CHAPTERS Group completed a capital increase. The company issued 1.65m new shares at an issue price of EUR 17.61, with gross proceeds of EUR 29m. The capital increase indicates that the company will complete a few acquisitions in the upcoming days and weeks. CHAPTERS Group’s main target is building a group of established portfolio companies that hold leading positions in their respective niche markets. AlsterResearch’s analysts believe that CHAPTERS is also ensuring sufficient funds to drive the organic growth of its portfolio companies in the short-term, while keeping flexibility for further M&A. Perhaps the company will have more to report as early as next week, when CFO Marlene Carl will present at the Deutsche Börse Equity Forum. Adjusting for the capital increase, AlsterResearch’s analysts come to a new PT of EUR 21.00 (old: EUR 22.00). AlsterResearch reiterates to BUY. The full update can be downloaded under https://www.research-hub.de/companies/CHAPTERS%20Group%20AG

AlsterResearch initiates coverage of LM Pay S.A. with a BUY recommendation and a PT of EUR 71.00 offering an upside potential of 30.3%. LM Pay is the first and sole Polish independent and non-bank financial institution specializing in care now and pay later offerings. With its 12 years of experience, the Fin-Tech company is in a leading position in its attractive niche market for medical consumer loans. In 2023, LM Pay's primary focus is to expand its core business by expanding its network of affiliated medical facilities and increasing the total value of medical loans. With attractive growth drivers, investors obtain the chance to participate in a successful Fin-Tech growth story. The full update can be downloaded under https://www.research-hub.de/companies/ABOUT%20YOU%20Holding%20SE

Gerresheimer is currently in investment mode, expanding production capacities for long-term customer contracts for syringes, pens, and auto-injectors, also for treating obesity based on GLP-1 (glucagon-like peptide). In this regard, the company recently has celebrated the start of construction of a plant expansion at its facility in Querétaro, Mexico, which will increase the company’s manufacturing capacity for syringes for the North American market by several hundred million RTF-syringes (ready-to-fill) annually. AlsterResearch’s analysts continue to expect the company to disproportionally benefit from the growing GLP1 market. AlsterResearch reiterates the PT of EUR 125.00 and the BUY rating. With a 31% decline in share price from the 52-week high of EUR 122.90, investors who previously missed their opportunity can now seize a new chance to join the ranks. The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG

Shares of niiio finance group AG ("niiio") soared over 53% to EUR 0.60 yesterday, approaching a three-month VWAP of approximately EUR 0.53 prior to the company's "going private" announcement. The price jump came on no apparent news, but on significant trading volume. About four weeks ago, niiio announced that UK-based Pollen Street Capital and related funds were planning to take niiio private. This deal, which includes an investor and shareholder agreement as well as several capital measures, positions Pollen to potentially gain over 90% control. For AlsterResearch’s analysts the potential delisting and the uncertain treatment of minority shareholders raise strategic questions. While the Pollen acquisition benefits niiio's buy-and-build strategy, outside investors may face uncertainties. As a result, AlsterResearch downgrades the stock to SELL with an unchanged PT of EUR 0.50, reflecting the limited upside post-surge and the looming delisting threat. The full update can be downloaded under https://research-hub.de/companies/niiio%20finance%20Group%20AG.

Deutsche Rohstoff hosted a Capital Market Day with CEO Jan-Philipp Weitz and CFO Henning Döring, focusing on the current business development and the potential of its acreage in Wyoming. With the sale of Utah assets and full development in Colorado, the company now has an operational focus on Wyoming. The wells brought into production there so far are exceeding expectations, indicating a highly prospective location. Deutsche Rohstoff also plans to start drilling in the deeper Mowry formation where any commercial success would be pure upside as no reserves have been booked to date. The confirmed guidance suggests EV/EBITDA multiples of less than 2x in 23E and 24E, underlining the deep value on offer to investors, whereby risks are contained through an expanded hedging book. BUY with unchanged PT of EUR 55.50. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

tk nucera announced in a pre-announcement that revenues in Q4 22/23 are expected to be strong mainly due to the new AWE segment. Based on AlsterResearch’s and consensus FY expectations, implied Q4 revenues should have been in the range of EUR 175-177m, up c. 65% yoy. In addition, tk nucera hinted at a slightly positive EBIT in Q4 (previous guidance slightly negative), which therefore comes as a positive surprise for AlsterResearch’ s analysts. However, it is important to note that the main driver to tk nucera’s equity story comes from executing the company’s substantial order backlog worth EUR 1.5bn. In AlsterResearch’s view, this should drive significant and highly predictable top- and bottom-line growth going forward. In particular, the large project in Saudi Arabia in the AWE segment is progressing well and should drive sales and subsequent earnings once the profitable service contract commences. AlsterResearch’s analysts therefore reiterate their BUY rating with unchanged PT of EUR 24.00, which represents an upside of 44%. The full update can be downloaded under https://www.research-hub.de/companies/thyssenkrupp%20nucera%20AG%20&%20Co%20KGaA

With a share price increase of almost 200% since the beginning of the year, Redcare Pharmacy is one of the top performers in the German MDAX. The reasons for this are obvious: in addition to a gradual improvement in operations and the groundbreaking acquisition of the Swiss company MediService, it is above all the hype surrounding the topic of electronic prescriptions in Germany (eRx) that has boosted the share price in recent months. However, with the recent rise in the share price above the EUR 120.00 mark since the publication of the Q3 figures, AlsterResearch’s analysts believe that the future potential is more than priced in. Rather, AlsterResearch’s analysts see an increased risk of a setback at the current price level, not least due to the already ambitious market expectations for the operating performance in the coming years. With an unchanged price target, AlsterResearch’s analysts now rate the stock as HOLD (previously: BUY). The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

TeamViewer’s (TMV) stock price dropped nearly 12.5% yesterday. However, this decline was not due to any fundamental changes in business operations. The reason for this decline was the recent sale of additional shares in the company by major shareholder Permira, at a significant discount of 7%. From a fundamental perspective, TMV remains an attractive growth story and the current share price offers long-term investors a good entry opportunity. However, there is still the risk that Permira will again depress the share price through further sales in the future. Nevertheless, AlsterResearch’s analysts confirm their price target of EUR 15.50, which corresponds to a upside potential of 18%. AlsterResearch upgrades from HOLD to BUY. The full update can be downloaded under https://www.research-hub.de/companies/research/TeamViewer%20AG

Today, Multitude is hosting a Capital Markets Day. In this context, the management has announced a new mid-term objective until 2026. In addition to the projected revenue growth, the company targets to boost net income by a factor of 2.5, from EUR 12m at the end of 2022 to approx. EUR 30m at the end of 2026 (eAR EUR 13m; consensus only covers until 2025: EUR 20m). Assuming a dividend payout ratio of 25% of EUR 30m in 2026, this represents c. 35 cents dividend per share or >10% dividend yield calculated on yesterday’s close price of EUR 3.16. Given the new targets, AlsterResearch’s analysts will have to revise their model assumptions as they currently forecast an annual net profit at approx. EUR 13m (eAR) in the period 2024-2026. Remains a BUY pending forecast revision following the company’s CMD. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

Nordex continues to make progress, recently announcing a 56 MW order from Croatia and a premium service agreement. This follows last week's positive turnaround in Q3 figures, which point to a sustainable and profitable growth path. These developments underline Nordex's resilience and suggest a promising outlook. Not only is the company expected to further expand its market presence by capitalizing on the challenges faced by competitor Siemens Gamesa, but it is also expected to increase profitability through improved pricing and a growing share of lucrative service contracts. In addition, the revival of business in the US is expected to contribute to Nordex's strong overall growth. AlsterResearch’s analysts reiterate their BUY recommendation and confirm their price target of EUR 22.00. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.