Nemetschek (NEM) reported good set of Q3 2024 results that were broadly in line with market expectations. Revenues grew 15.1% yoy to EUR 253.0m, led by organic growth of 8.9% yoy and the rest topped by the recently acquired GoCanvas (consolidated starting Q3). The top line continued to be driven by robust growth of 94.3% yoy in subscription and SaaS offerings to a record high of EUR 150.3m (organic: +77.5% yoy). EBITDA grew at 6.7% yoy to EUR 76.2m in Q3 (+7.8% yoy organic) and the margin narrowed by 2.4ppt yoy to 30.1%, mainly due to still lower profitability at GoCanvas. However, the organic EBITDA margin deteriorated at a milder 30bps yoy to 32.2%. Given good business progress so far in 2024, management confirmed its full-year guidance, including GoCanvas – revenue growth of 13%-14% yoy (organic: +10%-11% yoy) and an EBITDA margin of 29%-30% (organic: 30%-31%). GoCanvas is aligned with NEM's strategy to provide advanced cloud and mobile solutions and is expected to significantly boost growth and recurring revenues. mwb research’s analysts raise their PT to EUR 96.00 but reiterate their HOLD recommendation on the stock. The full update can be downloaded under https://www.research-hub.de/companies/research/Nemetschek%20SE

Company Name: Knaus Tabbert AG ISIN: DE000A2YN504   Reason for the research: Neunmonatsbericht Recommendation: Kaufen from: 08.11.2024 Target price: €50 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Knaus Tabbert AG (ISIN: DE000A2YN504 [ … ]

Amid cooling automotive demand, highlighted by weaker EV demand in Europe and the Americas and potential 200% tariffs on Chinese EVs under the Trump administration, Infineon faces a changing landscape. However, its diversified portfolio and strong demand for semiconductor solutions, underscored by a recent strategic collaboration with Stellantis and robust demand in China, provide a buffer against short-term headwinds. While a further decline in order backlog is expected in the next Q4 report, mwb research’s analysts believe Infineon will meet its Q4 sales target of EUR 4bn with a 19% EBIT margin, slightly below the 20% guidance. The analysts anticipate a gradual recovery in automotive demand through H2 2025, powered by a sweeping shift toward electrification, a trend that’s here to stay for the long haul. The analysts maintain their BUY rating with an unchanged PT of EUR 38.50. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

CGRE AG has announced that an insolvency proceeding for its 89.9% subsidiary CG Mariannen-Campus Nord GmbH & Co. KG has been initiated. This company operates a completed, fully let property in Leipzig with over 12,100 sqm of lettable space and annual net rent of approximately EUR 1.3m. The carrying value of the investment in CGRE's books is approximately EUR 3.4m. The remaining 10.1% is held indirectly by the Gröner Group, which itself recently filed for insolvency. Although this is not a positive development for CGRE, the immediate financial risk appears to be limited to around 5% of the company's net asset value (NAV). CGRE is working on a solution to minimize the risk. mwb research’s analysts reiterate their BUY rating on the stock, but with a lower target price of EUR 14.60 instead of EUR 15.00, as they are pricing in a worst-case scenario in which approximately 70% of the value of the aforementioned project company will have to be written off. The full update can be downloaded under https://www.research-hub.de/companies/CGRE%20AG

This week, Cicor Technologies outlined its Strategy 2028 at its Capital Markets Day, setting a new revenue target of CHF 1bn by 2028, up from CHF 390m in 2023, fueled by both organic growth and strategic acquisitions. The recent acquisition of Nordic Engineering Partner AB (NEP) in Sweden expands Cicor's development capabilities in healthcare technology, industrial electronics, and aerospace/defense. Additionally, Cicor is nearing completion of an acquisition in Germany, projected to add EUR 20-30m in revenue and strengthen its position in Europe’s largest electronics market. These acquisitions align with Cicor’s growth strategy, leading mwb research’s analysts to adjust their price target to CHF 83.00 (old: CHF 82.00) and reaffirm their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Westwing’s Q3 2024 report showed a revenue increase of 3.1% yoy to EUR 95.8m, driven by DACH's strong performance with a 4.1% growth, significantly outpacing the market, while the International segment was constrained by a shift to global/premium assortment. Adjusted EBITDA rose 45.8% yoy to EUR 3.5m, supported by higher gross profit, fulfillment efficiencies, and a focus on the high-margin Westwing Collection, now accounting for 58% of GMV. The company continued brand awareness campaigns, particularly in DACH, which elevated operating expenses but is expected to bolster long-term customer engagement. Customer metrics showed fewer orders but a higher average basket size (+16% to EUR 206), reflecting success in premium positioning. Despite a cautious sector outlook and a revised price target of EUR 9.50 (old: EUR 10.00), Westwing’s consistent outperformance leads to a reaffirmed BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/Westwing%20Group%20SE

Company Name: DEMIRE AG ISIN: DE000A0XFSF0   Reason for the research: Update Recommendation: Buy from: 08.11.2024 Target price: EUR 1.50 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Rental income decreased due to smaller property portfolio, chg. Q3 rental income declined 20% yoy to € 1 [ … ]

Company Name: Rosenbauer International AG ISIN: AT0000922554   Reason for the research: Update Recommendation: Buy from: 08.11.2024 Target price: EUR 50.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Solid Q3 preview and positive cross read; chg. est. Topic: Rosenbauer will release its Q3 [ … ]

Company Name: LION E-Mobility AG ISIN: CH0560888270   Reason for the research: Update Recommendation: Buy from: 08.11.2024 Target price: EUR 3.60 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr LIGHT battery closer to commercialization // TÜV SÜD stake sold LION E-Mobility announced [ … ]

Company Name: Westwing Group SE ISIN: DE000A2N4H07   Reason for the research: Update Recommendation: Buy from: 08.11.2024 Target price: EUR 17.50 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Q3 review: benefitting change in mix; chg. est. Topic: Westwing released solid Q3 results yesterday, wh [ … ]