The German government plans to increase the aviation tax which is levied on all passengers departing from a German airport. In order to generate the targeted 36% increase in tax revenues, AlsterResearch’s analysts estimate that average round trip ticket prices would increase by 2% if the full tax increase is passed on to passengers. Under reasonable assumptions, this would result in foregone revenue of c. 0.5% for the Fraport group in 2024. This is within the normal margin of estimation error and AlsterResearch’s analysts reiterate their BUY recommendation with unchanged estimates and a price target of EUR 67.00. The full update can be downloaded under https://www.research-hub.de/companies/Fraport%20AG

Multitude is planning to relocate its registered office from Finland to Switzerland while retaining its legal structure. This seems to be possible only with a stopover in Malta, as it is not possible under Finnish law to relocate directly from Finland to a country outside the European Economic Area. The plan reflects the increasingly Central European focus of the operating business. In addition, a relocation is being examined primarily for reasons of improved shareholder rights and a better tradability of the stock. At the Capital Markets Day in late November 2023, the relocation was not a topic of discussion. Instead, the presentations focused on the operational development and the further growth potential. Multitude has a very exciting investment story to tell: Net profit is expected to increase from just under EUR 12m in 2022 to EUR 30m by 2026. AlsterResearch’s analysts reiterate their BUY-rating with a DCF-based price target of EUR 12.10. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

Nordex continues to make progress and recently announced a 553 MW order from Sweden (eAR: revenue of around EUR 0.5bn) with a 35-year Premium Plus service agreement. This follows last year's positive turnaround and closes the year 2023 on a strong note, pointing to a sustainable and profitable growth path. These developments underscore Nordex's resilience and point to a promising outlook, especially as the turbines sold in Sweden are likely to be sold at better conditions, thus increasing the average selling price. On group level, the average selling price per MW is expected to increase again after declining to EUR 0.79m in Q3 23 (Q3 22: EUR 0.90m) due to the regional mix. In addition, the revival of business in the US should contribute to Nordex's strong overall growth. AlsterResearch’s analysts reiterate their BUY recommendation and confirm their target price of EUR 22.00. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

Enapter announced the conclusion of an agreement with its first exclusive distribution partner (Solar Invest International SE, Luxembourg) for the US market in 2023. An amount of EUR 25m has been agreed as consideration for Enapter, of which approx. EUR 10m will be booked in 2023. This will offset the previously expected negative EBITDA of EUR -10 to -11m for FY2023, while supporting Enapter's sales strategy. Several such exclusive distribution agreements for other countries are expected to follow. These not only lead to increased sales of the company's own products, but also, as in this case, to high one-off payments. In addition, it was announced that the main shareholder (BluGreen / Sebastian Justus Schmidt) has granted Enapter a EUR 10m development loan. AlsterResearch’s analysts confirm their BUY rating and raise their target price to EUR 22.50. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG