Strong order intake in Q1 should fuel FY24e growth Topic: After a challenging FY23, order intake in the first quarter of FY24e came in at c. € 28m as stated in the CC (vs. only € 43m in total FY23), due to strong demand in the semiconductor segment. Hence, FY24e looks more promising with operating breakeven in reach (eNuW). Solar: I [ … ]

Suedzucker's preliminary FY23/24 results met expectations, with group revenues reaching EUR 10.3bn, driven by high sugar prices. EBITDA and operating profit saw significant increases, aligning with guidance. However, underlying Q4 results indicate fading momentum, with sales up only 4% yoy and EBITDA margins halving to 6.9%. Higher production costs in the sugar segment impacted earnings negatively. The company forecasts a slow start to FY24/25, with significantly lower Q1 earnings. FY24/25 outlook falls below expectations, with anticipated declines in group revenues, EBITDA, and operating profit, particularly in the sugar segment. Despite proposing a dividend increase, lower estimates prompt mwb research’s analysts to downgrade to HOLD (BUY) with a reduced price target of EUR 14.00 (previously EUR 17.00). The full update can be downloaded under https://www.research-hub.de/companies/Suedzucker%20AG

First Berlin Equity Research hat ein Research Update zu Grand City Properties S.A. (ISIN: LU0775917882) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 12,50 auf EUR 12,90. Zusammenfassung: Grand City gab die Ergebnisse der Umtausch- und Tenderangebote für zwei Serien seine [ … ]

Formycon’s preliminary FY23 results show an increase in FY revenues from EUR 42.5m to EUR 77.7m, mainly driven by income from development services (FYB203 and FYB201), as well as from milestone payments (FYB202). For EBITDA, Formycon reported a better-than-expected EUR 1.5m, above guidance range and mwb research’s estimates, mainly driven from lower-than-planned costs after pausing the development of FYB207. The adjusted Group EBITDA for FY23 amounted to EUR 13.3m (2022: EUR -28.8m), reflecting the strong momentum of FYB201 in the US (brand name: Cimerli). The FY24 EBITDA outlook indicates a step-up of biosimilar pipeline investments. mwb research’s analysts maintain their PT and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

New product launched: Another building block for the mid-term Nynomic announced that its subsidiary Spectral Engines and Kraemer Elektronik, an expert for high quality testing systems of bulk solids for the pharmaceutical, chemical and food industry, have jointly developed and now presented a new product, the LabScanner Plus. While Kraemer El [ … ]

First Berlin Equity Research hat ein Research Update zu SFC Energy AG (ISIN: DE0007568578) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 34,00. Zusammenfassung: SFC hat ihren Geschäftsbericht 2023 veröffentlicht und die vorläufigen Zahlen best& [ … ]

First Berlin Equity Research hat ein Research Update zu Aroundtown SA (ISIN: LU1673108939) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 3,40. Zusammenfassung: Aroundtown gab die Ergebnisse der Umtausch- und Tenderangebote für vier Serien seiner Perpetual Notes sowie  [ … ]

Vulcan Energy started the production (SOP) of the first Lithium Chloride (LiCl) at Vulcan’s demo plant (LEOP) in Landau. The production is non-commercial and is intended to facilitate Vulcan’s commercial operational readiness, as it will be utilized for optimization, operational training and product qualification. However, it marks a major milestone as it already replicates efficiency data from the pilot plant, showing over 90% (up to 95%) lithium extraction efficiency. Meanwhile, Vulcan is awaiting a decision on the proposed European Investment Bank (EIB) financing. Pending completion of due diligence, Vulcan could obtain a financing up to EUR 500m. With the financing currently under way, the company is preparing for construction of the commercial sites. Mwb research’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

First Berlin Equity Research has published a research update on Valneva SE (ISIN: FR0004056851). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 8.60 price target. Abstract: The final 2023 results release package provided upward guidance revisions and improved medium-term visibility in several key areas. In addition, Valn [ … ]

VARTA's restructuring efforts are suffering setbacks in the face of ongoing and increasing challenges. Despite a previously agreed restructuring program aimed at returning to profitability by 2026, deteriorating economic conditions, volatile customer purchase volumes and competitive pricing have exacerbated the challenges. In the view of mwb research’s analysts, aggressive pricing from Chinese competitors in particular is adding pressure, while VARTA's high debt burden remains a concern and also limits flexibility. mwb research’s analysts believe that significant cost reductions, competitive pricing, and innovative products will be necessary for a sustainable turnaround, suggesting further earnings deterioration before improvement. With further reduced estimates, mwb research lowers its PT to EUR 7.00 and maintain its SELL recommendation. The full update can be downloaded under https://www.research-hub.de/companies/research/Varta%20AG