of EUR 10.4bn (though down 30% yoy org.) beat market expectations by 4%, led by a positive surprise at Gas Services. The adj. profit line (excluding special items [ex-SI]) came in at EUR 49m, significantly ahead of cons. of EUR 33m on better volumes and an improving business mix. Given the satisfactory progress in 9M, management reiterated its FY 2024 guidance, expecting org. revenue growth of 10-12% yoy and an adj. profit margin (ex-SI) between -1% to +1%, while increasing its estimate for FCF to EUR 1.0bn-EUR 1.5bn (vs up to EUR 1.0bn earlier). mwb research’s analysts maintain their price target at EUR 30.00 and reiterate their BUY recommendation, as the stock remains undervalued vs peers. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG

Infineon opened the world's largest 200mm silicon carbide production facility in Kulim, Malaysia, supported by EUR 6bn in design wins and advance payments from key customers. The first phase with EUR 2bn investment, will create 900 jobs and start production of silicon carbide power semiconductors on 150-mm technology, including gallium nitride epitaxy, with first product deliveries by autumn. A further EUR 5bn capacity expansion is expected later on depending on the development of the market, creating up to 4,000 high quality jobs. Together with the Villach fab, these investments are expected to generate annual revenues of approximately EUR 7bn by 2030. Infineon is strategically positioned to capitalize on the wide bandgap market, which is expected to reach USD 16.6bn in sales by 2032. mwb research’s analysts reiterate their BUY recommendation with an unchanged estimates and price target of EUR 40.00, representing an upside potential of 31.7%. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

Duerr reported good topline Q2 numbers that exceeded consensus expectations. The Company posted an order intake of EUR 1.3bn, up 16.1% yoy, driven by the automotive sector and the contribution from recently acquired BBS Automation, while the sales increased 5.6% to EUR 1,182.9m. HOMAG's sales were down 13.6% yoy, while Industrial Automation Systems grew 64.1% yoy due to the integration of BBS. However, EBIT decreased by 25.7% to EUR 40.1m due to significantly higher extraordinary expenses such as purchase price allocation effects. However, the adjusted EBIT came in at EUR 60.9m, a mere 2.6% down yoy. With higher financing costs, net income decreased to EUR 18.9m, declining 49.5% yoy. The Company reaffirmed its FY24 outlook and expects revenues of EUR 4.7-5.0bn, with an implied growth rate of 2% to 8% for FY 24. mwb research’s analysts confirm to BUY with unchanged PT of EUR 31.00. The full update can be downloaded under https://www.research-hub.de/companies/Duerr%20AG

Beiersdorf’s H1 2024 results were mixed. It reported broadly in-line organic revenue growth of 7.1% yoy in H1 (c. 6.9% yoy in Q2) vs consensus of +7.2%, led by good showing at its Derma and NIVEA portfolios. However, H1 adj. EBIT of EUR 838m fell short of consensus by 6%, and the margin deteriorated 110bps yoy to 16.2%, as positive gross margin development was more than offset by increased investments towards marketing, digitization, and sustainability efforts. Nevertheless, management reiterated is guidance for 2024, which was reassuring, expecting a rebound in La Prairie sales. Over the medium term, the company’s plans to expand into new markets, particularly with its iconic brands, such as Eucerin and Nivea, in India and China and promote its luxury brand Chantecaille in the Chinese market should propel growth. Meanwhile, its emphasis on innovation with products such as Thiamidol and S-Biometric should further add to its revenue momentum. mwb research’s analysts believe all these positives are already priced in the current valuations. 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

Knorr Bremse reported Q2 24 results in line with the preliminary numbers. The revenue of EUR 2.01bn (+0.2% yoy) exceeded the consensus estimate of EUR 2.0bn, and the order book increased 5% yoy to EUR 6.85bn (adjusted for Kiepe Electric). The total order intake reached EUR 2.13bn (Q2 23: EUR 2.06bn), mainly driven by robust demand in the rail market. Due to efficient cost measures and better pricing, the Company's operating EBIT margin expanded 140 bps yoy to 12.5% (Q2 23: 11.1%). In Q2, Knorr Bremse noted that its cost and efficiency measures had achieved around 50% of the profitability improvement targets defined by the 'BOOST 2026' strategy. Moreover, Free cash flow jumped 4.6x yoy to EUR 158m (Q2 23: EUR 34m) owing to improvement in the cash flow from operating activities. Based on decent H1 results and good visibility, the Company has confirmed its upgraded FY 24 guidance (excluding the impact of the acquisition of Alstom Signaling North America). mwb research’s analysts maintain their BUY rating with a PT of EUR 85.00. The full update can be downloaded under https://www.research-hub.de/companies/Knorr%20-%20Bremse%20AG

As already announced in April, CHAPTERS Group is planning to raise fresh funds through a capital increase as a private placement. The company is targeting gross proceeds of EUR 60-80m at an issue price of EUR 24.70 per share. The company has secured a backstop agreement with investors for up to EUR 52m, while being in discussions with other institutional investors. The transaction is planned to start next week, on August 12, 2024. The funds will be used for further M&A activity. We will adjust our estimates after the capital increase and confirm our PT and rating (EUR 27.00, BUY). The full update can be downloaded under https://www.research-hub.de/companies/CHAPTERS%20Group%20AG

Puma's Q2 results were mixed, with a slight sales decline of 0.2% to EUR 2,117m, missing consensus estimates by about 1%. Currency-adjusted sales grew by 2.1%, driven by strong performance in Apparel, flattish Footwear sales, but offset by a decline in Accessories. Regional performance was strong in the Americas and Asia/Pacific, while EMEA lagged due to high comparables in EEMEA. Despite currency headwinds, gross profit improved by 4.3% to EUR 990.6m, supported by a favorable product mix. The company confirmed its sales guidance but narrowed its EBIT forecast due to ongoing challenges. On lower estimates, mwb research’s analysts reduced their PT to EUR 55.00 (old: EUR 60.00) while maintaining a BUY recommendation. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE