Yesterday, Delivery Hero’s share price surged by 14.5% to EUR 33.00, doubling from its all-time low at the beginning of February. According to media reports, activist investor Sachem Head Capital Management has acquired a 3.6% stake in Delivery Hero and would be aiming for a seat on the Supervisory Board. The New York-based investor has made a reputation for implementing changes, including changes in the management board. Sachem Head's entry would be primarily positive from an investor's point of view, as its principal aim is to improve operations and increase the share price. However, Delivery Hero has managed to turn the corner by its own efforts in the past weeks. mwb research’s analysts confirm their PT (EUR 48.00) and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

Following the publication of preliminary results in early February, CompuGroup’s (CGM) share price fell sharply by a further 30% to an almost 10-year low at EUR 26.70. This decline is explained by the weak figures, which were particularly surprising with significant differences between the adjusted (adj.) and reported KPIs that did not meet market expectations. Now, mwb research’s analysts have incorporated the final set of ‘23 figures. At the same time, the analysts introduce the ‘26 forecast and update the estimates to reflect the surprisingly weak results and the new outlook. mwb’s analysts continue to believe that reported margins remain weak in 2024, however, as the share price suffered to new lows, they also believe the trough should be reached. Management has taken two immediate steps (doubling of dividend and a further share buyback) to reassure shareholders. Therefore, mwb research reiterates the BUY rating with a lowered PT of EUR 42.00 (old:51.00). The full update can be downloaded under https://www.research-hub.de/companies/CompuGroup%20Medical%20SE

Rubean reported a remarkable fivefold increase in revenues to EUR 0.5m in Q1'24, driven by software roll-outs and new contracts with major customers. Rubean continued to win important new customers, including a strategic alliance with Discover and a transformational deal with Global Payments Europe. mwb research’s analysts expect the latter to generate several million euros of annual recurring revenues over the next 2-3 years. Rubean has also made progress in improving profitability. Cost reduction measures resulted in 10% savings compared to Q1 last year. Overall, management reaffirmed its guidance for a doubling of revenues to EUR 2.2-2.5m, anticipating seasonal weakness in Q2 but positive results in Q3 and Q4 driven by increasing momentum from its strategic alliances. mwb research’s analysts reiterate their BUY rating with a PT of EUR 12.00, reflecting an upside of around 100%. The full update can be downloaded under https://www.research-hub.de/companies/Rubean%20AG

Multitude has published its final FY23 figures, which confirm the preliminary figures. Revenues and earnings increased in all areas and the balance sheet quality was further improved. Multitude is a FinTech company and has previously reported as a technology company. Starting with the annual report 2023, Multitude reported P/L as a bank. This means that the top line will no longer be ‘revenue’, but ‘net interest income’. In addition, EBIT, which was previously the most important KPI, will be replaced by consolidated net profit. Management confirmed the long-term targets updated in November 2023 to reach net profit of EUR 30m by the end of 2026. With net profits of EUR 30m, an EPS of c. EUR 1.40 would be reached, compared to last year’s EUR 0.51 which can be translated into a dividend of up to EUR 0.70 per share by 2026E. With a P/E ratio of only 5.9x 24E, growth prospects are not reflected in the current valuation. With more transparent reporting, this undervaluation should gradually disappear if the earnings power of the business model lifts the net profit to over EUR 30m. mwb research’s rating remains BUY with an increased price target of EUR 13.20. (old: EUR 12.60). The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

The recent stock market debut of GE Vernova (GEV), following its spin-off from GE, provides an opportunity to compare its business model with that of Siemens Energy. There are slight differences in terms of products and markets served, but overall the two companies are very similar, not only in terms of business scope, but also in terms of size and profitability. The one exception is the wind business, where both companies are struggling, but Siemens Energy is facing bigger problems. While this should be reflected in the valuation, the current 50% discount on FY23 EV/sales seems excessive. mwb research’s analysts raise their price target for Siemens Energy to EUR 22.00 (from EUR 17.00) and reiterate their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG

Redcare Pharmacy's prelim. Q1 24 sales figures show continued high double-digit growth, but with slowing momentum. Group sales increased by almost 51% yoy to EUR 560m, compared to stronger growth rates of 67% and 62% in Q3 23 and Q4 23 respectively. Organic sales growth was a solid 19% yoy, with the recently acquired MediService contributing the remainder. Non-Rx sales increased by 20% to EUR 404m, while Rx sales increased by 348% to EUR 156m, mainly due to the MediService acquisition. However, the mandatory introduction of electronic prescriptions in Germany has not yet had a significant impact on sales. Although the Q1 results were in line with mwb research’s expectations, the analysts reiterate the SELL rating with a PT of EUR 115.00, taking into account the growth prospects already reflected in the current share price and the uncertainties surrounding the German Rx sales acceleration. The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

cyan AG announced its preliminary figures for FY23. Including the i-new business, operating revenues came in at EUR 8.6m, roughly in line with mwb research’s estimates. Group EBITDA (incl. i-new and one-offs) amounted to EUR -9.7m (mwb est: EUR -12.7m), better than forecasted due to a retrospective recognition of changes in inventories in FY22, which was originally planned for FY23. Cybersecurity figures show a positive top-line performance. Recurring revenues were up by 41% yoy, driven by the increase in the subscriber base (+71%). After adjusting the model, the analysts come to a new PT of EUR 3.50 (old: EUR 3.20), reiterating their BUY recommendation. On April 15, 2024, mwb research will host a roundtable event with cyan AG’s management, for which you can register under https://research-hub.de/events/registration/2024-04-15-14-00/CYR-GR. The full update can be downloaded under https://www.research-hub.de/companies/cyan%20AG

Cancom released its final FY23 figures, which were in line with its prelims. FY23 showed a mixed picture, but the outlook for ‘24 is reassuring. For FY24, Cancom is targeting revenues in the range of EUR 1.75-2.0bn and an EBITDA of EUR 130-155m. With mwb research’s estimates at the lower end of the new guidance, mwb research’s analysts believe Cancom’s business could be up for a positive surprise in H2 ‘24, when a gradual recovery is expected. Cancom will participate in the Small Cap Select Conference (virtual meetings) organized by mwb research on April 9. Interested investors and shareholders can register at https://research-hub.de/events In the view of mwb research’s analysts, Cancom’s medium- and long-term outlook are fully intact, and an improvement in demand from SMEs offers upside potential to mwb research’s estimates. Taking into account the final figures and the outlook, the experts slightly increase their forecasts, resulting in a new PT of EUR 31.00 (old: EUR 29.00). BUY. The full update can be downloaded under https://www.research-hub.de/companies/Cancom%20SE

coinIX announced the realization of hidden reserves of EUR 5.1m in the 2024 financial year through the transfer of liquid cryptocurrency holdings to the special fund coinIX COINVEST SCI1. The operational impact will remain minimal, as the same experienced team will continue to make the investment decisions. Transparency will be increased through the regular publication of the value of the special fund. mwb research’s analysts assume that the management fees of the special fund will be in line with those of coinIX, so that there will be no changes on the cost side, but additional income opportunities through the participation of further investors. Separately, one of coinIX's token projects, peaq, has announced a successful Series A funding round of USD 15m. This gives mwb research’s analysts confidence in the value potential of the as yet untraded token. mwb research’s analysts confirm their BUY recommendation with a new price target of EUR 4.00, which takes into account the tax payment on realized profits. coinIX remains the top choice for investors seeking exclusive access to a diversified blockchain portfolio. The full update can be downloaded under research-hub.de/companies/coinIX%20GmbH%20&%20Co%20KGaA

Stratec reported solid sales and earnings in Q4 2023, reflecting new product launches, Natech Plastics consolidation, and multiple earnings improvement measures. Meanwhile, full-year results were impacted by subdued demand for molecular diagnostic systems, persistent inventory destocking, and development-related delays in a new veterinary diagnostics system generation. Discouragingly, amid weak start of the year, due to continued inventory destocking, management issued a weak guidance for 2024, expecting sales to remain flat or increase slightly yoy on a constant currency (c.c.) basis and adjusted (adj.) EBIT margin of 10%-12% (2023: 10.3%). Stratec estimates that there is still increased volatility in customer ordering patterns due to the many lingering effects of the pandemic. The sales recovery could be slower than expected, even though Stratec seems to be making good progress with its cost-cutting measures. mwb research has reduced the assumptions and lowered the price target to EUR 37.00 (old: EUR 58.00). The analysts think that it is still too early to buy and therefore downgrade the rating to HOLD. The full update can be downloaded under https://research-hub.de/companies/research/Stratec%20SE