First Berlin Equity Research has published a research update on Schloss Wachenheim AG (ISIN: DE0007229007). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 22.00 price target. Abstract: Q3 23/24 sales climbed 5.6% to €87.1m (Q3 22/23: €82.5m) as price rises and positive product mix and currency effects outweighe [ … ]

Ceconomy has announced preliminary headline figures for the second fiscal quarter, showing a significant beat with currency- and portfolio-adjusted sales growth of 6.5% and adjusted EBIT up EUR 26m year-on-year. This is ahead of expectations despite the ongoing challenges. In addition, the company's guidance for FY24 is for adjusted EBIT in the range of EUR 290m to EUR 310m, up significantly from FY23 and ahead of consensus expectations. mwb research’s analysts adjust their estimates and arrive at an increased target price of EUR 2.90 (old: EUR 2.80), the recommendation remains BUY. The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

Wolftank secured two significant contracts in Italy totaling EUR 6.7m. One involves its joint venture Mares constructing a key service station near Rome, scheduled to begin in October 2024. The other, awarded to subsidiary Petroltecnica by Italgas Reti, entails environmental remediation and waste management activities across northern and central Italy, spanning three years. These contracts, representing 6% of annual sales, strengthen Wolftank's position in the market and demonstrate that growth is not only on offer in the hydrogen-related business. Despite the rather positive developments in recent weeks and months, the company's stock performance has not reflected this, likely due to broader renewable energy market trends. Given the robust momentum of Wolftank's operational activities, mwb research’s analysts maintain their BUY rating with an unchanged price target of EUR 22.00. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

CMD underpins promising mid-term prospects; chg Q1 sales came in at a mere € 1.2m with an EBITDA of € -2.6m. This is a significant decrease compared to the particularly strong Q4 last year with roughly € 26m sales and € 1m EBITDA. As pointed out during the earnings call, this should mainly be driven by the seasonal distribut [ … ]

Q1 preview: performance fees and banking to drive EBIT Topic: MLP's Q1 results are due on Wednesday, May 15th and we expect a solid EBIT expansion driven by a contribution of performance fees (first time since Q4'21) as well as continuous support from the banking business. In detail: Solid top-line: For Q1, we expect sales to grow by 7% to &e [ … ]

Solid Q1 figures ahead // Multitude to continue on growth path On Thursday, Multitude will report Q1´24 figures that should come in solid, but with room for sequential improvements until YE. Here is what to expect: Sales should come in at € 59m (+9% yoy, -6% qoq), mainly driven by the strong growth of the net loan book (NAR) to &eu [ … ]

First Berlin Equity Research hat ein Research Update zu MPH Health Care AG (ISIN: DE000A289V03) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 62,00 auf EUR 81,00. Zusammenfassung: Die vorläufigen Ergebnisse entsprachen weitgehend unseren Erwartungen. Der JE23 Nettoinventa [ … ]

First Berlin Equity Research hat ein Research Update zu Knaus Tabbert AG (ISIN: DE000A2YN504) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 86,00. Zusammenfassung: Knaus Tabbert hat das Jahr mit einem soliden Q1-Bericht begonnen. Nach dem Blockbuster-Wachstum von 37% im Ja [ … ]

GEA Group reported decent results in Q1 2024. Revenues missed consensus by 2%, but adj. EBITDA and order intake were 3% better. Organic (org.) sales developed slowly at +3% yoy, as a strong service business was largely negated by weakness in new business sales. However, an improved gross margin and controlled operating costs helped the company deliver 5% yoy growth in adj. EBITDA to EUR 180.5m and a 100bps yoy expansion in the margin to 14.5% (stable qoq). Despite reporting a 10% yoy org. drop in order intake (due to a high comparable base), the book-to-bill ratio was comfortable at 1.1x and order backlog stayed healthy at EUR 3.2bn, translating to 60% of 2023 revenues. Furthermore, confirmation of 2024 guidance is reassuring in the backdrop of multiple macro and geopolitical headwinds. While management expects a slowdown in org. sales growth (reported sales targeted at 4% CAGR over 2023-2026), it remains committed on delivering on profitability metrics (2026E: 15%+ vs 14.4% in 2023). The ongoing EUR 400m share repurchase plan (until beginning of 2025) should also be viewed positively by investors. mwb research adjusts the estimates and reiterates the BUY rating at its DCF-backed revised price target of EUR 45.00 (old: EUR 44.00). The full update can be downloaded under https://www.research-hub.de/companies/GEA%20Group%20AG

Lanxess reported another dull set of numbers in Q1 2024, though both revenues and adj. EBITDA were 4% better than consensus. Sales declined by 15% yoy, dragged by weak demand and a consequent decline in prices and volumes. Adj. EBITDA plummeted 47% yoy, due to under absorption of fixed costs. Despite a slow start to 2024, management issued a revised guidance for 2024. It now expects adj. EBITDA to grow between 10%-20% yoy (vs moderately above crisis result of 2023 but still significantly below normal levels earlier). These targets look ambitious. FCF generation (-EUR 87m) was again impacted by weak operating results and working capital build. Net debt increased 4% qoq to EUR 2.6bn. While it has to be acknowledged that Lanxess’ multiple cost-saving measures could structurally strengthen its business, elevated debt levels and a still muted demand environment remain a concern. With share prices up 12% over the past 3 months, valuations appear fair. mwb research downgrades the rating to HOLD from BUY and revises the target price to EUR 30.00 (old: EUR 27.00).The full update can be downloaded under https://www.research-hub.de/companies/Lanxess%20AG