Enapter continues to make progress and has announced a 3MW multi-core order from CFFT SpA, a logistics company, and a 1MW order from F.i.l.m.s. SpA, a hard metal part producer, both based in Italy (mwb est: revenue of approx. EUR 4m; 25% of product revenues FY23; excluding post-sales service/replacement revenue). Both orders show that various industries are starting to rely not only on hydrogen but also on Enapter's patented AEM technology. mwb research’s analysts are confident about Enapter's long term prospects of scaling up the mass production of multi-core systems in the MW range, as the technology provides greater flexibility and cost advantages over competitors (e.g. by eliminating the most expensive precious metal, iridium). The experts from mwb research expect Enapter's cost advantage and mass production to become more apparent from 2025, which should drive growth while unlocking economies of scale. Hence, the analysts remain bullish on Enapter and maintain the BUY rating with a PT of 22.50. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

Koenig & Bauer (SKB) published its final 2023 figures, in line with the preliminary figures published in late February. The company recorded an 11.9% yoy jump in revenues to EUR 1.33bn in FY23, hitting the upper end of the guidance of around EUR 1.3bn (consensus: EUR 1.33bn). Despite the muted Q3 performance, the company managed to remain on a growth trajectory, given a robust 14.6% yoy revenue growth in Q4, primarily driven by a massive 57.0% yoy revenue growth in the Digital & Webfed segment. Koenig & Bauer maintained the FY24 guidance (given in February) at operating earnings of between EUR 15-30m and revenue of around EUR 1.3bn. Although the FY24 guidance remains slightly disappointing, the company maintained the medium-term target for revenue of around EUR 1.8bn and an EBIT margin of 8-9%. mwb research reiterates to BUY, PT EUR 20.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Koenig%20&%20Bauer%20AG

CTS Eventim (CTS) released final results for 2023 that were in line with its strong prelims. Robust demand for concerts, sports events, and live entertainment in Q4 drove steady momentum in both the Ticketing and Live Entertainment segments. Full-year revenues exceeded the EUR 2bn level by reaching an all-time high of EUR 2.4bn (+22% yoy) and normalized EBITDA grew at 32% yoy to EUR 501m, both surpassing its guidance by a material margin. Management is optimistic about the demand environment and guides for a moderate yoy revenue increase in 2024 and earnings will remain at a high level as seen in 2023. These numbers highlight the superior market position of CTS in the ticketing market. Meanwhile, the expansion of its iconic venues and the construction of Italy’s largest arena are expected to provide further impetus. CTS’ share price has risen by 24% YTD, including its appointment, alongside AXS, as the ticketing service provider for the 2028 Summer Olympic and Paralympic Games in Los Angeles, its 5th Olympic games involvement. After the recent rally, valuations appear fair. mwb research reiterates the HOLD rating on CTS at an unchanged PT of EUR 76.00. The full update can be downloaded under https://www.research-hub.de/companies/CTS%20Eventim%20AG%20&%20Co%20KGaA

Refinancing agreement with lenders and capital increase Topic: Rosenbauer reached a multilateral refinancing agreement with its major lenders and promissory note holders. Further, the Austrian vehicle manufacturer announced to be planning a capital increase of at least 3.4m shares to strengthen its balance sheet. Successful refinancing: Durin [ … ]

FY ’23 showing strong rental growth - Strategy update // chg. S IMMO released FY ’23 figures, showing strong operational results as well as a lower-than-expected devaluation of the real estate portfolio. FY rental income came in at € 203m (eNuW: € 193m; eCons: € 191m), up 30% yoy thanks to acquisitions to the tune o [ … ]

First Berlin Equity Research on 26/03/2024 initiated coverage on ParTec AG (ISIN: DE000A3E5A34/ Bloomberg: JY0 GR). Analyst Simon Scholes placed a BUY rating on the stock, with a EUR 220.00 price target. Abstract: Partec has designed, patented and brought to market a new type of supercomputer, which for a given initial financial outlay, perform [ … ]

Transformation year 2023 in line with expectations; further investments in digitalisation and customer growth expected; return to profitability after another transformation year 2024; price target: € 9.60; rating: BUY   UmweltBank AG published its preliminary figures for the past financial year 2023 on 18 March 2024. As expected, the pa [ … ]

Friedrich Vorwerk Group (FVG) has published its final results for FY23, which - in short - was a challenging year. Sales grew only 1.4% yoy to EUR 373m, while EBITDA margins fell 500bp to 8.6% (FY22 13.6%). While these results were largely expected and in line with mwb research’s expectations, a strong margin recovery is anticipated in FY24 as better terms are agreed in new contracts. This trend was already visible in Q4, where gross margins improved significantly sequentially from 40.5% in Q3 to 64.3% in Q4 23. As a result, EBITDA margins have almost returned to 2022 levels (11.8% in Q4 23). Another highlight was the strong order backlog, which almost tripled to EUR 1bn at the end of FY23. Based on recovering margins, the strong order backlog and the growth prospects from the transition to renewable energies particularly in Germany, mwb research confirms its BUY rating and PT of EUR 21.00. The complete analysis is available at https://www.researchhub.de/companies/Friedrich%20Vorwerk%20Group%20SE

First Berlin Equity Research hat ein Research Update zu M1 Kliniken AG (ISIN: DE000A0STSQ8) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 13,20 auf EUR 18,00. Zusammenfassung: Wir bekräftigen unsere Kaufempfehlung für die M1 Kliniken AG (M1) und erhöhen unser Ku [ … ]

Daimler Truck shares have rallied with a YTD gain of over 37%, maintaining a solid position among the top performers in the German equity market. The performance was driven by strong FY23 figures, which showed revenue growth of 10% yoy. This was accompanied by a significant increase in adjusted EBIT of 39%, driven by improved pricing and positive developments in all segments. However, the outlook for FY24 is more subdued, with revenue and adjusted EBIT expected to be flat and a difficult Q1 ahead. The share price is now in line with fair value and mwb research downgrades to HOLD until FY24 order intake points to a potential return to growth in FY25. mwb research maintains the price target at EUR 46.00. The full update is available at https://www.research-hub.de/companies/Daimler%20Truck%20Holding%20AG