Multitude SE is engaged in the providing of digital and mobile finance services. The company offers mobile banking, digital consumer and small business loans. Over the past three years, Multitude has demonstrated strong resilience through diversification, strategic focus on profitable countries. In addition to the projected revenue growth, the company targets to boost net income net income by a factor of 2.5 from EUR 12m at the end of 2022 to around EUR 30m at the end of 2026. Against this background, AlsterResearch is hosting an online roundtable with Bernd Egger, CFO of Multitude SE and Lasse Mäkelä, Head of IR of Multitude SE on January 30, 2024 at 2:00 pm. After a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will be held online in English. Participation is free of charge, access data will be provided after registration at https://research-hub.de/events/registration/2024-01-30-14-00/FRU-GR.

This evening, Cicor Technologies will host its Capital Markets Day in Zurich. As Cicor targets to become No. 1-3 in each of its core markets, the company has established a sound strategy for organic and external growth. Investors will be provided with an update on the company’s progress and growth prospects. In this context, Cicor has already announced its financial medium-term targets for the next 3-4 years, expecting organic growth of 7% to 10% p.a. and a significant margin improvement. AlsterResearch’s analysts reiterate to BUY. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

A Russian decree placed St. Petersburg's Pulkovo Airport under Russian control, transferring management rights from Fraport and other investors to a Russian holding company. Fraport had already fully written off its 25% stake due to Ukraine-related sanctions. Although the decree is supposed to be temporary, the recovery of any further value from the investment (recently estimated by Russia's VTB Bank at EUR 111 million for Fraport's stake) seems increasingly unlikely. As no contribution is expected in AlsterResearch’s valuation, any recovery would be on the upside. AlsterResearch’s analysts reiterate their BUY recommendation with unchanged estimates and a price target of EUR 67.00. The full update can be downloaded under https://www.research-hub.de/companies/Fraport%20AG

In a recent Directors Dealings (DD) notification, Kontron disclosed that grosso tec AG, a major shareholder, sold 1m shares at EUR 21.00, reducing its position by roughly a third and totaling EUR 21m. Kontron's CEO, Hannes Niederhauser, a minority shareholder in grosso tec, clarified that the move aimed to alleviate the debt burden resulting from earlier purchases financed by debt. Despite the sell-off triggering a 6% dip in Kontron's share price last week, the company reported positive Q3 '23 results, indicating strong operational performance. AlsterResearch’s analysts maintain their positive view, as they see reasonable motivations for the sale and ongoing operational strength. Hence, they reiterate their BUY rating with unchanged PT of EUR 34.00. The stock remains a top pick in the tech sector with a 36% performance increase over the past year. The full update can be downloaded under: https://www.research-hub.de/companies/research/Kontron%20AG

Wolftank Group secures a significant contract from Siram Veolia to construct a hydrogen refueling infrastructure for a Northern Italian railway company. As part of the Veolia Group, Siram Veolia is committed to environmental transformation. The project involves designing and building a state-of-the-art hydrogen refueling system for trains, with the first hydrogen-powered train expected in 2024 and full system operation by April 2025. The contract, valued at EUR 19.5m (of which c. 50% dedicated to Wolftank), reinforces the company’s position in the hydrogen space. Their strategy of partnering with key hydrogen players in Europe is proving successful, aligning with the European Union's commitment to carbon neutrality by 2050. Given these positive developments AlsterResearch’s analysts reiterate their BUY rating with an unchanged PT of EUR 22.00, anticipating further orders and potential upgrades to AlsterResearch’s estimates in the future. The last update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

Formycon AG has announced some updates on its biosimilar pipeline and is delivering progress towards the commercialization of its biosimilar portfolio. The company has announced the submission of the marketing authorization application (MAA) for FYB203 in Europe, and also the acceptance of its biologics license application (BLA) for FYB202 by the U.S. Food and Drug Administration (FDA). Further, a competitor for Formycon’s biosimilar candidate for oncology blockbuster Keytruda just dropped its development. One competitor less, but possibly an indicator for high costs in the development and trial phase. With unchanged estimates AlsterResearch’s analysts confirm their PT and rating. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Vossloh has expanded its collaboration with Deutsche Bahn (DB), Germany's national railway, signing a four-year framework agreement with its Customized Modules division. The deal entails supplying at least 600 switches to DB over the period, constituting around 4% of Vossloh's annual production. With switches priced between EUR 20-100K, the order is estimated at approximately EUR 30-35m (eAR). This move strengthens Vossloh's position in the German market and aligns with its strategy to become a complete track solutions provider. The collaboration supports DB's extensive rail network modernization, part of a EUR 86bn investment plan until 2029. Vossloh's commitment to innovation and comprehensive rail solutions positions it as a key partner for DB and global rail operators, reinforcing its equity story. AlsterResearch’s analysts reiterate their BUY rating with an unchanged PT of EUR 52.00, offering a 30% upside. The full update can be downloaded under https://www.research-hub.de/companies/research/Vossloh%20AG

Vulcan Energy Resources presented at the Equity Forum in Frankfurt this week, providing a review of the company’s progress in 2023. Vulcan has ticked off a number of milestones in 2023, including the opening of its Lithium Extraction Optimization Plant (LEOP) and completing the more defined Bridging Engineering Study (BES). In terms of further project execution, Vulcan is already working on the next milestones, including the completion of the electrolysis optimization plant, drilling additional wells, and finally the preparation of the construction of the commercial Phase 1. The BES was a prerequisite for starting the financing process, which Vulcan is now working towards on multiple fronts. Financing remains an imminent, fundamental milestone. An increasing number of projects worldwide based on Vulcan's employed, highly advantageous A-DLE (Adsorption-type Direct Lithium Extraction) process, should further raise awareness and thus support fundraising process. AlsterResearch’s recommendation remains BUY with a PT of EUR 9.90. The previous update can be downloaded under https://www.research-hub.de/companies/research/Vulcan%20Energy%20Resources

InVision today released its Q3 results. The reported figures continue to paint a good picture and confirm that InVision’s strategy is starting to bear fruits. Q3 revenues amounted to c. EUR 4.0m (+9.2% yoy Q3 22), which is in line with AlsterResearch’s expectations. In addition, InVision has maintained its strict cost discipline, which is also reflected in the earnings figures. In Q3, EBIT increased significantly compared to the previous year from EUR -0.8m to now EUR -0.4m. InVision now expects an increase in revenues of 6-8% (+8% eAR) and an EBIT between EUR -1.4m and EUR -1.6m for the fiscal year 2023. AlsterResearch’s analysts have upwards adjusted their estimates and consider an improved result. However, with only a limited effect on the DCF-valuation, the PT remains EUR 15.50, but AlsterResearch’s analysts confirm their positive view on InVision’s investment case, reaffirming their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/research/InVision%20AG

The European Commission has proposed amendments to the Package Travel Directive to increase consumer protection for package travel bookings. The proposed changes include limiting advance payments to 25% of the package price at the time of booking and prohibiting full payment before 28 days before travel. Exceptions will be made to allow higher advance payments where necessary for the organization of the package. The proposal now enters the legislative process and, if approved, would impact TUI. AlsterResearch’s analysts now consider the restriction on advance payments more likely than not and model a negative cash impact of EUR 500m (probably a worst case, as some of the pain should be passed on to suppliers). This leads to a new price target of EUR 15.00 (previously EUR 16.00). AlsterResearch’s recommendation remains BUY. The full update can be downloaded under https://www.research-hub.de/companies/TUI%20AG