Operating turnaround intact thanks to several structural trends LNG remains a material mid-term growth opportunity. R. Stahl is the globally leading provider of explosion protection for LNG tankers, terminals and liquification/regassification plants (25-75% market shares). Independence from Russian energy imports lead to a rising demand for LNG [ … ]

Koenig & Bauer announced exceptional order intake worth around EUR 250m from the drupa trade fair. This strong performance exceeded the company's own targets, especially in the sheetfed offset sector. The majority of orders came from China, Spain, Brazil, and other regions. Highlights included groundbreaking digital innovations like Kyana AI, sustainable solutions, high-quality printing capabilities, and comprehensive offerings combining various technologies. Koenig & Bauer confirmed its forecast of stable operating EBIT margin and sales for 2024, aiming for a 6-7% EBIT margin and EUR 1.5bn in group revenue by 2026 through its "Spotlight" program. Based on the compelling order situation, mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 18.00 but note that the continued good momentum could soon trigger upgrades in mwb research’s and consensus estimates. The full update can be downloaded under https://www.research-hub.de/companies/research/Koenig%20&%20Bauer%20AG

Fielmann announced that it will acquire 100% of Shopko Optical, a Wisconsin-based optical retailer, from Monarch Alternative Capital for approximately USD 290m. The transaction is expected to close in the third quarter of 2024. Shopko Optical has more than 140 stores in 13 states and generated sales of USD 168m in 2023. Upon closing, Fielmann USA intends to integrate Shopko into its omni-channel platform, serving customers through digital channels and over 220 retail practices in 19 states. This acquisition marks another milestone in Fielmann's growth strategy in the US market, following the acquisition of online retailer Befitting and optical chain SVS Vision in 2023. It is in line with Fielmann's "Vision 2025" plan for international expansion, which aims to gain an important foothold in the US while reducing dependence on the German home market. Even if the acquisition looks a bit expensive, mwb research’s analysts welcome Fielmann's move to expand in this important market. BUY with an unchanged PT of EUR 62.00. The full update can be downloaded under https://www.research-hub.de/companies/Fielmann%20AG

The Covid pandemic significantly boosted Dermapharm through the production of the Covid-19 vaccine for Biontech. Despite the end of this surge, Dermapharm remains strong due to high demand for pharmaceuticals and dietary supplements. The company's growth is driven by steady income from established branded products, growth opportunities from medical cannabis following Germany's decriminalization, and international expansion into European markets. Continuous investment in R&D also strengthens its long-term competitiveness. Management projects improvement in 2024, with revenue guidance of EUR 1.17bn-EUR 1.21bn and adj. EBITDA of EUR 305mEUR 315m. According to mwb research, the outlook remains positive: The BUY rating is reiterated with a target price of EUR 41.50. The full update can be downloaded under research-hub.de/companies/Dermapharm%20Holding%20SE

Atoss Software has completed its announced conversion to an SE. Also, the capital increase from company funds related to the planned stock split was entered in the commercial register on June 7, 2024. The technical implementation of the share split has not been completed yet, and the company expects the share split to become effective at the earliest on June 24, 2024. mwb research’s PT remains unchanged until the split becomes effective. HOLD. The full update can be downloaded under https://www.research-hub.de/companies/ATOSS%20Software%20AG

mwb research initiates coverage of INDUS Holding AG with a BUY recommendation and a PT of EUR 40.00 offering an upside potential of c. 50%. INDUS is a leading specialist holding company in the German-speaking SME sector, pursuing a buy-develop-hold strategy. It acquires owner-managed companies primarily focused on succession planning in the industrial technology sector and supports their long-term development. With a portfolio spanning Engineering, Infrastructure and Materials, INDUS boasts a diversified and robust portfolio. It has a solid track record, experienced management and deep sector expertise. INDUS is unique in that it supports its portfolio companies to various growth and development initiatives to drive long-term growth. The company's attractive cash flow generation (FCF yield >15%) and dividend yield (~5%) add to the appeal of the INDUS equity story. The full update can be downloaded under https://www.research-hub.de/companies/INDUS%20Holding%20AG

The European Central Bank (ECB) cut interest rates by 0.25 percentage points for the first time in almost five years. This move could be a game changer for the real estate sector, which is suffering from high interest rates. The rate cut could lead to lower financing costs, which would be particularly beneficial for companies like FCR Immobilien AG. In a model calculation, a one percentage point reduction in interest rates could increase FCR's FFO by around 12% and further increase the value of the real estate portfolio. Overall, the turnaround in interest rates could have a positive impact on the real estate market in general and on the valuation of real estate companies in particular, thus making investments more attractive. mwb research’s analysts therefore reiterate their BUY rating with an unchanged price target of EUR 20.50, which represents an upside of around 100%. The previous full update can be downloaded under https://www.research-hub.de/companies/FCR%20Immobilien%20AG

CTS Eventim has completed the acquisition of Vivendi's festival and international ticketing activities, including See Tickets and a portfolio of music and live events. The enterprise value of the acquisition is EUR 300m, resulting in a 2023 EV/sales acquisition multiple of 2.2x, compared to CTS Eventim's own multiple of 1.9x. See Tickets, which sold 44m tickets and generated revenues of EUR 105m in 2023, had a 2023 EBITDA margin of 25%, compared to CTS Eventim's ticketing margin of 53%. mwb research’s analysts estimate the acquisition's EV/EBITDA multiple at 11.5x, slightly higher than CTS Eventim's, but if See Tickets' margin improves to CTS' level, the multiple would be an attractive 5.4x. After a strong Q1 performance, CTS recently reaffirmed its 2024 guidance of moderate revenue and adj. EBITDA growth. mwb research’s analysts adjust their estimates to include the acquisition and raise their target price to EUR 86.00 (before: EUR 83.00), while maintaining their HOLD recommendation. The full update can be downloaded under https://www.research-hub.de/companies/CTS%20Eventim%20AG%20&%20Co%20KGaA

Defence spendings drive tungsten demand   As geopolitical tensions continue to rise, the demand for advanced defence technologies is likely to increase, driving the demand for tungsten armour which is less regulated than depleted uranium and also considered “exportable” by the US government. With the world’s longest produci [ … ]

First Berlin Equity Research hat ein Research Update zu M1 Kliniken AG (ISIN: DE000A0STSQ8) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 18,00 auf EUR 28,00. Zusammenfassung: Die endgültigen Zahlen für 2023 lagen nahe bei den vorläufigen Werten und bestäti [ … ]