First Berlin Equity Research hat ein Research Update zu M1 Kliniken AG (ISIN: DE000A0STSQ8) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 18,00. Zusammenfassung: Die vorläufigen Ergebnisse für das Jahr 2023 zeigten erneut ein starkes Ergebnis im Segment Beauty. A [ … ]

Formycon has published its full figures for FY23, confirming the preliminary figures. The company is investing heavily in its development pipeline and will contribute more of its own resources. This will incur higher costs, but it will potentially pay off in higher sales participation in the future. While 2024 will be impacted by increased investments into the biosimilar pipeline, it will also be important in terms of progressing the commercialization pipeline. Following a ramp-up in 2025, mwb research’s analysts anticipate that revenues from the expected commercialization of FYB202 and FYB203 will begin to emerge gradually. On lower estimates, burdened by higher costs and amortization, mwb research reduces the PT to EUR 81.00 (old: EUR 91.00). The rating remains BUY. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

LM Pay S.A. announced its preliminary results for FY23, together with a first indication for Q1 24. In FY23, LM Pay achieved impressive revenue growth of 16.5% to PLN 17.5m (EUR 4.0m), broadly in line with mwb research’s estimates of PLN 18.1m. The company saw a significant 24% increase in customers, from 26,000 to 33,000 in FY23, and in particular a notable increase in the share of recurring customers, which rose from 26% to 29%. In the face of one-off challenges, including entering into a new refinancing arrangement and the costs associated with listing its shares, LM Pay remained profitable. However, EBIT declined to PLN 0.7m (EUR 0.2m) in FY23, but this is expected to be a one-off event and the company should soon return to higher profits. Despite a good start to the year, the postponement of the launch of the new VISA product (now expected in H2 2024) is also causing a shift in revenues and earnings. For now, mwb research’s analysts are lowering their assumptions for 2024 and 2025, but the long-term estimates remain unchanged. Given the limited impact of the revised assumptions on mwb research’s valuation, the analysts reiterate their BUY rating with a slightly adjusted PT of EUR 66.00 (old: EUR 71.00). The full update can be downloaded under https://www.research-hub.de/companies/ABOUT%20YOU%20Holding%20SE

Swiss Estates AG published preliminary figures for 2023. Despite good results, the figures were affected by a long-standing legal dispute with the Altra Foundation. However, it is positive that Swiss Estates is now finally free of these legacy issues and can focus on recurring income and the positive growth dynamics of the Swiss real estate market. Net rental income increased by 4.4% in 2023, slightly exceeding expectations. A new construction project in Rüthi, St. Gallen (95% leased as of the end of 2023) will generate additional momentum from 2024. The net asset value (NAV) has declined slightly by 3%, which leads mwb research’s analysts to adjust their estimates accordingly. This results in a new target price of CHF 7.50 (old: CHF 7.70), which leads mwb research to confirm their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Swiss%20Estates%20AG

Once again, the share of Delivery Hero is going through a rollercoaster ride. Rumors about the entry of an aggressive competitor, Meituan, have erased share price gains from the solid Q1 interim statement. Meituan has made a name by gaining substantial market share in Hong Kong thanks to an aggressive marketing and content strategy, as there are concerns that fierce competition could threaten DH’s leading market share. Meanwhile, the entry of Sachem Head Capital Management has been confirmed, as the activist investor has been proposed for a seat on Delivery Hero’s Supervisory Board. As mwb research’s analysts pointed out in an earlier note, Sachem has an impressive track record in creating shareholder value. mwb research’s analysts maintain their estimates and their PT of EUR 52.00. BUY. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

Nordex is seeing the first signs of a revival in its US business. Production at the US factory is gradually being restarted in order to meet the local production requirements of the Inflation Reduction Act. In addition, a new product is to be launched specifically for the US market and a new CEO and COO for North America have been appointed. As a result of the Inflation Reduction Act, business in the US has been severely curtailed for two years, with zero installations and orders in '23. After the record levels of recent years in Europe (order intake Europe '23 +60% yoy; Q1 '24 +108%), the return of the US could now lead to a completely different dynamic in total order intake. mwb research’s analysts reiterate their BUY recommendation and confirm their PT of EUR 22.00. mwb research’s analysts believe that Nordex will make the leap into long-term profitability in '24 as contract terms improve and order momentum remains strong. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

Stratec reported weak set of results in Q1 2024 as already cautioned by management. Sales declined 16% yoy, adj. EBIT was down 18% yoy and the adj. EBIT margin deteriorated by 10bps yoy to 6.2% amid weak demand and under absorption of fixed costs. However, management expects significant rebound in sales growth in Q2 led by ramp-up of its development projects and services. That said, Stratec still estimates that end-customer demand for molecular diagnostic systems will remain subdued in 2024. Moreover, owing to lingering downstream effects of the pandemic, it sees customers’ order behavior to be marked by increased volatility, making 2024 a highly uncertain year. Therefore, it reiterated its guidance for the full year, expecting sales to remain flat or increase slightly yoy on a constant currency (c.c.) basis and an adj. EBIT margin of 10%-12% (2023: 10.3%). Even though Stratec seems to be making good progress with its cost-cutting measures (hiring freeze, reallocation of resources, price adjustments and optimization), mwb research’s analysts would like to wait for sustained revival in sales growth and margin improvement. The analysts maintain the HOLD rating on the stock at a slightly higher PT of EUR 40.00 (old: EUR 37.00). The full update can be downloaded under https://research-hub.de/companies/research/Stratec%20SE

Traton reported better-than-expected Q1 2024 results with revenues beating consensus by 5% and adj. EBIT surpassing market estimates by a notable 13%, mainly on strong beat at Scania. Q1 sales growth slowed to 5% yoy to EUR 11.8bn (vs +8% yoy in Q4 2023), as volumes declined by 4% yoy amid normalisation of demand. This was more than offset by a favourable product mix and price hikes. Meanwhile, adj. EBIT grew 18% yoy to EUR 1.11bn in Q1 and the margin widened by 1.0ppt yoy to 9.4% (+70bps qoq), led by efficiency gains. Reflecting a broader market normalisation, order intake in Q1 fell 3% yoy. In this backdrop, management confirmed its 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%-9.0%. Moreover, after a few quarters of restrictive order intake, how its order book develops over the course of 2024 is to be seen. The share price has risen 69% yoy and valuations appear fair. mwb research’s analysts maintain their HOLD rating with an unchanged target price of EUR 35.00. The full update can be downloaded under https://www.research-hub.de/companies/Traton%20SE

Final FY23 in line // uncertainty from indicative decision Topic: bet-at-home reported final FY23 figures fully in line with prelims. Importantly, the report provide us with an update regarding receivables and liabilities against the Entertainment as well as regarding customer claims in Austria and Germany. In detail: Sales came in at € [ … ]

MAX achieved attractive sales price for MA micro; chg. est. Topic: MAX Automation has come to an agreement on the divestment of its subsidiary MA micro with an attractive purchase price, sale of MA micro anticipated in the second half of FY24e. MAX Automation announced the sale of MA micro (intention was announced in September 2023), which wa [ … ]