LAIQON's preliminary FY23 results showcased robust sales growth of 42% amid record-high AuMs of EUR 6.1bn. FY23 sales reached EUR 30.7m, driven by all operating units, notably LAIQON Digital Wealth with nearly 180% yoy revenue growth. However, the company was unable to generate significant performance fees, contributing to a shortfall compared to AlsterResearch expectations. Despite this, the analysts remain optimistic about potential performance fees in FY24, given products nearing hurdle rates. Still, EBITDA improved significantly to EUR -4.75m, attributed to scaling effects and streamlined internal processes, despite ongoing investments in personnel and upfront investments with regards to LAIQON’s cooperation agreements with Union Investment. Looking ahead, AlsterResearch anticipates further growth by capitalizing on economies of scale, cost efficiencies, and by executing its sales strategy. Consequently, the experts maintain their BUY rating, with a slightly adjusted PT of EUR 10.50 (old EUR 10.75), reflecting confidence in the company's long-term prospects. The full update can be downloaded under https://www.research-hub.de/companies/LAIQON%20AG.

The results of a new representative survey show that Germans are planning to travel more in 2024, despite economic uncertainties and price increases. This is supported by the latest booking statistics, which show that booking activity remained at a high level in December and the first two weeks of January. These data points should support TUI's early December guidance of at least 10% revenue growth and at least 25% underlying EBIT growth in FY24. A good start to FY24 and the possible decision at the AGM to delist from the LSE in order to concentrate liquidity in Germany could be the catalysts for a further rerating towards our fair value of EUR 16.00. BUY. The full update can be downloaded under https://www.research-hub.de/companies/TUI%20AG

Rubean has made an impressive start to the fiscal year, reporting record revenues of over EUR 340K in January, a third of last year's total. The surge is attributed to a growing user base, driven by the popularity of its mobile payment solution 'PhonePOS' and B2B offering 'GetPAYD'. Although no specific guidance was given for 2024, there is optimism due to robust user growth and Rubean's scalable business model. In addition, January's performance already supports AlsterResearch’s FY24 revenue forecast of EUR 2m. Rubean is actively expanding, aiming to close the cash burn gap and achieve monthly profitability by year-end, which the experts of AlsterResearch believe should lead to overall cash break-even by FY25E. Rubean's operational progress prompts the analysts to upgrade the stock from HOLD to BUY, with a new PT of EUR 8.50, implying an upside of 30%. The full update can be downloaded under https://www.research-hub.de/companies/Rubean%20AG

Lanxess shares have fallen 15% since AlsterResearch’s pre-Christmas downgrade and are now 47% below their 52-week high. FY23 results, due on 14 March, are expected to be weak due to ongoing market challenges, but there are signs that Q4 2023 may have marked the bottom of the cycle. Peers report signs of modest recovery in selected market segments in their near-term outlook, and expect a modest but broader-based recovery in H2 2024. Supported by Lanxess' risk mitigation measures through deleveraging, this is the backdrop against which investors should consider to BUY (upgrade from HOLD). AlsterResearch’s price target remains unchanged at EUR 29.00. The full update can be downloaded under https://www.research-hub.de/companies/Lanxess%20AG

Bechtle successfully held its ground in a very challenging economic environment. According to preliminary figures, the IT service provider grew significantly and once again increased its profitability. Revenues increased by 6.8% to over EUR 6.44bn and were thus in line with AlsterResearch’s expectations (eAR: EUR 6.49bn). Bechtle increased earnings before taxes by 6.7% to around EUR 374m and maintained the EBT margin at the high level of 5.8% (eAR 5.4%). Only in the exceptional pandemic year 2021, the EBT margin was slightly higher at 6.0%. The resilience and sustainability of the business model is therefore reflected in the long-term success of the company. The analysts assume that the company will continue to grow faster than the market in 2024, which should have a positive impact on the profit margins. The experts incorporate the preliminary figures into their model and derive at a slightly higher DCF-based price target of EUR 59.00 (old: EUR 57.00). The rating remains BUY. The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG

While the overall advertising market in German is recovering after the pandemic-related slump, ProSiebenSat1 (PSM) only expects a slight increase in advertising revenues in 2024 and a stable adjusted EBITDA compared to the FY23 financials. Although the media group is generally broadly positioned with 15 TV channels, 13 entertainment platforms and its digital sector with its Commerce, Venture and Dating activities, PSM remains under structural pressure as its main target group of people under 49 years are cutting the cord. This, combined with the continued challenging macroeconomic environment, points to persistent headwinds and further weak figures offer a downside potential. Hence, AlsterResearch confirms the DCF-based price target of EUR 5.10 with unchanged estimates but switch the rating from HOLD to SELL following the recent share price recovery. The full update can be downloaded under https://www.research-hub.de/companies/research/ProSiebenSat.1%20Media%20SE

Delivery Hero (DH) got under pressure after rumors of supposedly failed talks about the potential sale of some of the company’s operations in South East Asia. In a corporate news release, DH clarified that negotiations regarding the potential sale are still ongoing. Further, DH published preliminary figures for Q4 and FY23. Most notably, top line growth was impacted by hyperinflationary effects following the massive devaluation of the Argentine Peso in December 2023, but still in line with guidance. Preliminary adjusted EBITDA for FY23 was reported with EUR 250m (excl. non-operational items), translating to an adj. EBITDA/GMV margin of 1.1%, also in line with the company outlook. However, AlsterResearch adjusts its estimates for 2024 to reflect the outlook. The analysts lower their PT to EUR 48.00 (old: EUR 52.00), but reiterate to BUY. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

Siemens Healthineers AG’s (SHL) Q1 ‘24 results were broadly as expected. Revenues grew 5.7% yoy org. and 7.0% org. ex-antigen business, led by strong growth at Varian. Adj. EBIT margin ex-antigen widened by 150bps yoy to 14.3% on better conversion and cost savings from the Diagnostic segment’s transformation program. Given the good start to the year, management has reiterated its FY24 guidance. Overall, the medical technology market is set to recover in ‘24 after years of negative impacts, in our view, and SHL is also optimistic of market conditions being better than last year. Against this backdrop, the stabilizing of revenues in the post-pandemic normal gives us confidence that the company is on track to achieve its long-term targets. AlsterResearch continues to hold a positive view on SHL, as it is well placed to benefit from structural megatrends in the medical technology industry. The analysts tweak their estimates to reflect the positive outlook. AlsterResearch reiterates its BUY rating at a slightly higher PT of EUR 62.00 (old: EUR 60.00). The full update can be downloaded under https://www.research-hub.de/companies/research/Siemens%20Healthineers%20AG

tonies reported preliminary FY23 and Q4 revenues that exceeded expectations. The outstanding performance was driven by very strong US sales, which reached EUR 78m in Q4, representing a 92% year-on-year growth rate, despite competitors' warnings of a weak Christmas season. Conversely, the DACH region declined by 6% in Q4, indicating a mature market, while the Rest of the World (RoW) showed strong growth of +63% yoy, driven by the UK and France. tonies reaffirmed its positive adjusted EBITDA margin guidance for FY23, suggesting consistent target achievement. Keeping our estimates unchanged, we reiterate our BUY recommendation with a price target of EUR 7.70. The full update can be downloaded under https://www.research-hub.de/companies/tonies%20SE

Aiming to finance future growth, Wolftank has successfully completed a 5% capital increase, issuing around 255,000 new shares at EUR 12.50 each, a 1% premium over the previous day's closing price. This boosts the share capital to EUR 5,281,654, generating approximately EUR 3.2m in gross proceeds. The cash injection will provide Wolftank with the financial resources to execute growth in fueling and hydrogen systems, evident in the recent surge in orders amid the EU's hydrogen infrastructure push. The strengthened balance sheet mitigates investment risks, and the premium placement underscores investors' confidence. Beyond financing, the transaction enhances stock liquidity, attracting larger institutional investors. Overall, the capital influx positions Wolftank for significant growth, prompting AlsterResearch to reiterate its BUY rating with unchanged PT of EUR 22.00. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG