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