Cicor reported H1 figures. Despite challenging conditions, Cicor has delivered strong financial performance in the first half of ‘24, driven by strategic acquisitions and operational improvements. Sales increased by 16.1%, with significant contributions from Cicor’s newly acquired companies. Earnings and free cash flow showed robust growth, and the company's outlook remains positive based on signs of recovery, with increased guidance for sales and EBIT. The recent M&A activities have strengthened Cicor's market position and are expected to drive future growth. mwb research’s analysts maintain a BUY rating and increase their price target to CHF 82.00 (old CHF 80.00), reflecting their confidence in the company's strategic direction and financial health. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Siltronic's Q2 24 results highlight continued weak demand in the wafer industry, mainly held back by high downstream inventory levels. The company reported revenues of EUR 351.3m slightly beating cons. of EUR 334m, up 2.3% qoq but down 15% yoy, mainly due to volume effects. EBITDA reached EUR 90.6m (cons. EUR 74m), with a solid margin of 25.8%, slightly down from Q1. This led to a decline in EPS to EUR 0.73, which was also impacted by a lower financial result due to high investments. Despite weak demand, Siltronic slightly improved its near-term guidance, now expecting an EBITDA margin of 23%-25%, and confirmed its mid-term target of EUR 2.2bn in sales with EBITDA margins in the high thirties by 2028. As a result, mwb research’s analysts adjust the EBITDA margin for 2024 and maintain their price target at EUR 94.00, offering an upside potential of 32.7%, reiterating their BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG

Aixtron's final Q2 results were in line with preliminary figures, with revenues of EUR 132m, EBIT of EUR 13m and order intake of EUR 176m, driven by strong silicon carbide (SiC) orders. Gross margins were weak in Q2 due to increased sales of traditional LED equipment, but the confirmed guidance points to a strong gross margin recovery in H2. High R&D costs impacted operating margins, but reduced SG&A and improved cash flow were positive. Q3 sales guidance is for revenues of EUR 150-180 million, implying Q4 revenues in line with typical seasonality. Short-term concerns about slowing EV sales and the SiC growth trajectory are valid, as confirmed by STMicro's guidance downgrade today. However, mwb research’s analysts remain confident in Aixtron’s medium- and long-term growth prospects and reiterate their BUY recommendation with unchanged estimates and a EUR 29.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Nordex reported positive results for Q2 24, continuing the momentum of the previous quarters. Sales increased by 21% yoy and the EBITDA margin improved by 350bps to 3.5% yoy. The steady improvement in margins, coupled with sales growth, demonstrates the success of Nordex's strategy. This progress is being driven by higher selling prices and Nordex's strong market presence, particularly in Europe. As a result, Nordex is confirming its ‘24 sales target of EUR 7-7.7bn and raising its EBITDA margin target to 3-4% (previously 2-4%). The ramp-up of the US factory to serve the growing US market could provide additional growth momentum in the future. These investments are already included in the CAPEX of EUR 175m in Nordex's guidance for ‘24. In view of the expected further profitable growth, mwb research analyst’s reiterate their BUY rating with an unchanged PT of EUR 22.00. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

The US Securities and Exchange Commission (SEC) has approved Ethereum ETFs, making ETH investable for conventional investors via traditional brokers. Well-known issuers such as BlackRock, Fidelity, Grayscale, 21Shares, Bitwise, Franklin Templeton, VanEck and Invesco Galaxy will launch ETH ETFs, similar to Bitcoin ETFs, which have attracted billions of dollars in investment since January. This could drive up the price of ETH, from which coinIX will benefit indirectly as Ethereum is the largest position in its specialized fund. The focus on Ethereum and blockchain infrastructure is also reflected in another investment by coinIX: coinIX has invested in Nexus Network, which is developing a platform to generate revenue from idle ETH bridge assets. An update of mwb research’s analysts NAV valuation model with current prices results in a new fair value per share of EUR 3.40 and thus upside potential of over 70%. BUY. The full update can be downloaded under research-hub.de/companies/coinIX%20GmbH%20&%20Co%20KGaA

Atoss Software SE demonstrated robust growth in Q2 2024, driven by a significant 34% yoy increase in cloud and subscription sales, which compensated for a 15% decline in license revenues. Total sales grew by 13% yoy to EUR 42m. Q2 EBIT surged by 24% yoy to approximately EUR 16m, benefiting from cost management and deferred staff investments, leading to a widened EBIT margin of 37.3%. Based on strong first-half performance and continued positive expectations, Atoss raised its fiscal 2024 EBIT margin guidance to at least 33% (old: 30%), while maintaining its original revenue forecast of EUR 170m. mwb research’s analysts maintain their HOLD rating but increase their price target to EUR 116.00 from EUR 114.50, reflecting the improved outlook and performance metrics. The full update can be downloaded under https://www.research-hub.de/companies/ATOSS%20Software%20SE

Nemetschek (NEM) reported preliminary Q2 figures in line with expectations, with revenues up 9.7% to EUR 227.7m and an EBITDA margin of 27.0% despite one-off M&A expenses. The H1 EBITDA margin increased to 28.7%, close to the full year target of 30%. Despite the related M&A costs, NEM is showing strong operational performance. The guidance for FY24 has been updated due to GoCanvas, with now expected revenue growth of 13%-14% (before 10-11%) and an EBITDA margin of 29%-30% (before 30- 31%). The consolidation of GoCanvas thus will slightly reduce profitability by 1 percentage point. The GoCanvas acquisition, completed for USD 770m, is expected to significantly boost growth and recurring revenues, in line with NEM's digitization strategy. mwb research’s analysts had already priced in the acquisition due to its significant impact on NEM's financials and derived a price target of EUR 88.00 based on the updated estimates. This PT is now confirmed. The rating remains HOLD. The full update can be downloaded under https://www.research-hub.de/companies/research/Nemetschek%20SE

MHP Hotel AG has signed a long-term lease with a LBBW Immobilien subsidiary to manage the Schlossgartenhotel Stuttgart, which will reopen in 2028 as part of Marriott's Autograph Collection brand. Previously part of the Althoff portfolio and the Leading Hotels of the World, the hotel closed for refurbishment in 2022. MHP's selection is due to its innovative, high-quality concept, and its extensive local market knowledge, already operating a Le Meridien in Stuttgart. The 132-room hotel is expected to generate annual revenues of EUR 15m, with MHP planning significant F&B offerings. This addition marks MHP's second Autograph Collection hotel and tenth Marriott brand operation, reflecting Marriott's confidence in MHP. MHP's recent Q2 results showed a strong performance, leading to a reaffirmed FY24 revenue guidance of EUR 160m and an adj. EBITDA of EUR 6m. mwb research’s analysts reiterate to BUY with a price target of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

Pyramid's final results for FY23 are in line with preliminary figures, showing consolidated revenues of EUR 76m, down 17% from EUR 92m in FY22. The decline reflects challenges including the loss of a major US customer and volume reductions due to second-sourcing policies, as well as a challenging macroeconomic environment leading to destocking and order delays. Despite lower revenues, EBITDA increased from EUR 4.2m to EUR 5.4m thanks to cost discipline and synergies from the faytech acquisition. However, a EUR 3.3m impairment of US assets resulted in a net loss of EUR 5.1m. Pyramid's equity increased to EUR 42m, improving its balance sheet. Looking ahead, Pyramid is cautiously optimistic and expects revenues of EUR 78-80m and EBITDA of EUR 5.6-5.8m. mwb research’s analysts maintain their BUY rating with unchanged PT of EUR 2.40. The full update can be downloaded under https://www.research-hub.de/companies/research/Pyramid%20AG

MTU's Q2 sales are expected to show significant growth, accelerating from 8% yoy in Q1 to around 16% yoy in Q2, mainly driven by a robust performance in the Commercial MRO business as supply chain issues improve. The OEM business is expected to grow at a more modest rate of around 6% yoy due to delivery target reductions at Airbus and Boeing. While adjusted EBIT margins are expected to improve slightly in both divisions, the Group's overall margin may decline slightly due to the increasing weight of the lower margin MRO business, but should still be in line with the FY24 guidance of above 12%. Long-term growth prospects remain strong, supported by a solid commercial aircraft backlog and strong MRO and aftermarket demand. mwb research’s analysts upgrade their estimates and arrive at a new price target of EUR 278.00 (old: EUR 252.00). BUY. The full update can be downloaded under https://www.research-hub.de/companies/MTU%20Aero%20Engines%20AG