Suedzucker (SZU) reported detailed results for FY23/24 that were in line with its prelim. release, meeting its guidance range and consensus. Group revenues reached EUR 10.3bn (+8% yoy) during the fiscal year, driven by high sugar prices. EBITDA and operating results posted significant increases and SZU is set to propose a dividend increase to EUR 0.90/share (+29% yoy), which represents a comfortable yield of c.6%. However, Q4 results registered fading momentum, with sales up only 5% yoy and operating result margins halving yoy to 3.5%, as higher production costs in the sugar segment negatively impacted earnings. Management anticipates significantly lower Q1 FY24/25 earnings amid a slow start to the year, as sugar prices have largely stabilised and should trend lower. SZU reiterated its dull guidance for FY24/25, which indicates broadly flat yoy group revenues (at the mid-point) and declining EBITDA and operating profits, particularly in the sugar segment. mwb research’s analysts maintain their HOLD rating on SZU at an unchanged PT of EUR 14.00. The full update can be downloaded under https://www.research-hub.de/companies/Suedzucker%20AG

Photon Energy's Q1 revenues decreased by approx. 10% yoy to EUR 17.4m, mainly due to an 80% decrease in the PV component trading business and a 27% decrease in IPP portfolio revenues due to lower electricity prices, despite a 24% increase in capacity. However, the New Energy segment recorded a revenue increase of 121%, driven by the capacity market in Poland. EBITDA improved to EUR 0.8m with a margin of 4.5%, supported by a significant contribution from New Energy and a decline in the low-margin trading business. A positive free cash flow of EUR 2.5m and a cash balance of EUR 5.2m, together with EUR 15m new project financing from the EBRD, provide financial flexibility for further development. With an adj. equity ratio of 27.7%, seasonally stronger quarters ahead and a partial switch to much more attractive feed-in tariffs in Hungary, Photon Energy's financial buffer appears adequate. The company's FY24 guidance is for revenues between EUR 90-100m and EBITDA between EUR 16-18m, the latter higher than mwb research’s previous estimates. mwb research reiterates the BUY rating with an unchanged price target of EUR 3.05. The full update can be downloaded under https://www.research-hub.de/companies/Photon%20Energy%20NV

Dermapharm (DMP) reported solid figures for the first quarter of 2024, although the weakness Other Healthcare Products and the Parallel Import was somewhat disappointing. Total revenues declined by 6% yoy to EUR 298m in Q1, as double-digit organic growth in the existing Branded Pharmaceuticals portfolio was more than negated by the negligible vaccine business. The latter also dragged the adj. EBITDA line by 16% yoy, though excluding the vaccine portfolio, adj. EBITDA and the margin rose sharply. Management expects momentum to pick pace over the course of 2024, bolstered by in-house launches and synergies from Arkopharma. It has hence reiterated its guidance for the full year, which is reassuring. mwb research’s analysts still believe that the complementary segments will drive sales and synergies, but the near-term outlook point to only stable-to-moderate growth. Therefore, the experts maintain their assumptions that were lowered after 2023 results and retain the price target of EUR 41.50 and BUY rating. The full update can be downloaded under research-hub.de/companies/Dermapharm%20Holding%20SE

This week, Delivery Hero (DH) signed a share purchase agreement to sell its foodpanda business in Taiwan to Uber Technologies for USD 950m (~EUR 873m), fully in cash. Additionally, Uber will invest USD 300m (~EUR 278m) at the time of signing in newly issued ordinary Delivery Hero shares, at a placement price of EUR 33.00 per new share. The transaction is targeted to close in H1 2025. This year’s newsflow has caused strong reactions in stock price, which, however, has turned predominantly positive since February. This deal should once again significantly improve the company's financial leeway. mwb research’s analysts maintain their estimates and their PT of EUR 52.00. BUY. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

Ceconomy confirmed the preliminary release earlier this week with its publication of the H1 2023/24 results. Adjusted for currency effects and portfolio changes, the company recorded a sales growth of 6.1% yoy. The EUR 26m yoy improvement in adj. EBIT to EUR 5m was supported by gross margin expansion and cost control from efficiency measures. Reported EBIT showed even a stronger swing, due to a positive result from Ceconomy’s share in Fnac Darty. Despite signals of an increasing competitive environment in Turkey, management made positive comments on current trading, which was reassuring. mwb research upgrades the PT to EUR 3.00 (EUR 2.90) and reiterates the BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

Multitude has published its quarterly figures for the first quarter of 2024, which confirm a continued strong overall trend. The positive development in all business units remains convincing. Multitude's revenues increased by 18.3% to EUR 64.2m in Q1 2024, representing one of the company's strongest quarters of growth. EBIT grew by an impressive 31.0% yoy to EUR 11.6m, resulting in a net profit of EUR 2.6m, up 13% yoy and EPS of EUR 0.07. The company has reorganized its structure and introduced new products for SME businesses. In addition, Multitude has decided to launch a share buyback program of up to 100,000 shares, representing approximately 0.5% of the outstanding shares. The maximum amount that can be used to buy back shares is EUR 700,000, which corresponds to EUR 7.00 per share. All in all, good numbers and confirming news flow. The management also confirms the outlook, so mwb research’s analysts see no reason to adjust their estimates and reiterate BUY with an unchanged price target of EUR 13.20. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

Friedrich Vorwerk Group (FVG) published its Q1 24 results. Sales grew 5% yoy, while EBIT margins improved by 80 bps to 2.5%. These results were largely expected and in line with mwb research’s and consensus expectations. A strong margin recovery is likely in FY24 as better terms are agreed in new contracts, and the backlog of old, low-priced orders is now expected to be completely cleared in Q2 24. As a result, mwb research’s analysts expect EBIT margins to improve from 3.7% in FY23 to above 6% in FY24. Order intake was down 42% yoy, but a book-to-bill ratio of 1.6 still points to growth, also supported by an order backlog of EUR 1.05bn. Based on the recovering margins, the strong order backlog and the growth prospects from the transition to renewable energies in Germany, mwb research confirms the BUY rating and raises the PT to EUR 22.00. The complete analysis is available at https://www.researchhub.de/companies/Friedrich%20Vorwerk%20Group%20SE

LAIQON successfully completed a 5.3% capital increase by issuing 928K new shares at EUR 6.25, a 15% premium over the previous closing price. This will raise the share capital to EUR 18.4m, generating EUR 5.8m in gross proceeds. The new shares were allocated to existing shareholders, new investors, and board members. This capital boost will enhance LAIQON's balance sheet and support its GROWTH 25 strategy to increase assets under management (AuM) from EUR 6.4bn to EUR 8-10bn by 2025E, in particular helped by the game changing partnership with Union Investment to launch a new fund product shortly. LAIQON aims to scale its business, targeting EBITDA margins above 45% by 2025. The capital increase de-risks an investment, which is why mwb research’s analysts maintain their BUY rating with a slight PT reduction to EUR 10.00 (old EUR 10.50).The full update can be downloaded under https://www.research-hub.de/companies/LAIQON%20AG.

Bayer reported a decent set of numbers in Q1 2024. Sales declined 4% yoy to EUR 13.8bn (-1% yoy currency and portfolio adjusted [c.p.]) and fell 2% short of consensus, mainly dragged by FX (-4ppt impact), though prices and volumes were broadly flat yoy. However, it fared better in terms of profitability. Adj. EBITDA declined by 1% yoy to EUR 4.4bn (a 6% beat) on soft revenues, yet the margin improved by 1ppt yoy to 32.1%. As demand and pricing trends remain uncertain, management reiterated its tepid outlook for 2024 – sales growth of -1% to +3% yoy (c.p.) and adj. EBITDA declining by 9% to 3% yoy (FX adj.). Over the next 2-3 years, management intends to focus on its pharma pipeline, address litigation issues, and deleverage. It has initiated a restructuring plan to enhance profitability and flexibility and have a leaner operating model. For now, the company is not considering any structural changes (such as separation of either Consumer Health or Crop Science), which could have had a larger impact on valuations. Bayer’s road to recovery still looks bumpy, given the uncertainties surrounding its c.57K pending Roundup/Glyphosate-related litigations. Despite the challenges, mwb research maintains the BUY recommendation for investors with a good risk appetite. On largely maintained estimates, mwb research reiterates the BUY rating on the stock at an unchanged price target of EUR 42.00. The full update can be downloaded under https://www.research-hub.de/companies/Bayer%20AG

ProSiebenSat.1 (PSM) reported full Q1 results in line with pre-announcement, with revenues and adjusted (adj.) EBITDA beating market expectations. Despite the slow start of DACH TV ad sales in Q2, due to the timing of Easter in April, PSM should see better trends in May and June. Moreover, despite the strong Q1, management confirmed its FY 2024 outlook (revenues: EUR 3.95bn +/- EUR 150m; adj. EBITDA: EUR 575m +/- EUR 50m) against tough comparables and major sporting events being aired by competing channels in Q2 and Q3. At its recent AGM, PSM’s major shareholder MediaForEurope (MFE) failed in its attempt to spin off the group, due to resistance from other shareholders. That said, increasing pressure of major shareholders on management should lead to a gradual sale of non-core businesses (including Verivox and Flaconi) until only the TV business remains. mwb research’s analysts believe that disputes at the top management are likely to increase, which should impair PSM in a rapidly changing competitive environment. Hence, mwb research’s analysts maintain their SELL rating with an unchanged price target of EUR 6.00. The full update can be downloaded under https://www.research-hub.de/companies/research/ProSiebenSat.1%20Media%20SE