Fraport's Q1 2024 financial performance significantly outstripped expectations with revenues reaching EUR 890m, marking a 16% year-over-year increase and surpassing consensus by 4.6%. The Aviation segment led this positive surprise, growing 21% year-over-year, boosted by higher aviation fees and recovering traffic, while the International Activities & Services also excelled, particularly driven by strong results in Greece and Lima along with new US concessions. EBITDA followed suit, leaping 34% year-over-year and exceeding consensus by 13%, with substantial contributions from both the Aviation and International segments. The company confirmed its FY24 outlook, projecting continued passenger and EBITDA growth, and maintained a zero-dividend guidance in line with its fiscal forecasts. Based on these robust results and the ongoing recovery in traffic, mwb research’s analysts reaffirm their BUY recommendation with a price target of EUR 67.00. The full update can be downloaded under https://www.research-hub.de/companies/Fraport%20AG

Duerr reported good Q1 numbers that exceeded mwb research’s analysts and consensus expectations. The company posted a record order intake of almost EUR 1.5bn, driven by the automotive sector and the contribution from recently acquired BBS Automation. Sales increased by 8.3% to EUR 1.1bn, exceeding the forecast annual growth rate of up to 8% for FY24. HOMAG's sales were down 14% yoy, while Industrial Automation Systems grew 77% yoy due to the integration of BBS. However, EBIT increased by only 5.3% to EUR 39.7m due to higher extraordinary expenses such as purchase price allocation effects. Combined with higher financing costs, net income decreased to EUR 20.3m, which was still slightly better than expected. The company reiterates its FY24 outlook and expects revenues of EUR 4.7-5.0bn, with an implied growth rate of 4.75% (midpoint) for the rest of the year. Duerr's solid backlog and positive outlook support mwb research’s BUY rating. The higher estimates lead the analysts to raise their PT from EUR 30.00 to EUR 31.00. The full update can be downloaded under https://www.research-hub.de/companies/Duerr%20AG

123fahrschule (123fs) plans to acquire all shares in FOERST GmbH (FOERST), a pioneer in the field of driving simulation, thus taking another major step in the digitalization of driver training. FOERST launched the world's first commercial driving simulator in 1976 and building on this long-standing expertise, the company develops and produces simulators for cars, trucks as well as buses, which are used nationally and internationally for driver training. The use of a driving simulator is a useful supplement to practical driving training and can replace entire training sections if necessary and improves the quality of training, enables more training despite the shortage of driving instructors, and reduces the costs for learner drivers and driving schools. 123fs is once again a first mover, securing access to simulators that will play an important role in the future. Revenue and earnings figures are not yet available, which is why mwb research’s analysts consider the acquisition to be strategically important rather than being a larger sales and earnings contributor in 2024. With unchanged estimates, mwb research’s analysts confirm their BUY rating and PT of EUR 6.60. The full update can be downloaded under https://www.research-hub.de/companies/research/123fahrschule%20SE

Nordex published its results for Q1 '24 with a sustained positive trend. Sales in Q1 '24 were up 29% yoy, which is an excellent result after the flat yoy sales in Q3 and Q4 '23. The gross margin was maintained at a high level of 19.6%, reflecting the success of the strategy to pass on material fluctuations to customers through modified contracts. This resulted in an EBITDA of EUR 53m (Q1 '23: EUR -115m), a very good figure for the normally weak first quarter which typically is characterized by lower installations caused by unfavorable weather conditions. Following the positive results of the last three quarters of '23, Nordex can now be expected to achieve sustained profitable growth. mwb research’s analysts reiterate their BUY recommendation and confirm their price target of EUR 22.00. mwb research’s analysts believe that Nordex has now made the leap to long-term profitable growth on the back of good contract terms and continued strong order momentum (order intake total c. 78% yoy). Die vollständige Analyse ist abrufbar unter https://www.research-hub.de/companies/Nordex%20SE.

Deutsche Rohstoff reported a robust first quarter with revenues up 30% year on year, driven by a 37% increase in BOE production despite a slight decline in average realized WTI prices. The company plans to bring 15 net wells on stream for the full year. EBITDA margins were stable year on year. While Q1 CFO was slightly lower than last year, Deutsche Rohstoff aims to fund its full year capital expenditure budget from current cash flow and existing liquidity. The company confirms its base guidance for FY24. The attractive shareholder remuneration in the form of the recently proposed dividend and the share buyback programme, with a combined yield of 5.8%, should act as a catalyst to narrow the valuation gap to peers. mwb research’s analysts reiterate their BUY recommendation with an unchanged price target of EUR 56.70. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

