Fuchs SE (Fuchs) reported decent set of results in Q4. Sales fell 2% short of consensus, largely due to FX headwinds, whereas organic growth of 3% yoy was better than market expectations of a 2% yoy decline. Q4 EBIT beat consensus by 2% and the margin improved by 240bps yoy to 11.9%, reflecting a better gross margin on price increases. Although full-year revenues of EUR 3.5bn fell c.2% short of guidance, EBIT of EUR 413m surpassed by 6%. Moreover, free cash flow generation (before acquisitions) was robust at EUR 465m (2022: EUR 61m), well ahead of its guidance of EUR 380m. Despite decent performance in 2023, management issued a cautious outlook for 2024 – revenues to grow by c.2% and EBIT to increase by c.4% – citing macro challenges and uncertain commodity prices. We acknowledge the near-term challenges, but structural growth drivers are expected to pivot Fuchs towards its targeted EUR 500m in EBIT by 2025 and a 15% EBIT margin in the long term, in mwb research’s view. mwb research’s analysts slightly tweak their estimates and reiterate their BUY rating at a revised PT of EUR 48.00 (old: EUR 43.00). The full update can be downloaded under https://www.research-hub.de/companies/Fuchs%20Petrolub%20SE

Wacker Chemie reported detailed Q4 and 2023 numbers that were in line with its preliminary release. Q4 revenues were c.EUR 100m, below the lower end of the guidance range, and slightly missed consensus at the time of pre-release, while EBITDA was broadly in line. Top-line and EBITDA declined yoy, both in Q4 and full year, amid weak demand and resultant decline in volumes and prices. Overall profitability was also impacted by still high energy prices in Germany and raw material cost inflation, as well as continued low-capacity utilisation and unfavorable mix. With no material turnaround in demand in sight, management has issued a cautious guidance – revenues to come in at EUR 6.0bn-6.5bn (-2% y/y at the mid-point) and EBITDA to reach EUR 600m-800m (-15% y/y at the mid-point). Despite the weak outlook, Wacker Chemie continues to invest heavily, signaling that it is preparing for a future upturn in demand. The company’s underperformance (-18% y/y) suggests that this could be an opportunity for investors looking beyond the next few quarters. mwb research’s analysts reiterate their BUY recommendation at a revised PT of EUR 128.00 (old: EUR 135.00). The full update can be downloaded under https://www.research-hub.de/companies/Wacker%20Chemie%20AG

Deutsche Rohstoff's preliminary Q4 and FY23 figures surpassed expectations, with Q4 revenues reaching EUR 64.0m, beating estimates by nearly EUR 10m, driven by robust production of 15,300 BOEPD, up 5% qoq and 47% yoy. EBITDA also exceeded forecasts by around EUR 6.3m, boasting a healthy margin of 88.3%. Despite higher depreciation due to increased capital expenditure, net profit aligned with expectations. Operating momentum continued into 2024, with production exceeding plans by approximately 20% in the first two months. While this could lead to revenues surpassing EUR 200m for the year, caution is advised until further evidence of sustainability emerges. Nevertheless, Deutsche Rohstoff's favorable position in the oil market and significant discount to peers support AlsterResearch’s analysts BUY rating with an unchanged price target of EUR 52.00. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

AlsterResearch hosted a roundtable with Rubean AG with CEO Dr. Hermann Geupel and CTO/COO Jochen Pielage. The meeting confirmed a positive outlook and the company's entry into a hyper scaling phase. A replay of the event is available at www.researchhub.de/events. In particular, a significant contract with Global Payments Europe has led to a substantial increase in future estimates. The company expects significant revenue growth in FY24, reaching EUR 2.2-2.5m, with further exponential growth to reach double-digit revenues by 2026/2027 and impressive EBIT margins of around 40%. Rubean is planning a cash capital increase to support growth and bridge cash flow gaps, aiming to issue up to 10% more shares. Management's confidence in Rubean's trajectory and its unique position in the mobile payment acceptance market supports AlsterResearch’s BUY rating with an unchanged PT of EUR 12.00, implying almost 80% upside. The full update can be downloaded under https://www.research-hub.de/companies/Rubean%20AG

Atoss has presented its final annual report for 2023, which was in line with the preliminary figures. Also, the cash flow statement reflected the strong operating performance. Shareholders are set to benefit from Atoss’ strong FY performance as the shareholder friendly dividend policy is being maintained with a dividend proposal of EUR 3.37 per share. Further, the company revealed that it intends to implement a share split by factor 2, but also to implement its announced change of its legal form to a European stock corporation (Socieatas Europaea, SE). AlsterResearch’s analysts come to a revised PT of EUR 229.00 (old: EUR 212.00), while AlsterResearch’s analysts believe the valuation is too high compared to the peer group. Hence, they reiterate to SELL. The full update can be downloaded under https://www.research-hub.de/companies/ATOSS%20Software%20AG

Mayr-Melnhof Group has published key figures for FY23. Overall, revenues and operating profit slightly missed expectations, reflecting the sharpest decline in the cartonboard market in the last 50 years. The Board & Paper division was particularly impacted by price pressure and downtime, while the Packaging division held up better thanks to acquisitions in pharmaceuticals. Management gave a cautious outlook for FY24 due to continued overcapacity and a slow market recovery, but the company's strong cash flow and cost-saving measures still warrant a BUY rating with a new price target of EUR 153.00 (old: EUR 160.00). The full update can be downloaded under https://www.research-hub.de/companies/Mayr-Melnhof%20Karton%20AG

Staige One AG announced plans to raise fresh capital, aiming for a 12.5% increase in capital by issuing up to 620K shares at EUR 2.00 each, a 20% discount. The move seeks to finance future growth, with gross proceeds of around EUR 1.24m. Existing shareholders can subscribe at a ratio of 8:1, with two major shareholders already committed. Staige, known for its AI-driven sports camera, targets expanding its technology and capitalizing on B2C opportunities. The company, dominant in the DACH region, plans to leverage its growing customer base. AlsterResearch’s analysts view the capital raise positively, highlighting continued growth prospects and the need to bridge to profitability. AlsterResearch therefore maintains the BUY rating, with unchanged PT of EUR 6.50 and noting Staige's attractive valuation compared to similar companies in the SaaS sphere. The full update can be found under https://www.research-hub.de/companies/Staige%20One%20AG

Formycon’s FYB201 has received marketing authorization from the Saudi Food & Drug Authority. The biosimilar of Lucentis is marketed in the Middle East and North Africa (MENA) region by MS Pharma. FYB201 is expected to be available from the second quarter of 2024 under the trade name Ravegza, and further market launches are expected throughout 2024. The upcoming market launch in Saudi Arabia marks another milestone in the commercialization of FYB201, as the pharmaceutical sector in Saudi Arabia accounts for roughly 60% of the MENA market, highlighting its substantial role. However, updates on the anticipated approval of FYB202 and FYB203 will be a particular focus this year. AlsterResearch’s analysts confirm their price target of EUR 91.00, as well as their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

ProSiebenSat.1 (PSM) has published 2023 results as previously announced, with revenues coming in below PSM’s guidance and AlsterResearch’s expectations, while adjusted (adj.) EBITDA stood above PSM’s expectations, helped by various smaller one-off effects. The recovering DACH advertisement business and increasing demand for Joyn (strong quarterly result with a record 6.3m monthly video users and 8.8bn minutes of viewing time) aided the positive top-line performance in Q4. Furthermore, PSM has shown a good start in Q1 2024, with increasing DACH ad sales (c. 2% yoy growth expected in 2024 vs -1% yoy consensus expectations). Hence, it expects FY 2024 revenues to grow slightly to c. EUR 3.95bn (+/- EUR 150m), while it confirmed adj. EBITDA outlook to remain at the previous year's level on an expected rise in programming investments. However, AlsterResearch’s analysts remain cautious amid the ongoing macroeconomic uncertainties and maintain their SELL rating. The full update can be downloaded under https://www.research-hub.de/companies/research/ProSiebenSat.1%20Media%20SE

Wolftank Group, showcased at AlsterResearch’s hydrogen pop-up conference, highlighted its strong position in emission-free mobility, particularly in hydrogen refueling systems. The company benefits from European plans to establish a comprehensive hydrogen refueling infrastructure, foreseeing significant growth. With a projected need for thousands of refueling stations by 2030, Wolftank's order momentum remains robust, with inquiries totaling nearly EUR 160m. Recent large orders, including a hydrogen station in Bolzano and infrastructure for a railway company in Northern Italy, demonstrate this momentum. The management presentation reaffirms positive prospects for Wolftank's growth, supporting AlsterResearch’s BUY rating with an unchanged price target of EUR 22.00, offering investors an 80% upside potential. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG