Upbeat traffic results - demand for air travel remains strong; chg. Topic: Yesterday, FWAG released better-than-expected Feb'24 traffic results showing that air travel demand remains unbroken. Last month, Group passengers rose by a strong 18% yoy to 2.38m passengers (eNuW: 2.21m). While Vienna grew strongly by 17% yoy to 1.88m passengers (eNu [ … ]

Delisting intention a punch in the face for investors On Tuesday evening, USU Software published an ad-hoc stating the intention to delist the company from the stock exchange. Here is what you need to know: Supported by the supervisory board, the management board of USU aims to delist the company. In order to do so, management consulted major [ … ]

Fuchs SE (Fuchs) reported decent set of results in Q4. Sales fell 2% short of consensus, largely due to FX headwinds, whereas organic growth of 3% yoy was better than market expectations of a 2% yoy decline. Q4 EBIT beat consensus by 2% and the margin improved by 240bps yoy to 11.9%, reflecting a better gross margin on price increases. Although full-year revenues of EUR 3.5bn fell c.2% short of guidance, EBIT of EUR 413m surpassed by 6%. Moreover, free cash flow generation (before acquisitions) was robust at EUR 465m (2022: EUR 61m), well ahead of its guidance of EUR 380m. Despite decent performance in 2023, management issued a cautious outlook for 2024 – revenues to grow by c.2% and EBIT to increase by c.4% – citing macro challenges and uncertain commodity prices. We acknowledge the near-term challenges, but structural growth drivers are expected to pivot Fuchs towards its targeted EUR 500m in EBIT by 2025 and a 15% EBIT margin in the long term, in mwb research’s view. mwb research’s analysts slightly tweak their estimates and reiterate their BUY rating at a revised PT of EUR 48.00 (old: EUR 43.00). The full update can be downloaded under https://www.research-hub.de/companies/Fuchs%20Petrolub%20SE

Wacker Chemie reported detailed Q4 and 2023 numbers that were in line with its preliminary release. Q4 revenues were c.EUR 100m, below the lower end of the guidance range, and slightly missed consensus at the time of pre-release, while EBITDA was broadly in line. Top-line and EBITDA declined yoy, both in Q4 and full year, amid weak demand and resultant decline in volumes and prices. Overall profitability was also impacted by still high energy prices in Germany and raw material cost inflation, as well as continued low-capacity utilisation and unfavorable mix. With no material turnaround in demand in sight, management has issued a cautious guidance – revenues to come in at EUR 6.0bn-6.5bn (-2% y/y at the mid-point) and EBITDA to reach EUR 600m-800m (-15% y/y at the mid-point). Despite the weak outlook, Wacker Chemie continues to invest heavily, signaling that it is preparing for a future upturn in demand. The company’s underperformance (-18% y/y) suggests that this could be an opportunity for investors looking beyond the next few quarters. mwb research’s analysts reiterate their BUY recommendation at a revised PT of EUR 128.00 (old: EUR 135.00). The full update can be downloaded under https://www.research-hub.de/companies/Wacker%20Chemie%20AG

Deutsche Rohstoff's preliminary Q4 and FY23 figures surpassed expectations, with Q4 revenues reaching EUR 64.0m, beating estimates by nearly EUR 10m, driven by robust production of 15,300 BOEPD, up 5% qoq and 47% yoy. EBITDA also exceeded forecasts by around EUR 6.3m, boasting a healthy margin of 88.3%. Despite higher depreciation due to increased capital expenditure, net profit aligned with expectations. Operating momentum continued into 2024, with production exceeding plans by approximately 20% in the first two months. While this could lead to revenues surpassing EUR 200m for the year, caution is advised until further evidence of sustainability emerges. Nevertheless, Deutsche Rohstoff's favorable position in the oil market and significant discount to peers support AlsterResearch’s analysts BUY rating with an unchanged price target of EUR 52.00. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

Excellent growth and profitability, soft order intake; chg. Topic: MAX released strong FY23 results, with sales and EBITDA in line with expectations and the company’s guidance. The sales process of the subsidiary MA micro, which is now recognized as discontinued operations, is still ongoing. FY23 sales (incl. MA micro) rose by 8.3% to & [ … ]

AlsterResearch hosted a roundtable with Rubean AG with CEO Dr. Hermann Geupel and CTO/COO Jochen Pielage. The meeting confirmed a positive outlook and the company's entry into a hyper scaling phase. A replay of the event is available at www.researchhub.de/events. In particular, a significant contract with Global Payments Europe has led to a substantial increase in future estimates. The company expects significant revenue growth in FY24, reaching EUR 2.2-2.5m, with further exponential growth to reach double-digit revenues by 2026/2027 and impressive EBIT margins of around 40%. Rubean is planning a cash capital increase to support growth and bridge cash flow gaps, aiming to issue up to 10% more shares. Management's confidence in Rubean's trajectory and its unique position in the mobile payment acceptance market supports AlsterResearch’s BUY rating with an unchanged PT of EUR 12.00, implying almost 80% upside. The full update can be downloaded under https://www.research-hub.de/companies/Rubean%20AG

Continued Growth. 2023 a consolidation year. 2024e back to double digit growth.   Single digit growth. The company continues its growth with a 3% increase in revenue, in line with management guidance for FY2023.   Blue Horseshoe investment write off. The decision to write off the Blue Horseshoe investment was made due to its lack of sho [ … ]

Atoss has presented its final annual report for 2023, which was in line with the preliminary figures. Also, the cash flow statement reflected the strong operating performance. Shareholders are set to benefit from Atoss’ strong FY performance as the shareholder friendly dividend policy is being maintained with a dividend proposal of EUR 3.37 per share. Further, the company revealed that it intends to implement a share split by factor 2, but also to implement its announced change of its legal form to a European stock corporation (Socieatas Europaea, SE). AlsterResearch’s analysts come to a revised PT of EUR 229.00 (old: EUR 212.00), while AlsterResearch’s analysts believe the valuation is too high compared to the peer group. Hence, they reiterate to SELL. The full update can be downloaded under https://www.research-hub.de/companies/ATOSS%20Software%20AG

Mayr-Melnhof Group has published key figures for FY23. Overall, revenues and operating profit slightly missed expectations, reflecting the sharpest decline in the cartonboard market in the last 50 years. The Board & Paper division was particularly impacted by price pressure and downtime, while the Packaging division held up better thanks to acquisitions in pharmaceuticals. Management gave a cautious outlook for FY24 due to continued overcapacity and a slow market recovery, but the company's strong cash flow and cost-saving measures still warrant a BUY rating with a new price target of EUR 153.00 (old: EUR 160.00). The full update can be downloaded under https://www.research-hub.de/companies/Mayr-Melnhof%20Karton%20AG