Rational unveiled its latest innovation, the Rational iHexagon, marking its third product category after the iCombi Pro and iVario Pro. The iHexagon integrates convection heat, steam, and microwaves, offering chefs versatility and efficiency in cooking. With up to 30% time savings, 20% more volume capacity, and top-quality results, it targets high demand settings like canteens and fast food outlets. Positioned as a premium solution amidst competitors like Unox, Rational is likely to aim for a price point exceeding EUR 20K per unit (eAR), making the new iHexagon potentially another cumulative >EUR bn+ blockbuster product. Despite a slow initial uptake, Rational's pull principle strategy is expected to drive gradual market penetration, which is why AlsterResearch’s analysts raise their long-term growth expectations, resulting in a new price target of EUR 750.00 (old EUR 650.00), prompting AlsterResearch’s analysts to reiterate their HOLD rating. The full update can be downloaded under https://www.research-hub.de/companies/research/RATIONAL%20AG

First Berlin Equity Research has published a research update on Schloss Wachenheim AG (ISIN: DE0007229007). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 22.00 price target. Abstract: Although inflation is falling and wage and salary increases are partially compensating for lost consumer purchasing power, the business e [ … ]

Pyramid announced mixed preliminary results for FY23. Due to various factors, including the loss of a major US customer and economic uncertainties, revenues were lower than expected (EUR 75m / -18% yoy). However, the company's operating profit (EBITDA) exceeded expectations, reaching EUR 5.4m (eAR EUR 4m), up 29% yoy, demonstrating improved cost management and business model resilience, also visible in stabilizing H2'23 sales. Management remains cautiously optimistic for FY24, forecasting revenues of EUR 78-80m and EBITDA of EUR 5.6-5.8m. The company's ability to navigate challenging markets and generate cash justifies AlsterResearch’s BUY rating, albeit with a revised price target of EUR 2.50 (old EUR 3.00), reflecting adjusted forecasts in line with guidance. An earnings call is scheduled for Feb 27. at 11am CET. Register. The full update can be downloaded under https://www.research-hub.de/companies/research/Pyramid%20AG

Preliminary figures for 2023: Sales and earnings development in line with expectations, rating: BUY   Vectron Systems AG (Vectron for short) published its preliminary figures for the past fiscal year 2023 on 21 February 2024. With sales revenue of € 37.4 million (previous year: € 25.2 million), the company not only significantly ex [ … ]

BASF’s detailed 2023 results were in line with its preliminary numbers. The group continues to face challenges, due to reduced demand, consequent price declines, and increased costs amid a global economic downturn as well as rising energy prices related to the war in Ukraine. While 2023 sales of EUR 68.9bn (-20% yoy) and EBIT before special items (ex-SI) fell short of guidance, consensus, and AlsterResearch forecasts, the slow contraction in Q4 indicates that BASF could return to growth in 2024. This is also reflected in BASF’s outlook guidance for 2024 – EBITDA (ex-SI) is expected to increase to EUR 8.0bn-EUR 8.6bn, up 8.2% yoy at the mid-point (2023: -29% yoy). To alleviate financial pressures, the company has planned to cut costs further (targets annual cost savings of EUR 2.1bn by 2026) and control capex and working capital investments. Strategic moves, including subsidiary sales, are progressing well and management’s commitment to maintain or increase its dividend per share has been reassuring. AlsterResearch’s analysts maintain their BUY rating with an unchanged target price of EUR 58.50, anticipating potential growth in FY 2024 and as the impact of cost-savings initiatives increasingly materialize. The full update can be downloaded under https://www.research-hub.de/companies/BASF%20SE

Strong Q2: A beat on all lines / chg. est. Borussia Dortmund released Q2 prelims, which came in significantly ahead of our estimates. In detail: Q2 sales increased by 32.7% yoy, to € 154m (eNuW: € 131m), which was mainly driven by a steep increase in revenues from TV-marketing (+43% yoy to € 71.5m) as well as match Operations ( [ … ]

First Berlin Equity Research hat ein Research Update zu SFC Energy AG (ISIN: DE0007568578) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 34,00. Zusammenfassung: SFC Energy erwartet für 2024 ein starkes Umsatzwachstum von ca. 20 % bis 30 % im Vergleich zu [ … ]

According to preliminary ‘23 numbers, Krones ended the year on a positive note, meeting all its targets. While Q4 ‘23 revenues were in line with consensus, EBITDA and order intake surprised positively, each coming in c. 5-6% ahead of market expectations. Despite long delivery times of c. 70 weeks, demand for Krones’ products stayed resilient (book-to-bill ratio at 1.14x in ‘23), and the company closed the year with a record high backlog of EUR 4.1bn, providing good visibility until mid-‘25. The outlook for ‘24 was also encouraging – revenue growth of 9-13% yoy and EBITDA margin improving to 9.8- 10.3% from 9.7% in 2023, despite likely drag from the consolidation of relatively lower margin Netstal. AlsterResearch’s analysts have a constructive view on Krones as it continues to strengthen its market position as a leading filling and packaging machinery provider and diversify into adjacent sectors through organic expansion and bolt-on M&A. The analysts tweak their estimates for the 2024 guidance (which now includes Netstal) and reiterate the BUY rating with a higher PT of EUR 135.00 (old: EUR 129.00). The full update can be downloaded under https://www.research-hub.de/companies/research/Krones%20AG

With iDoo Tech S.L., Bechtle acquires a certified reseller for Apple products in the B2B environment in Spain. The company employs 13 people and relies on an efficient business model with lean processes, which suits Bechtle very well. The company has branches in Saragossa, Madrid and Barcelona and generated revenues of around EUR 6.4m in 2023. While the consolidation of iDoo plays almost no role in Bechtle's top line, AlsterResearch’s analysts see more quality in the news of how the market is being constantly consolidated and how Bechtle is slowly but surely expanding its presence throughout Europe. In the past fiscal year, Bechtle successfully held its ground in a very challenging economic environment and once again, the IT service provider increased its profitability. This is why AlsterResearch’s analysts confirm their positive view on Bechtle and reiterate their DCF-based price target of EUR 59.00 with the BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG

Yesterday, Vulcan Energy Resources provided an update on its financing efforts, as the Zero Carbon Lithium project appears potentially suitable for a financing from the European Investment Bank (EIB) of up to EUR 500m. After completing its Bridging Engineering Study (BES) in November, Vulcan kicked off the financing process for phase 1 of its Zero Carbon Lithium project. According to the BES, the CAPEX for Phase One is currently estimated with EUR 1.4bn. Development banks are a cornerstone of Vulcan’s financing efforts, having sent positive signals, despite the sharp drop in lithium prices last year. While the EIB announcement is no definitive commitment yet, it reflects an increasing momentum in Europe for green metals/batteries/energy projects. Approval of the EIB financing could serve as a decisive catalyst for further financing commitments from other players. AlsterResearch’s recommendation remains BUY with a PT of EUR 9.90. The previous update can be downloaded under https://www.research-hub.de/companies/research/Vulcan%20Energy%20Resources