Ceconomy has announced preliminary headline figures for the second fiscal quarter, showing a significant beat with currency- and portfolio-adjusted sales growth of 6.5% and adjusted EBIT up EUR 26m year-on-year. This is ahead of expectations despite the ongoing challenges. In addition, the company's guidance for FY24 is for adjusted EBIT in the range of EUR 290m to EUR 310m, up significantly from FY23 and ahead of consensus expectations. mwb research’s analysts adjust their estimates and arrive at an increased target price of EUR 2.90 (old: EUR 2.80), the recommendation remains BUY. The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

Wolftank secured two significant contracts in Italy totaling EUR 6.7m. One involves its joint venture Mares constructing a key service station near Rome, scheduled to begin in October 2024. The other, awarded to subsidiary Petroltecnica by Italgas Reti, entails environmental remediation and waste management activities across northern and central Italy, spanning three years. These contracts, representing 6% of annual sales, strengthen Wolftank's position in the market and demonstrate that growth is not only on offer in the hydrogen-related business. Despite the rather positive developments in recent weeks and months, the company's stock performance has not reflected this, likely due to broader renewable energy market trends. Given the robust momentum of Wolftank's operational activities, mwb research’s analysts maintain their BUY rating with an unchanged price target of EUR 22.00. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

GEA Group reported decent results in Q1 2024. Revenues missed consensus by 2%, but adj. EBITDA and order intake were 3% better. Organic (org.) sales developed slowly at +3% yoy, as a strong service business was largely negated by weakness in new business sales. However, an improved gross margin and controlled operating costs helped the company deliver 5% yoy growth in adj. EBITDA to EUR 180.5m and a 100bps yoy expansion in the margin to 14.5% (stable qoq). Despite reporting a 10% yoy org. drop in order intake (due to a high comparable base), the book-to-bill ratio was comfortable at 1.1x and order backlog stayed healthy at EUR 3.2bn, translating to 60% of 2023 revenues. Furthermore, confirmation of 2024 guidance is reassuring in the backdrop of multiple macro and geopolitical headwinds. While management expects a slowdown in org. sales growth (reported sales targeted at 4% CAGR over 2023-2026), it remains committed on delivering on profitability metrics (2026E: 15%+ vs 14.4% in 2023). The ongoing EUR 400m share repurchase plan (until beginning of 2025) should also be viewed positively by investors. mwb research adjusts the estimates and reiterates the BUY rating at its DCF-backed revised price target of EUR 45.00 (old: EUR 44.00). The full update can be downloaded under https://www.research-hub.de/companies/GEA%20Group%20AG

Lanxess reported another dull set of numbers in Q1 2024, though both revenues and adj. EBITDA were 4% better than consensus. Sales declined by 15% yoy, dragged by weak demand and a consequent decline in prices and volumes. Adj. EBITDA plummeted 47% yoy, due to under absorption of fixed costs. Despite a slow start to 2024, management issued a revised guidance for 2024. It now expects adj. EBITDA to grow between 10%-20% yoy (vs moderately above crisis result of 2023 but still significantly below normal levels earlier). These targets look ambitious. FCF generation (-EUR 87m) was again impacted by weak operating results and working capital build. Net debt increased 4% qoq to EUR 2.6bn. While it has to be acknowledged that Lanxess’ multiple cost-saving measures could structurally strengthen its business, elevated debt levels and a still muted demand environment remain a concern. With share prices up 12% over the past 3 months, valuations appear fair. mwb research downgrades the rating to HOLD from BUY and revises the target price to EUR 30.00 (old: EUR 27.00).The full update can be downloaded under https://www.research-hub.de/companies/Lanxess%20AG

United Internet (UI) reported reasonable results in Q1 24, with c.2% yoy growth in revenues and a 7% yoy increase in adj. EBITDA. These missed consensus expectations by 1% and 3%, respectively. Excluding the 1&1 mobile network rollout costs, the underlying performance was stronger with adj. EBITDA up 14% yoy. Moreover, fee-based contract additions remained strong at 200k units in Q1, reaching 28.7m users. Management expects healthy growth momentum to continue into ‘24 and confirmed its guidance for FY24 – revenues and operating EBITDA are expected to grow by 5% yoy and 9% yoy, respectively. On the business expansion front, UI is progressing well on its 5G mobile network rollout. In this regard, the long-term exclusive national roaming agreement between 1&1 Mobilfunk and Vodafone to enhance the group’s 2G, 4G, and 5G coverage should act as a catalyst. Furthermore, the impending decision by German regulator, BNetzA, to extend its 800MHz (4G) spectrum licence would be a key monitorable in the coming weeks. mwb research reiterates its BUY recommendation with an unchanged price target of EUR 28.00. The full update can be downloaded https://www.research-hub.de/companies/United%20Internet%20AG