Daimler Trucks reported weak preliminary Q2 results. The company reported a preliminary Q2 adjusted EBIT of EUR 1.17bn (10.2% EBIT margin), below the consensus estimate of EUR1.26 billion. In particular, the important European business is suffering with an adjusted EBIT 25% below consensus, but Asia is also burdened with a negative adjusted EBIT of EUR -82m vs. consensus of EUR 48m, and there was an additional onetime full write-off of EUR 120m from the China joint venture, which pushed the unadjusted EBIT margin down to 9.3%. In the most important Americas business, the adjusted EBIT came in above consensus at 14.4%. However, given the limited visibility, especially in the European markets, mwb research’s analysts believe there could be negative surprises and adjust their FY2024 estimates downwards. Therefore, they lower their price target to EUR 42.00 (before: EUR 44.00) but reiterate their BUY rating. The full update is available at https://www.research-hub.de/companies/Daimler%20Truck%20Holding%20AG

Photon Energy's June report highlights a 22% year-over-year increase in PV power plant production, 10% below expectations due to curtailments in Hungary and technical issues, which are probably covered by insurance. Average electricity prices rose for the sixth consecutive month to 161 EUR/MWh, boosting total revenue by 18% year-overyear. The Hungarian capacity conversion to feed-in tariffs (FIT) in April has stabilized IPP revenues with a c. 50/50 capacity split and a c. 75/25 revenue split in favor of FIT. Photon Water's PFAS remediation projects in Australia reached a milestone, indicating readiness for commercial scale-up. mwb research’s analysts reiterate their BUY recommendation with a price target of EUR 3.05. The full update can be downloaded under https://www.research-hub.de/companies/Photon%20Energy%20NV

Infineon's Q3 results are expected to reflect a mixed economic environment: The semiconductor market, recovering from a contraction in 2023, is projected to grow 16% yoy in 2024, driven by memory and logic segments, although some segments like discrete semiconductors may decline. Industry updates reveal varied performances from competitors and partners, with some downgrading their outlooks due to weak demand in automotive and industrial sectors. Despite being heavily reliant on the automotive semiconductor industry, mwb research’s analysts expect Infineon to report stable Q3 results in line with guidance of around EUR 3.8bn, supported by AI server demand and a slight recovery in consumer electronics. Upcoming results from companies like Siltronic, STM, and NXP will provide further insights into industry trends and potential impacts on Infineon's performance. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

First Berlin Equity Research hat ein Research Update zu ad pepper media International N.V. (ISIN: NL0000238145) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 2,90. Zusammenfassung: Trotz geringerer Q2-Umsätze (-3% J/J) verbesserte sich das EBITDA deutlic [ … ]

Hugo Boss published preliminary Q2 figures, with sales declining 1% yoy to EUR 1,015m, slightly below consensus, impacted by challenging conditions, especially in the UK and China. Despite improved gross margin, EBIT dropped 42% to EUR 70m, missing expectations by 33%, due to softer sales trends and strategic investments. Thus, EBIT margin sharply contracted by 480bps to 6.9%. Following the weak performance and persistent uncertainties, Hugo Boss cut its full-year outlook, now forecasting a 1% to 4% sales increase and EBIT between EUR 350m and EUR 430m. The disappointing results leads to a lowered price target of EUR 68.00 (old: EUR 80.00). Despite the setback, mwb research’s analysts continue to believe that Boss remains undervalued and reiterate their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/research/Hugo%20Boss%20AG

MHP Hotel AG (MHP) reported strong Q2 2024 KPIs, with a 16% revenue growth to EUR 41.3m, driven by both accommodation (+14%) and food and beverage (+17%). The company's average daily rate (ADR) rose by 6% to EUR 219, and occupancy reached a record 81%, resulting in a record revenue per available room (RevPar) of EUR 178, up 13% year-over-year. The UEFA Euro 2024 significantly boosted performance in June, though April and May also saw strong RevPar growth. MHP maintains its FY24 guidance of EUR 160m in revenue and EUR 6m in adjusted EBITDA, anticipating further growth in H2 supported by upcoming mega-events, the full opening of Hotel Koenigshof, and the completed modernization of JW Marriott Frankfurt. Consequently, mwb research’s analysts reiterate their BUY recommendation with a price target of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

First Berlin Equity Research hat ein Research Update zu Knaus Tabbert AG (ISIN: DE000A2YN504) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 86,00. Zusammenfassung: Zu Beginn der Q2-Berichtsaison veröffentlichen wir eine Reihe von sommerlichen Wegweisern und Überl [ … ]

CompuGroup Medical (CGM) has decided to advance the publication date for the financial results of the first half of FY24, following last week's profit warning. In Q2, CGM reported revenues of EUR 277.2m, a decline of 9% compared to Q2 23, with adjusted EBITDA falling by 27% to EUR 53.6m, and EPS dropping from EUR 0.60 to EUR 0.27 per share. Looking ahead, CGM had revised its FY24 guidance, now expecting organic revenue to decline by up to 2% and adjusted EBITDA to range between EUR 220m and EUR 250m, reflecting continued pressure from reduced non-recurring revenue and delayed projects. Despite weak performance, strategic acquisitions and investments in AI and data-driven solutions are expected to support long-term growth and profitability, which is why mwb research’s analysts maintain their view. Remains a BUY with an unchanged PT of EUR 27.50. The full update can be downloaded under https://www.research-hub.de/companies/CompuGroup%20Medical%20SE

Nordex recorded order intake of 1.62 GW in the second quarter. This was 20% down on the previous year. However, this is not unusual after a strong Q1 in which order intake rose by 108% yoy. In particular, the avg. selling price of EUR 0.96m per MW in Q2, compared with EUR 0.84m per MW in Q1, exceeded expectations and reflects the improved market conditions and the success of Nordex's strategy. These developments underscore Nordex's resilience and signal a promising outlook, especially with the first orders now coming in from the US. The higher avg. selling price should boost future margins, making Nordex's avg. EBITDA margin target of 8% more attainable. In addition, the revival of US business could make a significant contribution to Nordex's overall growth in the future. mwb research’s analysts reiterate their BUY recommendation with an unchanged price target of EUR 22.00 in anticipation of sustained profitable growth. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

US natural gas prices, which peaked above USD 9/MMBtu in 2022 following Russia's invasion of Ukraine, have declined but are now poised for a recovery due to production cuts by major producers. The EIA forecasts a 38% price increase to USD 2.90/MMBtu in H2 2024, with further increases to USD 3.30/MMBtu by 2025, driven by new liquefied natural gas export demand. Deutsche Rohstoff's revenues from natural gas, which accounted for around 9% of total revenues in FY23, could benefit significantly from these higher prices, adding around EUR 5-6m revenues for every USD 1 increase in gas prices. Given the current WTI price action and the bullish gas price outlook, the dip in Deutsche Rohstoff's share price can be seen as an opportunity to BUY. mwb research’s analysts price target of USD 56.70 implies an upside of almost 50%. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG