First Berlin Equity Research hat ein Research Update zu Aroundtown SA (ISIN: LU1673108939) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 3,40 auf EUR 3,50. Zusammenfassung: Der Dreimonatsbericht zeigte erneut eine solide operative Performance, angeführt von einem LFL-Miet [ … ]

CHAPTERS Group published the FY23 report, confirming preliminary figures from early March. Over the course of 2023, CHAPTERS and its investment platforms have acquired majority stakes in 18 operating companies and spun off the building services group ARUDI. Looking ahead, the company’s development will be defined by its M&A activity. So far, CHAPTERS has added four companies in 2024, thereof three for mlog. In April, the company announced that it intends to conduct a capital increase of up to EUR 60-80m later this year, supported by a backstop agreement with investors for up to EUR 52m. mwb research continues to see CHAPTERS as an exciting opportunity for investors to join large value investors and invest in long-term growth. On a revised model, mwb research increases the PT to EUR 27.00 (old: EUR 24.00). BUY. The full update can be downloaded under https://www.research-hub.de/companies/CHAPTERS%20Group%20AG

Market reopening still pending / chg. Yesterday, UBM released muted Q1 results following the continued standstill on the European real estate transaction market. Yet, the company was able to dispose some smaller non-strategic assets. Q1 sales increased on a low level by 14% yoy to € 20.4m (eNuW: € 25m) and were predominantly driven  [ … ]

FCR has made a good start to the financial year and has published its key figures for Q1 24. EBITDA increased to EUR 7.5m (previous year: EUR 7.2m), while EBT decreased slightly to EUR 3.6m (previous year: EUR 3.9m) mainly attributable to higher financing costs. The results demonstrate the stability and profitability of the business model, which is based on predictable rental income. At EUR 2.0m (previous year: EUR 2.3m), FFO remained at a satisfactory level and only slightly below expectations. However, due to indexed rents and further acquisitions, FCR should reach or even exceed mwb research’s estimates of EUR 8.4m for FY24. Key figures such as occupancy and WAULT remained stable. Management is also optimistic about the rest of the year. mwb research therefore reiterates its BUY recommendation with an unchanged PT of EUR 20.50. The previous full update can be downloaded under https://www.research-hub.de/companies/FCR%20Immobilien%20AG

H2 Core, a company in which Enapter holds a significant stake, was presented at the mwb research Renewables Conference yesterday. The company is a hydrogen system integrator, specializing in the final combination and installation of complete hydrogen systems (electrolyser, tank and fuel cell). H2 Core is about to go public via a reverse IPO. For Enapter, the partnership has two main benefits: on the one hand, Enapter can offer complete solutions through H2 Core and benefit from the associated growth. In addition, the value of Enapter's stake in H2 Core should become more visible after the IPO. All this is further evidence that Enapter has a good sense for forming value accretive partnerships in order to optimally position itself in the hydrogen market. 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

Photon Energy CEO Georg Hotar presented the company's business model, recent developments and outlook at the mwb research Renewables Conference (video recording: https://research-hub.de/events). 2023 was a challenging year for Photon Energy, as several business units faced adverse conditions simultaneously. Falling electricity prices and PV component prices and grid bottlenecks delaying new projects all weighed on results. However, there is evidence of a turnaround in 2024. Photon Energy has shifted a significant part of its Hungarian portfolio to a feed-in tariff model, thus securing more stable revenues. Rising forward electricity prices are another positive indicator. Finally, the New Energy business is expected to make a significant contribution for the first time in FY24. Photon Energy maintains its FY24 revenue and EBITDA guidance of EUR 90-100m and EUR 16-18m, respectively, and thus expects significant top- and bottom-line growth. mwb research’s analysts reiterate their BUY rating with an unchanged price target of EUR 3.05. The full update can be downloaded under https://www.research-hub.de/companies/Photon%20Energy%20NV

Since publishing its Q1 results a month ago, Kontron’s shares have risen by nearly 14%, outperforming the market due to recent positive developments. These include a significant contract to supply smart charging stations for electric vehicles, valued at a minimum of EUR 200m, and leveraging expertise from the Katek merger. Kontron also completed the delisting tender offer for Katek SE, increasing its stake to 87.31%. Additionally, Kontron sold TeleAlarm Europe GmbH for EUR 39m, aligning with its strategic focus on IoT solutions. These actions, alongside operational and strategic transformations, bolster Kontron's shift towards a pure play IoT company. mwb research’s analysts therefore maintain their BUY rating with an unchanged price target of EUR 34.00. The full update can be downloaded under: https://www.research-hub.de/companies/research/Kontron%20AG

First Berlin Equity Research hat ein Research Update zu ad pepper media International N.V. (ISIN: NL0000238145) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 2,90. Zusammenfassung: ad pepper media (APM) hat ihren Q1-Bericht veröffentlicht. Die endgü [ … ]

Debottlenecking production capacities Topic: Cantourage and Portocanna entered into a strategic partnership which offers Cantourage a capital light way to increase its production capacities significantly amid the surging demand for medical cannabis in Germany. Legalization light is transforming the market. As of the beginning of April, cannab [ … ]

Squeeze-out process initiated / Change to HOLD On Friday, the supervisory board of IMMOFINANZ AG approved the commencement of preparations for a squeeze-out of S IMMO, where all shares held by minority shareholders are going to be transferred to IMMOFINANZ against appropriate cash compensation. Together with its parent company CPI and includi [ … ]