Shaping the future of firefighting Topic: Rosenbauer offers a broad range of groundbreaking products and is actively shaping the firefighting market of tomorrow to make the future world of firefighting safer, climate-friendly and more efficient. These technologies range from electric vehicles to drones and satellite images. Digital solutions  [ … ]

Q4 preview: Sequential improvements following license recovery Topic: USU Software is going to release its 2023 annual report on March 28th, which is seen to show further sequential improvements during Q4, partly driven by a recovery of the license sales as well as continuously growing SaaS sales. Q4 sales are seen coming in at € 34.9m,  [ … ]

Solid FY23 prelims and FY24 guidance; chg. Topic: Yesterday, bet-at-home reported solid FY23 prelims and released a new guidance for FY24, which is in line with estimates. In detail: Sales came in at € 46.2m (-14% yoy), slightly below our estimates of € 47.4m, mainly due to lower betting GGR of € 42.3m (-14% vs eNuW: € 44. [ … ]

FY prelims: Strong H2 & promising outlook / chg. est & PT Topic: VOQUZ Labs announced preliminary FY ’23, indicating a strong sequential recovery in H2 regarding both, top-line growth and profitability. Management also issued a promising outlook for the coming year. In detail: H2 sales increased by 16% yoy to € 3.4m (eNuW:  [ … ]

Redcare Pharmacy (RDC) reported detailed 2023 results, reaching the upper end of its sales and adj. EBITDA margin guidance. Sales saw robust growth of 62% yoy and 49% yoy in Q4 and 2023, respectively, and were in line with its preliminary top line. The inclusion of Swiss MediService from mid-May enhanced the 2023 sales print to a record high of EUR 1.8bn. Organic (org.) growth reached 23% yoy in Q4, driven by high demand for both prescription (Rx) and non-Rx products, which, however, reflects a slightly fading organic growth momentum in Q4 (FY org. sales up 24% yoy). Profitability also reported improvement on well-controlled marketing and sales expenses. The adj. EBITDA margin improved by 3.7ppt yoy to 3.0% in 2023 (Q4: +2.8ppt to 3.1%). 2024 outlook was also promising. Despite positive indicators, concerns arise over decelerating org. growth and gradual improvement in the margin. AlsterResearch’s analysts maintain their SELL rating at a revised price target of EUR 115.00 (old: EUR 120.00). The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

Traton reported better-than-expected results in 2023. Revenues grew by 16% yoy to EUR 46.9bn in 2023 and adj. EBIT stood at EUR 4.0bn, beating consensus estimates by 2% and 3%, respectively, and was ahead of eAR. Revenue growth and the adj. EBIT margin of 8.6% also surpassed the guidance range. However, order intake (-21% yoy in 2023) continued to reel under weakness in demand amid a tough macro environment and with bookings tapering towards normal levels (after an exceptional 2021 and 2022) in addition to cautious order acceptance. Against this backdrop, outlook for 2024 appears optimistic, with the company expecting sales growth of -5% to +10% yoy and an adj. EBIT margin of 8.0%-9.0%. Moreover, Traton has been reporting decent numbers and is focused on managing cost/profitability and net cash flow. Its deleveraging efforts and commitment to paying dividends are reassuring. AlsterResearch’s analysts remain constructive on Traton’s investment case, backed by the brand strength of Navistar, Scania, and MAN in addition to increasing synergies between brands. AlsterResearch’s analysts reiterate their BUY rating on the stock at a revised target price of EUR 35.00 (old: EUR 27.00). The full update can be downloaded under https://www.research-hub.de/companies/Traton%20SE

After a series of negative news in the recent months, Bayer’s Q4 and 2023 results brought in some cheer. The company met all its 2023 targets. Its Q4 revenues, adj. EBITDA, and core EPS beat consensus by 2%, 33%, and 27%, respectively, on betterthan-expected results at the Crop Sciences and Consumer Health segments. However, 2024 outlook was muted as expected – sales growth of -1% to +3% yoy (currency and portfolio adj.) and adj. EBITDA declining by 9% to 3% yoy. Over the next 2-3 years, management intends to focus on its pharma pipeline, address litigation issues, and deleverage. Moreover, it has announced a plan to radically overhaul Bayer’s operating model to enhance profitability and flexibility, which is estimated to bring in cost savings of c. EUR 2bn annually by 2026. However, it stated that structural changes remain an option, but “not now”. In AlsterResearch’s view, Bayer’s road to recovery would be bumpy, given uncertainties surrounding its c. 50K pending Roundup/Glyphosate-related litigations. Despite the challenges, AlsterResearch’s analysts maintain their BUY recommendation for investors with a good risk appetite. AlsterResearch’s analysts revise their estimates at a revised PT of EUR 42.00 (old: EUR 51.00). The full update can be downloaded under https://www.research-hub.de/companies/Bayer%20AG

At AlsterResearch's online hydrogen conference yesterday, Tim Hameister, CFO of the Friedrich Vorwerk Group (FVG), showed very good growth prospects for FVG, driven by the transformation of Germany's energy infrastructure. The order intake was impressive last year, with an order intake of EUR 1bn after 9M alone (c. EUR 318m 9M 22). The EBIT margin (c. 3% FY23E; compared to 16% FY21) is expected to recover slowly in FY24 as better terms are agreed in new contracts. The development of a hydrogen pipeline infrastructure in Germany is also becoming increasingly important for FVG, although the hydrogen segment currently only accounts for around 6% of sales. Based on the strong order flow and the growth prospects due to the switch to renewable energies in Germany, AlsterResearch’s analysts confirm their BUY rating and their PT of EUR 21.00. The recording of the Roundtable can be found here researchhub.de/events.https://www.researchhub.de/companies/Friedrich%20Vorwerk%20Group%20SE

At the AlsterResearch online hydrogen conference yesterday, tk nucera’s CFO Dr. Arno Pfannschmidt provided a compelling overview of the growth potential within the hydrogen market and highlighted the significant order backlog of EUR 1.34bn. It is important to note that the main driver of tk nucera's equity story is the execution of the company's substantial order book and hence strong growth in the AWE segment (green hydrogen electrolyser), which already generated 49% of revenues in FY22/23. However, as it is common in the project business for order intake to come in bumps, there could be big surprises this year. For example, a lucrative long-term service contract for major projects such as the one in Saudi Arabia is expected to be signed soon. AlsterResearch’s analysts reiterate their BUY rating with an unchanged PT of EUR 20.00. The recording of the Roundtable can be found here: research-hub.de/events The full update can be downloaded under https://www.researchhub.de/companies/thyssenkrupp%20nucera%20AG%20&%20Co%20KGaA

Q4 preview: tough comp for lottery, games still small Topic: ZEAL should release final FY'23 figures on March 20th. Here's what we expect for Q4'23e: Tough comp for lottery: Against a strong Q4'22 (peaking EuroJackpot), total German lottery spending (on & offline) has declined by 9% yoy in Q4'23 (+3% yoy for FY'23; Source: DLTB). For ZEAL [ … ]