Atoss Software AG published Q1 2024 results, showing a 16% yoy growth of total revenues to EUR 41.8m. The expected slowdown in top-line growth was driven by a 22% yoy decline of software license sales after last year’s extraordinary high license sales. However, cloud & subscription growth (+40% yoy) remained a key driver for Atoss. The Q1 EBIT increase of 21% yoy outpaced top-line growth, resulting in a 1.5pp expansion of EBIT-margin to 33.5%. However, management confirmed the 2024 outlook, expecting FY EBIT margin of around 30%. mwb research’s analysts are maintaining their estimates and thus their price target of EUR 229.00. Following the share price declines of recent weeks, the valuation has become somewhat more reasonable again, which is why mwb research is upgrading the rating from SELL to HOLD. The full update can be downloaded under https://www.research-hub.de/companies/ATOSS%20Software%20AG

TAKKT got off to a difficult start in Q1, with organic sales declining by 16.4% yoy to EUR 269m, the lowest level in almost three years. This was exacerbated by market weakness and negative effects such as the early Easter holiday. While sales declined in all divisions, gross margins improved across the board to 41.2%, providing resilience. Despite one-off expenses leading to a lower EBITDA of EUR 16.8m (compared to EUR 30.2m in Q1 23), TAKKT's free cash flow increased to EUR 21.3m, indicating a strong financial position. Looking ahead, TAKKT expects a gradual recovery of demand in the course of FY24 and maintains its adjusted EBITDA margin guidance of 8-9.5%. mwb research analyst’s continue to recommend to HOLD with an unchanged PT of EUR 13.00 as the analysts are waiting for signs of improving demand. The full update can be downloaded under https://www.research-hub.de/companies/research/TAKKT%20AG

Symrise reported solid sales figures for Q1 24. While organic sales growth remained strong (+11% yoy), negative currency effects (-5.6%) burdened the company's Q1 sales development. Overall, sales in reporting currency grew by only 5% yoy to EUR 1.29bn - in line with consensus and mwb research’s estimates. Although the growth rate is slightly below mwb research’s FY run rate of 6%, the analysts believe the company is on track to meet the estimates given a more favorable base effect in H2 24. Encouragingly, management reaffirmed its FY24 growth and profitability targets, targeting organic revenue growth ahead of the relevant market growth of 3-4% and an EBITDA margin of around 20%. The research experts reiterate their SELL rating with a PT of EUR 90.00, supported by the stand-alone and comparable valuation. Also, after competitor Givaudan recently set the bar high with its quarterly results, today's "decent" numbers may have disappointed some market participants. The full update can be downloaded under https://www.research-hub.de/companies/research/Symrise%20AG

Aixtron's Q1 results show a mixed performance, with revenues beating expectations at EUR 118m (+53% yoy), but gross margins disappointing at 37%, below both FY24 guidance and previous quarters. The company attributes this to product mix, likely due to increased sales of traditional LED equipment, compounded by a weaker USD. Despite missing operating income targets, net income is in line with expectations due to tax benefits from loss carry-forwards. Order intake of EUR 120m is in line with expectations, with a notable 37% share of MicroLED R&D and pilot production lines. Aixtron reiterates its FY24 guidance and expects Q2 revenues of EUR 120-140m, below consensus. Despite potential short-term disappointments, Aixtron's strong competitive position in long-term growth markets supports mwb research’s BUY rating with an unchanged price target of EUR 33.00.The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Deutsche Rohstoff's published final figures for FY23, in line with the preliminary report. The company also converted German GAAP to pro forma IFRS, which reveals a clear enhancement across key performance indicators, including a 6% rise in revenues, 5% in EBITDA, and 10% in net income, primarily attributed to fair value accounting adjustments. Moreover, the company's proposed shareholder remuneration strategy, featuring a 35% dividend increase, a sizable share buyback program, and the cash settlement of share options, underscores a commitment to rewarding investors while balancing future growth prospects. With the introduction of a promising forecast for 2025, Deutsche Rohstoff remains an enticing investment opportunity, especially considering its substantial discount to peers on both reported and even more so on reconciled metrics. mwb research’s analysts reiterate to BUY with PT EUR 56.70. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

Multitude’s Annual General Meeting will be held on April 25 at 10:00 a.m. (EEST / Finnish time) in Helsinki. Virtual participation will not be possible. This will be the last AGM to be held in Finland, as Multitude is moving its headquarters to Switzerland. The company is expected to be registered in Malta on or about June 30, 2024. Subsequently, registration in Switzerland will be applied for by the end of 2024 in accordance with the applicable Maltese and Swiss laws. In 2023 basic earnings per share jumped from EUR 0.38 to EUR 0.51 and the management now wants shareholders to participate in this success and proposes to pay a dividend of EUR 0.19 per share which corresponds to a current yield of 3.5%. Multitude’s strategic focus remains on the financial stability of the business model and the reduction of risks. With a P/E ratio of only 4.6x 25E, the growth prospects are not yet taken into account. Therefore, it is not too late for shareholders to participate in the company's growth potential. mwb research’s rating remains BUY with an unchanged price target of EUR 13.20. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

In the first quarter of 2024, the Mayr-Melnhof Group (MM) reported mixed results, with revenues declining by 9% year-on-year to EUR 1.0bn, and both divisions contributing to the decline. Margins faced pressure from rising production costs, while free cash flow slightly worsened. The Board & Paper division showed strong volume growth of 19% year-on-year, but suffered from a hostile pricing environment, resulting in a 7% revenue decline and negative operating margins. Conversely, the Packaging division performed well despite a 10% revenue decline year-on-year, with operating profit increasing. MM's outlook for 2024 remains vague, with uncertainties regarding the extent to which price increases can offset rising input costs, prompting mwb research’s analysts to take a more cautious stance. Adjusted estimates lead to a new price target of EUR 148.00 (old: EUR 153.00). mwb research reiterates the BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Mayr-Melnhof%20Karton%20AG

MHP Hotel AG (MHP) reported a robust Q1 24 performance with organic revenue growth of 7%, driven by equally strong increases in the accommodation and food and beverage (F&B) segments. In particular, F&B successfully compensated for the VAT increase, demonstrating the effective implementation of new concepts. Stable room rates and increased occupancy led to a 7% improvement in revenue per available room. The outlook remains stable, with potential for exceptional summer performance, particularly for MHP's German hotels, all located in UEFA Euro 2024 cities. With the planned opening of Hotel Koenigshof in Munich in Q2, MHP is even better positioned to capitalize on this momentum. A potentially growing pipeline with Hotel am Schlossgarten in Stuttgart should keep the news flow positive. mwb research’s analysts reiterate their BUY rating on MHP with a price target of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

Mister Spex will report Q1 results on May 8, which mwb research’s analysts expect to be rather lackluster. Revenue growth is expected to be only 1% y-o-y, likely hampered by subdued consumer sentiment in Germany and the timing of the Easter holiday. Gross margins are expected to decline by 2.5 percentage points to around 51%, leading to an adjusted EBITDA of around EUR -3m. Nevertheless, the analysts expect management to maintain its FY24 outlook of low to mid-single digit revenue growth and low single digit adjusted EBITDA margin. With a substantial cash reserve above the market cap and prospects for future earnings improvement, mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 6.60. The full update can be downloaded under www.research-hub.de/companies/Mister%20Spex%20SE

Last week, Puma’s competitor Adidas lifted its FY guidance amid better-than-expected Q1 performance as the company is recovering from its scrapped collaboration with Kanye West. mwb research’s analysts see little relevance for Puma here, as the general trend for Adidas remains unchanged. Like Adidas, Puma is expecting unfavorable currency effects to negatively impact both reported revenues and the gross margin development. A recovery is expected for 2025 onwards. The analysts finetuned their forecasts to reflect the CMD update but maintain their PT (EUR 60.00). The recommendation remains to BUY. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE