Krones hosted a Capital Market Day, highlighting its performance, strategy, and future prospects. The company has grown steadily, with sales increasing from EUR 2.2bn in 2007 to EUR 4.7bn in 2023 and improved EBITDA margins. As a market leader with a 25% global share, Krones is poised to benefit from the growing beverage industry, expected to expand by 3% annually through 2028. The company's strong market position, diverse product range, and sustainability focus are expected to drive above average growth. Krones aims for sales of EUR 7bn by 2028, an EBITDA margin of 11- 13%, and a ROCE of over 20%. With a solid financial position, Krones remains a promising investment, which is why mwb research’s analysts reaffirm their BUY rating and PT of EUR 142.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Krones%20AG

123fahrschule has significantly advanced its market position by acquiring FOERST GmbH, a leader in driving simulation technology, and financing the transaction through a share issue. This acquisition aligns with 123fs's goal of revolutionizing driver training through digital innovation. The purchase price of EUR 400-600k (mwb est.) will be paid in shares, conserving cash resources while reflecting the sellers' confidence in the future of 123fs. The integration of FOERST’s technology is expected to improve training efficiency, reduce costs, and enable new business models like a SaaS offering. Despite the share issue, mwb research’s valuation remains unchanged, and the analysts maintain a BUY rating with a target price of EUR 6.80. The full update can be downloaded under https://www.research-hub.de/companies/research/123fahrschule%20SE

Redcare Pharmacy (RDC) published preliminary sales figures for Q2 24, with total sales increasing 33.3% yoy to EUR 560m in the quarter. The core non-prescription (non-Rx) business remained healthy, as non-Rx sales grew at a steady 20.7% yoy to EUR 390m. Most notably, the momentum of Rx sales picked up considerably in Q2 following a weak performance in Q1. Highlighting strong adoption of CardLink, RDC’s e-Rx platform, Rx sales grew organically by 36.6% in Q2, which marked a strong acceleration up from +6.8% in Q1 2024. Despite increased marketing spend, RDC’s management expects to maintain their full-year guidance for an adj. EBITDA margin of 2-4%. The promising launch of CardLink reflects the potential to unlock significant growth in the German eRx market, which confirms mwb research’s view that the market reaction following Q1 prelims was exaggerated. mwb research’s analysts are raising their estimates slightly, taking their price target to EUR 120.00 (old: EUR 114.00). In view of the positive price reaction, the rating remains HOLD. The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

Kontron has announced a new major order for its smart charging systems for EVs with an order volume of EUR 120m. Kontron will develop and manufacture smart wall boxes for the European and Chinese markets. The new order marks the second major order since the acquisition of Katek and its subsidiary eSystems. Kontron's strategic focus on IoT solutions in areas like smart trains, solar systems, eMobility, aerospace, and smart factories is paying off. The back-to-back major orders for smart wall boxes secured in 2024, totaling over EUR 320m, indicate strong market demand and Kontron's ability to capitalize on it. mwb research’s analysts upgrade their estimates and reiterate their BUY rating with a new price target of EUR 35.00 (old: EUR 34.00). The full update can be downloaded under: https://www.research-hub.de/companies/research/Kontron%20AG

Multitude's management has approved a new share repurchase program to acquire up to 80,000 shares. The program runs from July 3, 2024, to December 31, 2024, covering approximately 0.4% of issued shares, with a maximum purchase volume of EUR 560,000 – corresponding to EUR 7.00 per share. The extended timeline of the new program is expected to fully utilize the buyback volume. This move shows management's dedication to enhancing share value. Shareholders should see this as a positive step and a downside protection for the share price. mwb research’s analysts therefore confirm their BUY rating and their price target of EUR 13.20. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

First Berlin Equity Research hat ein Research Update zu Energiekontor AG (ISIN: DE0005313506) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 126,00. Zusammenfassung: In den letzten Wochen ist der Aktienkurs von Energiekontor um fast 20% gesunken, da sich das S [ … ]

SGT German Private Equity, soon to be German AI Group (GAI), released its FY23 results, highlighting its strategic shift towards AI. Revenues fell from EUR 13.2m to EUR 4.8m, missing the forecast by EUR 10m due to a failed PE transaction and virtually no new fundraising. The operating result (EBIT) continued to be negative due to one-off effects, including EUR 74.4m in goodwill amortization and EUR 5m in write-downs. With the strategic decision to discontinue the private equity business, GAI is now pursuing new promising avenues towards AI or a reverse listing. In doing so, GAI is leveraging the expertise of CEO Christoph Gerlinger, which mwb research’s analysts see as a promising strategic shift. The analysts now see all negative implications from the PE asset management excursion being digested in FY23, which is why mwb research believes that GAI offers significant upside potential based purely on its NAV base of EUR 1.77. As such, the analysts reiterate their BUY rating with a new PT of EUR 1.80 (previously: EUR 2.00), but note that a significantly higher value can be derived depending on the company's future path. The full update can be downloaded under https://www.research-hub.de/companies/SGT%20German%20Private%20Equity

Cancom has decided to cancel 1.7m treasury shares and reduce the share capital accordingly in order to strengthen capital efficiency and increase shareholder value. In addition, the company announced a further public share buyback offer for up to 3.5m shares at a price of EUR 33.00 per share, reflecting management's confidence in the intrinsic value of the company. These steps are intended to boost the value per share and signal confidence in the company's future viability and ability to generate sustainable earnings growth. mwb research’s analysts include both measures and reduce the number of shares accordingly. While all other estimates remain unchanged, Cancom's earnings per share improves. Hence, the price target is increased by 11.5%, reflecting the volume of shares bought back. mwb research’s analysts change their recommendation from HOLD to BUY with a higher price target of EUR 37.20. (old EUR 33.00). The full update can be downloaded under https://www.research-hub.de/companies/Cancom%20SE

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