Following the publication of preliminary results in early February, CompuGroup’s (CGM) share price fell sharply by a further 30% to an almost 10-year low at EUR 26.70. This decline is explained by the weak figures, which were particularly surprising with significant differences between the adjusted (adj.) and reported KPIs that did not meet market expectations. Now, mwb research’s analysts have incorporated the final set of ‘23 figures. At the same time, the analysts introduce the ‘26 forecast and update the estimates to reflect the surprisingly weak results and the new outlook. mwb’s analysts continue to believe that reported margins remain weak in 2024, however, as the share price suffered to new lows, they also believe the trough should be reached. Management has taken two immediate steps (doubling of dividend and a further share buyback) to reassure shareholders. Therefore, mwb research reiterates the BUY rating with a lowered PT of EUR 42.00 (old:51.00). The full update can be downloaded under https://www.research-hub.de/companies/CompuGroup%20Medical%20SE

Rubean reported a remarkable fivefold increase in revenues to EUR 0.5m in Q1'24, driven by software roll-outs and new contracts with major customers. Rubean continued to win important new customers, including a strategic alliance with Discover and a transformational deal with Global Payments Europe. mwb research’s analysts expect the latter to generate several million euros of annual recurring revenues over the next 2-3 years. Rubean has also made progress in improving profitability. Cost reduction measures resulted in 10% savings compared to Q1 last year. Overall, management reaffirmed its guidance for a doubling of revenues to EUR 2.2-2.5m, anticipating seasonal weakness in Q2 but positive results in Q3 and Q4 driven by increasing momentum from its strategic alliances. mwb research’s analysts reiterate their BUY rating with a PT of EUR 12.00, reflecting an upside of around 100%. The full update can be downloaded under https://www.research-hub.de/companies/Rubean%20AG

First Berlin Equity Research hat ein Research Update zu urban-gro, Inc. (ISIN: US91704K2024) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und senkt das Kursziel von USD 4,70 auf USD 4,30. Zusammenfassung: Trotz eines erheblichen Umsatz- und EBITDA-Rückgangs in Q4 behalten wir unsere Kaufempfehlung für  [ … ]

Multitude has published its final FY23 figures, which confirm the preliminary figures. Revenues and earnings increased in all areas and the balance sheet quality was further improved. Multitude is a FinTech company and has previously reported as a technology company. Starting with the annual report 2023, Multitude reported P/L as a bank. This means that the top line will no longer be ‘revenue’, but ‘net interest income’. In addition, EBIT, which was previously the most important KPI, will be replaced by consolidated net profit. Management confirmed the long-term targets updated in November 2023 to reach net profit of EUR 30m by the end of 2026. With net profits of EUR 30m, an EPS of c. EUR 1.40 would be reached, compared to last year’s EUR 0.51 which can be translated into a dividend of up to EUR 0.70 per share by 2026E. With a P/E ratio of only 5.9x 24E, growth prospects are not reflected in the current valuation. With more transparent reporting, this undervaluation should gradually disappear if the earnings power of the business model lifts the net profit to over EUR 30m. mwb research’s rating remains BUY with an increased price target of EUR 13.20. (old: EUR 12.60). The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

The recent stock market debut of GE Vernova (GEV), following its spin-off from GE, provides an opportunity to compare its business model with that of Siemens Energy. There are slight differences in terms of products and markets served, but overall the two companies are very similar, not only in terms of business scope, but also in terms of size and profitability. The one exception is the wind business, where both companies are struggling, but Siemens Energy is facing bigger problems. While this should be reflected in the valuation, the current 50% discount on FY23 EV/sales seems excessive. mwb research’s analysts raise their price target for Siemens Energy to EUR 22.00 (from EUR 17.00) and reiterate their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG

Here comes the sun // Initiate with BUY MPC Energy Solutions (MPCES) is ready for a virtuous growth cycle: The integrated IPP owns 144 MW (99 MW proportionate) of PV and CHP assets (incl. under construction) and has a 336 MW development backlog (225 MW of mature projects). The regional focus of MPCES is Latin America and the Caribbean, which  [ … ]

Dry spell's over: Comeback of performance fees; chg. est. For the first time since Q4 2021, MLP looks set to record performance fees of € 7m in Q1, as capital markets have developed favourably, pushing FERI's funds to new high water marks. In detail: FERI's largest fund, the EquityFlex, surged 11.5% during Q1, outperforming the benchmark [ … ]

Mixed 2024 guidance // efficiency measures bearing fruit; chg. Last week, Marley Spoon Group ('MSG') released a mixed 2024 guidance. Sales are expected to grow by a single-digit percentage versus the prior year (eNuW new: +9% yoy; eNuW old: +17% yoy), largely driven by two separate developments owing to MSG's structure, which consists of the co [ … ]

Redcare Pharmacy's prelim. Q1 24 sales figures show continued high double-digit growth, but with slowing momentum. Group sales increased by almost 51% yoy to EUR 560m, compared to stronger growth rates of 67% and 62% in Q3 23 and Q4 23 respectively. Organic sales growth was a solid 19% yoy, with the recently acquired MediService contributing the remainder. Non-Rx sales increased by 20% to EUR 404m, while Rx sales increased by 348% to EUR 156m, mainly due to the MediService acquisition. However, the mandatory introduction of electronic prescriptions in Germany has not yet had a significant impact on sales. Although the Q1 results were in line with mwb research’s expectations, the analysts reiterate the SELL rating with a PT of EUR 115.00, taking into account the growth prospects already reflected in the current share price and the uncertainties surrounding the German Rx sales acceleration. The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

cyan AG announced its preliminary figures for FY23. Including the i-new business, operating revenues came in at EUR 8.6m, roughly in line with mwb research’s estimates. Group EBITDA (incl. i-new and one-offs) amounted to EUR -9.7m (mwb est: EUR -12.7m), better than forecasted due to a retrospective recognition of changes in inventories in FY22, which was originally planned for FY23. Cybersecurity figures show a positive top-line performance. Recurring revenues were up by 41% yoy, driven by the increase in the subscriber base (+71%). After adjusting the model, the analysts come to a new PT of EUR 3.50 (old: EUR 3.20), reiterating their BUY recommendation. On April 15, 2024, mwb research will host a roundtable event with cyan AG’s management, for which you can register under https://research-hub.de/events/registration/2024-04-15-14-00/CYR-GR. The full update can be downloaded under https://www.research-hub.de/companies/cyan%20AG