Pyramid published the final consolidated results for H1 '23 and hosted a conference call with CEO Andreas Empl. On this call, Andreas Empl also gave an insight into Q3. In a nutshell, Pyramid is on track to achieve its previously lowered FY guidance of EUR 80m in revenues and an EBITDA of EUR 4-5m. H1 revenues of EUR 38.4m and EBITDA of EUR 3.9m were even ahead of preliminary results, while Q3 momentum slowed as expected with revenues of EUR 15-16m and EBITDA of only EUR 0.5m. In addition to deteriorating macroeconomic conditions, Pyramid is suffering from home-grown problems (i.e. loss of a larger client) at its US subsidiary, which will weigh on the company's profitability in H2. On a positive note, even in this difficult environment, Pyramid remains cash flow positive, which AlsterResearch’s analysts consider a reassuring sign. Overall, the experts reiterate their BUY rating with an unchanged PT of EUR 3.00. An outlook for 2024 will be provided shortly, which could act as a catalyst for the stock. The full update can be downloaded under https://www.research-hub.de/companies/research/Pyramid%20AG

Scout24 reported good results in Q3 2023. Revenues grew in double digits across segments and were broadly in line with consensus. Meanwhile, a favourable mix and strict cost control helped deliver 22% yoy growth in operating (op.) EBITDA, a 5% beat vs consensus, registering a 3.1ppt yoy improvement in the margin to 58.8% (2.1ppt better). Results were buoyed by healthy demand for the ImmoScout24 core products and growing agent memberships and subscriber base. While management marginally downgraded its revenue growth guidance for 2023, it is more optimistic of delivering on profits. Management increased the operating EBITDA margin guidance to 19%-21% from 18%-19% earlier as it continues to prioritize margins over revenue growth. AlsterResearch’s analysts slightly adjust their FY23 estimates, reflecting the guidance revision. AlsterResearch confirms the price target of EUR 65.00 and the HOLD rating. The full update can be downloaded under https://www.research-hub.de/companies/research/Scout24%20SE

Hugo Boss reported a good set of results in Q3 2023, in line with consensus expectations. Sales momentum was supported by the Fall/Winter campaign and steady consumer demand across geographies, brands, and channels. Profitability was aided by better pricing and productivity initiatives, particularly at brick-and-mortar retail. While inventory levels remain high (+32% yoy currency adjusted, c.a.) and net trade working capital levels increased (+72% yoy on c.a.), management expects these to normalize starting Q4 2023. In light of positive business momentum in 9M, while taking a cautious view amid macro challenges and geopolitical tensions, management reiterated its 2023 outlook, which was reassuring. AlsterResearch’s analysts acknowledge that the consistent implementation of the Claim 5 strategy has helped Hugo Boss achieve healthy sales growth, gain market share, and improve profitability metrics. In the view of AlsterResearch’s analysts, the company appears on track to reach its confirmed 2025 sales and EBIT targets. AlsterResearch maintains the BUY rating with an unchanged PT of EUR 85.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Hugo%20Boss%20AG

Performance One (PO1) has published its preliminary H1 figures, which show a well-ontrack-performance, in a generally subdued market for marketing spend. The full set of figures will be released on November 13, together with an analyst and investor call (online) at 14:00 CET (Registration: research-hub.de). H1 figures prove the company to be on a solid path, as several cost reduction measures are expected to lead to a sustainable and profitable EBITDA. There is no need to adjust AlsterResearch’s estimates, which is why AlsterResearch’s analysts confirm their positive view. AlsterResearch reiterates the price target of EUR 15.50 and the BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/research/Performance%20One%20AG

WashTec reported encouraging results in Q3. Revenues grew by ca 2% yoy in Q3, taking the 9M top line up 5% yoy, bolstered by higher prices and a robust Chemicals segment. EBIT and FCF momentum was particularly impressive. EBIT grew disproportionately by 19% yoy, and the margin saw a notable 1.4ppt yoy improvement in Q3, underpinned by cost control and efficiency enhancing initiatives. FCF surged to EUR 26.8m in 9M from EUR 6.5m in H1 on the back of healthy operating performance and better working capital management. WashTec has reiterated its ‘23 guidance, which remains conservative, in the view of AlsterResearch’s analysts, but may reflect some cooling effects the company is currently experiencing in the market. While AlsterResearch remain convinced of WashTec’s competitive quality as the market leader in carwash equipment and particularly like its sticky and high-margin consumables business the experts are exercising a bit more caution in their estimates for 2024 and beyond. Nevertheless, AlsterResearch reiterates the BUY recommendation with an unchanged PT of EUR 55.00. The full update can be downloaded under https://www.research-hub.de/companies/WashTec%20AG

Zalando pre-released Q3 2023 figures, showing a revenue decline of 3.2% yoy to EUR 2,2bn, marginally missing consensus. A delayed fall/winter season start, particularly due to a warm September, and ongoing pressure on consumers' disposable income weighed on top-line performance. Despite further pressure on gross margin (36.7%; -2.4pp), Zalando recorded significant efficiency gains in fulfillment, driving significant improvement of adjusted EBIT to better-than-expected EUR 23.2m in Q3. Zalando now expects sales to decline in the range of minus 3.0% to minus 0.5% yoy, expecting though comparable figures for November/December, and continued pressure on demand for the rest of the year. The outlook for adj. EBIT, however, remained unchanged. AlsterResearch’s analysts slightly adjust their estimates but confirm their PT of EUR 32.00. On the current share price level, AlsterResearch upgrades from HOLD to BUY. The full update can be downloaded under https://www.research-hub.de/companies/Zalando%20SE

Deutsche Rohstoff has reported record Q3 revenue of EUR 57.5m, a 25% increase compared to the previous year. The growth was driven by a significant expansion of production, which reached a record high and grew by 45% compared to the previous quarter and 56% compared to the previous year. Despite lower WTI oil prices and a significant drop in gas prices, profitability also reached a record level, with EBITDA of EUR 45.6m, a 19% increase compared to the previous year. The company also generated a positive free cash flow of EUR 1.7m in Q3. More transactions in the shale industry, including ExxonMobil's acquisition of Pioneer Natural Resources and Chevron's acquisition of Hess, highlight the attractiveness of shale assets. Deutsche Rohstoff has confirmed its guidance for FY23. AlsterResearch’s analysts reiterate to BUY the stock, as it continues to trade at a significant discount compared to peers. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

German sports clubs have experienced a substantial increase in membership, rebounding from the COVID-19 pandemic and reaching a 10-year high with over 800,000 new members as of January 1, 2023. The country's 86,000 sports clubs now boast a total of 27.9m members, marking a 3% yoy growth. This growth is significant for Staige One (Staige), as the company’s main mission is to digitize amateur sports, including football, ice hockey, and basketball. Staige provides sports clubs with intelligent cameras that autonomously capture and broadcast live games, offering revenue and marketing opportunities. The surge in sports club memberships indicates a promising market for Staige, positioning the company for substantial expansion and profitability by 2025. With a reasonable valuation and strong growth prospects, Staige remains an attractive investment opportunity. AlsterResearch reiterates to BUY, PT EUR 6.30. The full update can be found under https://www.research-hub.de/companies/Staige%20One%20AG

Fresenius Medical Care (FME) released Q3 figures and raised its outlook for operating income for FY23 based on the positive impact of the turnaround measures. Management reported on an accelerated improvement in operating performance and positive effects from the FME25 transformation program in the first nine months of 2023 and also expects a solid business development for Q4 ‘23. Now, operating income is expected to grow in the low single-digit percentage range yoy (base 2022: EUR 1.54bn; eAR before guidance update EUR 1.45bn; -3.8% yoy). All other components of the forecast for FY23 remain unchanged. Management also reiterated the long-term target of achieving an operating margin between 10-14% by ‘25 also remains unchanged. AlsterResearch’s analysts confirm their BUY rating with a new PT of EUR 40.00 (old EUR 39.00). The full update can be downloaded under https://www.research-hub.de/companies/Fresenius%20Medical%20Care

TeamViewer delivered mixed Q3 results. Revenues were in line with consensus but adjusted (adj.) EBITDA recorded a c. 10% beat. In addition, the margin of 44% (+3ppt yoy) surprised positively. However, billings growth slowed to 4% yoy and fell 3% short of consensus, and its progress going forward is to be seen. While management’s confirmation of its 2023 guidance was reassuring, this does indicate that the implied Q4 guidance is slightly aggressive. While the recently revised Manchester United deal will result in savings on TMV's marketing spend, a portion of these savings will be reinvested in other branding and marketing efforts. Therefore, the Manchester United deal will continue to burden the company until the end of the 2025/2026 football season. For now, AlsterResearch’s analysts would like to wait for a sustained reacceleration in billings and sales growth. Following the finetuning of AlsterResearch’s assumptions, the rating remains a HOLD with new target price of EUR 15.50. The full update can be downloaded under https://www.research-hub.de/companies/research/TeamViewer%20AG