Cancom presented on mwb research’s German Small Cap Select conference, a quarterly conference format of stock listed gems in Germany. Cancom's Investor Relations team gave a presentation highlighting Cancom's strong positioning in its markets. Despite industry challenges due to subdued demand from German Mittelstand, the company expects an acceleration in orders in the second half of the year, as customer demand for IT service providers continues to rise. Margin expansion is expected in FY24, with gross margin and EBIT margin expected to improve. Following the completed share buyback program, Cancom holds 1.7m treasury shares (c. 4.55% of shares capital), which mwb research’s analysts expect to be cancelled as well. Doing the math, this increases the EPS for the remaining shares as well as mwb research’s DCF-based price target to EUR 33.00 (old EUR 31.00) Remains a BUY. A replay of the presentation is available at https://research-hub.de/events. The full update can be downloaded under https://www.research-hub.de/companies/Cancom%20SE

Ceconomy’s CFO, Dr. Kai-Ulrich Deissner, presented at mwb research’s German Small Cap Select Conference and provided a summary and current status on the company’s transformation. Ceconomy is currently undergoing a transformation to become a customer-focused retail service platform, which is expected to improve profitability and cash inflows. These efforts form the basis for ambitious medium-term financial targets. Dr. Deissner expressed confidence in delivering on the guidance, both in the short- and medium-term, which was reassuring. mwb research’s analysts confirm their PT and rating. A recording of the event can be found here: https://research-hub.de/events The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

Kontron presented on mwb research’s German Small Cap Select conference, a quarterly conference format of stock listed gems in Germany. CFO Clemens Billek led through the presentation, highlighting the successful completion of FY23, both operationally and strategically thanks to a series of key acquisitions. Following the sale of the IT services business, the face of the new Kontron is now slowly taking shape, focusing on megatrends such as digitalization, AI and sustainability, which the company will serve with IoT products. The recent acquisition of listed Katek appears to be on track and should provide the basis for additional top- and bottom-line growth in the future. mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 34.00 and believe that the recent share price weakness offers an attractive entry opportunity. The full update can be downloaded under: https://www.research-hub.de/companies/research/Kontron%20AG

Sven Köpsel, Head of Investor Relations & Corporate Communication of Suess MicroTec, gave a presentation at mwb research's German Small Cap Select Conference. The presentation highlighted Suess MicroTec’s exceptional positioning in high-growth areas of the semiconductor equipment market, particularly driven by AI applications, which accounted for over 30% of FY23 orders. Despite industry challenges, the company delivered 17% revenue growth in FY23, in stark contrast to the decline in the wafer fab equipment market. Margin expansion is expected in FY24, with gross margin and EBIT margin expected to improve by 240bp and 190bp, respectively, at the midpoint of the guidance range. The company's valuation presents a compelling opportunity, with margins still below industry standards and a significant discount to peer group multiples, suggesting potential for both earnings growth and multiple expansion, reinforcing mwb research’s BUY recommendation with a DCF-derived price target of EUR 44.00. A recording of the presentation is available at https://research-hub.de/events. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

Wolftank is a key player in the EU's drive towards a greener industrial and energy infrastructure, with over 70 years of experience in environmental and energy technologies. With its four segments - Environmental Services, Industrial Coatings, LNG and H2 (refueling systems) - the company covers a wide range of environmental aspects. A CAGR ’20-23E of 33% and increasing profitability reflect the structural growth opportunities the global environmental ambitions have on offer, also visible in a steadily growing order backlog (H1 23: +96% yoy). However, despite these positive developments, the share price has lost nearly 46% since its ATH end of 2021, mainly reflecting the difficult market situation for “growth stocks” amid rising interest rates and small caps in particular. mwb research’s analysts therefore see an undervalued and therefore promising investment opportunity which is why they reiterate their BUY rating with an unchanged PT of EUR 22.00, representing an upside of >100%.The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

Yesterday, mwb research hosted a well-attended virtual roundtable with Cicor’s management. The presentation was rounded off by a lively Q&A-session, with a large part of the discussion focusing on Cicor's strategy and execution with regard to M&A, which is a cornerstone of Cicor’s growth. By consolidating a fragmented market, Cicor leverages on opportunities to enhance business focus and production capacity, as well as its competitive strength. The 2022 and 2023 results validate the company’s strategy and execution. mwb research’s analysts see the investment case confirmed, reiterating the PT (CHF 80.00) and BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Auto1 published its full FY23 report, in line with the company’s preliminary release. The reported FY23 revenues declined by 16.4% yoy to EUR 5.46bn, driven by lower volumes and average selling prices. Amid declining volumes and ASP, Auto1 made progress towards profitability, strongly driven by Autohero’s increased in-house production. The company’s FY24 guidance sees a unit growth of +9% yoy at the mid-point to 610k-665k units. In this regard, German KBA numbers indicate a favourable environment in Q1. Overall, mwb research’s analysts see Auto1 on track for a recovery in terms of units, but with softer ASP. After rolling the model, mwb research confirm the PT of EUR 8.00 and the BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/AUTO1%20GROUP%20SE

Performance One (PO1) announced a small capital increase of 60,000 shares. The new shares will increase the company's share capital by c. 5.3% to EUR 1.19m and will be offered to interested investors at EUR 5.00 per share. In total, the company will receive c. EUR 300K, which will be invested in the further growth of the company. PO1’s subsidiary E-Health Evolutions GmbH, which bundles the group's digital health activities such as couch:now and the mental health app Harmony, is also rising fresh funds. The subsidiary which is majority owned by PO1 (c. 72%) plans to raise up to EUR 1.2m in a public financing round and interested investors who would like to participate in this can find all information at fundernation.eu. The e-health subsidiary alone is targeted to grow to EUR 58m in sales by ‘27, with an EBITDA margin of over 25%, according to PO1. Taking into account the current valuation, an investment in PO1 appears to be a bargain, as E-Health Evolution alone is currently valued at c. EUR 7.2m, which is higher than PO1’s EV of EUR 6.2m. The rating remains BUY with an unchanged PT of EUR 14.20. The full update can be downloaded under https://www.research-hub.de/companies/research/Performance%20One%20AG

GIEAG Immobilien AG has partially withdrawn from the stock exchange due to the difficult market environment. Trading has been suspended on the Xetra trading platform and on the Frankfurt Stock Exchange, but the share remains tradable on the m:access of the Munich Stock Exchange. According to the analysts at mwb research, this step is a consequence of the low trading activity and the high costs of the stock exchange listing. The market environment for commercial real estate investments in Germany remains difficult, with a significant decline in investments compared to the previous year (-57%). Due to the high financing costs, mwb research's analysts continue to expect a challenging market situation for project developers and are adjusting their forecasts accordingly. For investors who are defying the current situation on the real estate market, mwb research continues to recommend the share as a BUY, but is reducing the price target to EUR 6.00. The full update can be downloaded under https://www.research-hub.de/companies/GIEAG%20Immobilien%20AG

Fuchs shares have outperformed the MDAX by 26 percentage points over the past 12 months, driven by consistently strong quarterly results in FY23. This is particularly true of profitability, which has been driven by gross margin expansion and effective cost management, as well as impressive free cash flow generation. However, management has provided a cautious outlook for 2024, citing macro uncertainties, leading to expectations of broadly flat revenues and profits. Fuchs serves a largely mature market, especially the almost half of its sales in automotive lubricants, which are structurally threatened by a higher share of electric vehicles. Selective acquisitions, as in the past, could help fill the gap, but it could be an uphill battle. The lack of significant growth prospects in 2024 suggests that current valuations now fully capture the company's potential. With unchanged estimates and an unchanged price target of EUR 48.00, mwb research’s analysts downgrade Fuchs to HOLD (previously BUY). The full update can be downloaded under https://www.research-hub.de/companies/Fuchs%20Petrolub%20SE