United Internet’s (UI) results fell short of market expectations. Q3 revenues were flat yoy and missed consensus by 3%, while adj. EBITDA declined by 2% yoy to EUR 316m, falling 9% short. Weak results were attributed to softer service revenues and higher network build expenses at 1&1 AG. For 2024, UI reduced its guidance for sales to EUR 6.35bn (+2% yoy) from EUR 6.4bn previously, reflecting lower service revenue expectations at 1&1. However, it maintained its EBITDA guidance at c. EUR 1.38bn (+6% yoy), which points to a recovery in profitability in Q4. While UI faces challenges in customer retention and adapting to changing market dynamics, it has the ability to acquire customers and benefit from its ongoing network expansion plans. mwb research adjusts its estimates for guidance update. The experts lower their price target to EUR 25.00 from EUR 28.00 and maintain its BUY rating. The full update can be downloaded https://www.research-hub.de/companies/United%20Internet%20AG

In H1 2024, Rigsave's revenue surged 134% to EUR 593k, driven by strategic reengagement in structured product distribution. And with 17 new asset pooling mandates for professional investors won in May, the company reached a significant milestone. Despite growth, cost pressures persisted, widening the operating loss to EUR 399k as administrative costs rose. However, finance income partially offset these losses, reducing the net loss to EUR 90k. Rigsave is expected to improve revenues in 2025, but with less pace than assumed initially and higher cost due to inflation has led to revised earnings assumptions and an adjusted target price of EUR 13.00 (old EUR 35.00) The rating remains BUY. The full update can be downloaded under https://www.research-hub.de/companies/Rigsave%20S.p.A.

Company Name: PSI SE ISIN: DE000A0Z1JH9   Reason for the research: Q3/24 results Recommendation: Add from: 13.11.2024 Target price: €25.00 Target price on sight of: 12 months Last rating change: 24.09.24 (previously: Buy) Analyst: Simon Scholes First Berlin Equity Research has published a research update on PSI SE (ISIN: DE [ … ]

tonies reported Q3 sales growth of 21%, aligning closely with expectations but slowing from the 43% growth in Q2 due to high comparison figures. Nine-month sales growth reached 26%, implying a required Q4 growth of around 40% to meet the reiterated guidance. In the DACH region, growth normalized to 1% after a Q2 boost from Clever Tonies, while growth in the rest of the world remained at a strong 52%. The US market exceeded expectations with a 40% increase, reflecting expanded points of sale and shelf space as well as the launch of new "Book Pocket Tonies" targeting older children. Overall, Q3 supports tonies’ growth story and mwb research’s BUY recommendation. Head of IR Manuel Bösing will provide further insights at the mwb research German Select online conference on 3 December, interested investors are invited to register here: https://research-hub.de/events/registration/2024-12-03-10-30/TNIE-GR. The full update can be downloaded under https://www.research-hub.de/companies/tonies%20SE

ABO Kraft & Wärme operates waste fermentation and biogas plants in Germany, using organic raw materials such as food waste and liquid manure. The fragmented market with around 10,000 biogas plants offers the company interesting acquisition opportunities, especially for operators who are in difficulties due to fluctuating substrate prices or expiring EEG subsidies. The roll-up model benefits from the cross-location optimization of substrate use, benchmarking, economies of scale and the use of ABO Kraft & Wärme's central technical and regulatory expertise. In order to maximize profits in the long term, the plant portfolio will be refocused towards biomethane and LNG until 2027, which seems reasonable in connection with GHG quotas. The DCF model shows a fair value of EUR 1.70, which indicates significant long-term upside potential, albeit with significant risks. ABO Kraft & Wärme is one of the few good opportunities to diversify a sustainable portfolio into biogas and biomethane. mwb research’s analysts recommend the stock as a speculative BUY. The full update can be downloaded under https://www.research-hub.de/companies/ABO%20Kraft%20&%20W%C3%A4rme%20AG

Company Name: Nynomic AG ISIN: DE000A0MSN11   Reason for the research: Update Recommendation: Buy from: 13.11.2024 Target price: EUR 44.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Muted prel. Q3 in line with expectations // guidance confirmed Preliminary Q3 sales stood at € 24.3m, [ … ]

Company Name: NFON AG ISIN: DE000A0N4N52   Reason for the research: Update Recommendation: Buy from: 13.11.2024 Target price: EUR 11.70 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Q3e: Further improving top-line & profitability, chg. NFON will release Q3 figures on 21st November. Overa [ … ]

Company Name: INDUS Holding AG ISIN: DE0006200108   Reason for the research: Update Recommendation: Buy from: 13.11.2024 Target price: EUR 34.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Final Q3 results out // 2nd buyback offer announced; chg. est. Topic: INDUS released its final Q3 nu [ … ]

coinIX has acquired 12.5 million PEAQ tokens via a SAFT in 2022 at a price of USD 0.012. The PEAQ token has now had a spectacular IPO with high trading volume and a trading range between USD 0.30 and USD 0.50, giving SAFT investors such as coinIX a capital multiplier of up to 40 times. The current market price values coinIX's PEAQ holdings at approximately EUR 4.1m or over EUR 1.30 per share. In addition to PEAQ's additional value contribution, the other tokens and the COINVEST SCI1 fund have also performed positively. On this basis, mwb research’s analysts arrive at a new price target of EUR 5.00 (old: EUR 3.40). The listing of PEAQ shows that coinIX can open up highly lucrative investment opportunities in the blockchain value chain, e.g. in the form of SAFTs, which would otherwise remain closed to investors. mwb research’s analysts reiterate their BUY recommendation. The full update can be downloaded under research-hub.de/companies/coinIX%20GmbH%20&%20Co%20KGaA

The Payments Group Holding published H1 2024 results which in view of mwb research offered limited insight due to the company's significant strategic shift from asset management to a PayTech operating model. Revenues decreased to EUR 840K from EUR 4.66m in H1 2023, primarily due to discontinuing the private equity asset management business. The company reported a loss of EUR 638K or 3 cents per share. However, the outlook is promising with the planed acquisition of majority stakes in several PayTech companies. Upon completion, the consolidated transaction volume is expected to reach EUR 140m in 2025, with planned revenues of EUR 15m. The group of acquired businesses has been profitable and cash flow positive in 2023, with strong annual growth and is expected to generate profitable growth in the next years as well. Given the strategic transformation and positive future outlook, mwb research reiterates its BUY recommendation with an unchanged target price of EUR 3.00. The full update can be downloaded under https://www.research-hub.de/companies/The%20Payments%20Group%20Holding