Cancom released its final FY23 figures, which were in line with its prelims. FY23 showed a mixed picture, but the outlook for ‘24 is reassuring. For FY24, Cancom is targeting revenues in the range of EUR 1.75-2.0bn and an EBITDA of EUR 130-155m. With mwb research’s estimates at the lower end of the new guidance, mwb research’s analysts believe Cancom’s business could be up for a positive surprise in H2 ‘24, when a gradual recovery is expected. Cancom will participate in the Small Cap Select Conference (virtual meetings) organized by mwb research on April 9. Interested investors and shareholders can register at https://research-hub.de/events In the view of mwb research’s analysts, Cancom’s medium- and long-term outlook are fully intact, and an improvement in demand from SMEs offers upside potential to mwb research’s estimates. Taking into account the final figures and the outlook, the experts slightly increase their forecasts, resulting in a new PT of EUR 31.00 (old: EUR 29.00). BUY. The full update can be downloaded under https://www.research-hub.de/companies/Cancom%20SE

First Berlin Equity Research hat ein Research Update zu Knaus Tabbert AG (ISIN: DE000A2YN504) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 86,00. Zusammenfassung: Ein Produktionsschub sorgte 2023 für Umsatzwachstum (+37% J/J) und eine EBITDA-Steigerung von 76%. Beide [ … ]

A big step towards UCL 24/25 as UEFA discloses prize money On Saturday BVB ended a long drought as the team won away at Bayern Munich (2-0) for the first time in ten years. Moreover, as Leipzig did not manage to beat Mainz (1-1), BVB extended the gap to 5th place to three points. Although 5th place might be sufficient to qualify for the 24/25 U [ … ]

coinIX announced the realization of hidden reserves of EUR 5.1m in the 2024 financial year through the transfer of liquid cryptocurrency holdings to the special fund coinIX COINVEST SCI1. The operational impact will remain minimal, as the same experienced team will continue to make the investment decisions. Transparency will be increased through the regular publication of the value of the special fund. mwb research’s analysts assume that the management fees of the special fund will be in line with those of coinIX, so that there will be no changes on the cost side, but additional income opportunities through the participation of further investors. Separately, one of coinIX's token projects, peaq, has announced a successful Series A funding round of USD 15m. This gives mwb research’s analysts confidence in the value potential of the as yet untraded token. mwb research’s analysts confirm their BUY recommendation with a new price target of EUR 4.00, which takes into account the tax payment on realized profits. coinIX remains the top choice for investors seeking exclusive access to a diversified blockchain portfolio. The full update can be downloaded under research-hub.de/companies/coinIX%20GmbH%20&%20Co%20KGaA

First Berlin Equity Research hat ein Research Update zu PNE AG (ISIN: DE000A0JBPG2) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 22,00 auf EUR 21,00. Zusammenfassung: Im Jahr 2023 steigerte PNE das EBITDA gegenüber dem Vorjahr um 13% auf €39,9 Mio. und errei [ … ]

Stratec reported solid sales and earnings in Q4 2023, reflecting new product launches, Natech Plastics consolidation, and multiple earnings improvement measures. Meanwhile, full-year results were impacted by subdued demand for molecular diagnostic systems, persistent inventory destocking, and development-related delays in a new veterinary diagnostics system generation. Discouragingly, amid weak start of the year, due to continued inventory destocking, management issued a weak guidance for 2024, expecting sales to remain flat or increase slightly yoy on a constant currency (c.c.) basis and adjusted (adj.) EBIT margin of 10%-12% (2023: 10.3%). Stratec estimates that there is still increased volatility in customer ordering patterns due to the many lingering effects of the pandemic. The sales recovery could be slower than expected, even though Stratec seems to be making good progress with its cost-cutting measures. mwb research has reduced the assumptions and lowered the price target to EUR 37.00 (old: EUR 58.00). The analysts think that it is still too early to buy and therefore downgrade the rating to HOLD. The full update can be downloaded under https://research-hub.de/companies/research/Stratec%20SE

Westwing reported detailed 2023 numbers, with broadly flat full-year revenues and an improving gross margin, owing to controlled fulfillment expenses, and general overheads. Overall, Westwing reported a reasonable set of results – both revenues and adj. EBITDA reached the upper half of its guidance range. Despite a good start to the year, with GMV up 6% YTD, management does not expect a rebound in consumer demand in 2024. It gave a cautious outlook for 2024, guiding for revenues of EUR 415m-EUR 445m (-3% to +4% yoy) and adj. EBITDA of EUR 14m-EUR 24m. For 2024, it has planned a number of initiatives to reduce business complexity, improve scalability of its tech platform, expand its presence in Europe, and focus on premium brand positioning. In the analysts’ view, these near-term initiatives should take the company on a sustainable revenue and profit growth trajectory. mwb research confirms the price target of EUR 10.00 and BUY rating. The full update can be downloaded under https://research-hub.de/companies/Westwing%20Group%20AG

TAKKT's final FY23 results closely align with earlier preliminary figures, with full-year revenues and EBITDA meeting guidance and free cash flow rising by 31% year-on-year. However, Q4 saw a 13% revenue decline to EUR 285m, attributed to an 11.3% organic drop and currency fluctuations amid subdued consumer demand. For FY23, TAKKT proposes dividends of EUR 0.60 regular and EUR 0.40 special per share, in line with estimates. Amid a sluggish economic environment, FY24 forecasts anticipate organic turnover to decrease, with adjusted EBITDA margins expected at 8.0-9.5%. Cost reductions, though initially impacting earnings, aim to restore growth by 2025. Considering challenges ahead, mwb research downgrades TAKKT to HOLD from BUY, triggered by lower earnings estimates and a reduced price target of EUR 13.00 (former EUR 15.00). The full update can be downloaded under https://www.research-hub.de/companies/research/TAKKT%20AG

Cicor Technologies closed the acquisition of TT Electronics IoT Solutions. The carve-out from TT Electronics PLC will add required capacities for local production in the UK, strengthening Cicor’s position in the Aerospace & Defense market. A successful post-merger integration should translate to further market share gains. mwb research confirms the PT and rating. Next week, mwb research will host a roundtable with Cicor’s management. CEO Alexander Hagemann and CFO Peter Neumann will provide a comprehensive overview over the company’s business model and strategy, followed by a Q&A session. Sign up under https://research-hub.de/events/registration/2024-04-08-14-00/CICN-SW to participate in the event. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Dermapharm (DMP) reported detailed results for 2023 that were in line with its preliminary numbers. Full-year revenues of EUR 1.14bn (+11% yoy) surpassed its guidance and adj. EBITDA of EUR 310m (-14% yoy) reached the upper-end of its target. These numbers are healthy, given DMP no longer enjoys tailwinds from COVID-19 vaccine sales as seen in 2021-2022. Management is optimistic about seeing a recovery in Europe and good traction in non-European markets in 2024. Furthermore, it expects in-house launches and synergies from Arkopharma to drive its performance ahead. DMP confirmed its guidance for 2024, which reflects normalizing but only stable growth rates on a better comparable basis. mwb research still believes that the complementary segments will drive sales and synergies, but the only stable outlook leads the analysts us to lower their assumptions, resulting in a lower price target of EUR 41.50 (old EUR 48.00). But the rating remains BUY. The full update can be downloaded under research-hub.de/companies/Dermapharm%20Holding%20SE