Enapter Co-CEO and founder Sebastian-Justus Schmidt and Co-CEO Dr Jürgen Laakmann presented at an AlsterResearch Roundtable. The presentation covered the specifications of Enapter's patented electrolysis technology (AEM) and its advantages and growth prospects compared to conventional electrolysers. With its cutting-edge electrolysis technology, the company is poised to revolutionise not only the hydrogen market but also the energy storage industry with the launch of AEM Multicore plants in the MW range. AlsterResearch’s analysts forecast revenues to double every year until 2025, driven by sales of scaled-up multi-core systems, with the potential for double-digit EBITDA margins by 2026. AlsterResearch’s recommendation is BUY with a price target of EUR 20.00. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

tonies is scheduled to report Q3 revenues on November 11. AlsterResearch’s analysts expect tonies to report healthy year-on-year growth of around 37% in Q3, rebounding from a subdued Q2 growth rate of 25%. The DACH region is expected to return to growth of around 9% in Q3 after a negative reading in Q2, mainly due to a base effect as consumer confidence was extremely depressed in Q3 22. The US market should continue to show triple-digit growth, benefiting from an increasing presence in Target and Walmart stores. tonies is on track to achieve its full-year sales guidance, and AlsterResearch’s analysts reiterate to BUY with an unchanged price target of EUR 7.70. The full update can be downloaded under https://www.research-hub.de/companies/tonies%20SE

Atoss Software continued to show impressive performance and delivered strong Q3 results with 31% yoy sales growth and EBIT surging by 61%. Sales growth was mainly driven by the Software business, particularly by on-premises licenses and the cloud & subscription business. The disproportionate growth of operating profit translated to an expansion of EBIT-margin by 6.4 percentage points to 33.8% versus Q3 2022. Based on the strong results, the company again raised its sales outlook for the full year, now expecting FY revenues to exceed EUR 145m. AlsterResearch’s analysts are adjusting their forecasts and come to a new PT of EUR 208.00 (old: EUR 203.00). The rating remains HOLD. The full update can be downloaded under https://www.research-hub.de/companies/ATOSS%20Software%20AG

In an update call with CEO Philipp Pferschy, the current situation on the German real estate market and its direct impact on GIEAG Immobilien AG was discussed. Despite a slight upturn in transaction volumes in the third quarter, investment activity on the German real estate market remains subdued, which is manifested in a year-on-year decline in sales of around 63%. Transaction volumes are currently at a similarly low level as during the financial crisis in 2008. As a portfolio holder and project developer, GIEAG cannot escape this trend. While AlsterResearch's analysts leave their estimates for 2023 unchanged, they adjust their valuations of the project pipeline to the new interest rate levels. Overall, the analysts remain positive for GIEAG, which is not least due to the two-pillar principle - i.e., project development and portfolio maintenance. AlsterResearch's analysts therefore confirm their BUY recommendation but reduce their price target from EUR 15.00 to now EUR 12.00. The full update can be downloaded under https://www.research-hub.de/companies/GIEAG%20Immobilien%20AG

Mr. Spex will release Q3 '23 results on Nov. 9th. Q3 is expected to show only modest yoy growth on both the top and bottom lines, primarily due to challenging comparisons from last year, when Q3 '22 saw exceptionally strong growth rates of nearly 18%. Factors contributing to the subdued performance include a recent decline in consumer sentiment in Germany and unseasonably warm weather affecting customer engagement. Despite a slight decline in gross margins, Mr. Spex is expected to maintain a positive EBITDA of around EUR 0.5m in Q3 thanks to strict cost management. Nevertheless, AlsterResearch’s analysts expect the company to confirm its full year guidance of mid to high single digit revenue growth. With Mr. Spex's year-end cash position expected to exceed its market cap, AlsterResearch sees an attractive investment opportunity with a significant margin of safety. AlsterResearch’s experts therefore reiterate their BUY recommendation with an unchanged PT of EUR 7.30. The full update can be downloaded under research-hub.de/companies/Mister%20Spex%20SE

In line with its preliminary announcement, Sartorius reported weak Q3 results. Q3 revenues fell 23% yoy to EUR 810.7m (-19% yoy in c.c.) and adjusted EBITDA plunged 39% yoy to EUR 216.7m, with the adjusted EBITDA margin down 6.9ppt yoy to 26.7%. Revenue and profitability in both segments suffered in the absence of the COVID-19 tailwind seen in the prior year, leading Sartorius to reiterate its recently trimmed tepid guidance for FY2023. Medium-term targets are also under review and AlsterResearch’s analysts expect an update in January 2024. Management has highlighted that the life science industry has experienced significantly increased volatility in recent years. AlsterResearch’s analysts maintain their view that the good years for Sartorius are taking a break. In view of the many pull-forward effects from the Corona period and the resulting dwindling medium-term growth potential, AlsterResearch’s experts maintain their PT of EUR 240.00, which leads AlsterResearch to a HOLD rating, as Sartorius share has experienced a considerable decline in value in the past few weeks. The full update can be downloaded under https://research-hub.de/companies/Sartorius%20AG

Metro AG (Metro) reported a decent set of results in Q4. Sales growth picked pace in Q4, and the FY23 top-line print was 3% ahead of AlsterResearch’s estimate. The FY23 sales growth of 8.8% yoy on a constant currency portfolio-adjusted basis reached the upper-half of its 5-10% guidance range. The Q4 sales momentum was particularly healthy in the East region on inflation-led pricing actions, followed by the West; the delivery and online marketplace channels also contributed to the growth. However, the adj. EBITDA commentary for FY23 came as a slight disappointment. Management now expects to reach the lower half of its adj. EBITDA guidance range, due to higher costs related to cybersecurity and lower-than-expected insurance compensation related to the Q1 23 cyberattack. While the near-term outlook remains challenging, AlsterResearch acknowledges Metro’s efforts in broad portfolio streamlining and its focus on its multi-channel growth strategy. These should gradually take the company towards its 2030 ambitions. AlsterResearch’s experts maintain their BUY rating with an unchanged PT of EUR 8.20. The full update can be downloaded under https://www.research-hub.de/companies/research/Metro%20AG

Interactive Strength Inc is active in the field of luxurious and premium smart home gyms with its existing brand FORME and CLMBR, which is expected to be acquired in Q4 2023. The fitness industry has seen an incredible boom over the past decade and therefore, sports, gyms and fitness have become not just an activity to train and exercise but also, they became complete lifestyle experience. Especially during the pandemic, when studios and clubs were closed, home exercise and mainly smart home fitness have taken on a new importance. With an innovative and revolutionary product offering, AlsterResearch’s analysts believe that Interactive Strength is just getting on the starting block for a successful future. However, due to the early stage of the company and hence still a high burn rate, which should command in further cash injections, AlsterResearch’s analysts initiate coverage with a Spec. BUY rating and a PT of USD 2.30 offering an upside potential of 119.0%. The latest update can be downloaded under https://www.research-hub.de/companies/Interactive%20Strength%20Inc

Duerr reported mixed preliminary Q3 '23 results, with sales growth of only 2.4% yoy to EUR 1.15bn and an EBIT margin of 7%. While the former indicates a deceleration in growth compared to Q1 and Q2, the latter exceeded AlsterResearch’s expectations. Still, the company is on track to achieve its FY23 targets of 6-7% EBIT margin and EUR 4.5-4.8bn in sales. However, Duerr has adjusted its outlook for 2024 due to challenges at its HOMAG subsidiary, which has seen a significant decline in order intake that could trigger capacity adjustments. As a result, the 2024 EBIT margin target has been lowered to 4.5- 6.0% and the original 8% target has been postponed by two years, contingent on HOMAG's recovery. Despite the short-term uncertainties, the long-term outlook remains promising, leading AlsterResearch’s analysts to reiterate their BUY rating, albeit with a revised price target of EUR 38.00 (old EUR 44.00). The full update can be downloaded under https://www.research-hub.de/companies/Duerr%20AG

MHP Hotel AG reported Q3 results, with revenues of EUR 35.3m, up 8% YoY. However, key metrics like occupancy, ADR, and RevPAR remained unchanged compared to 2022. This suggests that the period of strong growth post-COVID may be over. The company also reported a loss of EUR 0.95m in H1, citing higher-than-expected inflationary cost pressures and other factors. MHP is expecting stable demand for the rest of 2023 and is optimistic about the opening of the Koenigshof hotel in Munich in 2024. AlsterResearch’s analysts adjust their estimates and set a new price target of EUR 3.00 (old: EUR 3.54). AlsterResearch still recommends to BUY, based on a DCF model and supported by a discount to peer groups. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG