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Tue, 16.04.2024       Prosiebensat 1 Media SE

ProSiebenSat.1 (PSM) has released prelim. Q1 figures showing a 6% yoy increase in revenues to EUR 867m. This increase was mainly driven by the recovery of TV advertising revenues, confirming the ongoing momentum. Despite the announced increase in program expenses, adjusted EBITDA increased by 35% to EUR 72m in Q1 and adjusted net income improved by EUR 22m yoy to EUR 8m, mainly due to the positive development but also driven by lower tax expenses. Furthermore, PSM’s battle with the shareholder MediaForEurope, dominated by the Berlusconi family, enters the next round at the AGM. MFE, which holds 27.3% of PSM, has a strong focus on the TV business and is therefore pushing for a spin-off/divestment of PSM’s dating and ecommerce business. With the outcome of the AGM still uncertain, the group's long-term strategy threatening to change and important parts of the company up for sale, mwb research’s analysts maintain their negative stance. In mwb research’s opinion, there is too much uncertainty to invest. The analysts maintain their SELL rating with an unchanged price target or EUR 6.00.The full update can be downloaded under https://www.research-hub.de/companies/research/ProSiebenSat.1%20Media%20SE
Tue, 16.04.2024       Pyramid AG

Pyramid announced the settlement of the earn-out component for the acquisition of faytech AG, with the seller receiving only slightly more than 0.9 million new Pyramid shares due to faytech's worse-than-expected financial results. In addition, a lock-up agreement was signed by major shareholders, management and the Supervisory Board, which secures just over 38% of the new share capital until March 31, 2025. Despite the challenging previous year, Pyramid is cautiously optimistic for the current fiscal year and expects revenues of EUR 78-80m and consolidated EBITDA of EUR 5.6-5.8m. In the view of mwb research’s analysts, the agreement with the sellers of faytech on the reduction of the earn-out and the lock-up agreement are good news and should strengthen confidence in Pyramid's corporate strategy. Due to the slightly diluted number of shares, the PT is lowered from EUR 2.50 to EUR 2.40. mwb research’s BUY rating remains unchanged. The full update can be downloaded under https://www.research-hub.de/companies/research/Pyramid%20AG
Tue, 16.04.2024       Cicor Technologies Ltd

Cicor Technologies published a brief business update on Q1 2024. The company reported revenues of CHF 107.3m for the first quarter, up by 11.8% yoy. Thereof, the largest part was attributable to the consolidation of STS Defence. However, a softer economic environment, mostly in the industrial sector, translated to a slowdown of organic growth to 0.3% yoy. At the same time, book-to-bill ratio in the quarter fell below 1x due to aperiodic order placement at STS Defence. With the economic environment and the recent M&A activity already baked in, management confirmed its guidance, backed by a comfortable order backlog. mwb research’s analysts leave their estimates unchanged reiterating their PT of CHF 80.00 and their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd
Tue, 16.04.2024       Suedzucker AG

Suedzucker's preliminary FY23/24 results met expectations, with group revenues reaching EUR 10.3bn, driven by high sugar prices. EBITDA and operating profit saw significant increases, aligning with guidance. However, underlying Q4 results indicate fading momentum, with sales up only 4% yoy and EBITDA margins halving to 6.9%. Higher production costs in the sugar segment impacted earnings negatively. The company forecasts a slow start to FY24/25, with significantly lower Q1 earnings. FY24/25 outlook falls below expectations, with anticipated declines in group revenues, EBITDA, and operating profit, particularly in the sugar segment. Despite proposing a dividend increase, lower estimates prompt mwb research’s analysts to downgrade to HOLD (BUY) with a reduced price target of EUR 14.00 (previously EUR 17.00). The full update can be downloaded under https://www.research-hub.de/companies/Suedzucker%20AG
Mon, 15.04.2024       Formycon AG

Formycon’s preliminary FY23 results show an increase in FY revenues from EUR 42.5m to EUR 77.7m, mainly driven by income from development services (FYB203 and FYB201), as well as from milestone payments (FYB202). For EBITDA, Formycon reported a better-than-expected EUR 1.5m, above guidance range and mwb research’s estimates, mainly driven from lower-than-planned costs after pausing the development of FYB207. The adjusted Group EBITDA for FY23 amounted to EUR 13.3m (2022: EUR -28.8m), reflecting the strong momentum of FYB201 in the US (brand name: Cimerli). The FY24 EBITDA outlook indicates a step-up of biosimilar pipeline investments. mwb research’s analysts maintain their PT and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG
Fri, 12.04.2024       Vulcan Energy Resources Ltd

Vulcan Energy started the production (SOP) of the first Lithium Chloride (LiCl) at Vulcan’s demo plant (LEOP) in Landau. The production is non-commercial and is intended to facilitate Vulcan’s commercial operational readiness, as it will be utilized for optimization, operational training and product qualification. However, it marks a major milestone as it already replicates efficiency data from the pilot plant, showing over 90% (up to 95%) lithium extraction efficiency. Meanwhile, Vulcan is awaiting a decision on the proposed European Investment Bank (EIB) financing. Pending completion of due diligence, Vulcan could obtain a financing up to EUR 500m. With the financing currently under way, the company is preparing for construction of the commercial sites. Mwb research’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
Fri, 12.04.2024       Varta AG

VARTA's restructuring efforts are suffering setbacks in the face of ongoing and increasing challenges. Despite a previously agreed restructuring program aimed at returning to profitability by 2026, deteriorating economic conditions, volatile customer purchase volumes and competitive pricing have exacerbated the challenges. In the view of mwb research’s analysts, aggressive pricing from Chinese competitors in particular is adding pressure, while VARTA's high debt burden remains a concern and also limits flexibility. mwb research’s analysts believe that significant cost reductions, competitive pricing, and innovative products will be necessary for a sustainable turnaround, suggesting further earnings deterioration before improvement. With further reduced estimates, mwb research lowers its PT to EUR 7.00 and maintain its SELL recommendation. The full update can be downloaded under https://www.research-hub.de/companies/research/Varta%20AG
Fri, 12.04.2024       Enapter AG

Enapter has announced Q1 '24 order intake of c. EUR 9.3m (+730% yoy), which is exactly in line with mwb research’s expectations. Of these orders, c. EUR 7m were for multi-core systems and c. EUR 2.3m for single-core systems, an increase driven not only by the new multicore systems (mid-23 launch) but also by single-core systems. There is a lot of test buying going on currently, 60% of new orders are from new customers for single or small multi-core systems. The second factor is that Enapter's sales strategy seems to be working, with EUR 1.5m of the order intake already coming from the US general distributor CleanH2 Inc. mwb research’s analysts expect order intake to continue to accelerate during the year, partly as a result of the fact that many customers should now have moved beyond the test phase, and also as a result of the sales strategy with country-specific distributors (US and China). The company's growth should really take off with the start of mass production in '25, with the order base established in '24. mwb research’s analysts confirm their BUY rating with a PT of 22.50. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG
Fri, 12.04.2024       tonies SE

tonies outperformed expectations in its FY23 final results, reporting profitability and cash flow figures ahead of both mwb research’s and the market's forecasts. With an adjusted EBITDA margin of 4.0% vs. consensus of 2.5% and free cash flow of EUR -5m vs. expectations of EUR -29m, the company delivered solid results. The positive outlook for FY24 includes expectations for revenues of at least EUR 480m, with a significant contribution from North America, driven by increased points of sale and expanded shelf space. The guidance of an adjusted EBITDA margin in the range of 6% to 8% and a positive free cash flow of EUR 10m in FY24 adds to the optimism. In addition, tonies reported segment profitability in the mature DACH region with an EBITDA margin of 16.3%, setting a benchmark for other markets. As a result, mwb research’s analysts raise their estimates and target price to EUR 8.70 (old: EUR 7.70). BUY. The full update can be downloaded under https://www.research-hub.de/companies/tonies%20SE
Thu, 11.04.2024       Staige One AG

Staige One ("Staige") has sealed another major partnership with ClipMyHorse.TV, a leader in live equestrian event broadcasting. Over a five-year period, ClipMyHorse.TV will purchase a minimum of 100 camera systems from Staige for use in Germany, Europe, and the USA. The contract, which is expected to generate single-digit million EUR revenues, will run until 2028. The first 25 cameras are being installed this month. In view of mwb research, the potential for upselling additional services such as training recordings or analytical evaluations is even more promising and could open up additional multimillion Euro revenue potential. This agreement follows Staige's recent partnership in China, demonstrating the quality of its technology and potentially expanding its market reach. mwb research maintains their BUY rating with an unchanged PT of EUR 6.50 and see their investment thesis confirmed as Staige is an innovative technology disruptor in amateur sports with AI-driven camera systems. The full update can be found under https://www.research-hub.de/companies/Staige%20One%20AG

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Wednesday, 17.04.2024, Calendar Week 16, 108th day of the year, 258 days remaining until EoY.