Last week, Vulcan Energy Resources announced that it has progressed into the second and final stage of its financing process, now being in formal discussions with structuring banks. In parallel, Vulcan advanced its project-level equity financing process after a first due diligence phase. The company intends to build long-term strategic relationships with potential partners from the engineering and energy sector. With detailed due diligence ongoing, Vulcan is anticipating finalizing all components of its financing process in Q4 2024. Subsequently, closing/draw down on funds is expected during Q1 2025. Successful project financing should remove major obstacles and risk factors to bring more institutional investors on board. Although the share price has shown an outstanding performance in recent weeks, mwb research continues to see upside. The recommendation remains BUY with a PT of EUR 9.90. The previous update can be downloaded under https://www.research-hub.de/companies/research/Vulcan%20Energy%20Resources

Solid start into the year // record order backlog; chg. est. Topic: Rosenbauer released solid Q1 figures with sales above but EBIT below our estimates. The demand for firefighting vehicles is unbroken supported by several structural trends, leading to a strong order intake and a new record high in order backlog. Q1 sales grew by 17.7% yoy to  [ … ]

Wolftank Group released FY23 results which saw a 39% increase in sales yoy to EUR 87m, driven by growth across all segments. Environmental Services sales surged to EUR 51.7m, aided by the acquisition of Petroltecnica. Industrial Coatings and Maintenance Services rose to EUR 14.5m, while Hydrogen & Renewable Energies grew modestly to EUR 20.6m. EBITDA doubled to EUR 8.5m, with a 10% margin, and EBIT increased to EUR 4.0m. Despite higher-than-expected net debt, Wolftank exceeded most estimates and forecasts robust growth for FY24, with sales expected to reach EUR 110-127m and significant margin improvements. mwb research reiterates the BUY rating with unchanged PT of EUR 22.00, offering significant upside. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

Noctiluca (NCL) continues to make progress in terms of both revenues from proprietary materials and the number of commercialised patented families of chemicals compounds. According to management, these are two key elements in building value for companies like Noctiluca. To date, the company has 4 patent applications, with one patent granted. NCL  [ … ]

First Berlin Equity Research hat ein Research Update zu Grand City Properties S.A. (ISIN: LU0775917882) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 12,90 auf EUR 13,70. Zusammenfassung: Der Dreimonatsbericht zeigte erneut eine gute operative Leistung, angeführt von eine [ … ]

First Berlin Equity Research hat ein Research Update zu SFC Energy AG (ISIN: DE0007568578) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 34,00. Zusammenfassung: SFC Energy hat Q1-Ergebnisse veröffentlicht und eine Telefonkonferenz abgehalten. Das Unterne [ … ]

Suedzucker (SZU) reported detailed results for FY23/24 that were in line with its prelim. release, meeting its guidance range and consensus. Group revenues reached EUR 10.3bn (+8% yoy) during the fiscal year, driven by high sugar prices. EBITDA and operating results posted significant increases and SZU is set to propose a dividend increase to EUR 0.90/share (+29% yoy), which represents a comfortable yield of c.6%. However, Q4 results registered fading momentum, with sales up only 5% yoy and operating result margins halving yoy to 3.5%, as higher production costs in the sugar segment negatively impacted earnings. Management anticipates significantly lower Q1 FY24/25 earnings amid a slow start to the year, as sugar prices have largely stabilised and should trend lower. SZU reiterated its dull guidance for FY24/25, which indicates broadly flat yoy group revenues (at the mid-point) and declining EBITDA and operating profits, particularly in the sugar segment. mwb research’s analysts maintain their HOLD rating on SZU at an unchanged PT of EUR 14.00. The full update can be downloaded under https://www.research-hub.de/companies/Suedzucker%20AG

Q1 review: powerful take-off into 2024 FWAG released sound Q1 results, in line with our estimates. While top-line was driven by solid passenger growth, bottom-line benefitted from a positive financial result and grew disproportionately. In detail: Upbeat winter travel grew top-line: Against last year's muted outlook, Q1 passengers numbers ros [ … ]

Promising acquisition & strong start into the year 123fahrschule announced an agreement to acquire Foerst GmbH, a manufacturer of driving simulators for cars, trucks, and buses, which are primarily used for driver education. The acquisition price, a mid-six-figure amount (eNuW: € 500k; c. 0.5x act. EV/sales), will be paid fully or part [ … ]

Solid FY23 and Q1'24 prelims // accelerating growth in April; chg. Topic: Cantourage issued solid FY23 and Q1 2024 prelims, which were impacted by slower patient growth amid the looming (at that time) regulatory changes. Sales figures for April (following legalization light) show a significant acceleration. FY23 sales grew by 67% yoy to &euro [ … ]