Nordex continues to make progress and announced an 800 MW order from RWE for the European market (mwb est.: revenue of around EUR 0.7bn) with a long-term service agreement. In addition, RWE has announced plans to expand its onshore capacity by 4- 5 GW by 2030, with a strong focus on Nordex turbines. This follows last year's positive turnaround for Nordex and points to a sustainable and profitable growth path. These developments underscore Nordex's resilience and point to a promising outlook. At Group level, the average selling price per MW is expected to remain stable at a high level of EUR 0.84 to 0.90m. At these prices, Nordex expects an EBITDA margin of 2-4% for 2024 and 8% in the long term due to economies of scale (mwb est. 3.4% for 2024 and 5.3% from 2025). mwb research’s analysts reiterate their BUY rating and confirm their PT of EUR 22.00. Next week on 27. March at 14:00 (CET), mwb research will host an online roundtable with Nordex - register here for free: https://research-hub.de/events/registration/2024- 03-27-14-00/NDX1-GR. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

Knorr-Bremse has reported its final FY23 results, which align with the preliminary figures announced in February, showing no surprises. Despite economic challenges, the company achieved nearly 11% top-line growth driven by strong customer demand in both Rail Vehicle Systems (RVS) and Commercial Vehicle Systems (CVS), notably in Europe, North America, and China. Record sales coupled with disciplined cost controls significantly boosted profitability, evident in the EBIT margin increase by almost 1pp and a remarkable 150% year-over-year surge in free cash flow (FCF). Looking ahead to FY24, the company anticipates roughly flat sales with improved profitability. While CVS might witness slightly lower revenues due to reduced production rates by truck OEMs, RVS is expected to see revenue growth. The operating EBIT margin is forecasted to rise, supported by cost-cutting measures and a reduced low-margin legacy order book. Consequently, the company's recovery trajectory from past margin erosion is evident, leading mwb research’s analysts to reaffirm their BUY recommendation with an unchanged price target of EUR 75.00. The proposed dividend of EUR 1.65 leads to a yield of 2.4%.The full update can be downloaded under https://www.research-hub.de/companies/Knorr%20-%20Bremse%20AG

Huge potential from promising PwC partnership // chg. On Wednesday, VOQUZ Labs announced a strategic partnership with PwC Solutions Germany for the marketing of remQ, the company’s business transaction monitoring and auditing software for SAP customers. In detail: PwC will offer its client base in Germany the establishment of a digitali [ … ]

Strong FCF supports further growth; chg. Topic: INDUS reported solid FY23 figures especially in light of the currently challenging macro environment. Results are in line with the preliminary numbers and FY23 guidance. Further, INDUS had its capital markets day yesterday in Frankfurt. Here are the key takeaways: FY23 sales came in at € 1. [ … ]

After the recent weakness of the share price, mwb research’s analysts confirm their price target of EUR 29.00 and upgrade the rating form HOLD to BUY. Cancom recently published preliminary figures for 2023, which showed a mixed picture. The final figures will be published together with the annual report on March 28. This will also include the outlook 2024, which will be in the focus of investors. 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 remains intact, and an improvement in demand from SMEs offers upside potential for mwb research’s estimates. Cancom's customers must and will continue to digitize. The full update can be downloaded under https://www.research-hub.de/companies/Cancom%20SE

CTS Eventim's share price has risen by a remarkable 33% since mwb research’s analysts upgraded to BUY on 6 October, significantly outperforming the MDAX. This impressive momentum has been driven by recent positive developments, including the company's appointment alongside AXS as the ticketing service provider for the 2028 Summer Olympic and Paralympic Games in Los Angeles, marking its 5th Olympic Games involvement. In addition, strong preliminary FY23 results, announced on 7 February, showed 22.5% year-on-year revenue growth in Q4. However, the recent rally has brought the share price in line with fair value, warranting a more cautious stance on the stock. mwb research’s analysts downgrade CTS Eventim from BUY to HOLD, with an unchanged target price of EUR 76.00. The full update can be downloaded under https://www.research-hub.de/companies/CTS%20Eventim%20AG%20&%20Co%20KGaA

Elevated sales growth & Games gaining traction; chg. est. Topic: Yesterday, ZEAL released Q4 results and issued a strong FY'24e sales guidance, well above expectations. Here are our key takeaways: Blow-out sales guidance: ZEAL guides for sales of € 140-150m (eNuW old: € 135m; eCons: € 128m) and an EBITDA of € 38-42m (e [ … ]

First Berlin Equity Research hat ein Research Update zu Media and Games Invest SE (ISIN: SE0018538068) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 3,60. Zusammenfassung: MGI meldete für den Monat Februar einen Rekordumsatz, der durch ein organisches Umsatzwachstum ( [ … ]

Staige One AG has announced a substantial cooperation, expanding into China's burgeoning football market through a strategic partnership with LingXi Technology Co., Ltd. (ACME). ACME will purchase a minimum of 1,200 camera systems from Staige, ensuring significant sales volume until the decade's end. Facilitated in part by shareholder Borussia Dortmund, the agreement includes upfront payments and monthly license fees, projecting annual revenues of EUR 3.5m by 2029, totaling minimum revenues of nearly EUR 10m. Staige's AI camera systems will aid China's sports infrastructure development and talent identification. The collaboration starts with football but extends to basketball and volleyball. The agreement reflects Staige's entry into a promising market, supported by credible backers, highlighting its technological edge and potential for diversified revenue streams. mwb research’s analysts keep their estimates unchanged but note that their forecasts are now more on the conservative side. mwb research’s analysts therefore reiterate to BUY with an unchanged PT of EUR 6.50, offering substantial upside potential. The full update can be found under https://www.research-hub.de/companies/Staige%20One%20AG

TeamViewer's (TMV) final numbers were reported with no changes from the preliminary numbers released. TMV's revenues grew 11% yoy in 2023, but in Q4 revenues grew only 8% yoy, showing a further slowdown in growth. However, based on an improved product offering, TMV’s management confirmed to make good progress in targeting existing and new customers from various industries. According to the company, this has already led to the conclusion of extensive license agreements with corporate customers in all regions. For the full year 2024, TMV expects revenue growth of 7% to 11% compared to FY23. The company is also targeting an adjusted EBITDA margin of 43% for the full year (+1pp yoy). mwb research’s analysts update the final numbers to the model and confirm their view on TMV. However, Permira’s divestment remains a concern, but its impact on share prices is likely to be effectively countered through buyback programs. Remains a Buy with an increased target price of EUR 17.10 (old: EUR 16.70). The full update can be downloaded under https://www.research-hub.de/companies/research/TeamViewer%20AG