Dermapharm Holding SE (DMP) reported a good set of Q3 2024 numbers. Revenues grew 10% yoy during the quarter, while adj. EBITDA was up 15% yoy to EUR 87m, with the margin improving by 1.4ppt yoy to 28.0%. Strong revenue and adj. EBITDA growth in the high-margin in Branded Pharmaceuticals business more than negated the impact of weakness in other healthcare products in both Q3 and 9M. Positive development at Arkopharma (stable yoy revenues and higher adj. EBITDA in Q3) was also encouraging. Given the good progress in 9M, DMP is confident of achieving its FY 2024 sales guidance of EUR 1.17bn- 1.21bn (+5% yoy at the mid-point) and adj. EBITDA of EUR 305m-315m (flat yoy). Strategic initiatives (including the successful integration of Montavit), the expansion of its international presence, and synergies between its complementary segments should drive the top-line and profitability. mwb research’s analysts slightly adjust their estimates and maintain their BUY rating on DMP at an unchanged PT of EUR 41.50. The full update can be downloaded under research-hub.de/companies/Dermapharm%20Holding%20SE

Following the release of INDUS‘ Q3 results this week, mwb research hosted a well-attended roundtable with Head of IR Dafne Sanac. In essence, the meeting confirmed the quality of INDUS’s business model. The company is one of the leading specialist holding companies in the German-speaking SME sector. It acquires mostly owner managed companies in the industrial technology sector and supports them in setting a long-term course for their business development. Despite some short-term challenges, mwb research’s analysts see the company's diversified portfolio and strong market positions as strengths in navigating the current economic environment. The analysts therefore reiterate their BUY recommendation with an unchanged PT of EUR 34.00, offering a 65% upside potential. The full update can be downloaded under https://www.research-hub.de/companies/INDUS%20Holding%20AG

Nagarro’s Q3 2024 results reveal a mixed performance, with revenue growing 3.7% yoy to EUR 242.9m but showing a slight sequential deceleration from Q2. While key geographies like North America (+9.5% yoy) and Germany (+7.4% yoy) performed well, challenges in other regions and sectors, particularly in Horizontal Tech and Life Sciences, weighted on the overall performance. Adjusted EBITDA margins improved modestly to 14.3%, reflecting effective cost control. Despite this, the management expectations highlight continued demand uncertainty, though longer-term growth prospects remain anchored in secular trends. mwb research’s BUY rating and PT of EUR 102.00 are reaffirmed. The full update can be downloaded under https://www.research-hub.de/companies/Nagarro%20SE

Company Name: UmweltBank AG ISIN: DE0005570808   Reason for the research: Research Comment Recommendation: Buy Target price: EUR 10.00 Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann You can download the research here: http://www.more-ir.de/d/31323.pdf Contact for questions: GBC [ … ]

Company Name: Multitude SE ISIN: MT0002810100   Reason for the research: Update Recommendation: Buy from: 15.11.2024 Target price: EUR 12.00 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Q3 with improved profitability // FY24 guidance confirmed; chg Topic: Multitude reported a strong set of Q [ … ]

Company Name: Einhell Germany AG ISIN: DE000A40ESU3   Reason for the research: Update Recommendation: Buy from: 15.11.2024 Target price: EUR 86.00 Target price on sight of: 12 months Last rating change: Analyst: Konstantin Völk Final Q3 results out & guidance confirmed; chg. est. Topic: Einhell released strong final Q3 [ … ]

Company Name: Flughafen Wien AG ISIN: AT00000VIE62   Reason for the research: Update Recommendation: Hold from: 15.11.2024 Target price: EUR 61.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Q3 review: strong FCF despite CAPEX cycle Topic: FWAG released solid Q3 results, in line with our esti [ … ]

Company Name: MLP SE ISIN: DE0006569908   Reason for the research: Update Recommendation: Buy from: 15.11.2024 Target price: EUR 12.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Q3 in line, guidance at top end or above achievable Q3 sales increased by 19% yoy to € 245m (eNuW: € 242 [ … ]

AUTO1 Group witnessed robust momentum in Q3 2024, reporting the highest quarterly volumes, record-high gross profit, and adj. EBITDA. Revenue growth accelerated to 24% yoy to EUR 1.6bn in Q3 and beat consensus by 8% on 7% better-than-expected sales volumes. Gross profit was a solid 12% beat and adj. EBITDA of EUR 34m was twice the consensus. Gross profit per unit (GPU) continued to improve to an all-time high of EUR 1,059. On the back of strong momentum in Q3, management revised its guidance for FY24, now expecting volumes of 665k-679k units, gross profit of EUR 682m-700m and adj. EBITDA of EUR 72m-84m. Strong traction in volumes and GPU at both merchant and retail segments and upgraded guidance is highly encouraging. This indicates that AUTO1 is well on track to reach positive operating profit this year. After incorporating the new guidance, mwb research’s analysts confirm their BUY rating at a higher PT of EUR 12.00 (old: EUR 11.00). The full update can be downloaded under https://www.research-hub.de/companies/AUTO1%20GROUP%20SE

Siemens Energy reported a good set of Q4 FY 2024 results and met all its FY 2024 targets. Order intake during the quarter was robust at EUR 15.0bn (+42% yoy) and beat consensus (cons.) by a notable 23%. Revenues grew 17% yoy in Q4 and were in line. The adj. profit line (excluding special items [ex-SI]) came in at negative EUR 83m, better than the cons. expectation of a EUR 95m loss, on better-than-expected results at most segments. The Gas Service and Grid Technologies segments are performing strongly, and Transformation of Industry is gaining traction. Gamesa is showing encouraging signs of recovery and is expected to focus on the fast-growing offshore market. The company issued guidance for FY 2025 and unveiled its medium-term outlook until FY 2028, which point to high-single-digit to low-double-digit revenue growth and improving margins. After updating the estimates for the FY 2024 results and guidance, mwb research’s analysts confirm their HOLD rating on the stock at a revised target price of EUR 45.00 (old: EUR 37.00). The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG