MHP Hotel AG (MHP), in partnership with HWS Immobilien- und Vermögensverwaltung GmbH (HWS), has acquired the Le Meridien Stuttgart hotel from Union Invest and secured a long-term lease to operate the 293-room hotel. MHP, which has been managing the property since 2017, will modernize the hotel. MHP holds a minority stake in the joint venture, reflecting its strategy to also benefit from operational success through an increase in the value of the property. HWS brings experience from previous hotel acquisitions. The deal follows MHP's successful co-investment strategy demonstrated with the Basel Marriott Hotel. The latest KPIs and the confirmed FY24 guidance also underline that the company is on the right track. mwb research’s analysts reiterate their BUY recommendation with a price target of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

mwb research’s analysts analyzed industry peers to shed light on trends in the silicon wafer industry and reassessed our investment case, asking: “Is the worst behind for Siltronic?” The analysts believe sales bottomed in Q1’24 and are now gradually rebounding, supported by surging demand for 300mm wafers driven by AI, smartphones, and PCs. On the flip side, shipment of 200mm wafers remains sluggish due to persistently weak industrial demand, softness in automotive, and slower-than-expected destocking across all segments. That said, Siltronic’s target of EUR 2.2bn in sales and EBITDA margins reaching the high thirties by 2028 is bold yet achievable, supported by megatrends, the FabNext facility, and an improved product mix. Trading at a P/B of 0.8x, Siltronic offers limited downside risk and significant upside potential, with a base case return of 165% based on 7x EV/EBITDA if targets are met. In light of evolving trends, the analysts have adjusted their estimates and reiterate their BUY recommendation with an unchanged price target of EUR 92.00. Head of IR Verena Stütze will provide further insights at the mwb research German Select online conference on 3 December, interested investors are invited to register here: https://research-hub.de/events/registration/2024-12-03-14-30/WAF-GR. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG

Company Name: Energiekontor AG ISIN: DE0005313506   Reason for the research: Update Recommendation: Buy from: 18.11.2024 Target price: 120,00 Euro Target price on sight of: 12 Monate Last rating change: 18.10.2022: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein [ … ]

Intershop Communications AG, a pioneer in e-commerce solutions, is on track for a turnaround. With decades of experience and a state-of-the-art platform recognized by industry experts, Intershop sets out to capture growth opportunities in B2B ecommerce, supported by cutting-edge technology and a robust Platform as a Service (PaaS). Intershop's cloud business has shown dynamic growth with a 26% CAGR from 2019-2023, however this was masked by a declining legacy license business in the PaaS transformation. Market trends, including a forecasted 20-22% annual growth in public cloud spending and an 18.2% CAGR for the B2B e-commerce software market, support a positive outlook. The transition to a pure PaaS model is expected to enhance earnings quality, bolstered by cost-cutting and de-risking measures. mwb research’s analysts initiate coverage of Intershop Communications AG with a BUY recommendation and a PT of EUR 3.00, offering an upside potential of 55.4%. The full update can be downloaded under https://www.research-hub.de/companies/Intershop%20Communications%20AG

Company Name: Rosenbauer International AG ISIN: AT0000922554   Reason for the research: Update Recommendation: Buy from: 18.11.2024 Target price: EUR 50.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Strong Q3 results // guidance confirmed; chg. est. Topic: Last Friday, Rosenbauer released [ … ]

Company Name: Grand City Properties SA ISIN: LU0775917882   Reason for the research: Neunmonatsbericht Recommendation: Kaufen from: 15.11.2024 Target price: €15,40 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Grand City Properties S.A [ … ]

ProSiebenSat.1 Media (PSM) reported decent Q3 2024 results. Organic revenues were flat yoy and were in line with consensus, as the strong commerce & ventures business compensated for weak TV advertising and dating & video revenues. Adjusted (adj.) EBITDA declined 6% yoy to EUR 104m (margin: 11.8%, -60bps yoy), surpassing consensus by 5%. PSM confirmed its FY 24 revenue outlook at c. EUR 3.95bn (+/- EUR 150m) but now expects adj. EBITDA to come in below its target of EUR 575m (+/- EUR 50m). While mwb research’s analysts acknowledge PSM’s efforts in improving operational efficiencies and pursuing strategic investments in local content, the analysts take a cautious view on its prospects, given muted consumer sentiment, particularly in Germany, proposed divestment of its growth drivers (flacon and Verivox), and a weak dating business. mwb research’s PT remains at EUR 6.00. However, the analysts upgrade their rating to BUY from HOLD after the recent share price drop (-20% in past 30 days). The full update can be downloaded under https://www.research-hub.de/companies/research/ProSiebenSat.1%20Media%20SE

Dermapharm Holding SE (DMP) reported a good set of Q3 2024 numbers. Revenues grew 10% yoy during the quarter, while adj. EBITDA was up 15% yoy to EUR 87m, with the margin improving by 1.4ppt yoy to 28.0%. Strong revenue and adj. EBITDA growth in the high-margin in Branded Pharmaceuticals business more than negated the impact of weakness in other healthcare products in both Q3 and 9M. Positive development at Arkopharma (stable yoy revenues and higher adj. EBITDA in Q3) was also encouraging. Given the good progress in 9M, DMP is confident of achieving its FY 2024 sales guidance of EUR 1.17bn- 1.21bn (+5% yoy at the mid-point) and adj. EBITDA of EUR 305m-315m (flat yoy). Strategic initiatives (including the successful integration of Montavit), the expansion of its international presence, and synergies between its complementary segments should drive the top-line and profitability. mwb research’s analysts slightly adjust their estimates and maintain their BUY rating on DMP at an unchanged PT of EUR 41.50. The full update can be downloaded under research-hub.de/companies/Dermapharm%20Holding%20SE

Following the release of INDUS‘ Q3 results this week, mwb research hosted a well-attended roundtable with Head of IR Dafne Sanac. In essence, the meeting confirmed the quality of INDUS’s business model. The company is one of the leading specialist holding companies in the German-speaking SME sector. It acquires mostly owner managed companies in the industrial technology sector and supports them in setting a long-term course for their business development. Despite some short-term challenges, mwb research’s analysts see the company's diversified portfolio and strong market positions as strengths in navigating the current economic environment. The analysts therefore reiterate their BUY recommendation with an unchanged PT of EUR 34.00, offering a 65% upside potential. The full update can be downloaded under https://www.research-hub.de/companies/INDUS%20Holding%20AG

Nagarro’s Q3 2024 results reveal a mixed performance, with revenue growing 3.7% yoy to EUR 242.9m but showing a slight sequential deceleration from Q2. While key geographies like North America (+9.5% yoy) and Germany (+7.4% yoy) performed well, challenges in other regions and sectors, particularly in Horizontal Tech and Life Sciences, weighted on the overall performance. Adjusted EBITDA margins improved modestly to 14.3%, reflecting effective cost control. Despite this, the management expectations highlight continued demand uncertainty, though longer-term growth prospects remain anchored in secular trends. mwb research’s BUY rating and PT of EUR 102.00 are reaffirmed. The full update can be downloaded under https://www.research-hub.de/companies/Nagarro%20SE