Fraport reported FY23 figures. Revenues of EUR 4.0bn were around 1% ahead of consensus, driven by a strong performance at International Activities, particularly in Greece, and a notable recovery in passenger numbers at Frankfurt Airport. However, EBITDA was slightly below expectations, as the significant beat in International Activities could not fully compensate for EBITDA shortfalls in Retail & Real Estate (too low revenues) and Ground Handling (rising personnel costs). Looking ahead to FY24, Fraport expects the recovery to continue with expected passenger growth at Frankfurt Airport and a modest increase in EBITDA, with the upper end of the guidance range in line with expectations. The outlook for free cash flow is disappointing and no dividend is planned. mwb research reiterates its BUY recommendation, adjusting the estimates with minimal impact on the fair value and confirming their price target of EUR 67.00. The full update can be downloaded under https://www.research-hub.de/companies/Fraport%20AG

Geratherm has announced that it has applied for short-time work at its Geratal plant because sales of clinical thermometers were below plan due to the mild winter. Clinical thermometers account for between 35% and 40% (mwb est.) of Geratherm's total sales. The company had already reported declining sales in the Healthcare Diagnostics business unit in H1 23 due to increasing competition from Asia. An unusually mild winter is an "unavoidable event" that qualifies as a reason for short-time work if it is expected that the economic situation will improve in the next twelve months to such an extent that a return to full-time work will occur. mwb research has adjusted its estimates to reflect a more cautious outlook for Healthcare Diagnostics, resulting in a new price target of EUR 9.15 (old: EUR 11.30), while maintaining the BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Geratherm%20Medical%20AG

Electrification of German/European volume segments through direct sales and digitally-supported partner network sales of fully electric cars; Marketing of pure electric cars under the German ELARIS brand combined with a full-service offering with a focus on private and corporate customers; The increased expansion of the e-mobility business via a  [ … ]

First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0XYG76). Analyst Simon Scholes reiterated his BUY rating and decreased the price target from EUR 47.00 to EUR 46.00. Abstract: 2023 sales of €196.5m and EBITDA of €158.2m both came in towards the top end of guidance. Meanwhile, 2023 produ [ … ]

First Berlin Equity Research hat ein Research Update zu Grand City Properties S.A. (ISIN: LU0775917882) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 12,60 auf EUR 12,50. Zusammenfassung: Das Nettomietwachstum auf vergleichbarer Basis (LFL) von 3,3% führte zu einer guten operat [ … ]

Bechtle reported detailed results for 2023 that were in line with its preliminary release. Despite a challenging economic environment, the company’s full-year revenues increased by 7% yoy to EUR 6.4bn (Q4: +8% yoy to EUR 1.9bn) and earnings before taxes (EBT) grew by 7% yoy to EUR 375m (Q4: +7% yoy to EUR 107m). At the time of prerelease, revenues were in line with mwb research’s estimates, while EBT had surprised positively. After the exceptional pandemic years of 2021 and 2022, key IT parameters are trending back towards "normal". Despite general moderation in demand for IT services, management issued an encouraging outlook, expecting to deliver revenue growth in the 5%-10% yoy range in 2024 and a stable yoy EBT margin of c. 5.8%. The company continues to pursue strategic M&As (has completed over 100 deals since inception) to expand its presence across Europe and widen its portfolio. Given that Bechtle is a leading IT player in Europe and many of its customers are still in the early stages of digitization, mwb research’s analysts expect the company to continue its success story. mwb research confirms the DCF-based price target of EUR 59.00 and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG

HelloFresh (HF) announced detailed 2023 numbers that were in line with its disappointing prelims and met its guidance, which it had downgraded in November. Revenues were flat yoy at EUR 7.6bn (+2.8% yoy in constant currencies [c.c.]) and adjusted EBITDA (AEBITDA) declined by 6% yoy to EUR 448m. At the time of pre-release, management had issued a lackluster outlook for 2024, which it has now confirmed. It continues to guide for revenue growth of 2%-8% yoy in c.c. and AEBITDA of EUR 350m - EUR 400m. As a major disappointment, acknowledging errors and misjudgments in its highly optimistic growth estimates for the meal kit business amid the declining customer base after removal of all pandemic-related restrictions, the company had withdrawn its mid-term targets at the time of pre-release. Now, resting on the positive growth prospects of the still young RTE business, the company must show that the targeted efficiency gains are achievable on the scale envisaged. mwb research broadly maintains the recently cut forecasts and reiterates the BUY rating at an unchanged price target of EUR 16.00. The full update can be downloaded under https://www.research-hub.de/companies/research/HelloFresh%20SE

Strong Q4 figures // Bullish FY24 guidance confirmed; chg End of last week, Multitude reported a very strong set of Q4 figures and confirmed its FY24 EBIT guidance of € 67.5m. In detail: Sales came in at € 63.1m, up 9% qoq and 15% yoy, slightly above our estimates of € 60.4m (eNuW; restated to reflect directly attributable CAC) [ … ]

RS feedback: New formats offering upside / chg. Last week, we hosted a digital roadshow with BVB CFO Thomas Treß, which underpinned our view that the club is set to benefit from several structural changes going forward. The main takeaways: Bundesliga broadcasting rights: In Q2, the German Football League (DFL) is starting to market the  [ … ]

The CHAPTERS Group published news on its development in FY23 and 2024 YTD. The company had an extremely busy year, adding 18 operating companies in 2023 to its portfolio and expanding into France by launching a local investment platform for VMS companies. Preliminary key figures for FY23 indicate dynamic growth both on the top and bottom line. The Base Value, CHAPTERS’ measure of intrinsic value, was increased from EUR 6.52 per share to EUR 8.00 per share. So far, the company’s transactions to date in 2024 indicate a continued high momentum. Backed with financial firepower and strong support from its shareholders, growth is picking up speed. Following an forecast adjustment, mwb research is raising the PT to EUR 24.00 (old: EUR 22.00). The full update can be downloaded under https://www.research-hub.de/companies/CHAPTERS%20Group%20AG