Krones has announced its acquisition of Swiss-based Netstal Maschinen AG, a supplier of injection molding machines for the beverage, medical, and thin-wall packaging markets, for EUR 170m. Currently owned by KraussMaffei (itself under Chem China), Netstal's sales exceed EUR 200m, constituting 4% of Krones' annual sales. Despite a higher acquisition multiple of 15-16x EV/EBITDA compared to Krones' ~7.5x, the strategic benefits justify the cost. Netstal complements Krones' beverage market portfolio, offering PET closed-loop solutions. Synergy potential is expected through international positioning and economies of scale, aiming to improve Netstal's margins. This move aligns with Krones' diversification strategy and strengthens its position as a leading filling and packaging machinery provider. The transaction is set for early Feb ‘24, pending antitrust clearance. AlsterResearch reiterates BUY, with unchanged price target of EUR 129.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Krones%20AG

AlsterResearch initiates the coverage of Rigsave S.p.A. with a BUY recommendation and a PT of EUR 19.50 offering an upside potential of 62.5%. Rigsave is a well-established and respected financial services provider and asset manager with a strong reputation for its expertise and professionalism. The company is committed to building long-term relationships with its clients, which is proved by a significant increase in assets under management since its foundation in 2015. Rigsave is an innovative financial services company that generates returns for its partners, customers, and investors with active, sustainable and digital investment solutions. Its business model is based on a platform structure, which should further help the company to grow organically. The full update can be downloaded under https://www.research-hub.de/companies/Rigsave%20S.p.A.

Swiss Estates has seen a strong 30% increase in its share price since AlsterResearch’s coverage initiation in October. Unlike Euro zone counterparts grappling with uncertain interest rates, Swiss Estates, focusing on Swiss residential real estate, benefits from a unique market environment. Factors like Switzerland's 1.75% key interest rate, lower financing costs, an underinvested housing stock, and falling vacancy rates contribute to its advantageous position. Recent success in leasing a St. Gallen residential complex underscores the positive impact, with Swiss Estates expecting a 12% yoy increase in net rental income in 2024. Despite recent share price growth, the stock offers significant upside potential, supported by an 11% dividend yield and a significant discount to NAV of >80%, leading AlsterResearch to reiterate their BUY rating with an unchanged PT of CHF 7.70. The full update can be downloaded under https://www.research-hub.de/companies/Swiss%20Estates%20AG

Photon Energy has sold part of its PV project development rights in Poland to INWE Group, a Polish investment company focused on the renewable energy and housing markets. This sale is a small step financially, but opens up the potential for larger transactions in the future - discussions are underway for a larger sales volume. The transaction demonstrates the flexibility of Photon Energy's business model: As the achievable return on PV assets declines and financing conditions become more restrictive, it becomes more attractive for Photon Energy to provide PV services rather than use its own balance sheet to build capacity. AlsterResearch’s analysts reiterate their BUY recommendation with unchanged estimates and a price target of EUR 3.20. The full update can be downloaded under https://www.research-hub.de/companies/Photon%20Energy%20NV

Secunet has published preliminary results for Q4 2023 and FY23, exceeding AlsterResearch’s expectations in terms of revenue. Due to a final spurt in Q4, FY23 revenues increased by 13% yoy to EUR 393m. FY EBIT came in at EUR 43m, in line with guidance. A detailed outlook for FY24 will follow upon publication of the final results for FY23, on March 22, 2024. AlsterResearch’s experts stick to their forecast of an EBIT margin deterioration in FY24, reflecting gross margin pressure and a step-up of investments, and gradual recovery from FY25 onwards. AlsterResearch confirms the PT (EUR 197.00) and the BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/secunet%20Security%20Networks%20AG

MHP Hotel AG (MHP) reported strong Q4 KPI with revenues of EUR 37.2m, up 9% from the same quarter last year. The growth was driven by a 27% increase in food and beverage revenues (F&B), driven by price increases and the successful implementation of new F&B concepts in acquired hotels. Occupancy remained high at 76%, defying typical seasonal patterns, supported by both domestic and international demand. While average daily rates didn't reach the Q4 22 record, accommodation revenues still grew by 6%. MHP anticipates stable demand in Q1 2024, and foresees further growth with the opening of the Koenigshof in Munich and potential demand from UEFA Euro 2024. AlsterResearch’s analysts reiterate to BUY with a price target of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

Siemens Energy (SE) saw a better-than-expected start to FY24, with preliminary order intake and revenue numbers for Q1 beating consensus by a notable 24% and 4%, respectively. Profit (excluding special items) print was also better; SE reported profits as against the loss estimated by consensus, on the back of narrower losses at Gamesa and profit beats in other segments. Management highlighted that project shifts and timing effects across businesses was the key driver of the positive Q1 performance; it has hence maintained its guidance for FY24. While SE is working on remedial actions to address quality issues at its onshore wind business and ramp-up challenges in the offshore business, Gamesa will remain a drag in the near to medium term. Encouragingly, except for the wind business, all other segments (over 75% of SE’s revenues) have been witnessing strong demand, as they offer products that facilitate energy transition. AlsterResearch’s analysts broadly maintain their estimates for FY24 and their PT of EUR 17.00; AlsterResearch reiterates the BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG

In an ad-hoc release, Puma has issued preliminary results for Q4 and FY23, highlighting an extraordinary impact from a devaluation of the Argentine Peso in mid-December. While FY revenues came in 3% below consensus, EBIT was roughly in line. For FY24, Puma expects a mid-single-digit sales growth (currency-adjusted) and an EBIT in the range of EUR 620-700m. The management expects consumer demand and sentiment to be impacted by a persistently challenging environment, due to geopolitical tensions and volatilities, especially in the first half of 2024. In view of the guidance, AlsterResearch’s analysts are significantly lowering their forecasts, particularly regarding margin development. This extends to the medium-term forecast period. AlsterResearch’s analysts lower their PT to EUR 60.00 (old: EUR 75.00), but confirm to BUY. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE

Today, Cicor announced the closing of its acquisition of STS Defence (STS), which had been pending since October, 2023. This acquisition is another piece in the mosaic of Cicor's evolution into a top European player in the electronic manufacturing services (EMS) market. This path was presented yesterday, as Cicor participated in our Health Care conference. CFO Peter Neumann and Michael Götti, VP Corporate Marketing and Communications, outlined the company’s growth opportunities in the attractive medical sector. A recording of the event can be found on research-hub.de. The roundtable presentation confirms AlsterResearch’s view of the attractive value opportunity that Cicor offers. AlsterResearch confirms their PT of CHF 78.00 and their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Wolftank, in collaboration with Gemmo SpA, has secured a significant contract worth EUR 5.1m for designing and constructing a hydrogen filling station in Italy, with half the amount allocated to Wolftank. This project aligns with the EU's goal to establish a comprehensive hydrogen infrastructure by 2030, supporting emission-free transportation. The order reflects the substantial growth potential in the hydrogen sector, as the EU supports investments of approx. EUR 38bn to build 1,750 hydrogen filling stations by 2026 and even 5,000 by 2030. The company's positive outlook for 2024, anticipating sales of EUR 100-120m, indicates the increasing revenue from its expanding order activity, positioning Wolftank favorably in the decarbonization landscape. Consequently, AlsterResearch’s analysts are reiterating their BUY rating with an unchanged PT of EUR 22.00. Wolftank remains one of AlsterResearch’s top picks for 2024. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG