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In the Research & Ratings section, you can access assessments from renowned analyst firms that specialize in the due diligence and valuation of companies that are generally listed on the stock exchange. Starting from the research reports, you can access further research tools and information with just a few mouse clicks, which offer you additional options for obtaining and assessing information.
Thu, 07.11.2024
https://research-hub.de/companies/CompuGroup Medical SE
CompuGroup Medical (CGM) reported a mixed set of Q3 figures, with total revenues declining by 0.8% year-over-year to EUR 283m, affected by reduced non-recurring revenues and delayed projects across key segments. Due to a reduction in high-margin one-time revenues and increased R&D investments, adjusted EBITDA decreased by 12% to EUR 55m, bringing the EBITDA margin down by 3PP to 19%. Despite these pressures, recurring revenues rose by 6% to EUR 213m, making up 75% of total revenue, signaling a strategic shift towards more stable revenue sources. Segment performance was mixed as well, due to several impacts, such strong prior-year one-offs. CGM’s FY24 guidance was confirmed, with expectations for organic revenue growth between -2% and 0% and adjusted EBITDA of EUR 220-250m, though Q4 targets may prove challenging to meet. For the time being, mwb research’s analysts reiterate their BUY rating with and unchanged PT of EUR 27.50. The full update can be downloaded under https://www.research-hub.de/companies/CompuGroup%20Medical%20SE
Thu, 07.11.2024
Cenit AG
Company Name:
Cenit AG
ISIN:
DE0005407100
Reason for the research:
Research Comment
Recommendation:
Buy
Target price:
EUR 22.00
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/31203.pdf
Contact for questions:
++++++++ [ … ]
Thu, 07.11.2024
https://research-hub.de/companies/Rheinmetall AG
Rheinmetall’s Q3 results demonstrate its strength in converting a substantial order backlog into strong growth. Sales rose 40% yoy, with EBIT up 57%, supported by high demand in core defense markets. Both sales and EBIT met consensus expectations, though EPS fell short of consensus by 16%. The company’s record order backlog of EUR 52bn, up 41% yoy, provides robust revenue visibility and supports confidence in achieving FY24 targets. Rheinmetall’s book-to-bill ratio of over 2 further signals sustainable growth, and high Q3 inventory levels position the company well for a strong Q4. Management reaffirmed its FY24 guidance, targeting EUR 10bn in sales and a 15% operating margin. Expected increases in NATO defense spending among EU nations provide additional long-term support for Rheinmetall’s growth. mwb research’s analysts reiterate their BUY rating with a price target of EUR 650.00. The full update can be downloaded under https://www.research-hub.de/companies/Rheinmetall%20AG
Thu, 07.11.2024
https://research-hub.de/companies/RATIONAL AG
Rational has reported strong results for Q3 24 with accelerated revenue growth of 8% yoy to EUR 294.2m. For the first nine months, revenues increased by 5% to EUR 875.5m. The Americas continued to be the main growth driver, while Europe and Asia showed moderate growth. EBIT for the nine-month period increased by 12% to EUR 226.6m, with the EBIT margin increasing to 25.9%. The company confirmed its FY24 guidance, expecting mid-single-digit sales growth and an EBIT margin of around 26%. Despite the strong performance, mwb research’s analysts downgraded the stock to SELL from HOLD, as they believe that the positives are already priced in after a nearly 50% rise in the share price over the past year. mwb research’s PT has been raised slightly from EUR 755.00 to EUR 770.00 which now implies a downside risk of around 13% to their fair value calculation. The full update can be downloaded under https://www.research-hub.de/companies/research/RATIONAL%20AG
Thu, 07.11.2024
ZEAL Network SE
Company Name:
ZEAL Network SE
ISIN:
DE000ZEAL241
Reason for the research:
Update
Recommendation:
Buy
from:
07.11.2024
Target price:
EUR 57.00
Target price on sight of:
12 months
Last rating change:
Analyst:
Henry Wendisch
Q3: improved KPIs and share buyback announced; chg. est
Yesterday, ZEAL released final Q3 results, in lin [ … ]
Thu, 07.11.2024
https://research-hub.de/companies/SUSS MicroTec SE
Suss MicroTec reported strong Q3 sales and margins, with sales reaching EUR 102.5m, up 46% year-over-year and surpassing expectations, driven by robust growth in both divisions. Despite a slight sequential decline, gross margins remained better than anticipated, leading to an EBIT margin above the full-year guidance of 14-16%. However, Q3 order intake was weaker, with a book-to-bill ratio of 0.8, as demand from China normalized and High Bandwidth Memory (HBM) manufacturers shifted focus to production ramp-up rather than new orders. With major HBM manufacturers expected to increase capital expenditure in 2025, mwb research’s analysts anticipate order activity to improve over the next quarters, supporting mwb’s growth expectations for FY25. Given the strong performance and undervaluation relative to peers, the analysts reaffirm their BUY rating and a price target of EUR 77.00. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE
Thu, 07.11.2024
R. STAHL AG
Company Name:
R. STAHL AG
ISIN:
DE000A1PHBB5
Reason for the research:
Update
Recommendation:
Buy
Target price:
EUR 25.00
Target price on sight of:
12 months
Last rating change:
Analyst:
Christian Sandherr
Mixed Q3 with sales in line and adj. EBITDA below estimates
Topic: R. Stahl released its Q3 results yesterday with sales in [ … ]
Thu, 07.11.2024
Rubean AG
Company Name:
Rubean AG
ISIN:
DE0005120802
Reason for the research:
Update
Recommendation:
Buy
from:
07.11.2024
Target price:
EUR 8.50
Target price on sight of:
12 months
Last rating change:
Analyst:
Frederik Jarchow
Q3 figures in line with estimates // Roll-out in full swing
Topic: Rubean published an interim statement with [ … ]
Thu, 07.11.2024
bet-at-home.com AG
Company Name:
bet-at-home.com AG
ISIN:
DE000A0DNAY5
Reason for the research:
Update
Recommendation:
Buy
from:
07.11.2024
Target price:
EUR 5.50
Target price on sight of:
12 months
Last rating change:
Analyst:
Frederik Jarchow
Strong Q3 figures and guidance hike; chg
Topic: Yesterday bet-at-home reported a strong set of Q3 fig [ … ]
Thu, 07.11.2024
123fahrschule SE
Company Name:
123fahrschule SE
ISIN:
DE000A2P4HL9
Reason for the research:
Update
Recommendation:
Buy
from:
07.11.2024
Target price:
EUR 7.20
Target price on sight of:
12 months
Last rating change:
Analyst:
Philipp Sennewald
Improved profitability and strong CFO in Q3
123f published a strong set of preliminary Q3 results, sho [ … ]