Carl Zeiss Meditec (CZM) has lowered its forecast due to weak global demand and cautious customer investments, resulting in reduced revenue and earnings estimates. For the first eight months of FY 23/24, CZM reported revenues of only EUR 1.26bn, a 3% decrease from the previous year's EUR 1.30bn, excluding contributions from the acquisition of Dutch Ophthalmic Research Center B.V. (DORC). Consequently, EBIT fell significantly by 26% to EUR 135m. The sales forecast for 2023/24 has been revised down to around EUR 2.0bn, with an expected EBIT between EUR 215m and EUR 265m, significantly below last year's number of EUR 348m. This results in an anticipated EBIT margin of about 12%, the lowest in 15 years, leading mwb research’s analysts to lower their price target again to EUR 80.00 (from EUR 101.00), while maintaining their HOLD rating. The full update can be downloaded under https://www.research-hub.de/companies/Carl%20Zeiss%20Meditec%20AG

United Internet announced it will cease investing in Kublai GmbH, which controls 95% of Tele Columbus (TC), Germany's second-largest cable operator. After a EUR 300m capital increase by Kublai in early 2024, in which United did not participate, its stake was diluted from 40% to 5%, causing a EUR 185m impairment loss. United Internet criticized the low valuation used for the increase and plans to seek arbitration, potentially gaining EUR 300m if successful. Fitch downgraded TC, warning its EUR 2bn fiber upgrade plan is unsustainable without additional capital. New German laws may further impact TC's revenues. mwb research’s analysts maintain their BUY rating, with unchanged PT of EUR 28.00 and also incorporate the EUR 185m non-cash impairment into their model. The full update can be downloaded https://www.research-hub.de/companies/United%20Internet%20AG

Photon Energy's May report highlights a 34% yoy increase in production from its PV power plants, roughly in line with capacity growth, despite production curtailments in Hungary. The average realized electricity price rose to EUR 160/MWh, driven by Hungary's partly return to feed-in tariffs (FIT) that were 50% above market prices, resulting in a 30% yoy increase in total electricity generation revenue. All resolutions were approved at last week's Annual General Meeting, including the reappointment of CEO Georg Hotar to the Board of Directors until 2028. 2024 should be a turnaround year for Photon Energy due to factors such as partial FIT conversion, stabilizing electricity prices and contributions from New Energy. mwb research’s analysts reiterate their BUY rating with a target price of EUR 3.05. The full update can be downloaded under https://www.research-hub.de/companies/Photon%20Energy%20NV

Die Formycon AG hat mit dem Start des klinischen Programms für FYB206 einen weiteren Meilenstein erreicht. Diese Phase I-Studie markiert den Beginn der klinischen Erprobung von Formycons Biosimilar zu Keytruda von Merck & Co., dem führenden Krebsmedikament. Die „Dahlia"-Studie (Phase I) wird die Pharmakokinetik, Sicherheit und Verträglichkeit von FYB206 bei Patienten mit malignem Melanom untersuchen und soll 94 Patienten einschließen; erste Ergebnisse werden bis Mitte 2026 erwartet. Die umfangreichere Phase III-Studie „Lotus" wird die Wirksamkeit und Sicherheit von FYB206 mit der von Keytruda bei Patienten mit nicht-kleinzelligem Lungenkrebs vergleichen und bis zu 524 Teilnehmer einschließen; die Ergebnisse werden für 2027 erwartet. Der Markteintritt von FYB206 ist für 2029 in den USA und 2030 in der EU vorgesehen, vorbehaltlich der behördlichen Genehmigung. mwb researchs Analysten bestätigen ihr Kursziel von EUR 98,00 und stufen die Aktie erneut auf KAUFEN. Die vollständige Analyse ist abrufbar unter https://www.research-hub.de/companies/Formycon%20AG

