TUI reported robust FQ1 results, growing 15% yoy and surpassing consensus revenue expectations by 6%. Growth was driven by all segments, particularly Cruises and Musement. Notably, TUI achieved its first-ever positive FQ1 underlying EBIT, significantly exceeding consensus forecasts, propelled by improvements in both Holiday Experiences and Markets & Airlines. Booking and pricing momentum remained favorable, with Winter 23/24 and Summer 24 bookings up 8% yoy and ASPs up 4%. Additionally, S&P upgraded TUI's credit rating from B to B+ with a positive outlook, highlighting the company's higher revenues, lower leverage, margin accretive strategy and potential dividend payments from the cruise joint venture. AlsterResearch confirms the BUY recommendation with a price target of EUR 16.00. The full update can be downloaded under https://www.research-hub.de/companies/TUI%20AG

First Berlin Equity Research hat ein Research Update zu Knaus Tabbert AG (ISIN: DE000A2YN504) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 86,00. Zusammenfassung: Wir bewerten Knaus Tabbert mit einer Kaufempfehlung und einem Kursziel von €86. Unserer Ansicht nach hat [ … ]

Nordex published preliminary Q4/FY23 results showing continued strong revenue growth of 14.2% yoy. FY23 revenues of EUR6.5bn were thus better than the guidance range of EUR5.6-6.1bn and the expectations of consensus and AlsterResearch (~EUR6.1-6.2bn). In addition, Nordex was able to return to positive EBITDA after a miserable FY22. The isolated Q4 23 results came in with an EBITDA of around EUR 69m, which represents a sequential improvement of 44%. While AlsterResearch’s experts consider the "direction of travel" to be excellent news, AlsterResearch's estimates were slightly higher (Q4 23 eAR: 92m), as the analysts expected less pressure from the Americas (Brazil and the US). However, with the first signs of improvement and strong results from the European market, the positive momentum should continue. AlsterResearch therefore reiterates the BUY recommendation with an unchanged PT of EUR 22.00. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

Carl Zeiss Meditec (CZM) reported better-than-expected results in Q1 FY 2024, with revenues coming in 2% ahead of consensus and the adj. EBIT line beating by a wide 18%. As cautioned by management earlier, the planned reduction of consumables inventory for refractive surgery in China impacted top line and profitability. CZM is hopeful that this destocking exercise will complete in Q2. Management expects EBIT margin to recover in H2 and has hence reiterated its guidance for FY 2024. While some supply headwinds persist, once these constraints and product mix effects subside, CZM's long-term potential should come into focus. Moreover, the recently announced acquisition of a 100% stake in Dutch Ophthalmic Research Centre (International) B.V. (DORC), a manufacturer of retinal surgery devices, should add to CZM’s competitive strength and bring in good synergies. AlsterResearch’s analysts have already incorporated the DORC acquisition impact in their model. Following the Q1 results, AlsterResearch slightly tweaks their medium-term estimates and change their PT to EUR 110.00 (old: EUR 102.00), while the rating remains HOLD. The full update can be downloaded under https://www.research-hub.de/companies/Carl%20Zeiss%20Meditec%20AG

Ceconomy delivered solid results for Q1 2023/24, which were largely in line with consensus. Adjusted for currency and portfolio effects, the company saw a 3.7% yoy sales growth (-1.2% reported basis) against a strong prior-year comparable base. Growth was driven by Benelux, Spain and Turkey, offsetting declines in the DACH region due to a soft environment. Supported by gross margin improvements and cost control, adj. EBIT improved by EUR 18m yoy to EUR 248m. Based on the solid results, Ceconomy has confirmed its FY outlook, despite a continued soft environment. With focus on key points, such as the expansion of the online business and Services and Solutions, Ceconomy is on track to deliver top- and bottom-line growth in FY23/24. AlsterResearch confirms the PT of EUR 2.80 and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

Nemetschek has released its preliminary numbers for 2023, with revenues and EBITDA coming in broadly in line with consensus and estimates. The full-year top line and EBITDA margin met the upper end of their guidance ranges. Annual recurring revenue also saw good progress (+27% yoy in constant currencies [c.c.]), and the share of recurring revenue edged higher to 77% in full-year 2023. That said, as highlighted in the previous report (published on 22 December 2023), the outlook for the construction industry in Germany and Europe remains bleak through 2024 owing to multiple macro headwinds. AlsterResearch expects Nemetschek to generate good business on the back of construction companies’ pent-up digitalization efforts. The business shows no signs of the market weakness. However, with long-term EBITDA estimates raised to over 34%, the analyst sees no further upside potential and does not expect any significant catalysts to drive the company’s valuation higher. AlsterResearch incorporates the preliminary figures into the model and calculates a new price target of EUR 68.00 (old EUR 61.00). It is due to the recent share price performance that the rating remains SELL. The full update can be downloaded under https://www.research-hub.de/companies/research/Nemetschek%20SE

First Berlin Equity Research hat ein Research Update zu ad pepper media International N.V. (ISIN: NL0000238145) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 3,00 auf EUR 2,80. Zusammenfassung: ad pepper media (APM) hat vorläufige Zahlen für 2023 vorgelegt, d [ … ]

Off to a good start / Muted Q4’23 expected; chg Yesterday, UBM announced to have received the building permit for the Timber Peak project in Mainz. Once completed, the 12-storey-building will exceed a height of 40 metres and will have c. 9,500 sqm gross floor area. The building will be equipped with heat pumps, heating and cooling panels, [ … ]

Another difficult year ahead; chg For the first time, Smartbroker Holding (SBH) reported monthly trading stats which can be seen as starting point of the future of the Smartbroker. Further, the longstanding Group CFO Roland Nicklaus will leave the company in April. In detail: The number of customers declined to 175k (-3% mom, excluding 79k de [ … ]

Favorable trends to materialize in 2024 Netfonds should strongly benefit from several favorable macroeconomic and structural trends in 2024: Strong dollar and equity capital markets close to all-time highs. With c. € 23.2bn AuC in FY23e (eNuW), Netfonds topline is obviously correlated to the overall capital markets development. The recen [ … ]