FY23 profitability better than expected / valuation too pessimistic Topic: While profitability in Q4 (preliminary figures) came in significantly better than expected, sales fell slightly short of expectations. Although FY24 is seen to also be burdened by the challenging macro environment, valuation has more than factored it in, in our view. Q [ … ]

Small value-accretive acquisition through CapitalBox; chg Yesterday, Multitude announced to have acquired the Danish factoring specialist Omniveta Finance through its SME unit CapitalBox. Last week, CapitalBox also launched a new collateral lending product. In detail: Value-accretive acquisition. Founded in 2012, Omniveta is a factoring speci [ … ]

WashTec announced a proposed dividend of EUR 2.20 per share for FY23, maintaining an attractive yield of over 6%. Despite a payout ratio of approximately 100%, the stable dividend reflects strong cash generation and a solid balance sheet, signaling confidence in the company's financial health. Preliminary results for FY23 showed record sales of EUR 490m, with EBIT growing nearly 11% to EUR 42m, driven by successful cost management and efficient operations. The proposed dividend aligns with WashTec's robust performance and low debt-to-EBITDA ratio of around 0.5x. With a current free cash flow yield of 9-10%, AlsterResearch’s analysts believe the stock is strongly undervalued. AlsterResearch’s analysts therefore reiterate their BUY recommendation with an unchanged price target of EUR 55.00. Final FY23 results are due on March 27. The full update can be downloaded under https://www.research-hub.de/companies/WashTec%20AG

FY ’23: Strong growth and improved profitability; chg. est & PT Last week, 123fahrschule published a sound set of FY ‘23 results. Total sales increased by 24% yoy, coming in at € 20.6m (eNuW: € 20.2m; eCons: € 21.0m). In spite of a slight decrease in the number of private customer registrations, sales growth was s [ … ]

First Berlin Equity Research has published a research update on European Lithium Limited (ISIN: AU000000EUR7). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 0.17 price target. Abstract: Pricing for lithium chemicals quadrupled during 2021/22 as worldwide sales of EVs tripled. Since early 2023 prices have collapsed by ca [ … ]

Today, Delivery Hero (DH) announced the launch of a financing transaction to improve its capital structure. The company has several tranches of convertible bonds outstanding in the next 5 years, additional term loan facilities are due in 2027. In detail, DH intends to amend the terms of the term facilities in the company’s favour, to extend the maturity profile and to lower the cost of debt. This will noticeably improve DH’s financial leeway, also in terms of timing, and should further strengthen market confidence. AlsterResearch’s analysts expect the market to focus more on operational progress, which was quite encouraging in FY23. With unchanged estimates, AlsterResearch’s analysts confirm their PT and BUY. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

FY 2023 closed with solid sales performance; strong new customer business ensured significant organic growth; return to dynamic growth path expected; price target raised to € 4.50; buy rating confirmed   Sales and earnings development 2023   On 29 February 2029, Media and Games Invest SE (MGI) published its preliminary business fig [ … ]

Fielmann delivered strong FY23 results, exceeding its own guidance but slightly missing AlsterResearch earnings expectations. Sales grew 12% to EUR 2bn, driven by both, organic growth and acquisitions. Profitability soared, with EBITDA up 21% to EUR 410m due to a product mix shift, cost savings, and lower marketing expenses. On a more cautious note, Q4 saw a small sales dip due to weaker consumer sentiment, but Fielmann remains optimistic for 2024 with market share gains and planned expansion. The management will propose a higher dividend of EUR 1.00 per share reflecting a yield of 2.4%. AlsterResearch’s analysts reiterate their BUY recommendation with an unchanged PT of EUR 62.00. The full update can be downloaded under https://www.research-hub.de/companies/Fielmann%20AG

coinIX has published preliminary figures for the 2023 financial year. The German GAAP (HGB) financial statements are of limited significance due to the lower of cost or market principle. Nevertheless, after a loss in the previous year, the company posted a small profit in the 2023 financial year, mainly due to realized price gains and income from staking. At the same time, operating expenses were reduced by 40% and write-downs on financial assets by 48%. The market value of the portfolio increased by 56% yoy to EUR 9.3m at the end of the FY. Core coinIX positions such as Ethereum, Bitcoin and The Graph have continued to gain significantly in recent weeks. A revaluation of our NAV valuation model with current prices results in a new price target of EUR 4.27 (old: EUR 3.08). The current share price does not even reflect the value of coinIX's liquid cryptocurrencies; the portfolio of equity investments comes free for investors on top. AlsterResearch’s analysts continue to recommend BUY. The full update can be downloaded under research-hub.de/companies/coinIX%20GmbH%20&%20Co%20KGaA

Large order from electric bus manufacturer Topic: LION E-Mobility received a € 12m order for battery packs from electric bus manufacturer KARSAN. Its ambitious growth prospects and recent order momentum should leave room for additional battery pack orders in the short-term. In detail, the € 12m battery pack order comprises € 6m [ … ]