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.

- Return to profitability expected after transformation year 2024 - Realignment bears fruit - Interest margin expected to bottom out   With the publication of their 2023 Annual Report, UmweltBank AG has confirmed the preliminary figures published in March. As previously announced, new lending business declined and was down from the previous  [ … ]

CompuGroup Medical (CGM) has expanded its Northern European presence by acquiring the Norwegian software company Pridok AS, a specialist in healthcare solutions. Founded in 2013, Pridok has become a key player in Scandinavia's digitized healthcare sector, with a 20% market share in primary care. Despite its small size with 2023 revenues of EUR 4.1m and a growth of 32%, the acquisition price of EUR 35.7m (potentially rising to 12.7 times sales with additional earn-out costs of EUR 16.7m) is notably high. The deal aims to utilize Pridok’s web-based patient journal system to bolster CGM’s offerings and potentially expand into new markets. However, the high cost and Norway’s mature digital market pose challenges for the anticipated value from this acquisition. The very expensive micro-acquisition will completely evaporate in CGM's P&L, which is why mwb research’s analysts only marginally adjust their estimates. Remains a BUY with an unchanged price target. The full update can be downloaded under https://www.research-hub.de/companies/CompuGroup%20Medical%20SE

On track to strengthen the premium H&L one-stop shop in 2024 While 2024 revenue and active customer growth will be affected by headwinds in its International segment resulting from a deliberate and strategic adjustment of the product assortments in Spain and Italy by a low to mid single-digit percentage figure to enhance future scalability [ … ]

Carl Zeiss Meditec (CZM) recently lowered its FY 23/24 outlook due to weak demand and cautious customer investments, leading to a significant share price decline. However, CZM's leading market positions, brand strength, and robust R&D pipeline present a strong investment case. The global healthcare demand is expected to grow, potentially boosting CZM's sales and profitability. The company's financial resilience and increasing recurring revenue support its ability to recover from short-term disruptions. With cost reduction measures and a forecasted return to growth in FY 24/25, CZM's long-term prospects remain solid. mwb research’s analysts confirm their price target of EUR 80.00 and upgraded their rating from HOLD to BUY, highlighting the current low share price as an attractive entry point for investors. The full update can be downloaded under https://www.research-hub.de/companies/Carl%20Zeiss%20Meditec%20AG

In a call with the management of HWK 1365 SE (HWK), mwb research’s analysts have updated key planning assumptions. In particular, the tax rate is expected to be lower than previously assumed by the analysts. After adjusting the model, the experts arrive at a new price target of EUR 86.50 (old: EUR 80.00) and continue to recommend BUY. As a reminder: HWK is the global market leader for large calender rolls, a high-tech product that is essential for the production of high-quality paper and cardboard. With a market share of 80% in this niche, the company supplies leading paper machine manufacturers and benefits from growth drivers such as the increasing use of coated board and folding cartons as well as the expansion of the service business and diversification into the food industry. The full update can be downloaded under https://www.research-hub.de/companies/HWK%201365%20SE

Atoss Software just completed a stock split, giving shareholders one extra share for each one they held. This doubles the total number of shares outstanding but doesn't affect the company's overall value. The goal is to increase stock liquidity. In May, Atoss also changed its legal form to an SE, which better suits global businesses. mwb research’s analysts adjusted their price target to EUR 114.50 (before split: EUR 229.00) to reflect the stock split, while their rating remains HOLD. The full update can be downloaded under https://www.research-hub.de/companies/ATOSS%20Software%20SE

Jun acquisition ensures significant sales and earnings growth and a significant strengthening of the demand side; the integration of the acquisition opens up considerable sales synergies; significant increase in forecasts and price target; 'BUY' rating confirmed   On 18 June 2024, Verve Group SE (Verve) announced the signing of an agreement  [ … ]

First Berlin Equity Research on 24/06/2024 initiated coverage on APONTIS PHARMA AG (ISIN: DE000A3CMGM5/ Bloomberg: APPH GR). Analyst Christian Orquera placed a BUY rating on the stock, with a EUR 17.00 price target. Abstract: Apontis Pharma AG (Apontis) is a leading specialty pharmaceutical company focusing on the development and marketing of a [ … ]

First Berlin Equity Research hat ein Research Update zu Verve Group SE (ISIN: SE0018538068) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 4,10 auf EUR 4,90. Zusammenfassung: Die kürzlich umbenannte Verve Group SE hat mit der strategischen Übernahme der Jun Group, ein [ … ]