First Berlin Equity Research has published a research update on Formycon AG (ISIN: DE000A1EWVY8). Analyst Simon Scholes reiterated his BUY rating and decreased the price target from EUR 105.00 to EUR 80.00. Abstract: The Formycon share price has fallen by more than 40% since the beginning of 2023, mainly because of lower than expected royalty i [ … ]

Multitude has successfully placed EUR 80m in new bonds at a 6.75% coupon, replacing higher-cost bonds and strengthening the corporate funds. Fitch's ‘B+’ rating with a Positive Outlook reflects confidence in a solid growth, which is supported by management’s long-term targets of EUR 30m in consolidated net profits. This move, together with the strong Q1 2024 results and the strategic realignment, underlines Multitude's commitment to financial stability and shareholder value. The ongoing share buyback and the confirmed 50% EBIT growth target for this year reinforce the positive outlook. Multitude remains a BUY with a target price of EUR 13.20. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

MHP Hotel AG has announced that the Koenigshof Munich, a Luxury Collection Hotel, will open tomorrow, 14 June, in time for UEFA Euro 2024. This will be the first German hotel in Marriott's Luxury Collection, demonstrating Marriott's confidence in MHP as a franchisee. The 106-room Koenigshof is expected to achieve very high ADRs, consolidating MHP's position as the price leader in Germany and providing confidence that the company can achieve its recently issued FY24 guidance of revenues of around EUR 160m and adjusted EBITDA of around EUR 6.0m. mwb research’s analysts reiterate their BUY recommendation with a target price of EUR 3.00. mwb research hosted an earnings call and a presentation by MHP at our Travel & Leisure conference this week, recordings of both events are available at https://research-hub.de/events. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

On June 12, 2024, Siltronic inaugurated its new 300mm Fab in Singapore, following its commissioning at the beginning of the year. With a EUR 2bn investment, FabNext is set to meet growing semiconductor demand driven by AI, digitalization, electromobility, and more, ramping up to 100,000 wafers per month by the end of FY24. Leveraging automation, digitalization, and its strategic location, the 300mm fab is anticipated to have above 50% EBITDA margin. Thus, mwb research’s analysts reaffirm the company's short and mid-term guidance and confirm their BUY recommendation with a price target of EUR 94.00, indicating a 22.5% upside potential. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG

Enapter presented its products this week at an Info Day in its factory in Pisa, Italy, and once again demonstrated the benefits of its new manufacturing strategy. The overall strategy is similar to the well-proven franchise system, as Enapter will only focus on the development and production of electrolyser cores and related software. All further production steps in the production process all the way to the complete electrolyser will be outsourced (joint venture with the Wolong Group in China). At the same time, the factory in Saerbeck will not be needed for the time being and will therefore be rented out (rental income approx. EUR 2m p.a.). The change in production strategy comes as no surprise in light of the announced partnerships, and makes economic sense, as it allows the company to focus on its core competencies in order to develop them further and to relocate labor-intensive activities to China. mwb research’s analysts therefore reiterate their BUY rating with an unchanged PT of EUR 15.00. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

First Berlin Equity Research hat ein Research Update zu MPH Health Care AG (ISIN: DE000A289V03) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 81,00 auf EUR 113,00. Zusammenfassung: Der Nettoinventarwert (NAV) für Q1 stieg um etwa 34% J/J auf €252 Mio., blieb aber sei [ … ]

S&P yesterday raised Daimler Trucks' credit rating to A- from BBB+, underlining the company's strong performance in FY 2023. In Q1 2024, Daimler Truck not only further improved its profitability, but also continued to grow its revenues despite a challenging market situation in Europe and sharply declining unit sales and orders. Daimler Trucks still faces a number of changes with the economy cooling, an imminent CEO change and major shareholder Mercedes considering selling its 30% stake early next year. However, since mwb research downgraded to HOLD on 26 March, the share price has declined about 20% and now fully discounts these concerns. mwb research’s analysts upgrade their rating to BUY with an unchanged PT of EUR 44.00. The full update is available at https://www.research-hub.de/companies/Daimler%20Truck%20Holding%20AG

Stabilus has significantly lowered its guidance for the fiscal year 2023/24 and now expects revenues between EUR 1.3bn and EUR 1.35bn and an adjusted EBIT margin of 11.7% to 12.3%, which is below the original forecast. The adjustment follows weaker than-expected Q3 revenues and a subdued Q4 outlook, mainly due to lower demand in the automotive and commercial vehicle sectors. Continuing inflationary pressures and a challenging market environment have further exacerbated the situation. Although management had hoped for a recovery in the second half of the year, supported by contributions from recent acquisitions, but the expected recovery will not materialize. The global economic weakness and ongoing automotive industry issues have significantly impacted Stabilus, leading mwb research’s analysts to a revised price target of EUR 62.00 (old EUR 70.00). Despite this downgrade, the rating remains unchanged at BUY, taking into account today's weak share price (-15% versus close price yesterday). The full update can be downloaded under https://www.research-hub.de/companies/Stabilus%20SE

At the mwb research Travel & Leisure Conference, Senior IR Manager Adrian Bell and IR Manager Stefan Keese presented the TUI investment case, followed by a Q&A session. Questions focused on the opportunity for TUI following the insolvency of FTI, the third largest tour operator in the DACH region. This represents an opportunity for TUI to attract former FTI customers, particularly in key destinations such as Spain, Turkey, Greece and Egypt. Further discussion centered on a potential return to dividends, which could be resumed once TUI's credit rating is back to pre-pandemic levels. mwb research’s analysts maintain their BUY recommendation with a target price of EUR 16.00. The full update can be downloaded under https://www.research-hub.de/companies/TUI%20AG

First Berlin Equity Research has published a research update on CEL-SCI Corporation (ISIN: US1508376076). Analyst Christian Orquera reiterated his BUY rating and decreased the price target from USD 8.40 to USD 6.20. Abstract: CEL-SCI announced a positive outcome of the type B meeting with the US FDA for Multikine, its lead drug candidate for ad [ … ]