CTS Eventim reported good results in Q3 as already hinted during its preliminary release (on 5 October). Ticketing revenues grew at an impressive 27% yoy, while top line at Live Entertainment held up well, remaining stable yoy on a high comparable base. Revenues at both segments are now significantly above the pre-pandemic levels of 2019. The sustained qoq momentum seen in the past two quarters reflects steady demand for tours, concerts and live entertainment. With a series of promising events lined up ahead, management has reiterated its recently upgraded guidance for 2023. Next year, the full consolidation of the French market leader France Billet (from the start of 2024) is likely to further boost CTS’s operational performance. Despite some concerns about market power, which could attract the unwanted attention of the German Federal Cartel Office, AlsterResearch’s analysts continue to like CTS’s fundamental story. AlsterResearch’s analysts maintain their BUY rating on the stock and increase their price target to EUR 72.00 (old: EUR 67.50) after revising their estimates. The full update can be downloaded under https://www.research-hub.de/companies/CTS%20Eventim%20AG%20&%20Co%20KGaA

Vulcan Energy Resources has announced the results of its Bridging Engineering Study (BES). The BES addressed several design changes to Phase 1 of Vulcan's lithium project. The BES and associated Field Development Plan (FDP) have contributed to derisking following the reduction from two production areas (Lionheart and Taro) to Lionheart as the core production area. The combination of assets has enabled Vulcan to reduce CAPEX by EUR 97m to EUR 1,399m. In addition to lower CAPEX, Vulcan also expects lower operating costs. Despite the significant decline in lithium prices in the market, the BES still attributes attractive returns to Phase 1. Now officially entering the financing phase, the company's comments on strong interest from debt and equity investors are encouraging. However, the targeted application for public funding has resulted in a further delay to the project schedule. Nevertheless, Vulcan has a unique lithium project that offers enormous upside potential even after AlsterResearch’s model adjustments. The recommendation remains BUY with a new PT of EUR 9.90 (old: EUR 12.00). The previous update can be downloaded under https://www.research-hub.de/companies/research/Vulcan%20Energy%20Resources

Dermapharm (DMP) reported satisfactory business progress in 9M 2023. The numbers were driven predominantly by the consolidation of the French subsidiary, Arkopharma, which, along with decent organic (org.) contribution, more than offset the impact of the discontinuation of vaccine production since Q1. Revenues grew 18% yoy in 9M, but a shift in the mix to lower-margin products resulted in a tepid 2% yoy increase in adjusted (adj.) EBITDA and a 4.5ppt yoy dip in the margin. Reported net profits fell 38% yoy in 9M because of M&A and deconsolidation-related costs and increase in finance expenses related to a new syndicated loan. Nevertheless, AlsterResearch’s analysts believe DMP’s business is progressing well in the new post-pandemic normal, and management has reiterated its target of reaching the upper ends of its 2023 revenue and adj. EBITDA guidance ranges. AlsterResearch maintains the target price at EUR 49.00, which leads AlsterResearch’s analysts to upgrade their rating from HOLD to BUY, given the weakness of the share price in recent months. The full update can be downloaded under research-hub.de/companies/Dermapharm%20Holding%20SE

Multitude has published its Q3 figures, which were excellent across all segments. Sales increased by 7.2% yoy to EUR 57.9m in Q3 and EBIT improved disproportionately by 27.3% yoy to EUR 11.6m. This development was supported by all three segments, indicating that the business remains healthy. In addition, Multitude reports on robust payment behavior of its customers, which is underlined by a stable impairment loss rate. AlsterResearch’s analysts believe, the company is well on track to achieve its full year guidance of EUR 45m in EBIT (eAR EUR 43.5m). Taking the 9M EBIT figures of EUR 32.5m into account, only EUR 12.5m are needed in Q4, which AlsterResearch’s analysts believe is not challenging for Multitude. More insights are expected on Multitude’s Capital Markets Day, which will be held on Tuesday, 21 November at 10:00 CET. With just finetuning the topline assumptions, AlsterResearch’s rating remains BUY with unchanged PT of EUR 11.10. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

Multitude has published its Q3 figures, which were excellent across all segments. Sales increased by 7.2% yoy to EUR 57.9m in Q3 and EBIT improved disproportionately by 27.3% yoy to EUR 11.6m. This development was supported by all three segments, indicating that the business remains healthy. In addition, Multitude reports on robust payment behavior of its customers, which is underlined by a stable impairment loss rate. AlsterResearch’s analysts believe, the company is well on track to achieve its full year guidance of EUR 45m in EBIT (eAR EUR 43.5m). Taking the 9M EBIT figures of EUR 32.5m into account, only EUR 12.5m are needed in Q4, which AlsterResearch’s analysts believe is not challenging for Multitude. More insights are expected on Multitude’s Capital Markets Day, which will be held on Tuesday, 21 November at 10:00 CET. With just finetuning the topline assumptions, AlsterResearch’s rating remains BUY with unchanged PT of EUR 11.10. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

Siemens Energy’s (SE’s) Q4 FY 2023 revenues missed consensus by 2% and adjusted (adj.) losses (before special items [ex-SI]) were worse than expected; however, it saw a 28% beat in order intake. Gamesa remained the key revenue and profit dampener, overshadowing the good performance at SE’s conventional energy businesses. Management stated that the technical review of the quality issues at Gamesa’s onshore turbines is nearing completion and no new quality issues were found. However, charges related to rectifying these quality issues and ramping up offshore business will continue to impact SE’s near- to mid-term performance. Hence, the company issued a dull guidance for FY 2024, expecting to report muted adj. profit margin (ex-SI) of -2% to +1% and negative FCF (pre-tax). That said, with the exception of the wind business, all other segments have been doing well. In addition, the proposed asset sale in India and other non-core asset disposals should bolster its balance sheet. AlsterResearch’s analysts reduce their estimates for FY 2024 and come to a lower price target of EUR 17.00 (old: EUR 19.50); AlsterResearch retains their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG

Yesterday after the bell, HelloFresh (HF) downgraded its FY23 outlook. This comes surprising as the company confirmed its original guidance just 3 weeks ago. The company cited challenges in the North America segment. Besides capacity constraints due to a longer maintenance in the company’s facility in Illinois, HF also experienced temporary shortages in its new plant in Arizona, which had been a cornerstone of HF’s confidence to meet its original guidance. Due to lower than anticipated revenue growth and higher operational costs quarter-to-date, HF cut its revenue growth outlook to now between 2-5% (in c.c.) and expects adj. EBITDA between EUR 430-470m. In light of the downgraded outlook, AlsterResearch reduced the estimates. Given only a marginal decline in the DCF-backed fair value calculation, AlsterResearch’s analysts confirm their BUY rating with unchanged PT of EUR 28.00. However, it could take time for the market to regain confidence. The full update can be downloaded under https://www.research-hub.de/companies/research/HelloFresh%20SE

Suedzucker (SZU) expects robust yoy earnings growth in Q3 23/24, mainly driven by the sugar segment (eAR: c. 60% of group’s operating profit) which still benefits from higher sugar prices. However, its subsidiary CropEnergies is revising its FY 23/24 outlook due to weaker ethanol prices. Despite CropEnergies' challenges, SZU maintains its FY guidance and expects group revenues of EUR 10-10.5bn and group operating profit of EUR 0.9-1bn. The Sugar segment, a key profit driver, is expected to increase profits with rising sugar prices. While the near-term outlook is positive, there are uncertainties beyond FY23/24 that could impact SZU's earnings, not least due to duty-free access for agricultural imports from Ukraine. With 15% upside potential, AlsterResearch’s analysts reiterate to BUY with unchanged PT of EUR 17.00. Q3 '23/24 results are due on Jan 11, '24. The full update can be downloaded under https://www.research-hub.de/companies/Suedzucker%20AG

VARTA announced detailed Q3 2023 results that were in line with its preliminary release. The results were better than expected, with revenues in Q3 picking momentum after reporting declines in the past two quarters. Rising seasonal demand, pricing actions, easing input costs, and restructuring measures moved adjusted (adj.) EBITDA to the positive territory. Notably, there were some green shoots in the CoinPower segment during the quarter, which saw a rebound in demand for lithium-ion batteries for true wireless stereo headsets. Management has reiterated its guidance for 2023, which was reassuring, but this still means that VATRA has to deliver a strong Q4. AlsterResearch’s analysts would like to wait for signs of sustained demand recovery and material benefits from VARTA’s restructuring efforts to flow through. Also, the company’s net debt remains a concern for AlsterResearch. Hence, the analysts reiterate their SELL rating but increase their PT to EUR 16.00 (previously EUR 13.00) as they slightly change their estimates. The full update can be downloaded under https://www.research-hub.de/companies/research/Varta%20AG

Deutsche Rohstoff is selling its Utah assets in two transactions, expecting income of EUR 17m and increased liquidity of EUR 44m in Q4. The implied purchase price suggests a transaction multiple of 2.9x EV/EBITDA 24E, demonstrating the undervaluation of Deutsche Rohstoff's assets. The sale aligns with the attractiveness of U.S. shale assets, as evidenced by recent major oil company deals. Adjusting AlsterResearch’s estimates to reflect the transaction, they arrive at a new fair value of EUR 55.50, up from EUR 52.50. AlsterResearch’s analysts maintain their BUY recommendation and believe that this kind of deal could be the catalyst for a re-rating to close the considerable gap to fair value. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG