TUI's financial results for the second quarter of 2024 exceeded consensus expectations, with revenues of EUR 3.65bn, up 16% yoy, driven by a robust 25% growth in the Holiday Experiences segment and an exceptional 53% increase in Cruises. The company's underlying EBIT also exceeded expectations, improving by EUR 54m yoy to EUR -189m, with significant contributions from Hotels & Resorts and Cruises, partly offset by a slight decline in Markets & Airlines due to previous divestments. Despite a gradual slowdown in momentum, bookings for the summer of 2024 are healthy, up 5%, with ASPs also up 4%. The company's strong free cash flow of EUR 973m in Q2 has supported ongoing deleveraging, with TUI targeting further credit rating improvements. TUI has confirmed its guidance and is on track to meet or even exceed it. mwb research’s analysts reiterate their BUY recommendation with an unchanged price target of EUR 16.00. The full update can be downloaded under https://www.research-hub.de/companies/TUI%20AG

tk nucera published its Q2 23/24 results. As expected, revenues continued to grow by 11% yoy due to progress in major projects (e.g. Saudi Arabia) in the new AWE (green hydrogen electrolyser) segment. However, profitability suffered much more than before, resulting in a negative EBIT of EUR -10.6m (Q2 22/23 EUR 2.3m), also related to the low margin large projects in the AWE segment. These were offered at low prices in order to establish a track record and secure future highly profitable long-term service contracts. Order intake in the AWE segment was also below mwb research’s expectations at EUR 11.6m. This is due to a general reluctance to invest and increased skepticism in the green hydrogen sector. The still significant order backlog of around EUR 1.2bn will ensure growth for the next few years, but longer-term growth will require stronger order momentum. mwb research’s analysts reiterate their BUY rating but change their PT to EUR 18.00 due to the strong profitability impact of large orders and lower new orders. The full update can be downloaded under https://www.researchhub.de/companies/thyssenkrupp%20nucera%20AG%20&%20Co%20KGaA

Brenntag’s Q1 24 results were 6-7% below consensus amid persistent pricing pressure and soft demand in the backdrop of a challenging macro-economic and geopolitical environment. Sales declined 12% yoy to EUR 4bn in Q1, dragged by weaker prices, which more than negated the impact of better volumes. Op. gross profit declined 6% yoy and op. EBITA fell at a steeper 25% yoy, due to the under-absorption of fixed costs and higher depreciation charge. Management expects H1 to remain challenging and a gradual recovery in H2. It is cautiously optimistic of an improvement in operating performance over the course of ‘24 and has, therefore, downgraded its guidance for the FY. It now targets to reach the lower end of its initial op. EBITA range of EUR 1.23- 1.43bn, which was somewhat disappointing and could mean flat-to-declining profitability. All eyes are now on its strategic transformation, mainly the disentanglement of segments, and its progress on its mid-term targets. mwb research’s analysts adjust their estimates but reiterate to BUY, albeit with lower PT of EUR 85.00 (previous: EUR 90.00). The full update can be downloaded under https://www.research-hub.de/companies/Brenntag%20SE

Cancom had a good start to 2024 on a favourable base, with the positive development mainly supported by the acquired KBC Group (now CANCOM Austria Group), which was consolidated from 01 June 2023. Revenues grew 39% yoy, led by inorganic expansion, while organic top-line was down c. 6% yoy on weak demand in Germany. However, inflationary headwinds and FX losses resulted in a slower 26% yoy growth in EBITDA to EUR 30m. Despite industry challenges, due to subdued demand from German Mittelstand, the company expects an acceleration in orders in H2 2024, as customer demand for IT service providers continues to rise. Margin expansion is expected in FY 2024, with the gross and EBIT margins expected to improve on synergies from CANCOM Austria. Consequently, management reiterated its guidance for 2024 for revenues and EBITDA to grow c. 23% yoy each. While mwb research’s analysts remain optimistic about Cancom's growth prospects, they are changing their rating from BUY to HOLD with an unchanged price target of EUR 33.00. The full update can be downloaded under https://www.research-hub.de/companies/Cancom%20SE

tonies announced a robust 20.3% year-over-year growth in Q1 2024, with revenues reaching EUR 78.3m, slightly ahead of market expectations. Despite a slower growth rate compared to the full-year target of 33% due to supply chain disruptions and a strong previous year base in the US, non-DACH markets, especially North America and Rest of World, led the expansion with notable growth rates of 47% and 49% respectively. tonies has confirmed its 2024 guidance, expecting revenues of at least EUR 480m and an adjusted EBITDA margin between 6% and 8%, alongside a positive free cash flow of EUR 10m. Maintaining a positive outlook, mwb research’s analysts reiterate their BUY rating with an unchanged price target of EUR 8.70, reflecting a solid performance across key markets and product categories. The full update can be downloaded under https://www.research-hub.de/companies/tonies%20SE

Fraport's Q1 2024 financial performance significantly outstripped expectations with revenues reaching EUR 890m, marking a 16% year-over-year increase and surpassing consensus by 4.6%. The Aviation segment led this positive surprise, growing 21% year-over-year, boosted by higher aviation fees and recovering traffic, while the International Activities & Services also excelled, particularly driven by strong results in Greece and Lima along with new US concessions. EBITDA followed suit, leaping 34% year-over-year and exceeding consensus by 13%, with substantial contributions from both the Aviation and International segments. The company confirmed its FY24 outlook, projecting continued passenger and EBITDA growth, and maintained a zero-dividend guidance in line with its fiscal forecasts. Based on these robust results and the ongoing recovery in traffic, mwb research’s analysts reaffirm their BUY recommendation with a price target of EUR 67.00. The full update can be downloaded under https://www.research-hub.de/companies/Fraport%20AG

Duerr reported good Q1 numbers that exceeded mwb research’s analysts and consensus expectations. The company posted a record order intake of almost EUR 1.5bn, driven by the automotive sector and the contribution from recently acquired BBS Automation. Sales increased by 8.3% to EUR 1.1bn, exceeding the forecast annual growth rate of up to 8% for FY24. HOMAG's sales were down 14% yoy, while Industrial Automation Systems grew 77% yoy due to the integration of BBS. However, EBIT increased by only 5.3% to EUR 39.7m due to higher extraordinary expenses such as purchase price allocation effects. Combined with higher financing costs, net income decreased to EUR 20.3m, which was still slightly better than expected. The company reiterates its FY24 outlook and expects revenues of EUR 4.7-5.0bn, with an implied growth rate of 4.75% (midpoint) for the rest of the year. Duerr's solid backlog and positive outlook support mwb research’s BUY rating. The higher estimates lead the analysts to raise their PT from EUR 30.00 to EUR 31.00. The full update can be downloaded under https://www.research-hub.de/companies/Duerr%20AG

123fahrschule (123fs) plans to acquire all shares in FOERST GmbH (FOERST), a pioneer in the field of driving simulation, thus taking another major step in the digitalization of driver training. FOERST launched the world's first commercial driving simulator in 1976 and building on this long-standing expertise, the company develops and produces simulators for cars, trucks as well as buses, which are used nationally and internationally for driver training. The use of a driving simulator is a useful supplement to practical driving training and can replace entire training sections if necessary and improves the quality of training, enables more training despite the shortage of driving instructors, and reduces the costs for learner drivers and driving schools. 123fs is once again a first mover, securing access to simulators that will play an important role in the future. Revenue and earnings figures are not yet available, which is why mwb research’s analysts consider the acquisition to be strategically important rather than being a larger sales and earnings contributor in 2024. With unchanged estimates, mwb research’s analysts confirm their BUY rating and PT of EUR 6.60. The full update can be downloaded under https://www.research-hub.de/companies/research/123fahrschule%20SE

Nordex published its results for Q1 '24 with a sustained positive trend. Sales in Q1 '24 were up 29% yoy, which is an excellent result after the flat yoy sales in Q3 and Q4 '23. The gross margin was maintained at a high level of 19.6%, reflecting the success of the strategy to pass on material fluctuations to customers through modified contracts. This resulted in an EBITDA of EUR 53m (Q1 '23: EUR -115m), a very good figure for the normally weak first quarter which typically is characterized by lower installations caused by unfavorable weather conditions. Following the positive results of the last three quarters of '23, Nordex can now be expected to achieve sustained profitable growth. mwb research’s analysts reiterate their BUY recommendation and confirm their price target of EUR 22.00. mwb research’s analysts believe that Nordex has now made the leap to long-term profitable growth on the back of good contract terms and continued strong order momentum (order intake total c. 78% yoy). Die vollständige Analyse ist abrufbar unter https://www.research-hub.de/companies/Nordex%20SE.

Deutsche Rohstoff reported a robust first quarter with revenues up 30% year on year, driven by a 37% increase in BOE production despite a slight decline in average realized WTI prices. The company plans to bring 15 net wells on stream for the full year. EBITDA margins were stable year on year. While Q1 CFO was slightly lower than last year, Deutsche Rohstoff aims to fund its full year capital expenditure budget from current cash flow and existing liquidity. The company confirms its base guidance for FY24. The attractive shareholder remuneration in the form of the recently proposed dividend and the share buyback programme, with a combined yield of 5.8%, should act as a catalyst to narrow the valuation gap to peers. mwb research’s analysts reiterate their BUY recommendation with an unchanged price target of EUR 56.70. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG