Formycon AG has announced some updates on its biosimilar pipeline and is delivering progress towards the commercialization of its biosimilar portfolio. The company has announced the submission of the marketing authorization application (MAA) for FYB203 in Europe, and also the acceptance of its biologics license application (BLA) for FYB202 by the U.S. Food and Drug Administration (FDA). Further, a competitor for Formycon’s biosimilar candidate for oncology blockbuster Keytruda just dropped its development. One competitor less, but possibly an indicator for high costs in the development and trial phase. With unchanged estimates AlsterResearch’s analysts confirm their PT and rating. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Vossloh has expanded its collaboration with Deutsche Bahn (DB), Germany's national railway, signing a four-year framework agreement with its Customized Modules division. The deal entails supplying at least 600 switches to DB over the period, constituting around 4% of Vossloh's annual production. With switches priced between EUR 20-100K, the order is estimated at approximately EUR 30-35m (eAR). This move strengthens Vossloh's position in the German market and aligns with its strategy to become a complete track solutions provider. The collaboration supports DB's extensive rail network modernization, part of a EUR 86bn investment plan until 2029. Vossloh's commitment to innovation and comprehensive rail solutions positions it as a key partner for DB and global rail operators, reinforcing its equity story. AlsterResearch’s analysts reiterate their BUY rating with an unchanged PT of EUR 52.00, offering a 30% upside. The full update can be downloaded under https://www.research-hub.de/companies/research/Vossloh%20AG

Vulcan Energy Resources presented at the Equity Forum in Frankfurt this week, providing a review of the company’s progress in 2023. Vulcan has ticked off a number of milestones in 2023, including the opening of its Lithium Extraction Optimization Plant (LEOP) and completing the more defined Bridging Engineering Study (BES). In terms of further project execution, Vulcan is already working on the next milestones, including the completion of the electrolysis optimization plant, drilling additional wells, and finally the preparation of the construction of the commercial Phase 1. The BES was a prerequisite for starting the financing process, which Vulcan is now working towards on multiple fronts. Financing remains an imminent, fundamental milestone. An increasing number of projects worldwide based on Vulcan's employed, highly advantageous A-DLE (Adsorption-type Direct Lithium Extraction) process, should further raise awareness and thus support fundraising process. AlsterResearch’s recommendation remains BUY with a PT of EUR 9.90. The previous update can be downloaded under https://www.research-hub.de/companies/research/Vulcan%20Energy%20Resources

InVision today released its Q3 results. The reported figures continue to paint a good picture and confirm that InVision’s strategy is starting to bear fruits. Q3 revenues amounted to c. EUR 4.0m (+9.2% yoy Q3 22), which is in line with AlsterResearch’s expectations. In addition, InVision has maintained its strict cost discipline, which is also reflected in the earnings figures. In Q3, EBIT increased significantly compared to the previous year from EUR -0.8m to now EUR -0.4m. InVision now expects an increase in revenues of 6-8% (+8% eAR) and an EBIT between EUR -1.4m and EUR -1.6m for the fiscal year 2023. AlsterResearch’s analysts have upwards adjusted their estimates and consider an improved result. However, with only a limited effect on the DCF-valuation, the PT remains EUR 15.50, but AlsterResearch’s analysts confirm their positive view on InVision’s investment case, reaffirming their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/research/InVision%20AG

The European Commission has proposed amendments to the Package Travel Directive to increase consumer protection for package travel bookings. The proposed changes include limiting advance payments to 25% of the package price at the time of booking and prohibiting full payment before 28 days before travel. Exceptions will be made to allow higher advance payments where necessary for the organization of the package. The proposal now enters the legislative process and, if approved, would impact TUI. AlsterResearch’s analysts now consider the restriction on advance payments more likely than not and model a negative cash impact of EUR 500m (probably a worst case, as some of the pain should be passed on to suppliers). This leads to a new price target of EUR 15.00 (previously EUR 16.00). AlsterResearch’s recommendation remains BUY. The full update can be downloaded under https://www.research-hub.de/companies/TUI%20AG

Over the past 12 months, Krones' share price has declined by a modest 2.5 %, slightly underperforming the SDAX, which rose by 5 % over the same period. Despite the stagnating share price, the latest financial reports point to robust growth, with a record order backlog of EUR 4.1bn and a promising outlook well into 2025. While cyclical industry uncertainties pose a risk, Krones' resilience and market position make it a compelling long-term investment, which AlsterResearch’s analysts believe is not yet accurately reflected in the company's valuation. With a 30% upside to the consensus and AlsterResearch’s PT of EUR 129.00, the experts reiterate their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/research/Krones%20AG

Enapter today presented its growth story live at the Equity Forum (EKF) in Frankfurt, after yesterday announcing strong international demand and the renaming of its large multicore system to AEM Nexus, which can have a capacity of up to 1 MW. This means that approximately 3 AEM Nexus systems would be sufficient to store the energy of one onshore wind turbine. In addition, a contract for a 500 kW AEM Nexus was announced yesterday by the Czech building materials company “Unigrani”, which is to be expanded to 1 MW over time and will generate revenues of around EUR 1-1.5m (order backlog EUR 26.8m). AlsterResearch’s analysts expect revenues to double every year until 2025, driven by sales of scaled-up multi-core systems, with the potential for double-digit EBITDA margins by 2026. AlsterResearch’s recommendation is BUY with a target price of EUR 20.00. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

123fahrschule (123fs) was able to continue its positive development in the third quarter of 2023. The company achieved sales of EUR 5.2m, which in turn led to a balanced EBITDA. Reported key performance figures confirm AlsterResearch’s view that the company is well on track to achieve its full year target of EUR 20m (eAR EUR 20.6m) and a balanced EBITDA (eAR). Following the successful capital increase, fresh funds of EUR 1.7m provide a comfortable financial cushion to reach the final introduction of online theory lessons into German law, which is expected at the end of H2 ‘24. Meanwhile, management can focus on operational growth. Therefore, AlsterResearch’s analysts confirm their DCF based target price of EUR 7.20 and their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/research/123fahrschule%20SE

Following the sale of its last remaining trading asset in Italy, FCR Immobilien AG continues its expansion strategy with the acquisition of a fully let retail center in Werdau, Saxony. The property generates annual rental income of approximately EUR 830K. Despite, or rather because of the difficult market conditions, AlsterResearch’s analysts expect lucrative initial yields at the upper end of the usual yield range of 8-10% and thus a positive FFO contribution of around EUR 250K p.a. despite higher interest rates. The acquisition increases the annualized net rental income of the FCR portfolio to more than EUR 32m and the market value to more than EUR 410m. In addition, the partial placement of the recently issued 7.25% bond should significantly improve the group's financing structure. AlsterResearch’s analysts therefore consider the refinancing of the '24 bond to be secured. AlsterResearch’s experts reiterate their BUY rating with an unchanged price target of EUR 23.50 and see good entry opportunities at the current price level. The previous full update can be downloaded under https://www.research-hub.de/companies/FCR%20Immobilien%20AG

Rubean's FY22 results were in line with expectations with revenues of EUR 0.83m, representing a decent 26% yoy growth. However, this result was well below the original target of EUR 2m due to slower than expected software adaptations for the enterprise market. The net result was EUR -4.2m, slightly better than expected. However, negative equity (EUR -3.56m) and net debt (EUR 4.12m) were the main concerns. To address the financial challenges, Rubean carried out two capital increases in 2023, raising a total of EUR 3.6m. Given the still tight financial situation, AlsterResearch’s analysts see the "soft" revenue guidance of EUR 2m for FY23 at risk, as well as further constraints to effectively scale the business. As a result, AlsterResearch’s analysts adopt a more cautious outlook with halved revenue forecasts and a delayed break-even point, leading to a revised PT of EUR 7.00 and a downgrade to HOLD from BUY. In the view of AlsterResearch’s analysts, further evidence of successful business scaling is needed for a more optimistic stance. The full update can be downloaded under https://www.research-hub.de/companies/Rubean%20AG