Upcoming sporting events such as the EURO 2024, Copa America and the Paris Olympics represent a significant marketing opportunity for Puma. To capitalize on this opportunity, Puma recently launched the second phase of its first global brand campaign in 10 years. mwb research’s analysts expect the major sporting events and marketing activities to give Puma a boost to catch up after a slow start in FY24. If the company manages to gain further market share, the valuation gap to its peers should narrow. Currently, Puma is valued at 14.8x 2025E earnings, which looks like a bargain compared to Adidas (P/E 25E: 32.6x) or Nike (23.9x). mwb research’s experts maintain their PT at EUR 60.00 and reiterate their BUY recommendation. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE

PerformanceOne (PO1) is poised for significant growth, driven by its focus on digital transformation and performance marketing, the fastest growing marketing sector (growing at 7.2% annually) in today's digitized world. PO1 is well-positioned to capitalize on this trend. The company's commitment to innovation is evident in its pioneering mental health initiatives, including the established ‘couch:now’ service and the upcoming super-app ‘harmony’. The experienced management team further strengthens PO1's strategic direction and market positioning. Considering its promising prospects, PO1’s current valuation appears too low, particularly given the potential of its subsidiary, E-Health Evolutions GmbH, which alone justifies more than PO1's enterprise value. With a strong market position and innovative edge, PO1 remains an attractive investment. mwb research’s analysts confirm their BUY rating and the price target of EUR 14.20. The full update can be downloaded under https://www.research-hub.de/companies/research/Performance%20One%20AG

Fraport reported moderate growth in passenger traffic in May, with a 7% yoy increase at Frankfurt Airport, although this was still 12% below 2019 levels in May and 15% yoy. Internationally, strong double-digit growth was recorded in Antalya, Greece, Lima and Ljubljana, while traffic in Brazil declined following the closure of Porto Alegre due to severe flooding. Despite the slower growth in Frankfurt, Fraport is on track to achieve the upper end of its FY24 passenger guidance range. With higher fees being prioritized over volume growth, mwb research’s analysts believe that the upper end of the EBITDA guidance range is also within reach after a good start to the year. mwb research’s analysts reiterate their BUY recommendation with unchanged estimates and an unchanged price target of EUR 67.00. The full update can be downloaded under https://www.research-hub.de/companies/Fraport%20AG

Multitude has successfully placed EUR 80m in new bonds at a 6.75% coupon, replacing higher-cost bonds and strengthening the corporate funds. Fitch's ‘B+’ rating with a Positive Outlook reflects confidence in a solid growth, which is supported by management’s long-term targets of EUR 30m in consolidated net profits. This move, together with the strong Q1 2024 results and the strategic realignment, underlines Multitude's commitment to financial stability and shareholder value. The ongoing share buyback and the confirmed 50% EBIT growth target for this year reinforce the positive outlook. Multitude remains a BUY with a target price of EUR 13.20. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

MHP Hotel AG has announced that the Koenigshof Munich, a Luxury Collection Hotel, will open tomorrow, 14 June, in time for UEFA Euro 2024. This will be the first German hotel in Marriott's Luxury Collection, demonstrating Marriott's confidence in MHP as a franchisee. The 106-room Koenigshof is expected to achieve very high ADRs, consolidating MHP's position as the price leader in Germany and providing confidence that the company can achieve its recently issued FY24 guidance of revenues of around EUR 160m and adjusted EBITDA of around EUR 6.0m. mwb research’s analysts reiterate their BUY recommendation with a target price of EUR 3.00. mwb research hosted an earnings call and a presentation by MHP at our Travel & Leisure conference this week, recordings of both events are available at https://research-hub.de/events. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

On June 12, 2024, Siltronic inaugurated its new 300mm Fab in Singapore, following its commissioning at the beginning of the year. With a EUR 2bn investment, FabNext is set to meet growing semiconductor demand driven by AI, digitalization, electromobility, and more, ramping up to 100,000 wafers per month by the end of FY24. Leveraging automation, digitalization, and its strategic location, the 300mm fab is anticipated to have above 50% EBITDA margin. Thus, mwb research’s analysts reaffirm the company's short and mid-term guidance and confirm their BUY recommendation with a price target of EUR 94.00, indicating a 22.5% upside potential. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG