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In the Research & Ratings section, you can access assessments from renowned analyst firms that specialize in the due diligence and valuation of companies that are generally listed on the stock exchange. Starting from the research reports, you can access further research tools and information with just a few mouse clicks, which offer you additional options for obtaining and assessing information.
Tue, 05.11.2024
Marley Spoon Group SE
Company Name:
Marley Spoon Group SE
ISIN:
LU2380748603
Reason for the research:
Update
Recommendation:
Buy
from:
05.11.2024
Target price:
EUR 4.90
Target price on sight of:
12 months
Last rating change:
Analyst:
Christian Sandherr
All eyes of profitability // strategic repositioning confirmed
Marley Spoon reported solid Q3 20 [ … ]
Mon, 04.11.2024
https://research-hub.de/companies/Scout24 SE
Scout24 SE witnessed good business momentum in Q3 2024. Revenues grew 8% yoy during the quarter, in line with consensus. Ordinary operating (op.) EBITDA increased 16% yoy and beat market expectations by a decent 3%. Profitability benefitted from a favourable revenue mix and efficiency gains, resulting in a material improvement in the op. EBITDA margin. Management now expects to reach the upper end of the revenue growth range of 9-11% yoy and op. EBITDA margin of c.61% in FY 24. Scout24 has been witnessing steady customer adds and ARPU increases and has effectively controlled costs, resulting in improved underlying margins. The company appears on track to reach its medium-term targets. Moreover, its repurchase record and commitment to dividend payout ratio of 50% reflects a solid business model, generating strong and consistent cash flows. mwb research’s analysts confirm their HOLD rating at an upgraded PT of EUR 81.00 (old: EUR 73.50). The full update can be downloaded under https://www.research-hub.de/companies/research/Scout24%20SE
Mon, 04.11.2024
https://research-hub.de/companies/Formycon AG
Formycon AG has announced its upcoming uplisting to the Prime Standard of the Frankfurt Stock Exchange, a move that will enhance its visibility among institutional investors and strengthen market credibility. Already meeting the higher regulatory standards, Formycon’s transition is largely procedural, reflecting the company’s maturity and international appeal. This uplisting also opens the door for potential inclusion in major indices, supporting long-term growth and increased investor access. mwb research’s analysts maintain their BUY recommendation with a target price of EUR 89.00. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG
Mon, 04.11.2024
https://research-hub.de/companies/Fielmann Group AG
Fielmann delivered impressive growth of 13% yoy in revenues to EUR 1.7bn in 9M 2024, led by 5% yoy organic growth and 8% yoy from inorganic contributions. The adjusted (adj.) EBITDA also increased at a similar 13% yoy to EUR 379m, though the margin was stable yoy at 22.4%. Fielmann reiterated its guidance for FY24, expecting consolidated sales of EUR 2.3bn (+15% yoy) and the EBITDA margin to improve yoy (including US operations), reaching c.24% in FY25. The company has taken significant steps to expand into new markets and cross-sell into adjacent product categories such as hearing aids. These are fueling its revenue growth. In terms of profitability, the cost efficiency program in Europe and synergy realizations from its US acquisitions are supporting margins. Given its undisputed position as market leader in German and European optical retail and its productivity-driven approach, mwb research’s analysts continue to regard Fielmann as one of the quality stocks on the German stock exchange. The analysts reiterate their BUY rating with an unchanged PT of EUR 66.00. The full update can be downloaded under https://www.research-hub.de/companies/Fielmann%20AG
Mon, 04.11.2024
https://research-hub.de/companies/SUSS MicroTec SE
Suss MicroTec has signed a long-term lease for an 18,000-square-meter production facility in Zhubei, Taiwan, 10 kilometers from its current site, to meet rising demand in its critical Asia/Pacific market. This expansion doubles clean room space and enhances production flexibility. Capex for the new site is estimated at EUR 15-20m in 2025, with production set to begin in H2 2025. Upcoming Q3 results, expected on November 7, should reflect strong revenue growth (+39% year-on-year mwb est.) driven by Advanced Backend Solutions and especially Temporary Bonders. The new production facility in Taiwan underlines the optimistic view on Suss MicroTec's future growth potential. It therefore seems unjustified that the shares of Suss MicroTec are trading at a discount of around 35% to a peer group on EV/EBITDA and EV/EBIT 2025E. mwb research’s analysts reiterate their BUY recommendation with a target price of EUR 77.00. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE
Mon, 04.11.2024
INDUS Holding AG
Company Name:
INDUS Holding AG
ISIN:
DE0006200108
Reason for the research:
Update
Recommendation:
Buy
from:
04.11.2024
Target price:
EUR 34.00
Target price on sight of:
12 months
Last rating change:
Analyst:
Christian Sandherr
Case fully intact despite PW; chg. est.
Topic: On Thursday, INDUS released its preliminary Q3 sales [ … ]
Mon, 04.11.2024
CS MEDICA A/S
Company Name:
CS MEDICA A/S
ISIN:
DK0061668225
Reason for the research:
Initiation
Recommendation:
Buy
from:
04.11.2024
Target price:
EUR 2.30
Target price on sight of:
12 months
Last rating change:
Analyst:
Christian Sandherr
Revolutionizing alternative medicine; Initiate with BUY
CS MEDICA, a Danish Med-Tech company founded [ … ]
Fri, 01.11.2024
Telefonica Deutschland Holding AG
Company Name:
Telefonica Deutschland Holding AG
ISIN:
DE000A1J5RX9
Reason for the research:
Special situation
Recommendation:
Buy
from:
23.10.2024
Target price:
€3.00
Target price on sight of:
12 months
Last rating change:
-
Analyst:
Kevin Sheil
First Berlin Equity Research has published a correction of the research updat [ … ]
Fri, 01.11.2024
https://research-hub.de/companies/Knorr - Bremse AG
Knorr-Bremse announced mixed results for Q3 24, with revenues of EUR 1.9bn, down 1.5% yoy. EBIT amounted to EUR 219m, with a margin of 11.5%, slightly lower than in Q2 24 but on a similar level to the previous year. Following a strong performance in Q1 and Q2 order backlog is still up by 7% yoy, despite a 1.9% yoy decline in order intake in Q3 24. Free cash flow was down 20% yoy in Q3 24, but up a substantial 282% yoy on a 9M basis, benefiting from robust H1 performance. The BOOST 2026 program continues to have a positive impact, with an EBIT margin increase of 120bps yoy on a 9M basis, but weakness in Commercial Vehicle Systems (CVS) raises concerns. Taking a more cautious tance, mwb research’s analysts lower their estimates and come to a new PT of EUR 76.00 (from EUR 85.00). The rating goes from BUY to HOLD. The full update can be downloaded under https://www.research-hub.de/companies/Knorr%20-%20Bremse%20AG
Fri, 01.11.2024
https://research-hub.de/companies/Vossloh AG
Vossloh delivered a strong performance in the first nine months with a record order intake of over EUR 1bn, up 8.5% yoy. The order backlog rose by 9.0% to EUR 852m, driven by strong demand for Customized Modules and strategic acquisitions. Despite lower revenues of EUR 860m, down 7.2% due to lower project-related revenues in Core Components, EBIT remained stable at EUR 77.1m. The EBIT margin improved to 9.0%, with all business areas achieving double-digit profitability. Net income rose to EUR 56.6m, boosting EPS by more than 60% to EUR 2.70. Vossloh's financial position was strengthened with reduced net financial debt and an improved equity ratio. The company reaffirmed its full-year guidance and expects sales growth, and an EBIT increase in Q4, which mwb research’s analysts consider realistic but ambitious. The analysts reiterate their BUY rating with an unchanged PT of EUR 57.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Vossloh%20AG