Cicor has made another addition to its portfolio with Evolution Medtec (EM), a specialized provider of comprehensive engineering services for medical and paramedical applications. While enhancing its R&D capabilities, Cicor has the potential to leverage on EM’s longstanding customer relations of medium and large medical device and industrial companies. In addition, EM’s location in Romania should be beneficial for Cicor’s advantageous cost profile in regard to its nearshored manufacturing sites. Well weighted in pace and focused on integration, AlsterResearch’s analysts believe that Cicor will be able to benefit from synergies. In this way, the company is continuing its path to becoming one of the leading EMS solution providers in Europe. AlsterResearch confirms the PT of CHF 78.00 and the BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

EasyMotionSkin revolutionizes the fitness experience with cutting-edge technology   EasyMotionSkin presents itself as the 'world's smallest gym' and is aimed at both fitness novices and experienced athletes with an advanced EMS training system. The innovative technology uses patented dry electrodes within a special EMS suit to activate up to [ … ]

SUESS MicroTec reported strong Q4 and FY23 results, exceeding expectations for revenues, EBIT, and order intake. Order intake benefited from strong demand for temporary bonders used in AI applications, especially for high-bandwidth memory production, but also for TSMC's CoWoS process for the production of Nvidia's latest AI chips. While the gross margin was slightly lower than expected, the EBIT margin was higher due to better than expected operational efficiencies. The company also raised its guidance for extraordinary income related to the divestment of the MicroOptics division. AlsterResearch’s analysts raise their target price to EUR 42.00 (previously EUR 41.00) and confirm their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

123fahrschule (123fs) has received a political boost yesterday, triggered in particular by the CDU and its transport expert Florian Müller. A parliamentary group has developed a concept for the digitalization of driver training. The goal is to 1) reduce the cost of driver's licenses for students by 25% and 2) to make driver's licenses accessible again despite a significant lack of driving instructors. In Germany, the pressure to go digital is growing and growing, now also confirmed by this political initiative. AlsterResearch’s analysts therefore believe that 123fs is still in the best position to benefit from the structural change. The first step will be virtual teaching, which is expected to become law in 2024. Then 123fs will begin to scale its platform and unleash its growth potentials. Meanwhile, 123fs’ management can focus on operational growth. AlsterResearch’s analyst confirm their DCF-based target price of EUR 7.20 and their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/research/123fahrschule%20SE

Koenig & Bauer (SKB) reported prelim. FY23 results in line with guidance but ahead of estimates, with sales of EUR 1.33bn, up 12% yoy, driven by strong growth of over 23% in the Digital & Webfed segment. FY23 EBIT reached nearly EUR 30m, a 36% improvement over FY22, reflecting the skillful management of supply chain challenges. After a temporarily weak Q3, Q4 sales were up almost 15% yoy, with the EBIT margin improving by some 70 basis points to 7.3%. A large banknote order from the US helped to revive order intake (c. EUR 1.29bn) in the last part of FY23, once again demonstrating SKB's high quality target customers. SKB ended the year on a high note and in the view of AlsterResearch’s analysts, the rebound in customer demand in Q4 was reassuring, with improving growth rates, margins, and order intake. Even if the outlook for FY24 remains somewhat disappointing, it remains to be seen, whether management will stick to its mid-term guidance of revenues of around EUR 1.8 bn and an EBIT margin of 8-9%. AlsterResearch reiterates the BUY rating with an unchanged PT of EUR 20.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Koenig%20&%20Bauer%20AG

Record FY'23, dividend hike and better outlook; chg. est. & PT Topic: Yesterday, FWAG released FY'23 prelims which came in better than expected. Moreover, management proposed a nearly doubled dividend and hinted towards a conservative passenger guidance. Sales remained elevated and showed strong growth of 26% yoy to € 232m in Q4 (FY' [ … ]

Several structural trends could drive mid-term growth Topic: Despite a strong competitive quality, R. Stahl had difficulties translating it into operating performance between 2016 and 2021. Thanks to R. Stahl having done its homework by implementing changes on the back of efficiency and structural trends kicking in, shares look poised for a re- [ … ]

AlsterResearch held an investor roundtable with HelloFresh’s (HF) competitor Marley Spoon. During the well-attended meeting, CEO Fabian Siegel gave valuable insights into the strategy, market prospects and growth drivers, which also account for HelloFresh. A video of the meeting is available at www.research-hub.de/events. The relatively young global meal kit market has shown strong growth in the past decade and is poised to grow further dynamically in the next years. However, the HF stock was punished significantly after the surprising FY23 forecast reduction in November 2023 and has barely recovered since then. In the run-up to the annual report, scheduled for 15 March 2023, analyst comments regarding many uncertainties for 2024 caused additional volatility. Therefore, the company has to make an effort to regain the market’s confidence. To achieve this, HF must deliver in FY24, what has already been promised for Q4 23 - given that the problems at the US production sites have been resolved. AlsterResearch’s analysts confirm their BUY rating with unchanged PT of EUR 28.00. The full update can be downloaded under https://www.research-hub.de/companies/research/HelloFresh%20SE

Puma’s full Q4 and FY 23 results were in line with the preliminary results announced in January. Full-year revenues had missed consensus by 3%, while EBIT was broadly as expected at the time of the pre-release. An extraordinary impact from the devaluation of the Argentine peso in mid-December and the application of hyperinflationary accounting dragged the Q4 and FY 23 print. However, doubling of free cash flow to EUR 369m in FY 23 and a better-than-expected dividend proposal of EUR 0.82 per share (40% payout; vs consensus of EUR 0.76) came as a relief. Reiterating that consumer demand could be impacted by macro headwinds, geopolitical tensions and currency volatilities, especially in H1, management confirmed its lackluster outlook for FY 24 – sales growth at mid-single-digit % yoy (currency-adjusted [c.a.]) and EBIT of EUR 620-700m (+6% yoy at the mid-point). This suggests that momentum will not pick up anytime soon, as expected earlier. AlsterResearch’s analysts retain their recently lowered forecasts, maintain their PT at EUR 60.00 and confirm their BUY rating on the stock. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE

KORREKTUR: Major cooperation with Global Payments in Germany; chg. Topic: Yesterday, Rubean announced to have won the Global Payments tender for Germany, which we assume to be basically the tender for the recently announced joint venture between Commerzbank and Global Payments (“Commerz Globalpay”). In detail: Earlier this year, C [ … ]