Fresenius Medical Care (FME) reported a slight year-over-year revenue decline of 3.6% in Q3 24, primarily due to ongoing portfolio divestitures. Despite this, organic revenue growth was up 2%, reflecting operational resilience, especially in Care Enablement with a 2.2% increase supported by favorable pricing. FME’s operating income saw a significant 43% rise, driven by FME25 cost savings and efficiency gains, with both Care Delivery and Care Enablement segments boosting margins. FME reiterated its FY24 sales guidance but narrowed its operating income growth forecast, citing confidence in meeting margin targets. Nonetheless, a strong Q4 will be essential to achieve yearend goals amidst a challenging market. Therefore, mwb research’s analysts maintain their conservative stance and confirm their HOLD rating with an unchanged PT of EUR 36.00. The full update can be downloaded under https://www.research-hub.de/companies/Fresenius%20Medical%20Care

Deutsche Rohstoff reported third quarter results showing revenue growth of 3.4% yoy and 5.0% qoq to EUR 59.4m, driven by moderate production growth. Operating costs per BOE increased sequentially, impacted by challenging production conditions in Wyoming's Powder River Basin, including complex geology, limited water access and infrastructure constraints. In addition, irregular workover costs and exchange rate losses contributed to a lower, but still respectable EBIT margin of 29.2% in Q3. The company confirmed the recently increased capex budget for FY24, and a preliminary capex target for FY25 of up to EUR 110m, which would still leave room for FCF generation of around EUR 10m (mwb est.). Q3 FCF was slightly negative due to high capex. Deutsche Rohstoff has confirmed the FY24 base case guidance. mwb research’s analysts update their estimates and arrive at a new PT of EUR 50.40 (old: EUR 55.70). The experts reiterate to BUY. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

Scout24 SE witnessed good business momentum in Q3 2024. Revenues grew 8% yoy during the quarter, in line with consensus. Ordinary operating (op.) EBITDA increased 16% yoy and beat market expectations by a decent 3%. Profitability benefitted from a favourable revenue mix and efficiency gains, resulting in a material improvement in the op. EBITDA margin. Management now expects to reach the upper end of the revenue growth range of 9-11% yoy and op. EBITDA margin of c.61% in FY 24. Scout24 has been witnessing steady customer adds and ARPU increases and has effectively controlled costs, resulting in improved underlying margins. The company appears on track to reach its medium-term targets. Moreover, its repurchase record and commitment to dividend payout ratio of 50% reflects a solid business model, generating strong and consistent cash flows. mwb research’s analysts confirm their HOLD rating at an upgraded PT of EUR 81.00 (old: EUR 73.50). The full update can be downloaded under https://www.research-hub.de/companies/research/Scout24%20SE

Formycon AG has announced its upcoming uplisting to the Prime Standard of the Frankfurt Stock Exchange, a move that will enhance its visibility among institutional investors and strengthen market credibility. Already meeting the higher regulatory standards, Formycon’s transition is largely procedural, reflecting the company’s maturity and international appeal. This uplisting also opens the door for potential inclusion in major indices, supporting long-term growth and increased investor access. mwb research’s analysts maintain their BUY recommendation with a target price of EUR 89.00. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Fielmann delivered impressive growth of 13% yoy in revenues to EUR 1.7bn in 9M 2024, led by 5% yoy organic growth and 8% yoy from inorganic contributions. The adjusted (adj.) EBITDA also increased at a similar 13% yoy to EUR 379m, though the margin was stable yoy at 22.4%. Fielmann reiterated its guidance for FY24, expecting consolidated sales of EUR 2.3bn (+15% yoy) and the EBITDA margin to improve yoy (including US operations), reaching c.24% in FY25. The company has taken significant steps to expand into new markets and cross-sell into adjacent product categories such as hearing aids. These are fueling its revenue growth. In terms of profitability, the cost efficiency program in Europe and synergy realizations from its US acquisitions are supporting margins. Given its undisputed position as market leader in German and European optical retail and its productivity-driven approach, mwb research’s analysts continue to regard Fielmann as one of the quality stocks on the German stock exchange. The analysts reiterate their BUY rating with an unchanged PT of EUR 66.00. The full update can be downloaded under https://www.research-hub.de/companies/Fielmann%20AG

Suss MicroTec has signed a long-term lease for an 18,000-square-meter production facility in Zhubei, Taiwan, 10 kilometers from its current site, to meet rising demand in its critical Asia/Pacific market. This expansion doubles clean room space and enhances production flexibility. Capex for the new site is estimated at EUR 15-20m in 2025, with production set to begin in H2 2025. Upcoming Q3 results, expected on November 7, should reflect strong revenue growth (+39% year-on-year mwb est.) driven by Advanced Backend Solutions and especially Temporary Bonders. The new production facility in Taiwan underlines the optimistic view on Suss MicroTec's future growth potential. It therefore seems unjustified that the shares of Suss MicroTec are trading at a discount of around 35% to a peer group on EV/EBITDA and EV/EBIT 2025E. mwb research’s analysts reiterate their BUY recommendation with a target price of EUR 77.00. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

Knorr-Bremse announced mixed results for Q3 24, with revenues of EUR 1.9bn, down 1.5% yoy. EBIT amounted to EUR 219m, with a margin of 11.5%, slightly lower than in Q2 24 but on a similar level to the previous year. Following a strong performance in Q1 and Q2 order backlog is still up by 7% yoy, despite a 1.9% yoy decline in order intake in Q3 24. Free cash flow was down 20% yoy in Q3 24, but up a substantial 282% yoy on a 9M basis, benefiting from robust H1 performance. The BOOST 2026 program continues to have a positive impact, with an EBIT margin increase of 120bps yoy on a 9M basis, but weakness in Commercial Vehicle Systems (CVS) raises concerns. Taking a more cautious tance, mwb research’s analysts lower their estimates and come to a new PT of EUR 76.00 (from EUR 85.00). The rating goes from BUY to HOLD. The full update can be downloaded under https://www.research-hub.de/companies/Knorr%20-%20Bremse%20AG

Vossloh delivered a strong performance in the first nine months with a record order intake of over EUR 1bn, up 8.5% yoy. The order backlog rose by 9.0% to EUR 852m, driven by strong demand for Customized Modules and strategic acquisitions. Despite lower revenues of EUR 860m, down 7.2% due to lower project-related revenues in Core Components, EBIT remained stable at EUR 77.1m. The EBIT margin improved to 9.0%, with all business areas achieving double-digit profitability. Net income rose to EUR 56.6m, boosting EPS by more than 60% to EUR 2.70. Vossloh's financial position was strengthened with reduced net financial debt and an improved equity ratio. The company reaffirmed its full-year guidance and expects sales growth, and an EBIT increase in Q4, which mwb research’s analysts consider realistic but ambitious. The analysts reiterate their BUY rating with an unchanged PT of EUR 57.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Vossloh%20AG

Daimler Trucks (DTG) quietly disclosed a decline in unit sales in Q3 2024, down 11% yoy, driven primarily by a 28% decline in Mercedes-Benz (Europe) unit sales and a 15% decline in Trucks Asia. This follows a significant 15% yoy volume drop in Q2 24. The book-to-bill ratio is anticipated to stay well below 1x in Q3 24, indicating that order intake is falling short of deliveries. Revenue is expected to decrease by over 4% yoy, impacted mainly by weak European market performance and economic challenges in Asia affecting consumer demand. In contrast, Trucks North America is projected to hold steady, benefiting from a relatively favorable economic environment. DTG is also reevaluating its Chinese operations, leading to an additional EUR 180m adjustment in Q3 24. Given these pressures and the recent increase in share price, the rating has been downgraded to HOLD, with the price target maintained at EUR 38.00. The full update is available at https://www.research-hub.de/companies/Daimler%20Truck%20Holding%20AG

INDUS Holding AG has revised its FY24 EBIT forecast due to non-cash impairments totaling EUR 6.7m in the third quarter. The impairments, which affect the Infrastructure (EUR 5.2m) and Materials (EUR 1.5m) segments, are the result of reduced future cash flow forecasts. As a result, INDUS has adjusted its EBIT guidance from EUR 125-145m to EUR 115-125m, representing a midpoint reduction of 11%. Preliminary 9M'24 results show revenues of EUR 1.28bn, down 6% yoy, with Q3 showing a sequential improvement. Despite the EBIT revision, INDUS maintains its full-year 2024 revenue guidance of EUR 1.7-1.8bn, with an expected EBIT margin of 7-8% and FCF above EUR 110m. The company remains well positioned to weather economic challenges thanks to its diversified portfolio and strong market positions, which is why mwb research’s analysts maintain their BUY rating with a slightly adjusted PT of EUR 34.00 (previously EUR 35.00). The full update can be downloaded under https://www.research-hub.de/companies/INDUS%20Holding%20AG