Drägerwerk (Dräger) has announced its final figures for FY24, reporting strong results in line with expectations. Order intake increased by 3.4% yoy at constant currency to EUR 3.38bn, slightly surpassing the previous year's figure. Revenues remained largely stable at EUR 3.37bn, showing a nominal decline of 0.1%, but a 0.5% increase in constant currency. EBIT rose by 16.6% yoy to EUR 194m, partly supported by nonrecurring net effects. Excluding these, EBIT grew by 3.4% yoy to EUR 172m, with a margin of 5.1%. The Safety division performed well, with a 6.4% rise in order intake, while the Medical division showed a modest recovery despite challenges in China. Looking ahead, Dräger anticipates moderate growth in FY25, with revenues expected to increase by 1%-5% and an EBIT margin of 3.5%-6.5%. The company remains focused on improving profitability, with a goal of reaching a 10% EBIT margin by 2030. mwb research’s analysts reiterate their BUY rating with a PT of EUR 72.00 (up from EUR 69.00). For more insights from the company, join our roundtable on April 8th with Head of Treasury & IR, Thomas Fischler: https://research-hub.de/events/registration/2025-04-08-12-30/DRW3-GR. The full update can be downloaded under https://www.research-hub.de/companies/Draegerwerk%20AG%20&%20Co.%20KGaA

secunet’s full-year results came in broadly as expected, with modest top-line growth (+3%) and a flat EBIT margin of 10.5%, impacted by R&D and a one-off inventory adjustment. While the Public Sector continued to drive performance, the Business Sector remained weak. The 2025 outlook signals another transition year, with only modest revenue growth forecast and no margin improvement expected. Despite investor optimism following government spending plans, this has not yet translated into upgraded guidance. Ongoing investments in cloud, cryptography, and service-based models continue to weigh on near-term profitability. mwb research lower their PT to EUR 175.00 (old: EUR 185.00) and downgrade from BUY to HOLD. The full update can be downloaded under https://www.research-hub.de/companies/secunet%20Security%20Networks%20AG

Friedrich Vorwerk Group (FVG) announced Q4 2024 results slightly above preliminary figures, with revenues increasing by 62.1% yoy to EUR 159m and EBITDA reaching EUR 31m, nearly tripling compared to the previous year. This resulted in an EBITDA margin of 19.3%. For FY24, FVG successfully returned to profitable growth, with revenues of EUR 498.4m, up 33.5% yoy, primarily driven by the Electricity segment. EBITDA increased to EUR 80.5m, with a margin of 16.2%. The company’s order backlog grew by 18.7% yoy to EUR 1.19bn, suggesting a positive outlook. Management expects continued growth in FY25, with projected revenues of EUR 540-570m and an EBITDA margin of 16-17%. As a result, the analysts have raised their estimates to the upper end of FY25 guidance and increased their projections for the coming years, raising their price target to EUR 45.00 (from EUR 38.00). However, given the 100% rise in the stock this year and concerns about the company’s ability to scale capacity rapidly in line with incoming orders, the analysts have downgraded their rating to HOLD. The full update can be downloaded under https://www.researchhub.de/companies/Friedrich%20Vorwerk%20Group%20SE

HWK 1365 SE has published preliminary figures for 2024, which are in line with expectations. Although revenue of EUR 17.6m was around 4% below our forecast, EBITDA before IPO costs was in line with expectations - a sign of solid cost control. Despite a challenging market environment, the trend is positive: the order backlog rose by EUR 1m to EUR 12.7m, laying the foundation for an expected increase in sales in 2025. Growth is also being driven by the expansion of the service business and new applications for high-tech rollers. In addition, the Board of Directors was reconstituted, meaning that the company can now focus fully on further developing its operating business. mwb research’s analysts resume their rating with BUY and a price target of EUR 45.00. The full update can be downloaded under https://www.research-hub.de/companies/HWK%201365%20SE

Company Name: Scandinavian Astor Group AB ISIN: SE0019175274   Reason for the research: Update Recommendation: BUY from: 31.03.2025 Target price: SEK 39.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Faster growth as Sweden ramps up defence spending; PT up Topic: Last Friday, we hosted an inve [ … ]

United Internet (UI) published detailed Q4/FY 24 results that were in line with its preliminary release. FY 24 revenues of EUR 6.3bn (+2% yoy) were in line with consensus expectations and guidance, while adj. EBITDA of EUR 1.3bn (flat yoy) missed consensus by c.5% and guidance of EUR 1.38bn. Profitability was impacted by increased customer churn, with a temporary network outage in May, higher spending to address capacity bottlenecks and increased network roll-out costs. Meanwhile, additional depreciation on network investments further weighed on UI’s profitability, with EBIT down 15% yoy to EUR 639m during the year. Despite these setbacks, the core business remains sound, with resilient customer demand across its segments. mwb research’s analysts confirm their BUY rating on the stock, and their PT remains at EUR 23.00, having adjusted their estimates to account for recent challenges. The full update can be downloaded https://www.research-hub.de/companies/United%20Internet%20AG

Westwing SE (Westwing) reported solid Q4 results despite being impacted by its product assortment shift. This was supported by a strong increase in average basket size (+24% yoy). Moreover, adjusted (adj.) EBITDA was 32% above market estimates and grew by 75% yoy to EUR 10m (margin: +3.2ppt yoy to 7.7%), driven by improved gross margin on higher Westing Collection mix, coupled with other cost efficiencies. FY24 results landed at the upper end of guidance, with both revenue and adj. EBITDA growing 4% and 35% yoy to EUR 444m and EUR 24m, respectively. Meanwhile, the company provided a cautious stance for FY25, expecting a revenue decline of 1% yoy at the midpoint of the guidance, while product transformation benefits are expected to help adj. EBITDA grow by 25% yoy (guidance: EUR 25-30m). Top-line growth is expected to return to upper-single to double-digit rates in 2026, which, together with its strategic focus on a high-margin product assortment, is likely to drive profitability growth, securing its medium-term growth potential. With a revised PT of EUR 11.00 (old: EUR 10.00), mwb research maintains the BUY rating. The full update can be downloaded under https://research-hub.de/companies/Westwing%20Group%20SE

Dermapharm Holding SE (DMP) reported resilient FY24 financial results, increasing revenues by 4.0% yoy to EUR 1,181m and adjusted EBITDA by 1.7% yoy to EUR 316m, exceeding guidance. Growth was mainly driven by robust performance in the branded pharmaceuticals segment, offsetting declines in other healthcare products and profitability pressures in parallel imports. For FY25, management expects moderate growth and margin improvement, supported by strategic initiatives and international expansion. Dermapharm maintains financial strength for targeted acquisitions, proposing a higher dividend of EUR 0.90 per share. mwb research’s analysts incorporate the final figures, introduce their estimates 27E and only fine-tune their assumptions. With an unchanged PT of EUR 45.00 the rating remains BUY. The full update can be downloaded under research-hub.de/companies/Dermapharm%20Holding%20SE

CTS Eventim reported final Q4/FY 2024 results that were in line with its solid prelims, with strong growth momentum in both the Ticketing and Live Entertainment segments in Q4, driving revenues of EUR 781m (+29% yoy), 5% ahead of consensus, and adjusted EBITDA of EUR 219m (+40% yoy). Surpassing the disappointing 9M results, a strong Q4 resulted in better-than-consensus expected FY 2024 revenues of EUR 2.8bn, up 19% yoy, and adjusted EBITDA of EUR 542m (+22% yoy), with the margins improving 40bps yoy to 19.3%. Meanwhile, CTS Eventim provided a cautious outlook for FY 2025, expecting a moderate increase in top-line and adjusted EBITDA, with Q1 anticipated to be softer and gradual improvement throughout the year. mwb research’s analysts believe CTS Eventim’s dominant market position in Europe, promising partnerships (including for ticketing services for the 2026 Winter Olympics and 2028 Summer Olympics and Paralympics), and strategic acquisitions are already reflected in valuation. mwb research’s analysts maintain their HOLD rating with a price of EUR 96.00.The full update can be downloaded under https://www.research-hub.de/companies/CTS%20Eventim%20AG%20&%20Co%20KGaA

Rational released final Q4/FY 2024 results, in line with its preliminary numbers. The company reported record-high sales of EUR 318m (+9% yoy) in Q4, benefitting from typical year-end seasonality and bringing FY 2024 revenues to EUR 1.19bn (+6% yoy). Except Asia, which witnessed a decline, and North America, where growth was modest at 4% yoy, most regions reported healthy double-digit sales growth in Q4. iVario sales performed strongly (Q4: +26% yoy), while iCombi (+6%) experienced more normalised demand trends. EBIT’s margin expanded by roughly 2pp yoy, reaching an all-time high of 27.6% on improved gross margins and strong cost control despite elevated R&D. Consequently, full-year EBIT grew 13% yoy to EUR 314m (margin of 26.3% [+1.7pp yoy]). Management remains cautiously optimistic heading into 2025 amid mounting uncertainties, guiding mid-single-digit sales growth and an EBIT margin of c.26%. While Rational’s business model is undeniably strong, mwb research’s analysts still see a limited upside from current levels, waiting for further growth catalysts to emerge. The analysts maintain their HOLD rating with a slightly lower PT of EUR 835.00. The full update can be downloaded under https://www.research-hub.de/companies/research/RATIONAL%20AG