TAKKT got off to a difficult start in Q1, with organic sales declining by 16.4% yoy to EUR 269m, the lowest level in almost three years. This was exacerbated by market weakness and negative effects such as the early Easter holiday. While sales declined in all divisions, gross margins improved across the board to 41.2%, providing resilience. Despite one-off expenses leading to a lower EBITDA of EUR 16.8m (compared to EUR 30.2m in Q1 23), TAKKT's free cash flow increased to EUR 21.3m, indicating a strong financial position. Looking ahead, TAKKT expects a gradual recovery of demand in the course of FY24 and maintains its adjusted EBITDA margin guidance of 8-9.5%. mwb research analyst’s continue to recommend to HOLD with an unchanged PT of EUR 13.00 as the analysts are waiting for signs of improving demand. The full update can be downloaded under https://www.research-hub.de/companies/research/TAKKT%20AG

Q4 in line with prelims // solid FY24 guidance; chg. Einhell released Q4 results in line with prelims, showing a slowdown versus previous quarters. Group sales decreased by 5% yoy to € 216m, bringing full year sales to € 972m (-6% yoy). In DACH, Einhell continued to experience a somewhat muted consumer sentiment, explaining why region [ … ]

Symrise reported solid sales figures for Q1 24. While organic sales growth remained strong (+11% yoy), negative currency effects (-5.6%) burdened the company's Q1 sales development. Overall, sales in reporting currency grew by only 5% yoy to EUR 1.29bn - in line with consensus and mwb research’s estimates. Although the growth rate is slightly below mwb research’s FY run rate of 6%, the analysts believe the company is on track to meet the estimates given a more favorable base effect in H2 24. Encouragingly, management reaffirmed its FY24 growth and profitability targets, targeting organic revenue growth ahead of the relevant market growth of 3-4% and an EBITDA margin of around 20%. The research experts reiterate their SELL rating with a PT of EUR 90.00, supported by the stand-alone and comparable valuation. Also, after competitor Givaudan recently set the bar high with its quarterly results, today's "decent" numbers may have disappointed some market participants. The full update can be downloaded under https://www.research-hub.de/companies/research/Symrise%20AG

Aixtron's Q1 results show a mixed performance, with revenues beating expectations at EUR 118m (+53% yoy), but gross margins disappointing at 37%, below both FY24 guidance and previous quarters. The company attributes this to product mix, likely due to increased sales of traditional LED equipment, compounded by a weaker USD. Despite missing operating income targets, net income is in line with expectations due to tax benefits from loss carry-forwards. Order intake of EUR 120m is in line with expectations, with a notable 37% share of MicroLED R&D and pilot production lines. Aixtron reiterates its FY24 guidance and expects Q2 revenues of EUR 120-140m, below consensus. Despite potential short-term disappointments, Aixtron's strong competitive position in long-term growth markets supports mwb research’s BUY rating with an unchanged price target of EUR 33.00.The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Deutsche Rohstoff's published final figures for FY23, in line with the preliminary report. The company also converted German GAAP to pro forma IFRS, which reveals a clear enhancement across key performance indicators, including a 6% rise in revenues, 5% in EBITDA, and 10% in net income, primarily attributed to fair value accounting adjustments. Moreover, the company's proposed shareholder remuneration strategy, featuring a 35% dividend increase, a sizable share buyback program, and the cash settlement of share options, underscores a commitment to rewarding investors while balancing future growth prospects. With the introduction of a promising forecast for 2025, Deutsche Rohstoff remains an enticing investment opportunity, especially considering its substantial discount to peers on both reported and even more so on reconciled metrics. mwb research’s analysts reiterate to BUY with PT EUR 56.70. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

Multitude’s Annual General Meeting will be held on April 25 at 10:00 a.m. (EEST / Finnish time) in Helsinki. Virtual participation will not be possible. This will be the last AGM to be held in Finland, as Multitude is moving its headquarters to Switzerland. The company is expected to be registered in Malta on or about June 30, 2024. Subsequently, registration in Switzerland will be applied for by the end of 2024 in accordance with the applicable Maltese and Swiss laws. In 2023 basic earnings per share jumped from EUR 0.38 to EUR 0.51 and the management now wants shareholders to participate in this success and proposes to pay a dividend of EUR 0.19 per share which corresponds to a current yield of 3.5%. Multitude’s strategic focus remains on the financial stability of the business model and the reduction of risks. With a P/E ratio of only 4.6x 25E, the growth prospects are not yet taken into account. Therefore, it is not too late for shareholders to participate in the company's growth potential. mwb research’s rating remains BUY with an unchanged price target of EUR 13.20. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

KKR Takeover: still waiting for regulatory approval Topic: KKR's takeover of OHB's free float still awaits regulatory approval by three European countries, leading to a estimated closing of the transaction in Q2/Q3 2024e. Thereafter, a delisting and squeeze-out seems likely. FDI approval pending: Most conditions of the takeover are fulfilled, [ … ]

Q1 preview: EuroJackpot to deliver remarkable top-line Topic: Q1 results are due May 8th 2024 and we expect ZEAL to show a remarkable top-line thanks to a superb jackpot environment, leading to elevated user activity. In detail: Thanks to the EuroJackpot peaking 4x at the start of Q1, the nationwide stakes amounted to € 2.07bn in Q1 (Eur [ … ]

Higher than expected offer price still way below intrinsic value Yesterday, USU announced to have reached a delisting-agreement with AUSUM GmbH (Udo Strehl) and NUNUS GmbH, a wholly owned subsidiary of AUSUM. While AUSUM already holds 53.7% of voting rights in USU, NUNUS currently does not hold any shares. On the basis of the agreement, NUNUS w [ … ]

In the first quarter of 2024, the Mayr-Melnhof Group (MM) reported mixed results, with revenues declining by 9% year-on-year to EUR 1.0bn, and both divisions contributing to the decline. Margins faced pressure from rising production costs, while free cash flow slightly worsened. The Board & Paper division showed strong volume growth of 19% year-on-year, but suffered from a hostile pricing environment, resulting in a 7% revenue decline and negative operating margins. Conversely, the Packaging division performed well despite a 10% revenue decline year-on-year, with operating profit increasing. MM's outlook for 2024 remains vague, with uncertainties regarding the extent to which price increases can offset rising input costs, prompting mwb research’s analysts to take a more cautious stance. Adjusted estimates lead to a new price target of EUR 148.00 (old: EUR 153.00). mwb research reiterates the BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Mayr-Melnhof%20Karton%20AG