With iDoo Tech S.L., Bechtle acquires a certified reseller for Apple products in the B2B environment in Spain. The company employs 13 people and relies on an efficient business model with lean processes, which suits Bechtle very well. The company has branches in Saragossa, Madrid and Barcelona and generated revenues of around EUR 6.4m in 2023. While the consolidation of iDoo plays almost no role in Bechtle's top line, AlsterResearch’s analysts see more quality in the news of how the market is being constantly consolidated and how Bechtle is slowly but surely expanding its presence throughout Europe. In the past fiscal year, Bechtle successfully held its ground in a very challenging economic environment and once again, the IT service provider increased its profitability. This is why AlsterResearch’s analysts confirm their positive view on Bechtle and reiterate their DCF-based price target of EUR 59.00 with the BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG

Yesterday, Vulcan Energy Resources provided an update on its financing efforts, as the Zero Carbon Lithium project appears potentially suitable for a financing from the European Investment Bank (EIB) of up to EUR 500m. After completing its Bridging Engineering Study (BES) in November, Vulcan kicked off the financing process for phase 1 of its Zero Carbon Lithium project. According to the BES, the CAPEX for Phase One is currently estimated with EUR 1.4bn. Development banks are a cornerstone of Vulcan’s financing efforts, having sent positive signals, despite the sharp drop in lithium prices last year. While the EIB announcement is no definitive commitment yet, it reflects an increasing momentum in Europe for green metals/batteries/energy projects. Approval of the EIB financing could serve as a decisive catalyst for further financing commitments from other players. 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

Delivery Hero (DH) announced that negotiations of a potential sale of its foodpanda business in Southeast Asia have been terminated after months of discussions. The company highlighted that the decision was taken after careful consideration, as DH’s Asian business reached an inflection point in 2023. Recently, the company laid out a roadmap to pay off the debt wall without having to rely on external capital fundraising or a sale of assets, thus reducing the potential for disappointment significantly. As the news has no impact on the company’s outlook, AlsterResearch’s analysts confirm their PT and BUY with unchanged estimates. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

As expected, Gerresheimer’s Q4 showed persisting destocking headwinds as customers continued to reduce their glass vial inventories, reflected by a mere 0.5% yoy organic increase of the Primary Packaging Glass segment. Driven by continued demand for plastic packaging solutions, the company grew Q4 revenues by 3.1% yoy to EUR 545.2m (+5.1% yoy organic). Despite the destocking headwinds, Gerresheimer delivered double-digit growth of 10.4% yoy for the full year. On the back of a normalization in H2, Gerresheimer expects a 5-10% organic revenue growth in FY24, followed by a reacceleration in FY25. The reassuring 2-year outlook reflects the promising opportunities of increasing the revenue share of biologics and injectables. After rolling the model and adjusting FY24/25 estimates, AlsterResearch’s analysts confirm their PT of EUR 120.00. AlsterResearch’s recommendation remains BUY. The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG

Knorr Bremse (“Knorr”) reported blow out prelim. FY23 results with record sales and order book. Sales jumped 11% yoy to EUR 7.9bn, well ahead of the top end of the EUR 7.5-7.8bn guidance range, while the order book grew 2.5% yoy to EUR 7.1bn, despite moderate order intake in Q4. In line with its 'BOOST 2026' strategy program, the company continues on its path of portfolio optimization and the "Fix It" program while ensuring strict cost control measures. This, together with improved pricing negotiations, and the tighter inventory and receivables management resulted in significantly improved profitability and excellent FCF. Moreover, with cash and cash equivalents of approx. EUR 1.4bn and Net Debt/EBITDA of 0.6x at the end of FY23, Knorr’s balance sheet remains strong. Following the blockbuster year, Knorr has guided sales between EUR 7.7-8.0bn (excluding Kiepe Electric revenues), an operating EBIT margin of 11.5-12.5%, and FCF of EUR 550-650m for FY24. AlsterResearch’s analysts reiterate their BUY rating with unchanged PT of EUR 75.00. The full update can be downloaded under https://www.research-hub.de/companies/Knorr%20-%20Bremse%20AG

CTS Eventim (CTS) has been selected alongside AXS as the ticketing service provider for the 2028 Summer Olympic and Paralympic Games in Los Angeles, forming a joint venture to promote, sell and distribute LA28 tickets globally through their online platforms. With previous experience in managing ticketing for four Olympic Games, including the ongoing Paris 2024, CTS is well positioned for this venture, demonstrating its expertise in major sporting events. The revenue potential for CTS from LA28 is significant, expected to be in the low triple-digit million EUR range, mainly in 2028, with high margins expected in ticketing compared to live entertainment. Following CTS's strong FY23 performance, characterized by robust profitability driven by ticketing margins, AlsterResearch maintains a BUY recommendation with a EUR 76.00 target price, supported by CTS's comfortable competitive position. The full update can be downloaded under https://www.research-hub.de/companies/CTS%20Eventim%20AG%20&%20Co%20KGaA

Photon Energy reported unaudited FY23 and Q4 figures, with revenues of EUR 74.4m for the full year and EUR 14.9m for Q4, slightly below expectations mainly due to a significant drop in revenues from PV component trading. Growth in the Engineering unit and additional revenues from the Lerta acquisition partially offset the decrease. EBITDA for FY23 came in at EUR 5.1m, close to expectations. A Q4 loss from continuing operations of EUR 4.8m translated into a positive total comprehensive income of EUR 2.0m, driven by revaluations of power plants and the stake in RayGen. Positive surprises included a strong cash flow from operations in Q4, resulting in a positive free cash flow of EUR 1.4m. AlsterResearch’s analysts adjust estimates for ongoing challenging market conditions, resulting in a new price target of EUR 3.05 (old: EUR 3.20). The appointment of a new CFO and the return to the feed-in tariff in Hungary lead to a friendlier risk profile for Photon Energy, which supports AlsterResearch’s BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Photon%20Energy%20NV

In its recent announcement, Enapter revealed a strong order backlog of EUR 26m for FY23, of which EUR 14m is expected to turn into revenues in H1 24. This would therefore already cover AlsterResearch’s H1 sales forecast. Enapter has now announced that there are already 250 orders for single-core electrolysers in 24 from the USA, Belgium, India and Germany, which corresponds to an order intake of c. EUR 1m (eAR). Demand is likely to be even stronger for large multi-core systems (ASP c. EUR 1.1m each, eAR) operating in the MW range with 420 individual cores, with several orders likely to be announced soon. AlsterResearch’s analysts expect many test purchases in H1 24 and a strong increase in demand for large multi-core systems in H2 24. Based on the continued strong growth prospects, AlsterResearch’s experts reiterate their BUY rating and maintain their target price of EUR 22.50. AlsterResearch will host a hydrogen Pop-up conference on 05. March with Enapter being one of 9 presenting companies. Register here: https://research-hub.de/events/registration/2024-03-05-14-00/H2O-GR.The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

Fresenius Medical Care (FME) reported robust FY23 results with revenue growth at 5% yoy in constant currency, which is in line with expectations. The Company continues to make significant progress in executing its strategic plan. During the year, FME completed its change of legal form into a German stock corporation, executed its operational efficiency program and optimized its portfolio by exiting non-core and dilutive assets. Furthermore, FME reduced the net debt by 11% yoy to EUR 10.8bn using an improved FCF during the year. The board proposed a EUR 1.19 per share dividend, which corresponds to an increase of 6% yoy compared to the prior year's dividend. AlsterResearch’s analysts have incorporated the figures and the outlook into the valuation model. The same applies to the long-term target of at least 10% EBIT margin. As the assumptions are largely in line with AlsterResearch’s estimates, the analysts confirm their price target of EUR 39.00 and their rating remains HOLD. The full update can be downloaded under https://www.research-hub.de/companies/Fresenius%20Medical%20Care

UniDevice's preliminary Q4/FY23 results met AlsterResearch’s sales expectations but fell short on profits due to weak consumer sentiment in Germany, reflected in a 5% yoy sales decline and lower gross margins of 1.7%. Despite this, the company's resilience is evident, managing a decent FY profit of EUR 1.6m amid challenging market conditions. Encouragingly, Q4 showed signs of recovery with sales up over 4% yoy, and FY24 started strong with January sales soaring 42% yoy and improving margins. With a robust balance sheet boasting an equity ratio of over 65% and EUR 7m unused credit lines, UniDevice is poised to sustainably pay a high dividend, projecting EUR 0.12 per share, offering investors a compelling 10%+ yield. AlsterResearch’s analysts reiterate their BUY rating, with a revised PT of EUR 2.30 (old EUR 2.50), reflecting model adjustments. The full update can be downloaded under https://www.research-hub.de/companies/UniDevice%20AG.