Uninspiring FY23 results, positive outlook for FY24e; chg. est. Topic: Singulus reported uninspiring FY23 figures with top- and bottom-line below the company’s guidance and our estimates. More importantly, FY24 could feature significant sales and EBIT growth. FY23 sales decreased 17% yoy to € 73m (eNuW: € 77m), missing the in  [ … ]

Gradual recovery underway // better FY'24 outlook; chg. After Einhell indicated that it will not be able to achieve its adjusted FY'23 guidance of € 1.0bn in revenues, FY sales are now expected to come in at c. € 972m (eNuW: € 991m), implying weaker-thanexpected Q4'23 sales (5% yoy), largely due to muted consumer sentiment and un [ … ]

Auto1 published its full FY23 report, in line with the company’s preliminary release. The reported FY23 revenues declined by 16.4% yoy to EUR 5.46bn, driven by lower volumes and average selling prices. Amid declining volumes and ASP, Auto1 made progress towards profitability, strongly driven by Autohero’s increased in-house production. The company’s FY24 guidance sees a unit growth of +9% yoy at the mid-point to 610k-665k units. In this regard, German KBA numbers indicate a favourable environment in Q1. Overall, mwb research’s analysts see Auto1 on track for a recovery in terms of units, but with softer ASP. After rolling the model, mwb research confirm the PT of EUR 8.00 and the BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/AUTO1%20GROUP%20SE

Performance One (PO1) announced a small capital increase of 60,000 shares. The new shares will increase the company's share capital by c. 5.3% to EUR 1.19m and will be offered to interested investors at EUR 5.00 per share. In total, the company will receive c. EUR 300K, which will be invested in the further growth of the company. PO1’s subsidiary E-Health Evolutions GmbH, which bundles the group's digital health activities such as couch:now and the mental health app Harmony, is also rising fresh funds. The subsidiary which is majority owned by PO1 (c. 72%) plans to raise up to EUR 1.2m in a public financing round and interested investors who would like to participate in this can find all information at fundernation.eu. The e-health subsidiary alone is targeted to grow to EUR 58m in sales by ‘27, with an EBITDA margin of over 25%, according to PO1. Taking into account the current valuation, an investment in PO1 appears to be a bargain, as E-Health Evolution alone is currently valued at c. EUR 7.2m, which is higher than PO1’s EV of EUR 6.2m. The rating remains BUY with an unchanged PT of EUR 14.20. The full update can be downloaded under https://www.research-hub.de/companies/research/Performance%20One%20AG

First Berlin Equity Research hat ein Research Update zu Energiekontor AG (ISIN: DE0005313506) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 134,00 auf EUR 126,00. Zusammenfassung: Energiekontor (EKT) hat ihren Geschäftsbericht 2023 veröffentlicht und Rekordza [ … ]

GIEAG Immobilien AG has partially withdrawn from the stock exchange due to the difficult market environment. Trading has been suspended on the Xetra trading platform and on the Frankfurt Stock Exchange, but the share remains tradable on the m:access of the Munich Stock Exchange. According to the analysts at mwb research, this step is a consequence of the low trading activity and the high costs of the stock exchange listing. The market environment for commercial real estate investments in Germany remains difficult, with a significant decline in investments compared to the previous year (-57%). Due to the high financing costs, mwb research's analysts continue to expect a challenging market situation for project developers and are adjusting their forecasts accordingly. For investors who are defying the current situation on the real estate market, mwb research continues to recommend the share as a BUY, but is reducing the price target to EUR 6.00. The full update can be downloaded under https://www.research-hub.de/companies/GIEAG%20Immobilien%20AG

Fuchs shares have outperformed the MDAX by 26 percentage points over the past 12 months, driven by consistently strong quarterly results in FY23. This is particularly true of profitability, which has been driven by gross margin expansion and effective cost management, as well as impressive free cash flow generation. However, management has provided a cautious outlook for 2024, citing macro uncertainties, leading to expectations of broadly flat revenues and profits. Fuchs serves a largely mature market, especially the almost half of its sales in automotive lubricants, which are structurally threatened by a higher share of electric vehicles. Selective acquisitions, as in the past, could help fill the gap, but it could be an uphill battle. The lack of significant growth prospects in 2024 suggests that current valuations now fully capture the company's potential. With unchanged estimates and an unchanged price target of EUR 48.00, mwb research’s analysts downgrade Fuchs to HOLD (previously BUY). The full update can be downloaded under https://www.research-hub.de/companies/Fuchs%20Petrolub%20SE

Solid FY23 figures // successful operating turnaround; chg. est. Topic: Rosenbauer reported solid FY23 figures with top-line slightly below and EBIT-margin in line with guidance. The strong demand is unbroken with a record high order intake and backlog. FY23 sales came in at € 1.06bn, slightly below the management target of € 1.1bn  [ … ]

FY ’23 displays strong cash generation and KPIs; chg. CR Energy released preliminary FY figures, which came in below our estimates but displayed an improved operating strength of the holding companies. FY EBIT came in at € 65m (eNuW: € 80m; eCons: € 73m), which compares to € 75m in FY ’22. The yoy decline can b [ … ]

Yesterday, Delivery Hero’s share price surged by 14.5% to EUR 33.00, doubling from its all-time low at the beginning of February. According to media reports, activist investor Sachem Head Capital Management has acquired a 3.6% stake in Delivery Hero and would be aiming for a seat on the Supervisory Board. The New York-based investor has made a reputation for implementing changes, including changes in the management board. Sachem Head's entry would be primarily positive from an investor's point of view, as its principal aim is to improve operations and increase the share price. However, Delivery Hero has managed to turn the corner by its own efforts in the past weeks. mwb research’s analysts confirm their PT (EUR 48.00) and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE