TAKKT released a profit warning alongside weak Q3 ’23 results. Sales dropped by nearly 11% yoy to EUR 313m, with EBITDA falling by even 20% yoy to EUR 30.2m. This decline was primarily due to reduced order intake in the European Industrial & Packaging and American Office Furniture & Displays divisions, exacerbated by deteriorating consumer sentiment and geopolitical uncertainties. The pending U.S. government shutdown is expected to further impact demand. Consequently, TAKKT has adjusted its FY23 outlook, expecting mid-single-digit organic sales decline and an EBITDA of EUR 107- 117m. Long-term goals are also under review, no longer adhering to the original target of EUR 2bn in sales by 2025. Instead, the company aims to emphasize profitability and cash flow. Despite these challenges, TAKKT remains robust, with adjusted estimates and a new price target of EUR 15.00, justifying AlsterResearch’s BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/research/TAKKT%20AG

ExxonMobil's acquisition of Pioneer Natural Resources underscores the growing attractiveness of U.S. shale oil, which over time has become greener and more profitable. It has always been less exposed to geopolitical risks, which is currently moving to the center of attention. As a result, consolidation in the shale industry is expected to continue or even accelerate. Deutsche Rohstoff is trading at a 75% discount to the purchase price in the Pioneer transaction, and at this valuation the company could even become an attractive target. AlsterResearch’s analysts reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

ProSiebenSat1 (PSM) is currently sailing in a difficult advertising market. In the first half of the year, advertising revenues were already below expectations, and the slow growth in digital revenues was not enough to offset the decline. This is one of the reasons why cost-cutting measures have been announced. However, these will not show a significant impact before FY24. With the German economy still weak, PSM's core German market is suffering. This makes it increasingly unlikely that PSM will achieve its targets, which is why AlsterResearch’s analysts remain cautious and therefore lower their estimates. AlsterResearch fine tunes their estimates and reiterates their HOLD rating with a reduced PT of EUR 5.70 (old: EUR 8.00). The full update can be downloaded under https://www.research-hub.de/companies/research/ProSiebenSat.1%20Media%20SE

In Q3 2023, Cicor delivered 22.4% top line growth, highlighting robust customer demand particularly in the medical and aerospace & defence markets, as well as new customer wins. The order intake of CHF 108m translated to a healthy book-to-bill ratio of 1.13, fueling the management’s high confidence for the coming quarters. Cicor’s growth prospects continue to look promising as the company is constantly enhancing its competitive quality, as reflected in the fresh partnership with Clayens Group. At current share price levels, AlsterResearch’s analysts consider Cicor as an attractive buying opportunity with an upside of 55% derived from their PT of CHF 70.00. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

The EU's Package Travel Directive is currently being revised and may include a limit on advance payments by package travelers. If a limit is indeed introduced, AlsterResearch’s analysts believe it would follow a model already implemented in Germany, including a capped deposit of 20% at the time of booking, with the balance due no earlier than 30 days before the start of the trip, with exceptions permitted if the tour operator itself has to pay higher advance payments. A precise assessment of the potential impact on TUI is difficult at this stage, but as a rough estimate AlsterResearch’s analysts believe that the worst case could be a reduction of around EUR 750m in advance payments, while the net effect would probably be lower as tour operators pass on some of the pain to their suppliers. This could set TUI back a maximum of 1 year in its efforts to improve its credit rating. While the worst-case scenario would reduce the upside to AlsterResearch’s price target, it would not change AlsterResearch’s overall view of the investment case. The analysts reiterate their BUY rating with an unchanged price target of EUR 16.00. The full update can be downloaded under https://www.research-hub.de/companies/TUI%20AG