Suess MicroTec's final FY23 figures and Q4 performance were in line with preliminary figures, which at the time surprised positively. Looking ahead to FY24, the company anticipates strong revenue growth, supported by a substantial backlog conversion and sustained AI-driven momentum. Although gross and EBIT margin guidance for FY24 falls slightly below expectations, they meet expectations on an absolute level. The cash inflow of EUR 75m from the divestment of MicroOptics is earmarked for increased capital expenditure into capacity and IT to position itself for future growth and operational enhancements. mwb research upgrades estimates from FY25 on and reiterates to BUY with an upgraded price target of EUR 44.00 (old: EUR 42.00). The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

Enapter continues to make progress and has announced a 3MW multi-core order from CFFT SpA, a logistics company, and a 1MW order from F.i.l.m.s. SpA, a hard metal part producer, both based in Italy (mwb est: revenue of approx. EUR 4m; 25% of product revenues FY23; excluding post-sales service/replacement revenue). Both orders show that various industries are starting to rely not only on hydrogen but also on Enapter's patented AEM technology. mwb research’s analysts are confident about Enapter's long term prospects of scaling up the mass production of multi-core systems in the MW range, as the technology provides greater flexibility and cost advantages over competitors (e.g. by eliminating the most expensive precious metal, iridium). The experts from mwb research expect Enapter's cost advantage and mass production to become more apparent from 2025, which should drive growth while unlocking economies of scale. Hence, the analysts remain bullish on Enapter and maintain the BUY rating with a PT of 22.50. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

Koenig & Bauer (SKB) published its final 2023 figures, in line with the preliminary figures published in late February. The company recorded an 11.9% yoy jump in revenues to EUR 1.33bn in FY23, hitting the upper end of the guidance of around EUR 1.3bn (consensus: EUR 1.33bn). Despite the muted Q3 performance, the company managed to remain on a growth trajectory, given a robust 14.6% yoy revenue growth in Q4, primarily driven by a massive 57.0% yoy revenue growth in the Digital & Webfed segment. Koenig & Bauer maintained the FY24 guidance (given in February) at operating earnings of between EUR 15-30m and revenue of around EUR 1.3bn. Although the FY24 guidance remains slightly disappointing, the company maintained the medium-term target for revenue of around EUR 1.8bn and an EBIT margin of 8-9%. mwb research reiterates to BUY, PT EUR 20.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Koenig%20&%20Bauer%20AG

CTS Eventim (CTS) released final results for 2023 that were in line with its strong prelims. Robust demand for concerts, sports events, and live entertainment in Q4 drove steady momentum in both the Ticketing and Live Entertainment segments. Full-year revenues exceeded the EUR 2bn level by reaching an all-time high of EUR 2.4bn (+22% yoy) and normalized EBITDA grew at 32% yoy to EUR 501m, both surpassing its guidance by a material margin. Management is optimistic about the demand environment and guides for a moderate yoy revenue increase in 2024 and earnings will remain at a high level as seen in 2023. These numbers highlight the superior market position of CTS in the ticketing market. Meanwhile, the expansion of its iconic venues and the construction of Italy’s largest arena are expected to provide further impetus. CTS’ share price has risen by 24% YTD, including its appointment, alongside AXS, as the ticketing service provider for the 2028 Summer Olympic and Paralympic Games in Los Angeles, its 5th Olympic games involvement. After the recent rally, valuations appear fair. mwb research reiterates the HOLD rating on CTS at an unchanged PT of EUR 76.00. The full update can be downloaded under https://www.research-hub.de/companies/CTS%20Eventim%20AG%20&%20Co%20KGaA

Friedrich Vorwerk Group (FVG) has published its final results for FY23, which - in short - was a challenging year. Sales grew only 1.4% yoy to EUR 373m, while EBITDA margins fell 500bp to 8.6% (FY22 13.6%). While these results were largely expected and in line with mwb research’s expectations, a strong margin recovery is anticipated in FY24 as better terms are agreed in new contracts. This trend was already visible in Q4, where gross margins improved significantly sequentially from 40.5% in Q3 to 64.3% in Q4 23. As a result, EBITDA margins have almost returned to 2022 levels (11.8% in Q4 23). Another highlight was the strong order backlog, which almost tripled to EUR 1bn at the end of FY23. Based on recovering margins, the strong order backlog and the growth prospects from the transition to renewable energies particularly in Germany, mwb research confirms its BUY rating and PT of EUR 21.00. The complete analysis is available at https://www.researchhub.de/companies/Friedrich%20Vorwerk%20Group%20SE

Daimler Truck shares have rallied with a YTD gain of over 37%, maintaining a solid position among the top performers in the German equity market. The performance was driven by strong FY23 figures, which showed revenue growth of 10% yoy. This was accompanied by a significant increase in adjusted EBIT of 39%, driven by improved pricing and positive developments in all segments. However, the outlook for FY24 is more subdued, with revenue and adjusted EBIT expected to be flat and a difficult Q1 ahead. The share price is now in line with fair value and mwb research downgrades to HOLD until FY24 order intake points to a potential return to growth in FY25. mwb research maintains the price target at EUR 46.00. The full update is available at https://www.research-hub.de/companies/Daimler%20Truck%20Holding%20AG

Traton has been a standout performer in the German equity market with a remarkable YTD surge of over 62%. The company witnessed robust growth in FY23, driven by impressive sales and adjusted EBIT figures, surpassing both consensus estimates and guidance. While Q4 showcased flat volumes but notable sequential growth, particularly with a strong performance from MAN and Scania, Navistar faced challenges. Despite a rebound in order intake in Q4, reflecting a broader market normalization, management projects a marginally softer outlook for 2024 with a range of -5% to +10% yoy growth in unit sales and revenue and an adjusted EBIT margin of 8.0% to 9.0%. mwb research downgrades the stock from BUY to HOLD as current valuations fully reflect recent positive developments and suggest a cautious stance until FY24 order book clarity emerges. The mwb research analysts maintain their target price of EUR 35.00. The full update can be downloaded under https://www.research-hub.de/companies/Traton%20SE

Secunet’s full 2023 release largely confirmed the preliminary figures reported in January. Despite a 13% increase in sales, earnings remained below the previous year due to higher costs. For 2024, the company provided a modest outlook sales-wise, citing a tense budget situation in the German public sector. A weaker earnings performance for 2024 was already indicated in October 2023 due to investments and mix effects. mwb research is confident of a recovery from FY25 onwards, based on continued positive market growth and the expansion of the product range to include cloud offerings. Adjusting the model to reflect the FY24 outlook and introducing FY26 estimates, mwb research’s analysts confirms their BUY recommendation with a reduced PT of EUR 190.00 (old: EUR 197.00). The full update can be downloaded under https://www.research-hub.de/companies/secunet%20Security%20Networks%20AG

Krones finalized its FY23 results, aligning with preliminary figures released earlier. The company exceeded expectations, showcasing a 12% sales growth and over 26% improvement in earnings (EBIT) yoy. A record-high order backlog of EUR 4.1bn provides visibility into FY24. Despite significant expenditures on capex and acquisitions, Krones maintained a cash-positive position, highlighting its solid financial structure. However, free cash flow (FCF) decreased due to increased working capital requirements. Krones proposes a dividend of EUR 2.20 per share, reflecting a 26% increase over the previous year and aligning with its dividend policy. The company's strong market position, bolstered by robust customer demand and acquisitions, supports the company’s positive outlook. With a slightly increased PT of EUR 140.00, mwb research reiterates its BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/research/Krones%20AG

Nemetschek has confirmed its preliminary figures with the final figures and looks optimistically into the future after a successful fiscal year 2023. Revenues increased by 6.2% and EBITDA remained stable due to transformation-related effects and reached EUR 258m. The software specialist plans to accelerate its growth and expects to return to double-digit growth rates as customers increasingly switch to the subscription model. The share of recurring revenues in total revenues is expected to increase to approximately 85% (2023: 76.6%). Nevertheless, mwb’s analysts believe that the stock is significantly overvalued. The analysts do not consider an EV/Sales 24 of >10x or a PER 24 of >57x to be justified, even if a high share of recurring revenues adds robustness to the business model. Nemetschek is a high-quality company, but it is simply too expensive. The rating remains SELL with a price target of EUR 71.00 (before: EUR 68.00). The full update can be downloaded under https://www.research-hub.de/companies/research/Nemetschek%20SE