Ceconomy’s CFO, Dr. Kai-Ulrich Deissner, presented at mwb research’s German Small Cap Select Conference and provided a summary and current status on the company’s transformation. Ceconomy is currently undergoing a transformation to become a customer-focused retail service platform, which is expected to improve profitability and cash inflows. These efforts form the basis for ambitious medium-term financial targets. Dr. Deissner expressed confidence in delivering on the guidance, both in the short- and medium-term, which was reassuring. mwb research’s analysts confirm their PT and rating. A recording of the event can be found here: https://research-hub.de/events The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

Kontron presented on mwb research’s German Small Cap Select conference, a quarterly conference format of stock listed gems in Germany. CFO Clemens Billek led through the presentation, highlighting the successful completion of FY23, both operationally and strategically thanks to a series of key acquisitions. Following the sale of the IT services business, the face of the new Kontron is now slowly taking shape, focusing on megatrends such as digitalization, AI and sustainability, which the company will serve with IoT products. The recent acquisition of listed Katek appears to be on track and should provide the basis for additional top- and bottom-line growth in the future. mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 34.00 and believe that the recent share price weakness offers an attractive entry opportunity. The full update can be downloaded under: https://www.research-hub.de/companies/research/Kontron%20AG

Sven Köpsel, Head of Investor Relations & Corporate Communication of Suess MicroTec, gave a presentation at mwb research's German Small Cap Select Conference. The presentation highlighted Suess MicroTec’s exceptional positioning in high-growth areas of the semiconductor equipment market, particularly driven by AI applications, which accounted for over 30% of FY23 orders. Despite industry challenges, the company delivered 17% revenue growth in FY23, in stark contrast to the decline in the wafer fab equipment market. Margin expansion is expected in FY24, with gross margin and EBIT margin expected to improve by 240bp and 190bp, respectively, at the midpoint of the guidance range. The company's valuation presents a compelling opportunity, with margins still below industry standards and a significant discount to peer group multiples, suggesting potential for both earnings growth and multiple expansion, reinforcing mwb research’s BUY recommendation with a DCF-derived price target of EUR 44.00. A recording of the presentation is available at https://research-hub.de/events. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

Topic: Last week, Rubean announced to have quintuples its turnover in Q1´24 against Q1´23. Further, Rubean signed a contract with SEUR and reduced its cost base by 10% yoy. In detail: Turnover increased by 500% yoy to € 493k in Q1, partially due to roll-out of Rubean´s software to new, large customers, acquired already la [ … ]

FY23 final figures in line // Strong FY24 ahead; chg. Multitude recently reported final figures for FY23 that were in line with prelims. Management also confirmed its FY24 EBIT guidance of € 67.5m. In detail: Sales came in at € 230.5m (+9% yoy vs eNuW old: 228m), driven by the strong growth of the net loan book (NAR) to € 636m  [ … ]

Strong momentum as S/4HANA effect should become visible We hosted a digital roadshow with VOQUZ Labs CEO Martin Kögel, which provided valuable insights into the investment case. Here are the takeaways: Current trading remains on a strong level after we already saw a pick-up in demand in H2 ’23 (+14% sales vs +3% in H1) as Mr. K&oum [ … ]

Games business – a second EBITDA accelerator? Following recent additions to the Games portfolio, we take this opportunity for another deep dive into the new Games business, highlighting the favourable business metrics and showing its enormous potential for ZEAL, once scaled. Here’s our take: User metrics exceed those of lottery by [ … ]

First Berlin Equity Research hat ein Research Update zu Media and Games Invest SE (ISIN: SE0018538068) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 3,60 auf EUR 3,80. Zusammenfassung: MGI wird eine Partnerschaft mit Google Cloud eingehen, um seine Marktplätze auf einer e [ … ]

Wolftank is a key player in the EU's drive towards a greener industrial and energy infrastructure, with over 70 years of experience in environmental and energy technologies. With its four segments - Environmental Services, Industrial Coatings, LNG and H2 (refueling systems) - the company covers a wide range of environmental aspects. A CAGR ’20-23E of 33% and increasing profitability reflect the structural growth opportunities the global environmental ambitions have on offer, also visible in a steadily growing order backlog (H1 23: +96% yoy). However, despite these positive developments, the share price has lost nearly 46% since its ATH end of 2021, mainly reflecting the difficult market situation for “growth stocks” amid rising interest rates and small caps in particular. mwb research’s analysts therefore see an undervalued and therefore promising investment opportunity which is why they reiterate their BUY rating with an unchanged PT of EUR 22.00, representing an upside of >100%.The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

Yesterday, mwb research hosted a well-attended virtual roundtable with Cicor’s management. The presentation was rounded off by a lively Q&A-session, with a large part of the discussion focusing on Cicor's strategy and execution with regard to M&A, which is a cornerstone of Cicor’s growth. By consolidating a fragmented market, Cicor leverages on opportunities to enhance business focus and production capacity, as well as its competitive strength. The 2022 and 2023 results validate the company’s strategy and execution. mwb research’s analysts see the investment case confirmed, reiterating the PT (CHF 80.00) and BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd