Bechtle has strengthened its market position in Italy with the acquisition of Magnetic Media Network S.p.A. (MMN), a company with EUR 68.6m in revenue and around 100 employees. This acquisition enhances Bechtle's market presence due to MMN's exclusive position as an Apple Authorized Enterprise Reseller and partnerships with leading IT manufacturers. The move opens significant growth and synergy opportunities, including an expanded customer base and increased cross-selling prospects. Additionally, the acquisition multiplies Bechtle's employee count in Italy, enhancing capacity and service quality. This strategic move aligns with Bechtle's successful M&A strategy, fostering steady and profitable growth in Europe. mwb research’s analysts confirm their PT of EUR 59.00 and their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG

Fielmann has finalized its acquisition of Shopko Optical, a key step in its Vision 2025 strategy to internationalize the business. Completed on July 1, 2024, this acquisition has prompted Fielmann to raise its 2024 revenue forecast by some 5% to EUR 2.3bn, a 17% yoy increase. Shopko Optical will be integrated from the closing date, contributing to the company’s revenue for the next six months. Despite similar margin profiles, Shopko's 2024 profitability contribution will be lower due to integration costs. This acquisition significantly expands Fielmann’s U.S. presence, doubling its market reach and reducing reliance on the German market. Fielmann paid an EV/sales multiple of 1.8x – similar to its own valuation. mwb research’s analysts have adjusted their estimates for the acquisition and therefore reiterate their BUY rating with unchanged PT of EUR 62.00. The full update can be downloaded under https://www.research-hub.de/companies/Fielmann%20AG

Formycon’s FYB203, a biosimilar for Regeneron’s Eylea, got the green light from the US FDA on Friday. Despite this milestone, Formycon and licensing partner Klinge Biopharma are still negotiating with potential commercialization partners for the USA, Europe, and other territories after Coherus dropped out earlier this year. According to Formycon, negotiations are already at an advanced stage. mwb research’s analysts expect an announcement on this front at a later point. Also, the analysts expect Formycon, and its competitors, to reach legal settlements with Eylea’s originator Regeneron in the upcoming months to secure the market launch in the US. The analysts confirm their PT of EUR 89.00 and reiterate to BUY. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Performance One (PO1) navigated a turbulent economic environment in 2023, driven by global issues such as the Ukraine conflict, inflation, and rising interest rates. Despite these challenges, the company achieved improved sales and a positive EBITDA, aided by a reduction in headcount. Looking ahead to 2024, PO1 offers conservative guidance, anticipating revenues between EUR 11.6m and EUR 12.6m with stable to improved EBITDA of EUR 0.0m to EUR 0.3m. The company remains optimistic about the demand for digital services and the potential cost benefits from AI-driven digitization. Overall, PO1 is positioned to benefit from the ongoing digitalization trend, with strong demand for digital consulting and implementation as well as its E-health offerings, which are the major driver for the company’s growth. With only marginally adjusted estimates, mwb research’s analysts confirm their BUY rating and maintain a price target of EUR 14.20. The full update can be downloaded under https://www.research-hub.de/companies/research/Performance%20One%20AG

TeamViewer (TMV) announced on Friday that it had been the victim of a cyber-attack, detected on Wednesday. The company activated its defense team and involved external IT security experts to investigate and implement protective measures. Fortunately, the attack was limited to the internal corporate IT environment, keeping customer data safe. The attack is attributed to Midnight Blizzard, a Russian cyber espionage group. Despite the incident, mwb research’s analysts see only limited financial and reputational risk and maintain their BUY rating with an unchanged price target of EUR 15.00, viewing the current share price as an entry point. The full update can be downloaded under https://www.research-hub.de/companies/research/TeamViewer%20AG

Rigsave S.p.A., an Italian financial services firm, was listed on the Frankfurt Stock Exchange last December, with its share price rising from EUR 18.00 to a high of EUR 37.00 by the end of May. However, trading was suspended without explanation by the stock exchange, leading to the rating ‘Under Review’, due to the inability to determine price potential. Rigsave offers a wide range of investment solutions and has a strong growth strategy, leveraging its fintech platforms and diverse client base. The company's rating will be reassessed once trading resumes. The full update can be downloaded under https://www.research-hub.de/companies/Rigsave%20S.p.A.

mwb research’s analysts initiate coverage of energenta AG with a BUY recommendation and a PT of EUR 4.30, offering an upside potential of 22.9%. energenta is revolutionizing the plastic recycling industry by turning plastic waste into valuable secondary raw materials. This aligns with the EU's new regulations, requiring up to 35% of recycled content in new plastics by 2030. energenta aims to fill this gap, leveraging its expertise and advanced processing technologies. By converting non-recyclable plastic waste into energy-rich fuels and recyclable plastic waste into high-quality recyclates, energenta supports industries in reducing their carbon footprint and improving sustainability, positioning energenta as a key player in the emerging plastics circular economy. The full update can be downloaded under https://www.research-hub.de/companies/energenta%20AG

Staige One AG has partnered with Club Atlético Osasuna, integrating four AI-equipped cameras into their training facilities. These cameras will record and analyze plays, as well as live stream matches for various Osasuna teams. This collaboration demonstrates Staige's technological leadership and potential for growth in the Spanish market. The partnership offers Osasuna advanced analysis capabilities for coaches and players, while also providing additional revenue through match broadcasts. This move could facilitate Staige's expansion into grassroots Spanish clubs, contributing to the digitalization of youth football in Spain. Following recent partnerships with Beşiktaş Istanbul and FC Dordrecht, Osasuna becomes the second LaLiga club to adopt Staige's technology. This trend aligns with expert opinions that data-based match analysis will be crucial for top teams' performance in the future, positioning Staige as a potential major beneficiary in providing necessary expertise to football and other sports clubs. BUY, PT EUR 6.00. The full update can be found under https://www.research-hub.de/companies/Staige%20One%20AG

Ceconomy is expanding its Swiss footprint by acquiring 20 Melectronics stores from Migros. These strategically chosen locations will be converted into smaller Xpress format stores offering convenient electronics and a strong online connection. Separately, Ceconomy issued a new EUR 500m bond with a 6.25% interest rate tied to sustainability goals. Alongside, the company launched a tender offer to buy back their existing EUR 500m bond maturing in 2026 (1.75%). Moreover, mwb research’s analysts have upgraded their estimates to reflect the company’s transformation progress in context of the FY25/26 goals. The analysts raise their PT to EUR 3.50 (old: EUR 3.00). The rating is confirmed: BUY. The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

As mentioned in mwb research’s April update, there were initial signs of a revival in US business. Today's announcement by Nordex that it is restarting its US factory in order to comply with the local production requirements of the Inflation Reduction Act (IRA) confirms this trend. The IRA had severely curtailed US business in the past two years, resulting in zero installations and orders. However, after record highs in Europe (Europe order intake up 60% yoy in FY23 and 108% yoy in Q1 24), the revival of the US market could have a significant positive impact on further total order intake, supporting mwb research’s initial investment thesis for Nordex. mwb research’s analysts believe that Nordex will be able to return to higher growth and profitability as contract terms improve and order intake is likely to be even stronger than at present, especially if the US market returns to its former strength. The analysts confirm their BUY rating and maintain their PT of EUR 22.00. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.